The brokerage had initially projected that Trent's value fashion brand, Zudio, would capture a 5% share of India’s overall apparel market by FY35. However, Zudio’s market share stood at only 1.5% at the end of the previous financial year. Although Zudio continues to grow at a faster rate than the broader apparel market, the broker now expects the pace of market share expansion to be slower than earlier anticipated. Zudio’s sales growth for FY25 had been estimated at 60%.

According to the note, Trent shares are likely to remain range-bound near current levels unless there is a clear sign of a turning point. The company is scheduled to announce its Q1 FY26 results on August 6, 2025.

Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Star, which operates in the competitive food, grocery and daily needs segment.

On a consolidated basis, Trent's net profit declined 54.82% to Rs 318.15 crore while net sales rose 27.88% to Rs 4216.94 crore in Q4 March 2025 over Q4 March 2024.