Trent hit a 10% upper circuit after strong Q2 business updates showed accelerated 23% standalone revenue growth, with brokerages split between City's sell call and Morgan Stanley's bullish view

Tue 6 Oct 2026

Standalone revenue growth Q2

23 percent

Prior quarters growth range

16 to 20 percent

Total store count

1342 stores

Citi target price

2950 rupees

Morgan Stanley target price

3406 rupees

Heard on business television between 09:26:32 - 09:29:32 IST.

• Trent stock locked in 10% upper circuit after posting standalone revenue growth of 23% versus the 16-20% range seen in the previous five quarters.
• Total store count rose to about 1,342 across Westside and Zudio formats.
• Citi maintained a sell rating with a target price of 2,950, acknowledging accelerated revenue but citing concerns on weak revenue-per-square-foot trends, cannibalization and competition.
• Morgan Stanley was more positive, flagging Q2 as a strong beat with a target price of 3,406, saying margins will be key to monitor going forward.
• Rahul Arora of Ashika Institutional Equities compared this quarter's pre-result commentary (22-23% growth, stock up 10%) to last quarter's (18-19% growth, stock down 12%), saying markets now demand at least 20% growth from such names, citing HDFC Bank's de-rating as a precedent, and also noted DMart fell 8% despite 18% growth.

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