Trent Share Price Hits a 10% Upper Circuit After the Q2 Update: Revenue Up 23%, the 1,000th Zudio Store, HSBC’s Rs 3,390 Target, Citi’s Sell and Whether the Tata Group Stock Can Rise Further
- October 6, 2026
- Posted by: Harsh Piplani
- Category: News
Trent +10% to Rs 2,832.50 on 6 Oct. Q2 revenue Rs 5,788 cr (+23%); 1,000th Zudio store. HSBC Rs 3,390, MS Rs 3,406, Macquarie Rs 3,600, Citi Sell Rs 2,950.
Quick Answer
Trent share price hit a 10% upper circuit at Rs 2,832.50 on 6 October after the Tata Group retailer reported Q2 FY27 standalone revenue of Rs 5,788 crore, up 23% year on year and ahead of Morgan Stanley’s 20% estimate, with H1 revenue up 21% to Rs 11,454 crore. The update included the 1,000th Zudio store and the addition of 10 Westside and 17 Zudio stores in Q2. HSBC has a Buy with a Rs 3,390 target, Morgan Stanley Rs 3,406 and Macquarie Outperform at Rs 3,600, while Citi has a Sell with Rs 2,950. After a 10% jump the upside to the Buy targets is about 20% to 27% and to Citi’s target only about 4%, so margins and profit in the full Q2 results will decide how much further the stock can rise.
Trent share price jumped 10% to the upper circuit at Rs 2,832.50 on Tuesday, 6 October, from a previous close of Rs 2,575, lifting the company’s market capitalisation to about Rs 1.51 lakh crore. The rally followed the Q2 business update from the owner of Westside, Zudio and Star Bazaar, which showed revenue growth accelerating despite a shift in the festive calendar.
If you are asking whether the Trent share price can rise further, this article covers the Trent Q2 update with revenue of Rs 5,788 crore, the Zudio milestone, the Trent target price from HSBC, Morgan Stanley, Macquarie and Citi, the upside after the jump, the oversold backdrop, what the update does not tell you about like-for-like growth and margins, and the risks. Brokerage views and prices are as reported on 6 October, so recheck live data.
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Trent Share Price: Why the Stock Hit the Upper Circuit
| Trent Q2 FY27 metric | Figure | Comparison |
|---|---|---|
| Standalone revenue | Rs 5,788 crore | Up 23% from Rs 4,724 crore |
| Merchandise sales revenue | Up 23% | Excluding other operating income |
| H1 FY27 revenue | Rs 11,454 crore | Up 21%, or 20.5% by Morgan Stanley’s measure |
| Store additions in Q2 | 10 Westside and 17 Zudio | Zudio reached 1,000 stores |
| Morgan Stanley estimate for Q2 growth | About 20% | Actual 23% was a beat |
| Growth in the previous five quarters | 16% to 20% | Q2 is an acceleration |
The key is that growth accelerated even though the festive season shifted later in the calendar, which Morgan Stanley said should be viewed positively. H1 growth of 20.5% is also above the consensus of 19% to 20% for FY27 and the 18% reported in FY26.
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Zudio’s 1,000th Store and the Growth Engine Behind the Trent Share Price
Zudio, Trent’s value fashion format, opened its 1,000th store in Q2, a milestone for the fastest-growing part of the business. The company added 17 Zudio and 10 Westside stores in the quarter, so store expansion remains the main driver of revenue. The Trent Q2 update does not give like-for-like growth or margins, so the market is reading strong sales as a sign of demand, while profitability stays unconfirmed, which keeps the Trent share price exposed until the results.
Trent Target Price: What Brokerages Say After the Jump in the Trent Share Price
| Brokerage | Rating | Target | Move from Rs 2,832.50 | Move from Rs 2,575 |
|---|---|---|---|---|
| HSBC | Buy | Rs 3,390 | About +19.7% | About +32% |
| Morgan Stanley | Target Rs 3,406; expects relative gains within 30 days | Rs 3,406 | About +20.2% | About +32% |
| Macquarie | Outperform | Rs 3,600 | About +27.1% | About +40% |
| Citi | Sell | Rs 2,950 | About +4.1% | About +14.6% |
Morgan Stanley said Trent had posted a strong pre-quarter update and that the stock had underperformed, down 9% in a month and 12% in three months against the Sensex’s 5% and 7% falls, so it expected some reversal in the near term and put the probability at more than 80%. The percentages in the table are my arithmetic from the reported targets, and Citi’s Sell is the main counter to the rally in the Trent share price.
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Can the Trent Share Price Rise Further? Levels to Watch
| Level | Why it matters |
|---|---|
| Rs 3,600 | Macquarie target |
| Rs 3,406 and Rs 3,390 | Morgan Stanley and HSBC targets |
| Rs 2,950 | Citi’s Sell target, a first reference above the jump |
| Rs 2,832.50 | 6 October upper circuit price |
| Rs 2,575 | Previous close, the gap-up base |
| Rs 2,185 | 52-week low set on 30 March 2026 |
The Trent share price is about 30% above its March low of Rs 2,185 and trades above all its key moving averages. Some of the rebound is therefore done, and a close below the Rs 2,575 gap-up base would suggest the jump is fading. These are reference levels, not forecasts.
What the Trent Q2 Update Does Not Tell You About the Trent Share Price
- Profit and EBITDA margin: the update gives revenue only, so Q2 results must confirm profitability.
- Like-for-like growth: new stores add much of the growth, so same-store trends are unknown.
- Valuation: after the jump the stock has less cushion than at Rs 2,575.
- Festive timing: Q3 gets the festival boost, so Q2 strength may not repeat if demand is pulled forward.
- Competition and discounting: rivals and online platforms keep up pressure in value fashion.
Risks Behind the Trent Share Price
Valuation: A 10% gap up leaves less room for disappointment in the Trent share price.
Margins: Sales growth does not guarantee profit growth, especially with store expansion costs.
Mixed brokerage views: Citi’s Sell target of Rs 2,950 is only about 4% above the new price.
Consumer demand: A weak market and a possible RBI rate hike can pressure discretionary spending and the Trent share price.
Technical reversal: A fall below Rs 2,575 would suggest the Trent share price rally is failing.
What to Watch Next for the Trent Share Price
- The full Q2 FY27 results for margins and like-for-like growth.
- Whether the stock holds above Rs 2,575 after the circuit.
- Festive-quarter demand for Westside and Zudio in Q3.
- Store addition pace and the Zudio network beyond 1,000 stores.
- Changes in brokerage targets after the update.
Conclusion
The Trent share price hit a 10% upper circuit at Rs 2,832.50 on 6 October after Q2 revenue rose 23% to Rs 5,788 crore and Zudio crossed 1,000 stores. HSBC, Morgan Stanley and Macquarie see targets of Rs 3,390 to Rs 3,600, while Citi’s Rs 2,950 Sell shows the debate. Margins and same-store growth in the Q2 results will decide whether the Trent share price can rise further. Consult a SEBI-registered advisor before making any decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why did Trent share price hit the upper circuit?
Ans. The Trent share price rose 10% to Rs 2,832.50 after the Q2 FY27 business update showed revenue up 23% to Rs 5,788 crore, ahead of estimates.
What was Trent’s Q2 FY27 revenue growth?
Ans. Standalone revenue rose 23% to Rs 5,788 crore from Rs 4,724 crore, and H1 revenue rose 21% to Rs 11,454 crore.
What is the Trent target price?
Ans. For the Trent share price, HSBC has Rs 3,390, Morgan Stanley Rs 3,406 and Macquarie Rs 3,600, while Citi has a Sell with Rs 2,950.
How many Zudio stores does Trent have?
Ans. Trent opened its 1,000th Zudio store in Q2 and added 17 Zudio and 10 Westside stores in the quarter.
Can Trent share price rise further?
Ans. Brokerage targets imply about 20% to 27% more upside from Rs 2,832.50, but profit, margins and same-store growth are not disclosed until the results.
Why is Citi negative on Trent?
Ans. Citi has a Sell rating with a target of Rs 2,950, about 4% above the new Trent share price, which signals valuation concerns.
What is Trent’s 52-week low?
Ans. The 52-week low is Rs 2,185, set on 30 March 2026, so the stock is about 30% above it.
Is Trent a good stock to buy after the jump?
Ans. This article does not constitute investment advice. Revenue growth is strong, but valuation and margins matter. Consult a SEBI-registered financial advisor before investing.
