Trent shares hit 10% upper circuit post Q2 business update, HSBC sees 32% upside

Shares of Trent Ltd hit their upper circuit on Tuesday after the Tata Group firm posted its Q2 business updates. Post the updates, HSBC assigned a Buy call on Trent with a target price of Rs 3,390. This implies a 32% upside to the previous close of Rs 2575.

In the current session, Trent stock rose 10% to 2832.50. Market cap of the firm stood at Rs 1.51 lakh crore.

The retail stock fell to a 52-week low of Rs 2185 on March 30, 2026.

However, Trent stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

RSI of the stock stands at 24.7 indicating the stock is trading in the oversold zone.

In Q2, standalone revenue growth accelerated to 23% YoY to Rs 5,788 crore in Q2 FY27, compared with Rs 4,724 crore a year ago. Revenue from merchandise sales, excluding other operating income, also grew 23% during the quarter.

H1FY27 revenue rose 21% YoY to Rs 11,454 crore. The quarter reflected a key milestone for Trent’s fast-growing Zudio business, with the retailer opening its 1,000th Zudio store during Q2. The firm added 10 Westside and 17 Zudio stores in Q2.

Revenue from sale of merchandise (excluding other operating income) also rose 23% and 21% during the quarter and the half year ended September 2026 respectively.

However, brokerage Citi has a sell call with a target price of Rs 2950 on the Trent stock.

Morgan Stanley has a price target of Rs 3406 on the retail stock.

The brokerage said the share price will rise relative to the country index over the next 30 days.
Trent posted a strong pre-quarter update, said Morgan Stanley. Q2 standalone revenue (excluding GST) rose to 23% YoY (Morgan Stanley estimates: 20%) from 16-20% in the past five quarters.

For H1F27, revenue grew 20.5% YoY, above the consensus estimate of 19-20% for F27 and 18% reported in F26. Better-than-expected revenue growth, especially in context of the shift in the festive calendar, should be viewed positively. "The stock has underperformed (-9% / -12% on 1M/3M basis, vs. BSE Sensex -5%/-7%, respectively), and we expect some reversal in the near term. We estimate that there is about an 80%+ (or "highly likely") probability for the scenario," added Morgan Stanley.

Brokerage Macquarie has a price target of Rs 3600 with an outperform rating on the stock.