Trent Limited (TRENT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+16.1%

₹3,505.89

vs ₹3,020.80 price

Levered DCF

₹4,236.79

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

23.28

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	48.6×	85.45×	61.96×	73.27×	285.35×	-121.82×	91.21×	81.65×
P/B	11.97×	24.2×	22.64×	12.55×	12.79×	7.7×	4.7×	4.81×
P/S	4.16×	7.71×	7.44×	3.95×	6.72×	6.86×	3.22×	3.01×
EV / EBITDA	22.8×	48.59×	48.66×	34.38×	60.61×	118.02×	21.3×	34.99×
Gross margin	43.9%	42.2%	42.3%	41.0%	42.6%	37.7%	43.7%	46.8%
Operating margin	11.5%	25.0%	24.4%	22.9%	23.2%	17.0%	26.0%	22.1%
Net margin	8.6%	9.0%	12.0%	5.4%	2.4%	-5.6%	3.5%	3.7%
Current ratio	1.26×	1.83×	2.02×	2.17×	2.73×	1.87×	3.5×	1.53×
Debt / equity	0.37×	0.41×	0.43×	1.72×	2×	1.28×	0.16×	0.3×
Interest coverage	13.73×	21.47×	8.25×	4.63×	3.22×	1.7×	3.45×	11.46×
Dividend yield	0.2%	0.1%	0.1%	0.1%	0.1%	0.2%	0.5%	0.6%
Payout ratio	10.3%	7.3%	5.3%	8.8%	40.4%	-24.3%	42.3%	47.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.6%	28.3%	36.6%	17.1%	4.5%	-6.3%	5.1%	5.9%
Return on invested capital	18.0%	40.2%	38.8%	18.7%	4.5%	7.3%	11.3%	14.8%
Return on assets	14.7%	16.4%	20.8%	5.5%	1.4%	-2.6%	2.2%	3.8%
Free cash flow yield	1.1%	0.3%	0.7%	0.3%	-0.7%	1.5%	1.8%	-2.3%
Earnings yield	2.1%	1.2%	1.6%	1.4%	0.4%	-0.8%	1.1%	1.2%
Enterprise value	₹858.7B	₹1.3T	₹935.7B	₹369.7B	₹348.7B	₹206.9B	₹115.6B	₹83.7B
Net debt / EBITDA	0.61×	0.69×	0.76×	4.07×	8.07×	16.49×	0.62×	1.85×
Cash conversion cycle (days)	36	43	49	59	71	49	75	79