Highest Upside

In food delivery, GOV grew 18.8% YoY and adj. revenue grew 22% YoY, indicating possible share gains despite increasing competitive intensity.

Despite robust growth over the past few years (6.5x revenue growth over FY19-25), management indicated that Trent’s share in India’s fashion and lifestyle retail industry remains in low-single digits.

Lower Limeroad losses, greater operational efficiencies and better offline margins drove a 166bp y/y higher EBITDA margin to 14.3% (~200bps above ARe and consensus).

In its analyst meet, Trent’s management provided insights about the company’s strategies and key focus areas, which will help the company to deliver strong double-digit growth in the coming years.

Aditya Birla Lifestyle Brands (ABLBL) will be listed on 23rd Jun’25. ABLBL was demerged from Aditya Birla Fashion and Retail (ABFRL) in May’25 and comprises four industry-leading lifestyle brands (Louis Philippe, Van Heusen, Allen Solly and Peter England) and emerging brands such as Van Heusen Innerwear, Reebok and American Eagle.

Trent reported revenue growth of 40% YoY, aided by footprint expansion (29%/40% YoY store/area additions) and double-digit LFL (SPSF up 4% YoY).

Trent’s Q4FY25 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to mid-single digits versus high-single digits in Q3FY25.

Eternal reported better-than-expected revenue growth, aided by strong NOV growth in Quick Commerce (QCom, 137% YoY) and accelerated shift to owned inventory model.

Trent’s Q1FY26 performance beat expectations led by higher EBITDA margin than expected, while SSSG moderated to low-single digits versus mid-single digits in Q4FY25.

Vedant Fashions Ltd (VFL), established in 2002 in Kolkata, is a leading player in India's celebration wear market, anchored by flagship brand Manyavar. Through its five brands Manyavar, Mohey, Twamev, Manthan, and Mebazthe company offers ethnic wear for men, women, and children. VFL operates 662 exclusive brand outlets (EBOs) across India and 16 EBOs in 12 global cities, spanning ~17.9 lakh sq. ft., with a presence across 26 Indian states...

Considering the company's promising growth outlook, we recommend a BUY on the stock with a potential upside of 10% from the CMP.

We upgraded Swiggy to BUY (see our report dated, 4th September, Internet: A buffet of tailwinds), reflecting an inflection in growth of the food delivery (FD) business and improved unit economics in the quick commerce (QC) business.

As India’s 60 million+ MSMEs embrace digital-first work-flows, IndiaMART stands at the intersection of scale, simplicity, and software-led transformation.

This report presents a comprehensive equity research assessment of IndiaMART InterMESH Ltd., detailing its leadership in India’s B2B discovery ecosystem, expansion into SaaS-led productivitysolutions, and its asset-light, cash-rich financial model.

Eternal reported a 2QFY26 net revenue of INR135b (+90% QoQ/183% YoY). This high growth is mainly on account of shift to inventory ownership in quick commerce (Q-commerce), where revenue now also includes the full monetary value of goods sold as per Ind AS (and not just the marketplace commission).

With a 15% upside potential from the CMP, we maintain our BUY rating on the stock.

We reiterate BUY on Metro, while revising up our TP by ~14% to Rs1,475 (60x Sep-27E pre-IndAS EPS). The change in TP is led by near-equal contribution from upward revision of estimates and earnings rollover.

Capitalizing on India's Apparel Revolution Growth, Expansion, and Profitability Unleashed

We initiate coverage on ABLBL with BUY and Sep-26E TP of Rs170 (25x Sep27E pre-IndAS EBITDA). ABLBL owns a portfolio of India’s leading fashion brands, having recently de-merged from ABFRL.