Filings for the September 2025 quarter reveal that Damani’s stake in Trent, held through Derive Trading and Resorts Private Limited, has slipped below 1%, down from 1.2% in the June quarter. Damani had first picked up a 2.74% stake around 2010, according to market sources, though Trendlyne.com data tracks his holding from December 2015.
For nearly a decade, Damani, the man behind DMart and widely regarded as India’s “Retail King,” stayed invested in the Tata Group’s retail arm, a company that began life as Lakme in 1952 before evolving into a fashion and lifestyle behemoth. His apparent exit comes after a spectacular run in Trent’s business and stock performance, even as the rally shows signs of fatigue.
From cosmetics to fashion empire
Trent, today valued at Rs 1.70 lakh crore, operates a diverse retail portfolio spanning apparel, footwear, accessories, groceries, toys, and home products through its brands Westside, Zudio, Star, and Landmark. Over the past five years, the company’s growth has been stellar.
Sales soared from Rs 3,486 crore in FY20 to Rs 17,135 crore in FY25, a compounded annual growth rate (CAGR) of 38%. EBITDA surged from Rs 529 crore to Rs 2,820 crore, growing at a 40% CAGR, while net profit jumped from Rs 106 crore in FY20 to Rs 1,534 crore in FY25, a 67% CAGR.
A meteoric rise, then a sharp fall
The stock’s journey has been equally dramatic. From Rs 635 in October 2020, Trent’s share price skyrocketed more than 650% to Rs 4,788.55 as of October 24, 2025. However, after peaking near Rs 7,500 in October 2024, the stock has tumbled over 36%, reflecting growing investor caution about whether the company can sustain its rapid expansion.
Despite the correction, Trent remains one of India’s most richly valued retail stocks, trading at 108 times earnings compared with an industry median of around 42 times. Its price-to-book ratio stands at 31.2 times. The company continues to deliver enviable profitability, with a three-year ROE of 25.6%, ROCE of 31% versus the industry’s 17%, and a steady dividend yield of 0.10%.
Technicals hint at fatigue
From a technical perspective, Trent’s stock appears to be consolidating. It is currently trading below six of its eight key simple moving averages (SMAs), including the 5-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs, while holding above its 10-day and 20-day averages.
The Relative Strength Index (RSI) at 45 indicates it is neither overbought nor oversold, while the MACD at -72.6 remains below the centerline, signaling a bearish bias.
Damani’s decision to exit could simply be profit-taking after a decade-long multibagger run, or it could signal that one of India’s shrewdest investors sees limited upside ahead.
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