The filings for the September 2025 quarter show Damani’s stake in Trent, held through Derive Trading and Resorts Private Limited, fell below 1%, compared to 1.2% in the June quarter. According to market sources, Damani had first acquired a 2.74% stake around 2010, although data from Trendlyne.com tracks his stake as of December 2015.
For almost a decade, Damani, the man behind DMart and widely regarded as India’s ‘retail king’, remained invested in the retail arm of the Tata Group, a company that started as Lakme in 1952 before evolving into a fashion and lifestyle giant. His apparent departure 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 Westside, Zudio, Star and Landmark brands. The company has experienced tremendous growth over the past five years.
Revenue rose from Rs 3,486 crore in FY20 to Rs 17,135 crore in FY25, a compound annual growth rate (CAGR) of 38%. EBITDA rose from Rs 529 crore to Rs 2,820 crore, at a CAGR of 40%, while net profit rose from Rs 106 crore in FY20 to Rs 1,534 crore in FY25, a CAGR of 67%.
A rapid rise, followed by a sharp fall
The stock’s journey has been equally dramatic. From Rs 635 in October 2020, Trent’s share price shot up over 650% to Rs 4,788.55 on October 24, 2025. However, after peaking at almost Rs 7,500 in October 2024, the stock has fallen over 36%, reflecting growing investor caution over whether the company can sustain its rapid expansion.
Despite the correction, Trent remains one of India’s most valued retail stocks, trading at 108 times earnings, compared to an industry average of around 42 times. The price-to-book ratio is 31.2 times. The company continues to deliver enviable profitability, with a three-year ROE of 25.6%, a ROCE of 31% versus the industry’s 17%, and a stable dividend yield of 0.10%.
Technical data indicates fatigue
From a technical perspective, Trent’s stock appears to be consolidating. It is currently trading below six of its eight major simple moving averages (SMAs), including the 5-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs, while remaining above its 10-day and 20-day averages.
The Relative Strength Index (RSI) at 45 indicates neither overbought nor oversold, while the MACD remains below the midline at -72.6, indicating a bearish bias.
Damani’s decision to exit the market could simply be profit-taking after a decade-long multibagger run, or it could be a signal that one of India’s smartest investors sees limited upside prospects.
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