“Jignanshu Gor of Bernstein India projects Trent Limited's revenue CAGR will moderate to 20% over the next three years, a significant step down from the 25-30% rates that previously justified its premium valuation. This slowdown is due to a strategic reset of its Zudio format, driven by urban market saturation and a pivot to tier II/III cities. While growth decelerates, Gor expects current margin levels to be sustainable, supported by technology investments and operational efficiencies, though no further improvement is anticipated, raising concerns about the sustainability of its 60x valuation multiple.”