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Today's prices ask more of Indian Hotels than of Trent.
At current prices, buyers of Indian Hotels are assuming about 32% growth against 24% in its own record; for Trent it is 35% against 35%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Trent is worth about 1.3 times Indian Hotels on the stock market.
- Record: Trent has grown revenue faster: Indian Hotels compounded at about 11% a year (FY2018–FY2026) and Trent at about 32% (FY2018–FY2026).
- What to watch: room rates and occupancy at Indian Hotels; zudio store growth at Trent.
| Indian Hotels | Trent | |
|---|---|---|
| Price | ₹890 | ₹3,165 |
| Market cap | ₹1.27L Cr | ₹1.69L Cr |
| P/E | 57.3 | 89.0 |
| P/B | 9.71 | 24.16 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Taj, Vivanta and Ginger
The Indian Hotels Company, part of the Tata group, opened the Taj Mahal Palace in Mumbai in 1903. Today it runs Taj, Vivanta, SeleQtions and the budget Ginger brand across India and abroad.
Zudio, Westside and the Tata name
Trent is the Tata group's retail company. Westside sells mid-priced fashion and home goods under its own brands, and Zudio sells value fashion at very low prices from a rapidly growing chain of stores across India.
02The records side by side
Trent has grown revenue faster: Indian Hotels compounded at about 11% a year (FY2018–FY2026) and Trent at about 32% (FY2018–FY2026). By revenue, Trent is about 2.1 times the size of Indian Hotels. Indian Hotels kept 23.2% of revenue as net profit in FY2026; Trent kept 8.6% of revenue as net profit in FY2026 — a sign of very different business models. Indian Hotels reported a net loss in FY2021 and FY2022; Trent reported a net loss in FY2021.
Full ten-year tables and charts are on each company's page: Indian Hotels · Trent.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Room rates and occupancyAverage rates have risen sharply since the pandemic.
- Management contractsAsset-light growth adds fees with little capital.
- Zudio store growthNew Zudio stores are the main engine of growth.
- Same-store salesWhether older stores keep growing shows how durable demand is.
05What could go wrong
- Travel shocksPandemics or crises can empty hotels quickly.
- New supplyMore hotels could slow rate growth.
- Slowing growthAny slowdown matters a lot when the price assumes rapid growth.
- Competition in value fashionReliance and others are expanding their own low-price fashion chains.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Indian Hotels or Trent better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Indian Hotels trades at 57.3 times earnings and 9.71 times book value, and Trent at 89.0 times earnings and 24.16 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Indian Hotels and Trent?
The Indian Hotels Company, part of the Tata group, opened the Taj Mahal Palace in Mumbai in 1903. Trent is the Tata group's retail company.
Are Indian Hotels and Trent valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Indian Hotels and Trent?
Worked backwards from the share price, Indian Hotels needs about 32% growth and Trent about 35% growth, against 24% and 35% in their own records.