Trent Limited (TRENT)
₹2,958.70 +0.31% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Trent Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Trent's revenue was ₹5,755 Cr (+17.9% year on year, +14.5% on the previous quarter), and net profit ₹518 Cr (+21.9% year on year); the operating margin was 19.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,755 | +17.9% | +14.5% |
| Operating profit | ₹1,129 | +33.1% | +23.9% |
| Net profit | ₹518 | +21.9% | +25.4% |
| EPS (₹) | 9.73 | +20.7% | +29.6% |
| Operating margin | 19.6% | — | — |
TRENT delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.91% of the TRENT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.01%. That is close to its usual level. In TRENT futures, open interest fell 1.11% while the futures price rose 0.13%: short covering (shorts closing out).
Delivery in the last 5 sessions: 32.4% · 49.1% · 52.0% · 49.1% · 46.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Trent Limited reported preliminary standalone revenue of ₹5,788 crore for Q2FY27, marking a 23% YoY growth compared to ₹4,724 crore in Q2FY26. For H1FY27, standalone revenue reached ₹11,454 crore, up 21% YoY from ₹9,505 crore. During the quarter, Trent crossed a key milestone by opening its 1,000th Zudio store, taking total lifestyle portfolio stores to 1,342 as of September 30, 2026. In Q2FY27 alone, net store additions were 10 for Westside and 17 for Zudio (H1 additions of 11 and 36, respectively).
- Standalone Q2FY27 revenue grew 23% YoY to ₹5,788 crore vs ₹4,724 crore in Q2FY26
- H1FY27 standalone revenue reached ₹11,454 crore, up 21% YoY vs ₹9,505 crore in H1FY26
- Milestone achieved with the opening of the 1,000th Zudio store during Q2FY27
- Total lifestyle store portfolio reached 1,342 stores as of September 30, 2026
- Net store additions in Q2FY27 stood at 10 for Westside and 17 for Zudio
Trent Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. Additionally, security certificates received were verified, mutilated, and cancelled as per statutory norms. This is a standard procedural compliance filing with zero financial or operational impact.
- Compliance submission under Regulation 74(5) for the quarter ended 30th September 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 5th October 2026
- Confirmation that dematerialised shares have been listed on relevant stock exchanges and records updated
Trent Limited has informed the exchanges regarding the closure of its trading window pursuant to the Tata Code of Conduct for Prevention of Insider Trading. The trading window will close starting Thursday, 24th September 2026, for designated persons and insiders. It will remain closed until 48 hours after the declaration of the Unaudited Financial Results for the quarter and half-year ending 30th September 2026. This is a standard quarterly compliance intimation with zero financial or operational impact.
- Trading window closes effective Thursday, 24th September 2026
- Applies ahead of Unaudited Financial Results for the quarter/half-year ending 30th September 2026
- Window will reopen 48 hours following the formal declaration of results
- Notice issued pursuant to SEBI Insider Trading Regulations and Tata Code of Conduct
Trent Limited announced that its value-fashion retail brand, Zudio, has crossed the milestone of 1,000 stores. The brand has achieved this scale over 10 years, expanding across 300 cities and reaching 100 million customers. This expansion underpins Trent's high-volume growth strategy, contributing significantly to its TTM revenue of ₹20,945 crore.
- Zudio crossed the operational milestone of 1,000 stores
- Brand footprint expanded across 300 cities in India
- Customer base reached 100 million over a 10-year period
Trent Limited has announced its schedule for participating in two upcoming institutional investor conferences in September 2026. The company is slated to attend the Elara India Dialogue 2026 Conference on September 2, 2026, followed by the Jefferies 5th India Forum on September 16, 2026. Management noted that no unpublished price sensitive information (UPSI) will be shared during these interactions.
- Participation scheduled for Elara India Dialogue 2026 Conference on September 2, 2026
- Participation scheduled for Jefferies 5th India Forum on September 16, 2026
- Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed
Trent Limited has announced a group meeting with multiple analysts and institutional investors scheduled for August 12, 2026. This is a routine procedural disclosure under SEBI regulations. The company, which reported a TTM revenue of ₹19,972 cr and a PAT of ₹1,719 cr, has clarified that no unpublished price-sensitive information (UPSI) will be shared during the session. Such meetings typically focus on discussing existing business strategies and historical performance.
- Meeting scheduled for August 12, 2026, involving multiple institutional investors.
- Company reported TTM revenue of ₹19,972 cr and OPM of 18.3% as per latest context.
- Trent added 236 net stores across formats in FY25, indicating high operational activity.
- The meeting is a 'Multiple Group Meeting' format as per the regulatory filing.
Trent Limited has granted 20,000 stock options to eligible employees under the 'Trent Limited - Employee Stock Option Plan 2026'. The exercise price is set at ₹2,652 per share, representing a ~14.6% discount to the current market price of ₹3,107.1. This grant follows shareholder approval obtained via postal ballot on May 27, 2026. Given the company's market capitalization of ₹1,19,710 Cr, the potential dilution from these 20,000 shares is negligible (less than 0.01%).
- Grant of 20,000 stock options exercisable into an equal number of equity shares of ₹1 face value.
- Exercise price fixed at ₹2,652 per share, determined by the Nomination and Remuneration Committee.
- Options once vested must be exercised within a maximum period of 1 year.
- The grant is part of a scheme previously approved by shareholders on May 27, 2026.
Trent Limited reported a strong Q1 FY27 with standalone revenue growing 19% YoY to ₹5,666 Cr and Operating EBITDA rising 36% to ₹847 Cr. The company's profitability improved significantly as Operating EBIT margins expanded to 12.9% from 11.5% in the previous year. Expansion remains aggressive with the fashion portfolio crossing 1,300 stores, driven by 22 new Zudio openings in the quarter. The Star grocery business also showed progress, with own-brand products now contributing 73% of its revenue.
- Standalone Operating EBITDA grew 36% YoY to ₹847 Cr, significantly outpacing revenue growth
- Operating EBIT margin expanded by 140 basis points to 12.9% compared to 11.5% in Q1FY26
- Fashion store portfolio reached 1,300+ stores across 330 cities, including 982 Zudio stores
- Emerging categories like beauty, innerwear, and footwear now contribute over 21% of total revenues
- Star grocery business added 5 new stores, with own-brand contribution reaching 73% of its revenue
Trent Limited reported a 19% YoY growth in standalone revenue to ₹5,666 Cr for Q1 FY27, with standalone PAT rising 26% to ₹532 Cr. Operating EBIT margins improved significantly to 12.9% from 11.5% in the previous year, driven by operating leverage despite low single-digit like-for-like (LFL) growth. The company continued its aggressive expansion, adding 22 Zudio stores and 1 Westside store, bringing the total fashion retail footprint to 18.04 million sq. ft. Emerging categories like beauty, innerwear, and footwear now contribute over 21% of total revenues, indicating successful diversification beyond core apparel.
- Standalone Revenue increased 19% YoY to ₹5,666 Cr, representing ~28% of TTM revenue.
- Operating EBIT grew 33% YoY to ₹732 Cr, with margins expanding by 140 bps to 12.9%.
- Total store count reached 1,312, including 982 Zudio stores and 301 Westside stores across 330 cities.
- Emerging categories (Beauty, Innerwear, Footwear) now account for over 21% of total revenue.
- Online sales contributed 6% to Westside's revenue, supported by Westside.com and Tata Neu.
Trent Limited reported a strong start to FY27 with consolidated revenue growing 17.8% YoY to ₹5,754.71 Cr. Consolidated net profit increased by 21.9% to ₹518.07 Cr compared to ₹424.70 Cr in the year-ago period. Standalone operating margins improved to 12.92% from 11.88% YoY, reflecting better operational efficiency. The company also completed a 1:2 bonus issue during the quarter, adjusting its EPS to ₹9.97.
- Consolidated Revenue from operations increased 17.8% YoY to ₹5,754.71 Cr
- Consolidated Net Profit grew 21.9% YoY to ₹518.07 Cr
- Standalone Operating Margin expanded by 104 bps to 12.92% from 11.88% YoY
- Standalone Debt-to-Equity ratio improved to 0.29 from 0.33 in the previous year
- Completed a 1:2 bonus share issue, resulting in a paid-up equity capital of ₹53.32 Cr
Trent Limited reported a strong start to FY27 with consolidated revenue growing 17.8% YoY to ₹5,754.71 Cr. Standalone net profit saw a higher growth of 25.8% YoY, reaching ₹531.77 Cr, supported by standalone operating margins expanding to 12.92% from 11.88%. The company also completed a 1:2 bonus issue during the quarter, with the adjusted EPS standing at ₹9.97. Additionally, the board approved a transition in the Internal Audit leadership and recommended B S R & Co. LLP as the new statutory auditors starting FY28.
- Consolidated Revenue from operations increased 17.8% YoY to ₹5,754.71 Cr.
- Standalone Net Profit grew 25.8% YoY to ₹531.77 Cr from ₹422.59 Cr.
- Standalone Operating Margin expanded to 12.92% compared to 11.88% in Q1 FY26.
- Debt-to-Equity ratio improved to 0.29 as of June 2026 from 0.33 in June 2025.
- EPS for the quarter adjusted for the 1:2 bonus issue stood at ₹9.97.
Trent Limited has recommended the appointment of B S R & Co. LLP as its new statutory auditors for a five-year term starting from the 75th AGM in 2027, replacing Deloitte Haskins & Sells LLP due to mandatory rotation. For Q1 FY27, the company reported standalone revenue of Rs 5,666.30 Cr, up 18.5% from Rs 4,781.25 Cr in the previous year. Standalone Net Profit for the quarter rose to Rs 531.77 Cr from Rs 422.59 Cr YoY. Additionally, Ms. Varsha Agarwal has been appointed as the new Head of Internal Audit effective September 1, 2026.
- Standalone revenue for Q1 FY27 increased by 18.5% YoY to Rs 5,666.30 Cr
- Standalone Net Profit grew to Rs 531.77 Cr in Q1 FY27 from Rs 422.59 Cr in Q1 FY26
- B S R & Co. LLP recommended as statutory auditors for a 5-year term (FY 2027-28 to 2031-32)
- Company issued 1:2 bonus shares during the quarter, with EPS adjusted to Rs 9.97
- Head of Internal Audit Mr. Ratul Neogi to retire on September 1, 2026, replaced by Ms. Varsha Agarwal
Trent Limited has issued a formal intimation to shareholders regarding unclaimed dividends for the period between August 2019 and July 2025. As per Section 124 of the Companies Act, 2013, dividends remaining unclaimed for seven years must be transferred to the Investor Education and Protection Fund (IEPF). The company has provided specific due dates for each year's dividend, with the earliest deadline being August 17, 2026, for the 2019 dividend. This is a standard regulatory procedure to ensure shareholders receive their dues before funds are moved to the government-managed fund.
- Dividends from 8 distinct payment dates between 08/08/2019 and 07/07/2025 are currently unclaimed by identified shareholders.
- The earliest deadline to claim the 2019 dividend is August 17, 2026, before it is transferred to IEPF.
- The latest deadline mentioned in the current cycle is July 19, 2032, for the dividend paid in July 2025.
- Shareholders must submit KYC documents (ISR-1, ISR-2) and bank details to the RTA, MUFG Intime India Private Limited, to process claims.
- Unclaimed dividends will be transferred to IEPF without further notice if not claimed by the respective due dates.
Trent Limited has issued a clarification regarding media articles published on July 20, 2026, concerning its Westside business. The company stated that remarks made by a senior leader were intended to discuss the brand's potential and market opportunity, rather than providing formal forward-looking guidance. This clarification is significant given Trent's high valuation (P/E of 65.6) and its TTM revenue of Rs 19,972 Cr, where Westside remains a core contributor. The company maintains that all material information has been accurately disclosed to exchanges in a timely manner.
- Clarification issued on July 21, 2026, regarding media reports from the previous day
- Company explicitly states that senior leader remarks are not to be construed as forward-looking guidance
- Westside business remains a key focus area alongside Zudio for the company's Rs 19,972 Cr TTM revenue base
- Trent confirms compliance with Regulation 30 of SEBI LODR regarding material disclosures
Trent Limited reported a 19% YoY increase in standalone revenue for Q1 FY27, reaching Rs. 5,666 Cr compared to Rs. 4,781 Cr in the same quarter last year. The company continued its aggressive expansion, adding 20 net stores during the quarter to reach a total of 1,312 stores. Zudio remains the primary driver of physical expansion with 19 net additions, bringing its total count to 982, including 7 stores in the UAE. Westside saw a marginal increase of 1 store, totaling 301 locations.
- Standalone revenue from operations grew 19% YoY to Rs. 5,666 Cr in Q1 FY27.
- Total store portfolio reached 1,312 stores as of June 30, 2026.
- Zudio format added 19 net stores in the quarter, reaching a total of 982 stores.
- Westside format reached 301 stores with 1 net addition during the quarter.
- International footprint includes 7 Zudio stores now operating in the UAE.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 37% YoY to INR 17,353.17 Cr in FY25. The Fashion and Lifestyle segment (Westside and Zudio) drove growth with a 10% Like-for-Like (LFL) growth in FY24 and continued double-digit LFL in FY25. Star (grocery) revenue grew 24.2% from INR 2,832 Cr in FY24 to INR 3,517 Cr in FY25. Zara reported revenue of INR 2,769 Cr in FY24, representing 8.5% YoY growth.
Geographic Revenue Split
The company operates primarily in India with a presence in 2 cities in the UAE as of Q2 FY26. Specific percentage splits by Indian regions are not disclosed, but the company added 220 Zudio stores and 16 Westside stores in FY25 to expand its pan-India footprint.
Profitability Margins
Gross margin remained steady at approximately 43.6% (COGS was 56.42% of net sales in FY25 vs 55.58% in FY24). PAT margin was 8.5% in FY25 compared to 10.9% in FY24; however, FY24 PAT included a one-time exceptional gain of INR 576.07 Cr from lease reassessments. Standalone PAT for FY25 was INR 1,584.84 Cr, up 10.4% from INR 1,435.82 Cr in FY24.
EBITDA Margin
Operating EBITDA margin (OPBDIT/OI) improved by 20 bps to 16.1% in FY25 from 15.9% in FY24. This improvement was driven by economies of scale from rapid store expansion and improved sales per sq ft, which rose to INR 16,378 in FY25 from INR 15,776 in FY24.
Capital Expenditure
Annual capital expenditure is estimated between INR 1,200 Cr and INR 1,300 Cr for FY25 and FY26, primarily dedicated to store network expansion and backend infrastructure. Capex is largely funded through internal accruals and healthy cash flows from operations (INR 1,728 Cr in FY25).
Credit Rating & Borrowing
The company maintains a strong credit profile with an interest coverage ratio of 19.9x in FY25 (up from 5.4x in FY24). Total debt includes Non-Convertible Debentures (NCDs) of INR 499.2 Cr due in May 2026. Borrowing costs are low as the company has not utilized its INR 350.01 Cr fund-based working capital limits.
Operational Drivers
Raw Materials
Finished apparel and lifestyle goods (100% private labels for Westside) constitute the primary cost, with Cost of Goods Sold (COGS) totaling INR 9,261.55 Cr in FY25 (56.42% of net sales).
Import Sources
Sourcing is primarily domestic through a network of external suppliers and vendors, though specific countries are not listed. The company emphasizes 'responsible sourcing' and vendor compliance with the Trent Code of Conduct.
Key Suppliers
Specific supplier names are not disclosed; however, the company utilizes an 'outright purchase' model for inventory rather than 'Sale or Return' (SOR), placing the inventory risk entirely on Trent.
Capacity Expansion
As of September 30, 2024, the company operated 831 stores. In FY25, it added 220 Zudio stores and 16 Westside stores. Zudio's rapid expansion is a key driver, having added 203 stores in FY24 alone.
Raw Material Costs
COGS increased 41.6% YoY to INR 9,261.55 Cr in FY25, slightly outpacing revenue growth of 38%, leading to a marginal increase in COGS as a percentage of sales from 55.58% to 56.42%.
Manufacturing Efficiency
Manufacturing is outsourced; however, retail efficiency is measured by Sales per Sq Ft, which improved 3.8% to INR 16,378 in FY25. Operating ROCE (excluding IndAS 116) improved to 37% in FY25 from 33% in FY24.
Logistics & Distribution
Logistics costs are managed through centralized warehousing; the operating cycle improved to 27 days in FY25 from 30 days in FY24, indicating faster movement of goods to stores.
Strategic Growth
Expected Growth Rate
60%
Growth Strategy
Growth is driven by the rapid scaling of the Zudio format (value fashion) and Westside (lifestyle). The strategy involves accelerating store expansion in attractive micro-markets, enhancing digital reach via Westside.com and Tata Neu (online revenue is ~6% for Westside), and refining the 'Star' hypermarket model. The company focuses on 100% own-brand offerings to maintain high margins and differentiation.
Products & Services
Branded apparel, footwear, accessories, beauty products, and grocery/hypermarket retail services.
Brand Portfolio
Westside, Zudio, Star, Samoh, Utsa, Misbu, Zara (JV), and Massimo Dutti (JV).
New Products/Services
Expansion into 'Zudio Beauty' and 'Samoh' (ethnic wear) are new growth levers. Samoh and Zudio International are expected to contribute to future revenue as they scale beyond initial pilot phases.
Market Expansion
Targeting pan-India expansion with a focus on micro-markets and international entry (UAE). The company added 236 net stores across formats in FY25.
Market Share & Ranking
Trent is a leading organized retail player in India; while specific market share % is not cited, it is noted as a top-tier competitor to Shoppers Stop and Aditya Birla Fashion.
Strategic Alliances
Joint Venture with Tesco PLC for Star Bazaar (Trent Hypermarket Pvt Ltd) and a JV with Inditex for Zara and Massimo Dutti.
External Factors
Industry Trends
The Indian retail industry is shifting toward organized 'value fashion' (growing at 20%+). Trent is positioned to capture this through Zudio. Digital integration (omnichannel) is the future direction, with Trent targeting increased contribution from Tata Neu.
Competitive Landscape
Key rivals include Shoppers Stop, Lifestyle International, Aditya Birla Fashion (Pantaloons), and online giants like Amazon, Flipkart, and Myntra.
Competitive Moat
Moat consists of the 'Tata' brand trust, a 100% private label portfolio (higher margins/control), and a proven ability to scale the Zudio format profitably. These are sustainable due to deep supply chain integration and prime real estate access.
Macro Economic Sensitivity
Highly sensitive to GDP growth and inflation as 80%+ of revenue comes from discretionary fashion retail. Inflation in textile inputs can impact COGS (currently 56.42% of sales).
Consumer Behavior
Shift toward value-conscious yet trendy fashion is benefiting Zudio. Increasing digital penetration is driving the 6% online revenue contribution for Westside.
Geopolitical Risks
Minimal direct impact, though global supply chain disruptions could affect the availability of certain raw materials or international brand JVs like Zara.
Regulatory & Governance
Industry Regulations
Complies with National Guidelines for Responsible Business Conduct (NGRBC) and labor standards across its vendor network. Subject to local municipal regulations for store operations.
Environmental Compliance
Trent follows the Tata Climate Change Policy, focusing on energy waste management and product stewardship (recycling). Specific compliance costs in INR are not disclosed.
Taxation Policy Impact
Effective tax rate was approximately 23.7% in FY25 (INR 491.78 Cr tax on INR 2,076.62 Cr PBT).
Legal Contingencies
The company notes that actual results may differ due to judicial pronouncements and changes in government regulations, but no specific high-value pending court cases were quantified in the documents.
Risk Analysis
Key Uncertainties
Store cannibalization risk as Zudio and Westside expand in the same micro-markets. Continued losses in subsidiaries like Booker India (INR 28 Cr loss in FY24) and Star JV (INR 94.39 Cr loss in FY24) could impact consolidated profitability.
Geographic Concentration Risk
Primarily concentrated in India; however, the rapid expansion into Tier 2 and Tier 3 cities reduces reliance on any single metropolitan hub.
Third Party Dependencies
High dependency on external vendors for manufacturing 100% of products, though this is mitigated by enforcing the Trent Code of Conduct.
Technology Obsolescence Risk
Risk of falling behind in e-commerce; mitigated by the 'digital-first' approach and partnership with Tata Neu.
Credit & Counterparty Risk
Low risk; debtors are 'immaterial' (Net Sales/Average Debtor ratio of 237.53) as most transactions are retail cash/card.
