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Trent Results: Latest Quarterly Results & Analysis

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Trent Ltd. 23 Apr 2026 12:07 PM
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Q4FY26 & FY26 Result Announced for Trent Ltd.

Department Stores company Trent announced Q4FY26 & FY26 results

Q4FY26 Financial Highlights:

  • Revenue from operations: Rs 5,028 crore, change 19% YoY.
  • EBITDA: Rs 653 crore, change 44% YoY.
  • PAT: Rs 413 crore, change 33% YoY.

FY26 Financial Highlights:

  • Revenue from operations: Rs 20,074 crore, change 17% YoY.
  • EBITDA: Rs 2,702 crore, change 25% YoY.
  • PAT: Rs 1,741 crore, change 13% YoY.

Noel N Tata, Chairman, Trent, said: “In FY26, the business delivered encouraging performance, while navigating multiple macroeconomic and geopolitical developments with resilience. We believe that the consumer sentiment would recover further in the coming months once the geopolitical environment settles down.

The Indian consumer continues to evolve with growing aspirations and increasing access to a diverse set of offerings. In this context, we believe, a differentiated customer proposition that builds on relevance and ubiquitous presence will continue to see much traction. We are still in the initial laps of our growth and we remain committed to building out a portfolio of brands that address the significant market opportunity in the lifestyle space.

In our Star business, we continue to apply Trent’s playbook and the contribution of our own brands and products is now trending over 73% of revenues. We recognize that the expansion program for Star stores has been slower vis-à-vis our expectations and we are looking to accelerate this agenda in the coming years. We are also looking to make select commitments to retail real estate that allows Star to viably access dense catchments. The food and grocery opportunity is significant and the Star model is differentiated. We remain convinced that this business is well poised to deliver growing consumer value in the years ahead.”

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Department Stores company Trent announced Q1FY26 results

  • Revenues: Rs 5174 crore for Q1FY26, change 19% YoY.
  • PBT: Rs 565 crore for Q1FY26, change 13% YoY.

Noel N Tata, Chairman, Trent, said: “The business delivered steady performance during the quarter. We remain focused on evolving our differentiated consumer proposition that appeals to a wider audience across diverse markets. Not with-standing continuing competitive intensity and interim trends, we believe an unwavering focus on being relevant to our customers and building resilience with our business model choices will, over time enable us to deliver significant value.

We believe building density of our presence in key markets allows us proximity and the ability to service our customers readily. Both Westside and Zudio now have the scale & reach and enjoy significant consumer awareness & love. We remain on track to build a sizable and scalable pure play direct-to-customer business in the context of the market size and opportunity.

In our Star business, we continue to apply Trent’s playbook and the contribution of our own brands is now trending over 70% of revenues. The opportunity in the food space for the Star proposition is exciting while being competitive. We remain convinced that this business is well poised to deliver much consumer value and growth in the years ahead.”

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Department Stores company Trent announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues: Rs 4,455 crore, change 27% YoY.
  • PBT: Rs 416 crore, change 40% YoY.

FY25 Financial Highlights:

  • Revenues: Rs 18,141 crore, change 38% YoY.
  • PBT: Rs 2,030 crore, change 56% YoY.

Noel N Tata, Chairman, Trent, said: "In FY25, we built on the agenda of strongly growing our reach and becoming more accessible to our customers. Given the seasonality of the business, nature of the real estate market and our approach to inventory management, the full year performance is more representative with respect to revenues, operating profitability and network expansion vis-à-vis any individual quarter.

Our fashion portfolio continues to be differentiated by disciplines & choices. In FY25, Zudio revenues exceeded a billion dollars. Both Westside and Zudio now have the scale & reach and enjoy significant consumer awareness & love. The Indian consumer has evolved rapidly in the recent years and is seeking an aspirational product proposition, attractive pricing and importantly ready accessibility. We believe building density of our presence in key markets allows us proximity and the ability to service our customers readily. The market opportunity associated with building brands and a pure play direct-to-customer business like ours remains immense.

In our Star business, we are applying Trent’s playbook and the contribution of our own brands is now trending over 70% of revenues. The opportunity in the food space for the Star proposition is exciting while being competitive. We remain convinced that this business is well poised to deliver much consumer value and growth in the years ahead.”

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Department Stores company Trent announced Q3FY25 results

  • Revenues: Rs 4937 crore compared to Rs 3686 crore during Q3FY24, change 34%.
  • PBT: Rs 646 crore compared to Rs 475 crore during Q3FY24, change 36%.

Noel N Tata, Chairman, Trent,  said: "We remain on track to strongly expand our reach and at the same time improve the quality of our store portfolio. The strong store opening program this year together with other levers keeps our growth journey on track. The value proposition of our brands continues to resonate well with customers across geographies as reflected in the encouraging results.

Our fashion portfolio continues to be differentiated by disciplines & choices. The market opportunity associated with building brands and a pure play direct-to-customer business like ours remains immense.

We continue to apply Trent’s playbook to the Star business and are witnessing compelling customer traction. We remain convinced that this business is well poised to shift gears and deliver substantial value to customers and shareholders over time.”

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Department Stores company Trent announced Q2FY25 results

Standalone Financial Highlights:

  • Revenue: Rs 4,260 crore compared to Rs 3062 crore compared to Q2FY24, change 39%.
  • PBT: Rs 555 crore compared to Rs 375 crore compared to Q2FY24, change 48%.

Consolidated Financial Highlights:

  • Revenue: Rs 4,394 crore compared to Rs 3164 crore compared to Q2FY24, change 39%.
  • PBT: Rs 467 crore compared to Rs 314 crore compared to Q2FY24, change 49%.

Noel N Tata, Chairman, Trent, said: "Consumer sentiment has remained relatively muted. This coupled with seasonality has meant that retail businesses have faced headwinds. In the forgoing context the team has delivered strong results across brands, concepts, categories and channels in Q2.

The market opportunity associated with building brands and a pure play direct-to-customer business like ours remains immense. We continue to pursue our expansion programme and deepen our store presence with the aim of being ever closer and convenient to customers. Also, we seek to explore additional avenues of growth. It is in this context that we recently launched our first international Zudio store in the UAE and the Zudio Beauty concept in India.

We have applied Trent’s playbook to the Star business and are witnessing strong customer traction. The success of own branded products augurs well for the Star business. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders.”

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Department Stores company Trent announced Q1FY25 results:

  • Revenues: Rs 4,354 crore in Q1FY25, up 55% from Rs 2,808 crore in Q1FY24. The Compound Annual Growth Rate (CAGR) over Q1 FY20 is 38%.
  • Profit Before Tax (PBT): Rs 501 crore in Q1FY25, an increase of 136% from Rs 212 crore in Q1FY24. The CAGR over Q1 FY20 is 49%.
  • Portfolio of 823 fashion stores | 25 stores opened during the quarter
  • Standalone revenues and PBT up 56% and 133% over Q1FY24
  • CAGR over Q1FY20: 39% for revenues and PBT
  • Star revenues up 29% over Q1FY24 | 6 new stores added 
  • The gross margin profile of Westside and Zudio continues to remain consistent with earlier trends registered by us. Overall, the Operating EBIT* margin for Q1FY25 was 10.6% (7.8% for Q1FY24).
  • The Star business registered operating revenue growth of 29% in Q1FY25 with LFL growth of over 20%. The business continued to witness all-round improved operating performance, driven by our own brands, staples, fresh & our general merchandise offerings which now contribute to over 70% of revenues

Speaking on the performance, Noel N Tata, Chairman, Trent said, "The overall market sentiment remains subdued with increased competitive intensity. On our part, we continue to witness encouraging traction for our lifestyle offerings across brands, concepts, categories and channels. Focus on delivering consistent and improved value propositions keep us relevant for our customers.

The market opportunity associated with building brands and a pure play direct-to-customer business like ours is immense. We will, therefore, continue with our expansion plans and deepen our store presence with the aim of being ever closer and convenient to customers and reinforcing our brand promise.

We have applied Trent’s playbook to the Star business and are witnessing strong customer traction. Several new stores were added in Q1 and we expect a steady expansion of our portfolio going forward. The success of own branded products also augurs well for the Star business. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders.”

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Department stores company Trent announced Q4FY24 results:

Standalone Financial Highlights:

  • Revenue rose by 53% YoY in Q4FY24 to Rs 3,381 crore.
  • PBT rose by 153% YoY in Q4FY24 to Rs 316 crore.
  • The gross margin profile of Westside and Zudio continue to remain consistent with earlier trends. Overall, Operating EBIT margin for Q4FY24 was 8.2% (2.8% for Q4FY23).
  • As of 31 st March 2024, our store portfolio included 232 Westside, 545 Zudio and 34 stores across other lifestyle concepts. During the quarter, we added 12 Westside and 86 Zudio stores across 65 cities including 25 new cities.
  • In Q4FY24, our fashion concepts registered encouraging LFL growth of well over 10% vis-à-vis Q4FY23.
  • The emerging categories including beauty & personal care, innerwear and footwear continued to gain traction with customers. These emerging categories now contribute to over 20% of our standalone revenues.
  • Accordingly, during the current quarter the term of leases has been reassessed, resulting in an exceptional gain of Rs 543 crores, tax impact thereon is Rs 137 Crores (net of tax Rs 406 crores) and the same has been recognized as an exceptional item.
  • The Right of Use Assets and Lease Liabilities stand reduced by Rs 2,720 crores and Rs 3,247 crores respectively.
  • The EPS without this exceptional gain is Rs 28.95.

Consolidated Financial Highlights:

  • Revenue rose by 30% YoY in Q4FY24 to Rs 3,506 crore.
  • PBT rose by 343% YoY in Q4FY24 to Rs 296 crore.
  • The Star business, consisting of 66 stores, continued to witness improved customer traction with growing sales densities. This business registered operating revenue growth of 30% in Q4FY24 vis-à-vis the corresponding previous period.

Speaking on the performance, Noel N Tata, Chairman, Trent Limited said, "In a competitive market, we continue to experience resonance and customer traction for our lifestyle offerings across brands, concepts, categories and channels. The growing of our offerings, resilience of our business model choices and the strength of our platform are reflected in our business results.

We will continue to expand and deepen store presence with the aim of being ever closer and convenient to customers reinforcing our brand promise.

We have applied Trent’s playbook to the Star business and are witnessing strong customer traction. This reinforces our conviction to build out this growth engine in the food, grocery, and general merchandising space. The success of own branded products also augurs well for the Star business. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward.

We remain excited about the huge consumer market opportunity that lies ahead. We are still in the initial laps of our journey to address this opportunity.”

Result PDF

Department Stores company Trent announced Q3FY24 results:

Consolidated Q3FY24:

  • Revenues (incl. GST): Rs 3,686 crore in Q3FY24 versus Rs 2,460 crore in Q3FY23, witnessing a 50% increase from the previous year. The three-year CAGR is reported at 37%.
  • Profit Before Tax (PBT): Rs 475 crore in Q3FY24 in comparison to Rs 204 crore in Q3FY23, which is a 132% increase year-over-year. The CAGR over the same period is 50%.

Standalone Q3FY24:

  • Revenues (incl. GST): Rs 3,521 crore in Q3FY24 compared to Rs 2,319 crore in Q3FY23, marking a 52% growth year-over-year. The Compound Annual Growth Rate (CAGR) from Q3FY20 was 39% for revenues.
  • Profit Before Tax (PBT): Rs 447 crore in Q3FY24, a significant increase from Rs 210 crore in Q3FY23, showing a growth of 113%. The PBT CAGR over Q3FY20 stood at 47%.
  • The company added 56 new stores in Q3, expanding its fashion store portfolio to 715 stores.
  • Operating EBIT margin for Q3FY24 was noted as 13.0% (8.5% for Q3FY23).

Operational Highlights:

  • Store Expansion: 5 new Westside and 50 new Zudio stores opened, with expansions into 36 cities, including 13 new cities.
  • Like-For-Like (LFL) Growth: Over 10% LFL growth in fashion concepts compared to Q3FY23.
  • Emerging Categories: Contribution of over 19% to the standalone revenues, indicating customer traction.
  • Online Revenues: Representing more than 5% of Westside revenues, showing profitable growth.

Star Business Performance

  • Registered 26% revenue growth in Q3FY24 over Q3FY23, primarily attributed to like-for-like stores and volumetric growth.
  • All-round Operating Performance Improvement driven by staples, fresh & general Merchandise.

Speaking on the performance, Noel N Tata, Chairman of Trent, stated, "Our lifestyle offerings across concepts, categories, and channels witnessed strong momentum in Q3FY24. The growing scale of our operations distinctly enables us to realize greater operating synergies. We continue to see growing relevance for our offerings, resilience in our business model choices, and attractiveness of our differentiated platform.

We will continue to expand and deepen our store presence with the aim of being ever more proximate and convenient to customers, reinforcing our brand promise. We believe that our strategic differentiators will continue to provide us encouraging tailwinds.

We have applied our playbook to the Star business and are witnessing strong customer traction, instilling a growing conviction to build out this growth engine in the food and grocery space. We are confident that this business is also well poised to shift gears and deliver substantial value to customers and shareholders going forward.

The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.”

 

Result PDF

Department Stores company Trent announced Q2FY24 results:

1. Financial Performance:
- Trent Limited reported standalone revenues of Rs 3,063 crore, a growth of 59% over Q2FY23.
- The company's standalone Profit Before Tax (PBT) stood at Rs 375 crore, a growth of 54% over Q2FY23.
- The Compound Annual Growth Rate (CAGR) for revenues over Q2FY20 was 37% and for PBT was 60%.

2. Expansion and Store Additions:
- Trent added 38 stores during the quarter, including 6 Westside stores and 27 Zudio stores across 19 cities.
- As of September 30, 2023, the company's portfolio included 223 Westside, 411 Zudio, and 27 stores across other lifestyle concepts.

3. Like-for-Like Growth:
- Trent's fashion concepts registered a strong Like-for-Like (LFL) growth of over 10% compared to Q2FY23.
- The company focuses on delivering consistent value to customers through a differentiated product portfolio.

4. Emerging Categories:
- Trent's emerging categories, including beauty and personal care, innerwear, and footwear, gained traction and contributed to over 19% of standalone revenues.

5. Star Business:
- The Star business, consisting of 65 stores, witnessed improved customer traction and achieved operating revenue growth of 30% in Q2FY24 compared to the previous year.
- The business experienced an all-around performance improvement, driven by fresh, general merchandise, and apparel categories.

Speaking on the performance, Noel N Tata, Chairman, Trent, said, "Our lifestyle offerings across concepts, categories, and channels witnessed strong momentum in Q2FY24 despite challenging market conditions. We continue to see growing relevance for our offerings, resilience in our business model choices, and attractiveness of our differentiated platform.

We will expand and deepen our store presence with the aim of being ever more proximate and convenient to customers reinforcing our brand promise.

We have applied our playbook to the Star business and are witnessing strong customer traction, instilling a growing conviction to build out this growth engine in the food and grocery space. We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward.

The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.”

 

 

Result PDF

Department Stores company Trent announced Q4FY23 & FY23 results:

  • Consolidated Q4FY23:
    • Revenues for Q4FY23 at Rs 2,336 crore grew by 65% over Q4FY22
    • Profit after tax (attributable to equity shareholders) was Rs 60 crore for Q4FY23
    • Star revenues are up 46% over Q4FY22
  • Consolidated FY23:
    • For FY23, the company recorded revenues of Rs 8,799 crore
    • Profit After Tax of Rs 297 crore

Speaking on the performance, Noel N Tata, Chairman, Trent said, “Our lifestyle offerings across concepts, categories and channels are witnessing a strong momentum. We see growing relevance for our offerings, resilience of our business model choices and attractiveness of our differentiated platform. Leveraging our platform, we launched Samoh, our contemporary occasion wear concept. Samoh focuses on elegant, expressive, modern silhouettes and a new approach to wardrobe that emphasizes versatility and caters to an audience that appreciates a luxurious and modern take on cherished designs and motifs from the Indian hinterland. We are also increasingly applying our playbook to the Star business and the strong customer traction we are witnessing gives us growing conviction of building-out this growth engine in the food and grocery space. In the foregoing backdrop, we are continuing to expand the reach of all our concepts with the aim of being ever-more proximate and convenient to our customers. We are in the initial laps of our growth. I see much potential, led by our passionate teams, to address significant opportunities that lie ahead.”

 

 

Result PDF

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