# Trent Ltd Financial Breakdown: Revenue, Profit & Ratios
Tata Group's retail arm Trent Ltd (NSE: TRENT) owns Westside and Zudio, two of India's fastest-growing fashion retail chains. On 5 October 2026, the company reported a 23% year-on-year jump in Q2 FY27 standalone revenue to Rs 5,788 crore, its fastest quarterly growth in five quarters, and the stock hit the upper circuit on 6 October. Here is a full financial breakdown of the company — revenue trend, profitability, balance sheet, key ratios, shareholding, and how it stacks up against peers.
*Note: standalone figures cover Trent's owned fashion formats; consolidated figures additionally reflect the company's joint ventures and subsidiaries.*
## Business Overview
Trent operates retail formats across fashion, footwear, accessories, beauty, and food & grocery:
- **Westside** — the company's flagship lifestyle/fashion chain (300 stores as of 31 March 2026).
- **Zudio** — value-fashion format and the main growth engine (963 stores as of 31 March 2026, including 6 in the UAE; it crossed the 1,000-store milestone in September 2026).
- **Star** — food, grocery and daily-needs retail (84 stores as of 31 March 2026); reported via the equity method, so Star's revenue is not included in consolidated revenue.
- **International partnerships** — including the Zara joint venture with Inditex in India, also accounted for via the equity method.
- **Emerging formats** — Samoh, Burnt Toast and other lifestyle concepts (23 stores as of 31 March 2026); emerging categories like beauty & personal care, innerwear and footwear contribute about 20% of revenues.
Trent is promoted by Tata Sons, which holds 37.01% of the company as of June 2026. Total store count stood at 1,286 as of 31 March 2026 and rose to 1,342 as of 30 September 2026.
## Q2 FY27 Business Update (Fresh Trigger)
Per the company's regulatory filing on 5 October 2026:
- Standalone revenue from operations rose **23% year-on-year to Rs 5,788 crore** for the quarter ended 30 September 2026 — the first time growth crossed 20% in five quarters.
- Total store portfolio stood at **1,342 outlets** as of 30 September 2026.
- Zudio crossed the **1,000-store milestone** in September 2026.
- Following the update, Trent's shares hit the upper circuit on 6 October 2026, closing around Rs 2,904 (up ~12.8% on the day).
## Revenue Growth Trend (FY22–FY26, Standalone)
Financial year
Revenue (Rs crore)
YoY growth
PAT (Rs crore)
FY22
3,881
—
250
FY23
7,715
~99%
555
FY24
11,927
~55%
1,436
FY25
16,668
~40%
1,585
FY26
19,701
~18%
1,968
Revenue has compounded at roughly 57% over five years, but growth has clearly decelerated — from nearly doubling in FY23 to 18% in FY26 — as the base expanded and management entered lower-productivity Tier II/III markets. On a consolidated basis, FY26 revenue from operations stood at Rs 20,074 crore, up 17% year-on-year.
## Profitability Trend
Financial year
Operating profit margin (standalone)
PAT (Rs crore)
Net profit margin
FY22
17%
250
~6.4%
FY23
15%
555
~7.2%
FY24
17%
1,436
~12.0%
FY25
17%
1,585
~9.5%
FY26
19%
1,968
~10.0%
Operating margins have stayed healthy in the 15–19% band despite rapid store additions. Consolidated operating EBITDA (pre-Ind AS) for FY26 was Rs 2,702 crore, up 25% year-on-year, with the margin at about 13%. Adjusted consolidated PAT for FY26 stood at Rs 1,741 crore, up 13%. Note that FY24 PAT was boosted by an extraordinary gain, so FY24–FY25 profit growth looks flatter than the operating trend.
For the most recent quarters (standalone): Q4 FY26 revenue Rs 4,937 crore (+20% YoY) with PAT Rs 639.71 crore (+36.3% YoY); Q1 FY27 revenue Rs 5,666 crore with PAT Rs 532 crore.
## Balance Sheet Strength
As of 31 March 2026 (standalone):
- Net worth: ~Rs 7,703 crore (equity capital Rs 36 crore + reserves Rs 7,667 crore).
- Borrowings: ~Rs 2,508 crore.
- Debt-to-equity: ~0.33x — a conservative balance sheet for a retailer adding 200+ stores a year.
- ROCE: 27.4%; ROE: 26.4% (trailing twelve months) — both strong, reflecting efficient capital deployment despite heavy expansion capex.
- Inventory days have improved steadily, falling to 76 days in FY26 from 158 days in FY22.
## Cash Flows (FY26, Standalone)
Item
Rs crore
Cash flow from operations
2,630
Cash flow from investing
-1,563
Cash flow from financing
-1,126
Free cash flow
1,143
Operating cash flow has grown steadily (Rs 663 crore in FY23 to Rs 2,630 crore in FY26) while investing outflows reflect store capex — free cash flow turned firmly positive from FY23 onwards.
## Key Ratios Snapshot (as of 6 October 2026)
Metric
Value
Market capitalisation
~Rs 1.55 lakh crore
Share price
~Rs 2,904
P/E (TTM)
~73.8x
Price-to-book
~20x (book value ~Rs 144)
Dividend yield
~0.15%
ROE
26.4%
ROCE
27.4%
Debt-to-equity
~0.33x
52-week range
Rs 2,184 – Rs 3,400
The valuation multiple is demanding — the market is pricing in sustained 20%+ earnings growth.
## Segment / Format Split
Trent does not disclose brand-wise revenue in its statutory filings, but the store footprint shows where growth is concentrated:
- **Zudio:** 963 stores (31 Mar 2026) → crossed 1,000 in Sep 2026; net additions of ~198 stores in FY26. The primary revenue and growth driver.
- **Westside:** 300 stores (31 Mar 2026); net additions of ~52 stores in FY26; higher-margin lifestyle format.
- **Star (grocery):** 84 stores (31 Mar 2026); accounted for under the equity method, so its revenue sits outside consolidated revenue.
- **Other lifestyle concepts:** 23 stores (31 Mar 2026).
- Emerging categories (beauty & personal care, innerwear, footwear) contribute ~20% of revenues; online contributes over 6% of Westside's revenue.
In April 2026 the board approved a Rs 2,500 crore fundraise to be deployed towards store upgrades, new categories/brands, warehouse automation, digital/AI, and acquiring real estate to drive growth in Star.
## Shareholding Pattern (June 2026)
Shareholder
Stake
Promoters (Tata Sons)
37.01%
Foreign institutions (FII)
15.14%
Domestic institutions (DII)
23.07%
Public
24.57%
Number of shareholders: ~5.2 lakh. Promoter holding has been stable at 37.01%; FIIs have trimmed from ~26% in mid-2024 while DIIs have steadily added.
## Dividend History
Financial year
Dividend per share (Rs)
FY22
1.10 (plus 0.60 interim)
FY23
2.20
FY24
3.20
FY25
5.00
FY26
4.00 (Rs 6 pre-bonus; 1:2 bonus approved April 2026)
Trent pays a modest, growing final dividend each year. Payout ratios have stayed low (7–24%) as the company reinvests in store expansion.
## Peer Comparison (FY26)
Company
Market cap (6 Oct 2026)
Revenue FY26 (Rs cr)
PAT FY26 (Rs cr)
EBITDA margin
P/E
Trent
~Rs 1.55 lakh cr
20,074 (consol)
1,741 (adj., consol)
~13% (operating, consol)
~74x
Avenue Supermarts (DMart)
~Rs 2.33 lakh cr
68,821 (consol)
2,970
~7.5%
~70x
Shoppers Stop
~Rs 4,419 cr
5,365 (net, consol)
Loss (full year)
~15% (GAAP)
n.m.
Trent combines the highest growth rate of the three with mid-teens operating margins — but also carries the richest earnings multiple. DMart is ~3.4x Trent's revenue at ~1.5x its market cap, reflecting its slower growth (15–16% revenue CAGR) and thinner grocery margins.
## Key Risks
- **Valuation risk:** at ~74x trailing earnings, the stock prices in years of high growth; any sustained slowdown could trigger de-rating.
- **Growth deceleration:** revenue growth has cooled from 99% (FY23) to 18% (FY26); like-for-like growth was in low single digits in FY26, with new stores cannibalising existing ones.
- **Discretionary demand:** fashion retail is sensitive to consumer sentiment and macro shocks.
- **Competition:** intense competition from other value-fashion players, e-commerce and quick-commerce entrants in grocery (Star).
- **Execution:** adding 200+ stores a year strains supply chain, talent and working capital; lease liabilities under Ind AS 116 inflate both assets and liabilities.
## Conclusion
Trent has built India's most successful listed fashion-retail growth story of the last decade — revenue up ~5x in four years (FY22–FY26), ROE/ROCE above 25%, and a debt-light balance sheet. The Q2 FY27 update (23% revenue growth, 1,000th Zudio store) suggests the growth engine is re-accelerating after a year of moderation. The counterweight is valuation: at ~74x earnings, the market leaves little room for disappointment. Investors tracking Trent should watch same-store sales growth, Zudio's Tier II/III payback, and Star's path to profitability.
*Disclaimer: This article is for educational and informational purposes only and is not investment advice or a recommendation to buy or sell any security. Please consult a SEBI-registered investment adviser before making investment decisions.*
## FAQs
**What does Trent Ltd do?**
Trent is the Tata Group's retail arm, operating fashion chains Westside and Zudio, grocery chain Star, and international partnerships including Zara in India.
**What was Trent's revenue in FY26?**
Standalone revenue was Rs 19,701 crore (+18% YoY); consolidated revenue from operations was Rs 20,074 crore (+17% YoY).
**What was Trent's profit in FY26?**
Standalone PAT was Rs 1,968 crore; adjusted consolidated PAT was Rs 1,741 crore (+13% YoY).
**What is Trent's Q2 FY27 revenue update?**
On 5 October 2026, Trent reported Q2 FY27 standalone revenue of Rs 5,788 crore, up 23% year-on-year, with total stores at 1,342 and Zudio crossing 1,000 stores.
**Who owns Trent?**
Tata Sons is the promoter with a 37.01% stake (as of June 2026); FIIs hold ~15.1%, DIIs ~23.1%, and the public ~24.6%.
**Does Trent pay dividends?**
Yes — a final dividend each year (Rs 4 per share for FY26, post the 1:2 bonus). The yield is low (~0.15%) as profits are reinvested in expansion.
**Is Trent profitable compared to peers?**
Trent's operating margins (~13% consol, ~19% standalone OPM) and ROE (~26%) are stronger than DMart's and Shoppers Stop's, but it trades at the highest P/E multiple (~74x) among listed Indian retailers.
