Trent Ltd on Wednesday reported a 13 per cent rise in consolidated net profit to ₹1,741 crore in FY26, supported by operating leverage, store expansion, traction in its value fashion chain Zudio and disciplined cost management.

The board also approved a bonus issue of one equity share for every two shares held, signalling confidence in the company’s growth outlook.

Revenue from operations rose 17 per cent to ₹20,074 crore in FY26, while operating EBITDA grew about 25 per cent, indicating improving profitability as scale efficiencies strengthened across its expanding retail network.

The company said the full-year numbers better reflect the business given its approach to merchandise sourcing, price architecture, distribution and inventory provisioning.

Q4 snapshot underscores margin stability

For the March quarter, Trent reported 20 per cent rise in standalone revenue to ₹4,937 crore, and PAT of ₹455 crore, up 30 per cent, while consolidated revenue stood at ₹5,028 crore, EBITDA at ₹653 crore and PAT at ₹413 crore.

Gross margins at Westside and Zudio remained stable, with operating EBIT margin at 11.5 per cent in Q4FY26 versus 9.7 per cent a year earlier, even as management reiterated that full-year performance better reflects underlying trends

.Commenting on the performance, Noel N. Tata, chairman, Trent Ltd, said the company delivered an encouraging performance despite macroeconomic uncertainties and remains focused on building a strong portfolio of brandStore expansion drives scale

As of March-end, Trent operated 1,286 stores across 321 cities, including 300 Westside, 963 Zudio and 23 other lifestyle stores, with presence in three cities in the UAE. During FY26, it added 212 Zudio stores and 60 Westside stores, while consolidating 14 Zudio and 8 Westside outlets, reflecting calibrated network expansion.

More than 80 per cent of Zudio’s new stores were opened in Tier II and Tier III markets and emerging micro-markets, underscoring the shift in consumption growth beyond metros.

Zudio continues to anchor the company’s scale strategy, with its value-led positioning, private-label focus, and faster inventory turns supporting both growth and margin stability. Trent is also expanding selectively into newer geographies and smaller markets, where store maturity typically takes two to three years.

Growth quality remains a watch point

Despite the strong expansion, like-for-like growth for the fashion portfolio remained in low single digits in both Q4FY26 and FY26, indicating that incremental growth was being driven largely by new store additions rather than same-store momentum. That makes the quality of growth an important watch point as the base expands.

Alongside expansion, Trent is strengthening its operating model through a higher share of private labels, tighter sourcing, and an evolving cost structure.

Cluster-led scaling is improving unit economics, while the company reported return on capital employed of over 29 per cent, supported by investments in automation, RFID-led efficiencies and variable cost alignment.

Adjacencies & digital add momentum: Star grocery business and looking ahead

The company is also seeing traction in adjacent and digital channels. Emerging categories such as beauty, personal care, innerwear, and footwear now contribute over 21 per cent of revenues, while online sales grew 25 per cent in Q4 FY26, contributing over 6 per cent of Westside revenues through its own platform and Tata Neu.

In its grocery business, Star operates 84 stores, with 12 additions and 6 closures in FY26, and has scaled its own brands to over 73 per cent of revenues, while continuing to refine store economics and selectively invest in expansion. Trent said consolidated revenue excludes Trent Hypermarket because of accounting treatment, although profitability is reflected through the equity method.

Looking ahead, Trent has approved in principle a proposal to raise about ₹2,500 crore, which will be used to support store upgrades, new categories and geographies, supply chain automation, digital initiatives and faster rollout of its Star business, putting the spotlight on execution and returns.

Published on April 22, 2026