07 January 2025, Mumbai
The retail powerhouse of the Tata Group, Trent reported a 17 per cent Y-o-Y increase in standalone revenue, reaching Rs 5,220 crore during Q3, FY26 ending December 2025.
While these figures represent a steady climb from Rs 4,466 crore in the previous fiscal, the results sparked a selective market correction as the growth trajectory showed signs of stabilization after years of exponential surges.
The performance highlights a critical transition in India's apparel landscape: the move from a high-growth ‘land grab’ phase to a strategy rooted in operational depth and Tier-II market dominance.
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Scaling the value-fashion architecture
The primary catalyst for this volume-led expansion remains Zudio. During the quarter, Trent aggressively deployed 48 new Zudio outlets, bringing the brand’s total footprint to 854 stores. This expansion includes four international locations in the UAE, signaling the early stages of a cross-border value play.
By maintaining a high inventory churn and a sharp price point, Zudio has effectively insulated itself from the general moderation in discretionary spending seen across the broader retail sector.
Analysts note, while average revenue per square foot saw a tactical 15.7 per cent decline due to an earlier festive cycle, the sheer scale of the network- now exceeding 1,160 stores across all formats - provides a formidable competitive moat against emerging value-fashion rivals.
Balancing premium stability and operational efficiency
While Zudio captures the mass-market volume, Westside continues to anchor the company's margin profile.
The lifestyle brand added 17 stores this quarter, reaching a total of 278. This dual-format approach allows Trent to navigate varying consumer sentiments; Westside offers high-margin stability through its loyal membership base, while Zudio drives top-line momentum.
The worst of the consumption slowdown appears to be behind us, avers Jignanshu Gor, Director, Bernstein India, citing that internal efficiencies and technology-led employee cost management have structurally improved the firm's margin floor.
As the company eyes a target of 170 to 180 annual store additions, the focus is now squarely on underserved regions in North and East India to sustain its 20 per cent CAGR outlook.
Trent Limited operates a diversified retail ecosystem led by Westside (lifestyle) and Zudio (value fashion), alongside Star Bazaar and Misbu.
With a presence in 65+ markets, it is currently prioritizing Tier-II and Tier-III penetration and UAE expansion. Historically a top-performer, the brand reported Rs 14,604 crore in revenue for 9M FY26.
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