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Trent’s retail expansion gained further momentum in the September quarter, with its revenue rising 23 per cent year on year even as its value fashion brand Zudio crossed the 1,000-store milestone. Trent Ltd, the Tata Group’s retail arm, reported standalone revenue from operations of Rs5,788 crore in Q2 FY27, compared with Rs4,724 crore in the corresponding quarter last year.
The quarter marked a significant expansion milestone for Zudio, which opened its 1,000th store during the period. Trent operates fashion and lifestyle brands including Westside, Zudio and Utsa, along with Star Bazaar and Zara through joint ventures. As of September 30, 2026, the company had 1,342 stores across Westside, Zudio and its other lifestyle formats.
Store additions remained a key part of Trent’s growth strategy. The company added 10 Westside stores and 17 Zudio stores on a net basis during Q2 FY27, taking the combined additions across the two formats to 27 stores during the quarter.
The expansion was accompanied by a 23 per cent year-on-year increase in revenue from the sale of merchandise, excluding other operating income. During the first half of FY27, merchandise revenue grew 21 per cent year on year, indicating that growth has been supported by both store expansion and sales performance.
Zudio remained the key driver of Trent’s physical expansion. The brand added 17 net stores in Q2 FY27, compared with 10 for Westside. During H1 FY27, Trent added 36 Zudio stores and 11 Westside stores on a net basis, taking combined additions across the two formats to 47 stores in the first six months.
The 1,000th Zudio store thus comes amid a broader retail rollout. With its overall portfolio reaching 1,342 stores by the end of September, Trent continues to expand its fashion formats across markets in India.
However, the company’s latest disclosure does not provide a format-wise revenue split for Zudio, Westside and its other lifestyle businesses. The individual contribution of the two flagship formats to the Rs5,788 crore quarterly revenue therefore cannot be established from the available disclosure.
Trent’s Q2 performance also marked an improvement in the pace of year-on-year growth. Standalone revenue from operations increased 23 per cent in Q2 FY27, compared with 18.5 per cent growth in Q1 FY27. On a sequential basis, revenue increased around 2.2 per cent from Rs5,666 crore in Q1 to Rs5,788 crore in Q2.
For H1 FY27, standalone revenue from operations stood at Rs11,454 crore, compared with Rs9,505 crore in H1 FY26, representing 21 per cent year-on-year growth. The first-half figure comprises Rs5,666 crore in Q1 and Rs5,788 crore in Q2.
Merchandise revenue followed a similar trajectory, rising 23 per cent year on year in Q2 and 21 per cent during the first half. This indicates that the increase in revenue has not been driven solely by the addition of new stores.
Trent’s latest Q2 update focuses primarily on revenue and store expansion and does not include net profit, EBITDA, EBITDA margin or gross margin for the quarter.
The company’s Q1 performance, however, had shown an improvement in profitability. Net profit rose 26 per cent year on year to Rs532 crore, while EBITDA increased 32.6 per cent to Rs1,110 crore. EBITDA margin improved to 19.6 per cent in Q1 FY27 from 17.5 per cent in the year-ago quarter, while gross margin increased to 46.6 per cent from 45.1 per cent.
These figures cannot be extrapolated to Q2 as Trent has not yet disclosed the corresponding September-quarter profitability numbers. The latest update therefore remains centred on revenue growth, merchandise sales and store expansion.
The performance comes against a consumer environment in which discretionary spending remains measured. Trent highlighted potential near-term implications from disruptions related to the West Asia conflict, supply-chain effects, commodity prices and inflation.
Despite these factors, the company said discretionary demand remained calibrated, without any material deterioration. It also reported no material change in competitive intensity during the recent period.
Trent’s Star food and grocery business also saw encouraging consumer traction, adding to the performance of its broader retail portfolio.
With revenue growth accelerating in Q2, merchandise sales increasing 23 per cent and 47 net stores added across Zudio and Westside in the first half, Trent enters the second half of FY27 with continued momentum in its fashion retail business.
The most visible milestone, however, is Zudio’s 1,000-store mark. With 36 net stores added in the first half alone, the format continues to be the main driver of Trent’s store expansion as the company builds a larger national retail footprint.
