Consumer Services · NSE: TRENT
Trent
Q2 FY27 · From the investor presentation
- M.Cap
- ₹1,69,568Cr₹1.70L Cr
- P/E
- 89.4×
- 1Y return
- −27.33%
- From 52W high
- −28.0%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 5,873 | 4,818 | +21.9% | 5,755 | +2.1% |
| EBITDA | 1,078 | 817 | +31.9% | 1,129 | -4.5% |
| EBITDA margin | 18.4% | 17.0% | +140 bps | 19.6% | -126 bps |
| PBTProfit before tax | 640 | 478 | +33.9% | 702 | -8.8% |
| Net profit | 464 | 377 | +23.1% | 519 | -10.6% |
| EPS (₹) | 8.70 | 10.60 | -17.9% | 9.73 | -10.6% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Annual pace of new store openings expected to remain broadly consistent
Slides · p. 9
Annual pace of new store openings expected to remain broadly consistent
“On an annual basis we expect the trajectory of new store openings to remain broadly consistent.”
In short
- 01Standalone Q2 FY27 revenue from operations was Rs 5,788 Cr, up 23%; PAT Rs 490 Cr, up 9%
- 02Annual new store openings expected to stay broadly consistent
- 03Opened 10 Westside and 19 Zudio stores in Q2, closing with 311 Westside and 999 Zudio stores
- 04Fashion like-for-like growth was in the mid-single digits in Q2 FY27
- 05Star revenues grew over 20% in the quarter; store count 87
- 06Prior-year PAT included Rs 96 Cr profit on sale of assets in Q2 FY26
- 07Inflation across line items remains elevated
Capex
Capex funded from internal accruals: new stores, refits, warehousing, automation, tech
Slides · p. 11
Capex funded from internal accruals: new stores, refits, warehousing, automation, tech
“We continue to substantially invest our internal accruals to support growth and the resilience of our brands. These commitments, including capital expenditure, cover opening of new stores, refresh of select stores from the existing portfolio, expanding warehousing and supply chain infrastructure along with a range of automation and technology related investments.”
Capacity
Opened 10 Westside and 19 Zudio stores in Q2 FY27; consolidated 2 Zudio stores
Slides · p. 9
Opened 10 Westside and 19 Zudio stores in Q2 FY27; consolidated 2 Zudio stores
“In Q2FY27 we opened 10 Westside and 19 Zudio stores and consolidated 2 Zudio stores.”
Portfolio at 30 Sep 2026: 311 Westside, 999 Zudio, 32 other stores; over 18.5 mn sq ft
Slides · p. 9
Portfolio at 30 Sep 2026: 311 Westside, 999 Zudio, 32 other stores; over 18.5 mn sq ft
“As of 30th September 2026, our store portfolio included 311 Westside, 999 Zudio (including 7 stores in the UAE) and 32 stores across other lifestyle concepts and we operated with a footprint of over 18.5 million sqft. across our fashion brands.”
Segments
fashion portfolio: Fashion like-for-like growth in Q2 FY27 was in the mid-single digits
Slides · p. 10
fashion portfolio: Fashion like-for-like growth in Q2 FY27 was in the mid-single digits
“Like-for-like growth for our fashion portfolio in Q2FY27 was in the mid-single digits.”
emerging categories: Emerging categories (beauty, innerwear, footwear) contributed over 21% of revenues
Slides · p. 10
emerging categories: Emerging categories (beauty, innerwear, footwear) contributed over 21% of revenues
“The emerging categories, including beauty & personal care, innerwear and footwear contributed over 21% of our revenues.”
Westside online: Westside online revenues grew 20% in H1 FY27, over 6% of Westside revenues
Slides · p. 10
Westside online: Westside online revenues grew 20% in H1 FY27, over 6% of Westside revenues
“In H1FY27, online revenues grew by 20% and contributed to over 6% of Westside revenues.”
Star: Star (food and grocery) revenues grew by over 20% in the quarter
Slides · p. 10
Star: Star (food and grocery) revenues grew by over 20% in the quarter
“Star revenues grew by over 20% during the quarter.”
Star: Star own brand share at 74% in Q2 FY27 versus 73% in Q2 FY26
Slides · p. 27
Star: Star own brand share at 74% in Q2 FY27 versus 73% in Q2 FY26
“% Own Brand Share: 73% % Own Brand Share: 74%”
Demand
Concepts saw traction in the quarter given the shift of the festive window
Slides · p. 9
Concepts saw traction in the quarter given the shift of the festive window
“Our concepts registered healthy traction, especially seen in the context of the shift of the festive window this year.”
Outlook for organised fashion retail described as encouraging
Slides · p. 9
Outlook for organised fashion retail described as encouraging
“Structurally the outlook for organised fashion retail remains encouraging, supported by formalisation, higher consumer aspirations, and increased consumption propensity.”
Margins and costs
Sourcing actions and supplier engagement help manage inflation
Slides · p. 9
Sourcing actions and supplier engagement help manage inflation
“Our sourcing actions and broader supplier engagements continue to help us navigate these inflationary headwinds.”
Company aims for stable price architecture and a relatively stable margin profile
Slides · p. 11
Company aims for stable price architecture and a relatively stable margin profile
“We believe a broadly stable price architecture across categories, a consistent focus on driving efficiencies and maintaining a relatively stable margin profile over time would yield better salience for our brands.”
Existing stores managed through customer experience upgrades and brand salience
Slides · p. 11
Existing stores managed through customer experience upgrades and brand salience
“We are experiencing encouraging economic outcomes from actively managing our existing store portfolio through customer experience upgrades and improving brand salience.”
Acquisitions and new business
Newer brands Burnt Toast, Samoh and Zudio Middle East at varying stages of evolution
Slides · p. 10
Newer brands Burnt Toast, Samoh and Zudio Middle East at varying stages of evolution
“Our newer brands (Burnt Toast and Samoh), emerging categories and new geographies including Zudio in the Middle East market are at varying stages of evolution.”
One-offs
Prior year included profit on sale of assets of Rs 96 Cr in Q2 FY26 and Rs 109 Cr in H1 FY26
Slides · p. 11
Prior year included profit on sale of assets of Rs 96 Cr in Q2 FY26 and Rs 109 Cr in H1 FY26
“Other income for the previous year includes pre-tax profit on sale of assets of Rs. 96 cr in Q2FY26 and Rs. 109 cr in H1FY26.”
Profit on sale of assets in Q2 and H1 FY27 is not material
Slides · p. 11
Profit on sale of assets in Q2 and H1 FY27 is not material
“The corresponding profit on sale of assets in Q2 and H1FY27 is not material.”
Risks
Inflation across line items remains elevated
Slides · p. 9
Inflation across line items remains elevated
“The inflation levels across line items remains elevated. The volatile geopolitical circumstances, interest rate trends and supply-chain disruptions continue to contribute to this playout.”
Competitive intensity high over past few years, no material recent shift
Slides · p. 10
Competitive intensity high over past few years, no material recent shift
“Given the size and attractiveness of the fashion/ lifestyle market in India, the competitive intensity has been high over the past few years, with no material recent shift.”
Other
Standalone Q2 FY27 revenue Rs 5,788 Cr (+23%), Op. EBITDA Rs 791 Cr, PAT Rs 490 Cr (+9%)
Slides · p. 6
Standalone Q2 FY27 revenue Rs 5,788 Cr (+23%), Op. EBITDA Rs 791 Cr, PAT Rs 490 Cr (+9%)
“23% 37% 35% 9% ₹ 5,788Cr ₹ 791Cr ₹ 669Cr ₹ 490Cr Standalone Revenue from Op. EBITDA Op. EBIT PAT”
Consolidated Q2 FY27 revenue Rs 5,873 Cr (+22%), Op. EBITDA Rs 785 Cr, PAT Rs 468 Cr (+25%)
Slides · p. 6
Consolidated Q2 FY27 revenue Rs 5,873 Cr (+22%), Op. EBITDA Rs 785 Cr, PAT Rs 468 Cr (+25%)
“22% 37% 33% 25% ₹ 5,873Cr ₹ 785Cr ₹ 653Cr ₹ 468Cr Consolidated Revenue from Op. EBITDA Op. EBIT PAT”
Company is accelerating deployment of AI and digital initiatives over near to medium term
Slides · p. 11
Company is accelerating deployment of AI and digital initiatives over near to medium term
“Over the near to medium term, we are accelerating our commitment to forward deployment and integration of several AI/digital initiatives.”
Preferred model is company-operated stores; franchising selective
Slides · p. 11
Preferred model is company-operated stores; franchising selective
“Our approach to franchising has been selective given diverse objectives and primarily related to properties. Our preferred operating model is for stores to be Company-Operated.”
Quarterly store openings are uneven due to property, fitout and approval timelines
Slides · p. 9
Quarterly store openings are uneven due to property, fitout and approval timelines
“Quarterly store openings are inherently asymmetric given the complexities around property development, fitout timelines & regulatory approvals.”
Sources
- Investor presentation, Q2 FY27 Filed 29 Oct 2026 · 36 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.

