Trent's needle to thread: Sustained like-for-like growth

Trent’s revenue growth rebounded 20 per cent in the fourth quarter of 2025-26 (Q4FY26) as like-for-like (LFL) growth in stores recovered to low single digit from negative in Q3.

- DEVANGSHU DATTA

Trent added 198 Zudio, 52 Westside and 6 Star Bazaar stores in FY26 at the net level. The gross margin expanded 170 basis points year-on-year (Yo-Y), driven by a favourable mix. The Q4FY26 pre-IND AS earnings before interest, depreciation, taxes and amortisation (Ebidta) rose 43 per cent Yo-Y, driven by 215 basis points Yo-Y margin expansion.

In FY26, despite a moderation in revenue growth to 18 per cent (40 percent Yo-Y growth in FY25), Trent’s pre-IND AS Ebidta grew 27 percent and adjusted net profit rose 24 per cent Yo-Y, propelled by cost efficiency measures. In FY26, Trent’s revenue grew 18 per cent Yo-Y to ₹19,700 crore, driven by 32 per cent Yo-Y net retail area addition. Reported operating profit grew 32 percent Yo-Y to ₹3,640 crore as Ebidta margin expanded 200 basis points Yo-Y to 18.5 per cent. Pre-IND AS Ebidta rose 27 percent Yo-Y to ₹2,690 crore as margins expanded 100 basis points Yo-Y to 13.65 per cent. The reported FY26 net profit grew 24 per cent Yo-Y to ₹1,970 crore. The adjusted net profit accounts for 25 per cent Yo-Y adjustment for labour code impact.