The Trent Q2 results came with a small puzzle. The Tata Group retailer behind Zudio and Westside grew consolidated net profit 25% year-on-year to ₹468 crore for the September quarter, Business Standard reported, citing a company statement. Yet standalone profit rose only 9% to ₹490 crore. Both are true. The gap comes down to what last year’s quarter carried.
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Trent Q2 results: the headline numbers
- Consolidated revenue from operations rose 22% to ₹5,873 crore.
- Consolidated operating EBITDA, as the company defines it, climbed 37% to ₹785 crore.
- Operating EBIT margin improved to 11.6% from 10.5% a year earlier.
- Standalone revenue grew 23% to ₹5,788 crore, standalone operating EBITDA rose 37% to ₹791 crore, and standalone net profit increased 9% to ₹490 crore.
- For the first half of FY27, consolidated revenue was up 20% at ₹11,628 crore and net profit up 24% at ₹986 crore.
Why the slower standalone profit growth? The September 2025 quarter included a one-off. Trent booked a pre-tax profit of ₹96 crore on asset sales in Q2 FY26, and there was nothing similar this time. Strip that out and the core business looks a lot healthier than a 9% figure suggests.
A quick note on EBITDA, because two numbers are doing the rounds. CNBC-TV18 put Trent’s EBITDA at ₹1,054 crore, up nearly 30%, and said it beat its poll. The ₹785 crore and ₹791 crore figures above are the company’s own “operating EBITDA” measure from its statement. They are calculated differently, so don’t compare one with the other.
Zudio keeps doing the heavy lifting
Store expansion is still the engine. As of September 30, Trent ran 999 Zudio stores, seven of them in the UAE, plus 311 Westside stores and 32 outlets under other lifestyle formats. During the quarter it opened 19 Zudio and 10 Westside stores and consolidated two Zudio outlets. The fashion footprint now tops 18.5 million square feet across 339 cities, three of them in the UAE.
The company said demand in tier-two and tier-three towns has encouraged it to push further into smaller cities. Newer categories such as beauty and personal care, innerwear and footwear made up more than 21% of standalone revenue. Westside’s online sales grew 20% in the first half and accounted for more than 6% of Westside revenue.
Star, the food and grocery arm, grew revenue by more than 20% in a crowded market. It added one store to reach 87 outlets in 13 cities, and own-brand products made up over 74% of its revenue.
A chairman’s farewell note
Chairman Noel N Tata said the brands saw solid traction and that consumer sentiment was more robust despite an inflationary backdrop. He also signalled the end of his tenure as Trent’s chairman, saying he could not be more pleased with the strides the company had made and that its best days lie ahead.
What we’d watch
Consumer names have had a mixed week. Godrej Consumer’s Q2 showed costs eating into margins, and Asian Paints’ Q2 numbers had a similar flavour. Trent is the odd one out, with margins actually widening. The questions now are whether that operating leverage holds as Zudio pushes deeper into smaller towns, and how quickly Star’s private-label push turns into profit. The December quarter, with the festive and wedding season in it, should tell us a lot.
Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.
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