Trent Q3 update: Standalone revenue rises 17% YoY to Rs 5,220 crore; store expansion steady

Trent posted steady growth in the December quarter, even as the pace of expansion moderated from the sharp run-up seen over the past few years. The Tata Group retail arm said its standalone revenue rose 17% year-on-year to Rs 5,220 crore in the third quarter, reflecting continued traction in its value-fashion and lifestyle formats amid a mixed consumption environment.

As of December 2025, Trent operated a total network of 1,164 stores, including 278 Westside stores and 854 Zudio outlets, of which four are located in the UAE. The remaining stores are spread across its other lifestyle concepts.

Zudio continues to be the main growth engine for the company, driven by its affordable fashion positioning and aggressive rollout into newer markets. The format has seen rapid expansion over the last 18 months, reshaping Trent’s store mix and geographic footprint. Westside, the group’s more mature premium fashion brand, has shown signs of slower momentum, though it remains a key contributor to revenues.

In a recent note, HDFC Securities said it had earlier stayed cautious on Trent due to what it described as early signs of fatigue in Westside and Zudio nearing peak operating efficiency.

However, following a near 50% correction in the stock from its peak, the brokerage believes the balance is beginning to tilt back in favour of investors.

HDFC Securities highlighted that around 54% of Zudio’s current network has been added in the last 18 months. A large part of these stores will start contributing to same-store sales growth calculations only from FY27 onwards, which could support reported growth numbers.

The brokerage also pointed out that about 60% of incremental Zudio store additions in FY25 and up to October 2025 were in under-penetrated markets in North and East India, regions seen as favourable for future same-store growth.For Westside, HDFC noted that memberships grew more than 50% in FY25, which could act as a lever for improving store productivity over time. On expansion, the brokerage believes Trent still has room to grow, estimating annual additions of 170-180 stores, given the limited competition Zudio faces in several districts where its presence remains relatively low.

On the back of these factors, HDFC Securities upgraded Trent to an ADD rating and raised its target price to Rs 4,700 per share, valuing the business on a sum-of-the-parts basis. It also marginally raised its earnings estimates for FY27 and FY28, reflecting improving visibility on growth drivers beyond the near term.

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