Trent reported a 19% year-on-year increase in standalone revenue from operations to ₹5,666 crore for the quarter ended June 30, 2026, up from ₹4,781 crore in the same period last year. Revenue from the sale of merchandise, excluding other operating income, also grew by 19% during Q1FY27. The standalone revenue figures are subject to audit by the statutory auditors of the company. The results have drawn divergent reactions from leading brokerages, with Citi maintaining a cautious stance while Bernstein and Morgan Stanley remain constructive on the stock.

Financial Performance

The following table summarises Trent's standalone revenue performance for the quarter:

Store Network Expansion

Trent expanded its retail footprint during the quarter, reaching a total of 1,312 stores as of June 30, 2026. The net addition of 20 stores was primarily driven by the Zudio format, which added 19 new outlets during the period. The following table provides a breakdown of the store network:

The quarter saw a net addition of 1 Westside store and 19 Zudio stores, reflecting continued momentum in the company's retail expansion strategy.

Analyst Views

The Q1FY27 performance has elicited mixed responses from brokerages. The following table summarises the key ratings and target prices:

Citi maintains a Sell rating with a target price of ₹2,733, noting that the 19% YoY standalone revenue growth missed estimates. The brokerage flagged a 12.2% YoY decline in revenue per square foot and expressed caution over weak productivity, rising competition, cannibalisation risks, and the company's expansion into Tier 2/3 cities, despite characterising the store additions as seasonally healthy.

Bernstein retains its Outperform rating with a target price of ₹3,500, acknowledging that the 19% YoY standalone revenue growth fell short of expectations and that store additions — with Westside adding just one store and Zudio adding 19 — came in below estimates. However, the brokerage is not concerned about Trent achieving its FY27 expansion targets, noting that Q1 is seasonally the slowest quarter for store openings.

Morgan Stanley maintains an Overweight rating with a target price of ₹3,151, highlighting that Q1 standalone revenue grew 19% YoY and that EBITDA margin is expected to improve 100 bps YoY to 18.5%. The brokerage noted that store additions moderated, with 19 Zudio and 1 Westside outlet added during the quarter, and cautioned that the slightly weaker-than-expected sales growth following a 20% stock rally could lead to near-term weakness.

Noel Tata is set to step down as Chairman of trent after nearly 30 years at the helm, marking the conclusion of a long and significant leadership chapter at one of India's major retail companies, according to a report by Mint.

A Landmark Leadership Transition

The development signals a major organizational change for the Tata Group-backed retailer. Noel Tata's tenure of nearly three decades at the company's helm has been closely associated with its growth and evolution within India's competitive retail landscape. His impending departure as Chairman represents one of the most notable leadership transitions in the company's history.

Key Details

No additional details regarding the timeline of the transition or the appointment of a successor have been provided in the available information.