Trent Q2 Results FY27 Preview: Tata Group’s retail company Trent, which operates Zudio and Westside, is expected to report a 20.3 per cent year-on-year (YoY) increase in standalone revenue and a 12 per cent rise in net profit for the July-September quarter of financial year 2026-27 (Q2 FY27), according to ET Now Research.
The company’s standalone revenue is projected at Rs 5,682 crore, compared with Rs 4,724 crore in the corresponding quarter last year, while profit after tax (PAT) is expected to increase to Rs 505 crore from Rs 451 crore.
According to consensus estimates shared by ET Now Research, Trent’s standalone earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to rise 26.3 per cent YoY to Rs 1,027 crore, compared with Rs 813 crore in the year-ago quarter.
The company’s EBITDA margin is projected to expand by approximately 80 basis points to 18 per cent from 17.2 per cent in Q2 FY26.
| Financial metric | Q2 FY27 estimate | Q2 FY26 | YoY change |
| Revenue | Rs 5,682 crore | Rs 4,724 crore | +20.3% |
| EBITDA | Rs 1,027 crore | Rs 813 crore | +26.3% |
| Net profit | Rs 505 crore | Rs 451 crore | +12% |
| EBITDA margin | 18% | 17.2% | +80 bps |
Trent revenue growth: Highest in six quarters
According to ET Now Research, Trent’s September-quarter business update showed revenue growth accelerating to 22.5 per cent YoY, the highest in six quarters.
The company’s revenue growth stood at 18.5 per cent in Q1 FY27, compared with 20.2 per cent in Q4 FY26 and 16 per cent in Q3 FY26.
| Quarter | Revenue growth (YoY) |
| Q2 FY25 | 39.6% |
| Q3 FY25 | 40% |
| Q4 FY25 | 28.8% |
| Q1 FY26 | 19.8% |
| Q2 FY26 | 17.1% |
| Q3 FY26 | 16% |
| Q4 FY26 | 20.2% |
| Q1 FY27 | 18.5% |
| Q2 FY27 | 22.5% |
Trent store expansion: Zudio and Westside additions in Q2
According to the company’s second-quarter business update, Trent’s total store count stood at 1,342 as of September 30, 2026.
During the July-September quarter, Trent opened 10 Westside stores, compared with Bloomberg’s estimate of 13 stores.
The company also opened 17 Zudio stores during the quarter, against Bloomberg’s estimate of 40 stores.
Trent reached the milestone of opening its 1,000th Zudio store during the period.
For the first half of FY27, the company reported additions of 11 Westside stores and 36 Zudio stores.
Trent FY27 store expansion target: What did management say?
At its investor day in August, Trent reiterated its full-year store expansion targets of approximately 220–225 Zudio stores and 40 Westside stores.
Against these targets, the company opened 36 Zudio stores and 11 Westside stores during the first half of FY27.
According to ET Now Research, the pace of store additions in the second half of FY27 and management’s guidance for the remaining financial year will be among the key factors to monitor.
Trent Q2 Results: Margin and operating performance expectations
ET Now Research expects Trent’s revenue per square foot to decline approximately 7 per cent YoY during the September quarter.
The company’s retail area is expected to register growth of approximately 14 per cent YoY.
According to the research inputs, operating leverage in other operating costs could contribute to margin expansion.
Consensus estimates project Trent’s EBITDA margin at 18 per cent in Q2 FY27, compared with 17.2 per cent in the corresponding quarter last year.
Trent Q2 Results FY27: Key factors to watch
According to ET Now Research, the following factors will be in focus when Trent announces its September-quarter earnings:
– Store additions: The pace of new store openings in the second half of FY27.
– Management guidance: Outlook and guidance for the remaining financial year.
– Same-store sales growth (SSSG): Performance of existing stores.
– Demand outlook: Trends across metropolitan cities and Tier 2 and Tier 3 towns.
– Zudio and Westside expansion: Management’s store expansion guidance for both retail formats.
– STAR performance: Business performance of Trent’s STAR retail format.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)