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Trent Q1 profit rises 26% to ₹532 crore as Zudio adds 19 net stores
Trent reported a 26% Q1 profit increase to ₹532 crore as Zudio and Westside expanded into non-metro markets. It added a net 19 Zudio stores and one Westside outlet, while flagging Middle East disruptions, commodity inflation and supply-chain risks.
The numbers
Figures from Outlook Business,
| Q1 net profit ₹532 crore, up 26% from | ₹423 crore |
|---|---|
| Revenue from operations ₹5,666 crore, up 18.5% from | ₹4,781 crore |
| Operating EBITDA ₹847 crore, up | 36% |
| Food and grocery revenue ₹885 crore versus | ₹814 crore |
| Added 22 Zudio stores, consolidated 3, net addition | 19 |
| Expanded into | 9 new cities |
| Total 1,312 stores across 330 cities as of June 30, | 2026 |
| 982 Zudio stores, including | 7 in UAE |
| Retail footprint | 18.04 million sq ft |
Also in the report
- 29 other lifestyle-concept stores
Other figures
- 301 Westside stores
Why it matters to operators and investors
With 982 Zudio stores across a 1,312-store network, Trent is tightening its value-fashion distribution advantage and raising the bar for acquisition or partnership targets with scalable city-level reach.
What to watch next
- Quarterly same-store sales growth and revenue growth excluding net new stores.
- EBITDA margin progression versus the 36% Q1 operating EBITDA growth rate.
- Net store additions, closures and the share of openings in new cities versus existing clusters.
- Inventory growth relative to sales, markdowns and working-capital intensity.
- Signs of cannibalization between nearby Zudio stores or pressure on mature-store productivity.
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- Competitive actions from Reliance Retail, Shoppers Stop, Max Fashion and other value-apparel chains.
- Consumer discretionary demand trends, especially in smaller cities and value-price segments.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Accelerate Zudio openings in tier-2 and tier-3 cities while selectively adding density in proven urban clusters.
- Use increased scale to negotiate sourcing costs, improve private-label mix and shorten replenishment cycles.
- Invest in supply-chain capacity, inventory planning and distribution to prevent stock-outs as the network expands.
- Defend value-fashion positioning through sharper price points and localized assortments rather than broad discounting.
- Evaluate whether newer Zudio stores are reaching mature-store sales productivity quickly enough to justify the expansion pace.
The counter-case
The case against this reading — not reported by the source.
The headline growth may be increasingly dependent on store rollout rather than underlying demand quality. Adding 19 net Zudio stores in one quarter can lift revenue while masking weaker same-store sales, cannibalisation between nearby outlets, or declining sales productivity in newer cities. A 36% EBITDA increase versus 18.5% revenue growth is positive, but it may be flattered by mix, operating leverage, timing of costs, or low comparison effects; it is not proof that margins can keep expanding as the chain penetrates less mature markets. At 982 Zudio stores, the format also faces rising risks of saturation, execution complexity, inventory missteps and pressure to discount in India’s intensely competitive value-fashion segment.
The source
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