What: Trent reported Q2 FY27 consolidated revenue of Rs 5,873 crore, up 22%, and outlined plans to expand in Tier 2 and 3 cities, scale up Star food and grocery, and take Indian brands overseas.

Why it is important: Trent's roadmap shows how India's largest fashion retailer plans to keep growing after Zudio passed 1,000 stores: more reach in Tier 2 and 3 cities, a food and grocery business built on own brands, and exports.

Trent outlined its growth priorities alongside results for the quarter ended September 30, 2026. Operating EBITDA rose 37% to Rs 785 crore and profit after tax increased 25% to Rs 468 crore. Operating EBIT margin reached 11.6%, against 10.5% a year earlier, while the gross margin profile of Westside and Zudio remained stable.

The company opened 10 Westside and 19 Zudio stores in the quarter, ending with 311 Westside and 999 Zudio stores, including seven in the UAE. Fashion retail covers more than 18.5 million square feet across 339 cities. Emerging categories, including beauty and personal care, innerwear and footwear, contributed more than 21% of revenue. Westside's online business grew 20% in the first half and accounts for more than 6% of its revenue.

Star's revenue grew by more than 20%; it added one store, taking its network to 87 outlets across 13 cities, with own brands contributing more than 74% of revenue. Trent's consolidated revenue excludes Trent Hypermarket, with only its proportionate share of profit included under the equity method. Noel Tata steps down as chairman on November 11 after 29 years, and Bahram Vakil takes over on November 12.

IADS Notes: Trent's record under Noel Tata, whose exit as chairman is now confirmed, is documented in earlier coverage: revenue rose from Rs 2,333 crore in FY14 to Rs 20,193 crore in FY26, built on private labels, value fashion and a multi-format portfolio that includes Star Bazaar (India Economic Times, June 2026). Zudio's street-front, low-price model with weekly launches took it to 1,000 stores in a decade, with room for around 4,000 more, while Reliance Trends and Max Fashion intensify competition (Financial Times, July 2026). Westside was reported to be planning up to 100 stores a year, roughly double its current pace, with e-commerce targeted to rise from about 6% to 10% of revenue (India Economic Times, July 2026). The strain that fast rollout puts on profitability and operational efficiency was already flagged in April 2026 (India Economic Times, April 2026), and the Q2 standalone figures showed growth accelerating to 23% from 19% in the first quarter (India Economic Times, October 2026).

Trent plans deeper Tier 2-3 push, Star scale-up and Indian brand exports