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Informist, Wednesday, Aug. 5, 2026

By Ruchira Kagita

MUMBAI - Trent Ltd. is unlikely to throw up any surprises for the June quarter. Analysts' expectations are moderate and the company's net profit growth is estimated to be the slowest in three quarters. The retailer's net Zudio store additions during the quarter were more than brokerages' expectations. Meanwhile, same-store-sales growth at the company's brick-and-mortar Westside and Zudio outlets is likely to recover.

The company's net profit is expected to rise 15% on year to INR 4.88 billion, according to the average of estimates from eight brokerages. This is slower than the growth it reported in the March quarter and the year-ago quarter. The estimates for net profit vary from a high of INR 5.31 billion from Elara Securities (India) Pvt. Ltd. and a low of INR 4.24 billion from Axis Securities Ltd.

Trent is expected to post a 20% rise in its total sales to INR 57.50 billion, which is slightly higher than the company's provisional figure. The highest estimate for revenues for the reporting quarter is INR 58.58 billion from Elara Securities and the lowest is INR 56.42 billion from 360 ONE Capital Market Pvt. Ltd. The Tata-group company's revenue from operations for the June quarter rose 19% on year provisionally to INR 56.66 billion from INR 47.81 billion. However, most brokerages had released their estimates before the company released its quarterly business update, and pencilled in a 22% on-year rise in sales.

As of Jun. 30, Trent operated 1,312 stores, of which Westside comprised 301 and Zudio 982, as per the company's update. During the quarter, the company net added one Westside outlet and 19 Zudio stores. The total store count at the end of June was 2% higher than 1,286 reported at the end of March.

The apparel retailer's same-store-sales growth is expected to drive its top-line growth, according to analysts. Notwithstanding, cannibalisation of sales in the company's older stores could limit revenue growth, according to Kotak Securities Ltd.

It is, however, likely that the company's gross earnings before interest, taxes, depreciation, and amortisation margins for the June quarter were subdued. Trent's EBITDA for the quarter is seen at INR 10.20 billion, as per estimates from seven brokerages. This indicates that its EBITDA margin will be around 17.7% for the reporting period. The company's EBITDA for the year-ago quarter was INR 8.4 billion and its EBITDA margin was 17.5%, according to most brokerages covering the company.

Given the high inflationary environment due to the war in West Asia, it is important to keep track of shifts in patterns of consumers' discretionary spends in the near to medium term. Trent will announce its earnings for the June quarter Thursday.

At 1000 IST, shares of the company were 2% down at INR 3,063.70 on the National Stock Exchange. The stock has risen about 8% since it announced its earnings for the March quarter on Apr. 22. Of the brokerages covering the stock, all the eight available with Informist have a "buy" recommendation with an average target price of INR 3,102 apiece.

Following are the June quarter earnings estimates, in INR billion, for Trent from eight brokerages in descending order of net profit:

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Edited by Shubhayan Bhattacharya

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