Tata Group-owned retailer Trent expects its September quarter (Q2FY26) standalone revenue to rise 17% year-on-year, its slowest growth since the quarter ended March 31, 2021. The disclosure was made in its Q2 business update released Monday, just before the close of market hours.
Shares of Trent declined 2.5% intra-day on the BSE before finally settling at Rs 4,771.15 apiece on Monday, down 0.9% versus the previous day’s close.
How did the quarter go for Trent, Zudio and Westside?
Trent said that it saw Q2 revenue at Rs 5,002 crore versus Rs 4,260 crore reported a year ago. Its standalone revenue for the first half of FY26 grew 19% versus last year to Rs 10,063 crore. Westside and Zudio saw 13 and 40 net new store additions during the quarter under review, it said.
Trent’s Q2 revenue growth is below its long-term target of 25%, which was announced at its Annual General Meeting (AGM) in July. The 17% rise in revenue is also below the 20% revenue growth reported in Q1, as Trent contends with increased competition in fashion and lifestyle, its biggest vertical.
Flagship retail format Westside, launched in 1998, has been a drag in recent years, as Zudio, which operates in the value apparel segment and launched in 2016, overshadows its performance, retail experts said.
While Trent remains bullish about its fashion and lifestyle segment, saying it will add over 250 stores across formats in FY26, analysts say the additions will be more in Zudio than Westside. In the first half of FY26, Trent added a total of 41 Zudio stores to Westside’s 13, which is over three times the number.
In two years, Zudio, which crossed $1 billion (Rs 8,600 crore) in revenue in FY25, has doubled its store count. At the end of September 30, 2025, Zudio had 806 stores (including three in UAE) to Westside’s 261 stores. Westside’s annual revenue is estimated at Rs 5,000-6,000 crore, according to analysts.
Trent experiments with lifestyle concepts
Trent is also experimenting with other lifestyle concepts such as a youth-focused retail chain called Burnt Toast launched in August in cities such as Bengaluru, Surat, Pune and Thane. The launch will see it compete with Reliance Retail’s Yousta, Aditya Birla Fashion’s OWND! and Shoppers Stop’s Intune chain of stores, which also target the youth with trendy wear. OWND! was rolled out last month, with plans to expand its footprint to 100 stores by the end of FY26.
Trent is also stepping up its focus on beauty with Zudio Beauty, launched in October last year. A number of Zudio Beauty stores are located within Zudio outlets to maximise footfalls and improve sales conversions, retail experts said.
At the end of the September quarter, Trent said that it had 34 stores across lifestyle concepts versus 29 such stores in the June quarter.