Zara India posted its weakest performance in India since the COVID-19 pandemic on Saturday — with profit declining nearly 32% to Rs 204.14 crore. The well-known fashion brand operates in India through a joint venture with Spanish Inditex and the retail arm of Tata Group. Inditex Trent Retail India Private Ltd currently operates 22 Zara outlets in the country after shutting down its first and largest standalone high-street store in Mumbai last year.
“During the year under review, the company participated in the buyback offer made by ITRIPL and tendered 94,900 equity shares. Pursuant to the acceptance of the said offer, the company’s shareholding in ITRIPL stands at 20 percent,” Trent said in its annual report.
Zara records weakest India performance since pandemic
According to the latest annual report, Zara stores in India reported a Rs 299.84 crore profit and Rs 2,782.06 crore revenue from operations in FY26. Inditex Trent Retail India Private Ltd recorded a total income of Rs 2,767.75 crore for the financial year ended March 31 — compared to Rs 2,839.50 crore a year ago.
“Total income of ITRIPL for FY26 is Rs 2,767.75 crore as against its previous financial year’s total income of Rs 2,839.50 crore. Total comprehensive Income is Rs 204.08 crore as against total comprehensive Income of Rs 299.47 crore in the previous financial year,” the regulatory filing added.
TheInditex group also operates all Massimo Dutti stores in India through another JV association with Trent. Massimo Dutti India Pvt Ltd (or MDIPL) operates three stores in the country and posted a sharp contrast to the Zara results. MDIPL saw its revenue increase 27.97% to Rs 128.45 crore in FY26 compared to Rs 100.37 crore in FY25. The net profit rose 13.86% to Rs 11.66 crore for the financial year ended March 2026.
Tata group retail firm Trent has a 20% stake in both ITRIPL and MDIPL.