Trent Limited FY2026 Annual Report
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Trent FY2026: Revenue ₹19,701.41 Cr (vs ₹16,668.11 Cr YoY), PAT ₹1,967.82 Cr (vs ₹1,584.84 Cr YoY)
In FY2026, standalone revenue from operations grew to ₹19,701.41 Cr from ₹16,668.11 Cr in FY2025, supporting higher standalone PAT of ₹1,967.82 Cr versus ₹1,584.84 Cr. Standalone basic EPS rose to ₹55.36 from ₹44.58 over the same period, reflecting improved profitability. Operating cash flow strengthened to ₹2,630.19 Cr from ₹1,668.26 Cr despite higher investing cash outflows of (₹1,563.49) Cr versus (₹857.32) Cr. The retail network scaled to 1,286 stores across 321 cities (including 6 stores in the UAE), with Westside at 300 stores across 97 cities, while the Board recommended a ₹6/share...Revenue from Operations (Standalone)p.104
₹19,701.41 Crvs ₹16,668.11 Cr in FY2025
Profit before Exceptional Items and Tax (Standalone)p.104
₹2,537.33 Crvs ₹2,076.62 Cr in FY2025
Profit after Tax (Standalone)p.104
₹1,967.82 Crvs ₹1,584.84 Cr in FY2025
Earnings per Equity share (Basic) (Standalone)
₹55.36vs ₹44.58 in FY2025
Net Cash from Operating Activities (Standalone)p.176
₹2,630.19 Crvs ₹1,668.26 Cr in FY2025
Total Income (Standalone)p.174
₹20,075.87 Crvs ₹16,997.48 Cr in FY2025
Total Assets (Standalone)p.174
₹12,225.71 Crvs ₹9,698.87 Cr as at 31 Mar 2025
Total Equity (Standalone)p.174
₹7,702.80 Crvs ₹5,914.40 Cr as at 31 Mar 2025
Key Highlights
10
Trent ended FY2026 with 1,286 stores across 321 cities, underscoring continued physical network scale-up.
Westside operated 300 stores across 97 cities as of March 2026, highlighting steady expansion of the core fashion format.
Capital expenditure was ₹1,925.28 Cr in FY2026, indicating elevated investment intensity to support growth.
The Board recommended a final dividend of ₹6 per equity share aggregating to ₹213.29 Cr for FY2026, up from ₹5 per share in the prior year.
The Board approved a bonus issue in the ratio of 1 equity share for every 2 fully paid-up equity shares (subject to shareholder approval), which can improve liquidity and broaden shareholding.
THPL delivered total income of ₹2,773.55 Cr in FY2026 versus ₹2,699.33 Cr in FY2025, indicating modest topline growth in the hypermarket subsidiary.
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Key Highlights
10
Trent ended FY2026 with 1,286 stores across 321 cities, underscoring continued physical network scale-up.
Westside operated 300 stores across 97 cities as of March 2026, highlighting steady expansion of the core fashion format.
Capital expenditure was ₹1,925.28 Cr in FY2026, indicating elevated investment intensity to support growth.
The Board recommended a final dividend of ₹6 per equity share aggregating to ₹213.29 Cr for FY2026, up from ₹5 per share in the prior year.
The Board approved a bonus issue in the ratio of 1 equity share for every 2 fully paid-up equity shares (subject to shareholder approval), which can improve liquidity and broaden shareholding.
THPL loss before exceptional items and tax widened to ₹127.92 Cr in FY2026 from ₹91.96 Cr in FY2025, signaling continued profitability drag from the hypermarket business.
THPL delivered total income of ₹2,773.55 Cr in FY2026 versus ₹2,699.33 Cr in FY2025, indicating modest topline growth in the hypermarket subsidiary.
An exceptional expense of (₹26.11) Cr was recorded in FY2026 (consolidated) due to the impact of changes in Labour Codes, creating a one-off earnings headwind.
The Scheme merging THPL Support Services Limited with Booker India became effective from 1 February 2026, simplifying the group structure around the Booker business.
Plastic waste generated increased to 913.82 metric tonnes in FY2026 (vs 657.67 metric tonnes), elevating ESG and compliance focus for a large-format retailer.
MD&A Insights
6
Management stated that each fashion brand at scale should target to reach in the region of 500 Million customers over time, implying an ambition for sustained brand-led growth.
Employee engagement survey score was 88% with a response rate of over 90% in FY2026, indicating high workforce participation and engagement.
Customer complaints recorded were 3,01,943 in FY2026, which management attributed to online business growth and indicates rising service volumes to manage.
IoT systems were installed in 733 stores as of FY2026 to improve energy monitoring, supporting operating efficiency initiatives across the network.
Rooftop solar installations met over one-third of electricity demand at three distribution centres, reflecting progress on renewable sourcing for logistics operations.
93% of suppliers (by value) were compliant with SMETA 4-pillar standards in FY2026, indicating stronger supply-chain governance and audit coverage.
Guidance & Outlook
3
A bonus issue of 1 equity share for every 2 fully paid-up equity shares as on 4 June 2026 was approved by the Board (subject to shareholder approval), which is an upcoming corporate action catalyst.
Redeemable Non-Convertible Debentures outstanding of ₹499.89 Cr are redeemable on 29 May 2026, making near-term refinancing/liquidity planning a key monitorable.
For the recommended FY2026 dividend of ₹6 per equity share, the record date was fixed as Friday, 12 June 2026, setting a clear timeline for shareholder entitlement.
Risks & Concerns
6
Management flagged that customer retention is critical because the cost of acquiring new customers is significantly higher than retaining existing ones, elevating execution risk as the store base scales.
Import transactions of Inditex Trent Retail India Pvt Ltd have been under Special Valuation Branch (SVB) investigation since 2016 with EDD deposits and pending assessments, creating regulatory and cash-flow uncertainty.
A Show Cause Notice dated 27 December 2019 from the Deputy Commissioner of Customs, New Delhi in relation to SVB proceedings remains pending, posing potential legal/financial downside.
Macro geopolitical risks (wars, conflicts, sanctions) were identified as potential disruptors of trade, investment and financial stability, which can affect supply chains and consumer demand.
Contingent liability in respect of income tax matters was ₹79.07 Cr in FY2026 (vs ₹94.90 Cr in FY2025), indicating ongoing tax dispute exposure despite improvement.
Stock-in-trade inventories were highlighted in audit procedures with a year-end value of ₹2,177.87 Cr (17.81% of total assets), implying elevated inventory valuation/control sensitivity for reported earnings.
AI-generated analysis. May contain inaccuracies — verify against original sources.