Trent Limited has informed the Exchange about Investor Presentation
22nd April 2026
Listing Department The National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai 400051 Symbol: TRENT
Listing Department BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code: 500251
Sub: Investors’ Presentation on Audited Financial Results (Standalone and Consolidated) for the year ended 31st March 2026
Dear Sir / Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose herewith Investors’ Presentation on the Audited Financial Results (Standalone and Consolidated) for the year ended 31st March 2026.
Thanking you,
Yours faithfully,
For Trent Limited
Krupa Anandpara Company Secretary Membership No.: A16536
Encl.: As above
Investor Presentation | Performance Highlights Q4 FY26
1
DISCLAIMER
Statements in this Presentation describing the Company’s performance may be “forward looking Statements”
within the meaning of applicable securities laws and regulation. Actual results may differ materially from those
directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the
Company’s operations include, among others, economic conditions affecting demand / supply and price
conditions in the domestic markets in which the Company operates, changes in or due to the environment,
Government regulations, laws, statutes, judicial pronouncements and / or other incidental factors
Trent Limited – Investor Presentation Q4FY26
2
TRENT’S JOURNEY
Conceived
1998
JV 2014
2023
2025
1998
2016
2024
Trent Limited – Investor Presentation Q4FY26
3
TRENT AT A GLANCE
₹ 4,937 Cr Q4FY26 Revenue from operations
1,286 Store count
321 City Presence Includes 3 cities in UAE
17.70 Mn Retail Area (sq. ft.)
Note: Data as of 31st March 2026
Trent Limited – Investor Presentation Q4FY26
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Q4FY26 HIGHLIGHTS
Standalone
₹ 4,937Cr
Revenue from operations
20%
₹ 668Cr
Op. EBITDA
43%
₹ 567Cr
Op. EBIT
43%
₹ 455Cr
PAT
30%
Consolidated
₹ 5,028Cr
Revenue from operations
19%
₹ 653Cr
Op. EBITDA (incl. share from JVs & Assoc.)
44%
₹ 543Cr
Op. EBIT (incl. share from JVs & Assoc.)
42%
₹ 413Cr
PAT
33%
Note: Numbers and % are rounded off
Trent Limited – Investor Presentation Q4FY26
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TRENDS – LAST 5 COMPARATIVE PERIODS
Revenue from operations
Op. EBIT
Op. EBIT Margin
Rs. in crs.
PAT
PAT Margin
4.2%
2.9%
8.2%
9.7%
11.5%
6.3%
5.1%
7.8%
8.5%
9.2%
4,937
600
567
4,106
3,187
2,077
1,185
396
261
500
400
300
200
100
0
50
60
455
350
248
500
450
400
350
300
250
200
150
100
50
0
105
75
Q4 FY22
Q4 FY23
Q4 FY24
Q4 FY25
Q4 FY26
Q4 FY22
Q4 FY23
Q4 FY24
Q4 FY25
Q4 FY26
Q4 FY22
Q4 FY23
Q4 FY24
Q4 FY25
Q4 FY26
Note: Numbers and % are rounded off
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Store count
Westside
Zudio
(Count includes Zudio stores operated in Star and stores in UAE)
FY26
Q4 FY26
Q3 FY26
Q2 FY26
Q1 FY26
1
0
23
22
17
17
19
13
60
52
FY26
Q4 FY26
Q3 FY26
Q2 FY26
Q1 FY26
48
48
44
40
11
1
212
198
109
109
Gross added
Net
Gross added
Net
Trent Limited – Investor Presentation Q4FY26
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RESULTS CONTEXT
❖ Market context:
─ Consumer sentiment was relatively stable at the beginning of Q4. The impact of the unfolding geopolitical situation is still playing out. Consumers are spending with caution, resulting in moderation of discretionary spending on the back of continuing macro uncertainties and potential increase in cost of living.
─ Structurally the demand levels and the underlying market opportunities remain strong. However, the duration and intensity of disruptions in the Middle East along with its second order effect on supply chain, commodity prices and inflation in general has potential implications for near term demand. Input costs of select raw materials are beginning to witness some inflationary pressures. There is also some impact on the availability of labour for our suppliers in certain geographies. We are continuing to respond and navigate the emerging situation through calibrated sourcing actions and broader supplier engagement. Our predominant sourcing remains India based.
─
─ Our attempt has been to maintain the stability of our customer value proposition. Our scale coupled with diversity of sourcing hubs is
aiding in maintaining consistent availability across our channels.
❖ Growth agenda:
─ We now operate a significant portfolio of over 1250 “large-box” fashion stores, with presence across 321 cities (including 3 in the UAE). In Q4FY26 we opened 23 Westside and 109 Zudio stores (including 2 stores in the UAE) and consolidated 1 Westside store and expanded our presence to 47 new cities. For the full year we opened 60 Westside and 212 Zudio stores (including 4 in the UAE) and consolidated 8 Westside and 14 Zudio stores. As of 31st March 2026, our store portfolio included 300 Westside, 963 Zudio (including 6 stores in the UAE) and 23 stores across other lifestyle concepts and we operated with a footprint of over 17.7 million sqft. across our fashion brands.
─ On an annual basis, including in FY26, we have consistently launched c. 250 new stores across our brands, over the last few years. Quarterly store openings are inherently asymmetric given the complexities around property development, fitout timelines, and regulatory approvals, and therefore the annual run rate is more representative.
Trent Limited – Investor Presentation Q4FY26
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RESULTS CONTEXT
❖ Growth agenda (contd.):
─
─
─
─
The store portfolio has evolved over time and remains significantly heterogenous in various respects. We continue to add stores within select existing catchments across Tier I and Tier II cities, even as we accelerate presence in multiple smaller markets in the current phase of network expansion. In the case of Zudio, during the year, over 80% of new stores were opened in Tier II, III cities and in peripheral new growth micro-markets. The intent is to grow our presence in both existing as well as new micro-markets/ geographies and to position ourselves favourably as more regions register stronger economic growth. The agenda is to pursue growing reach and share of revenues as we selectively increase the density of our presence across key markets with an improving customer proposition.
The foregoing approach of greater presence in select clusters coupled with better customer proposition is starting to deliver encouraging initial outcomes from a revenue density as well as profitability perspective. Further, we believe the newer markets that we are now entering, afford substantial growth opportunities, and yet, will mature over time in terms of adoption of fashion trends and density of consumption. Hence, the revenue profile and the growth trajectory of newer stores are not entirely comparable with that of the existing portfolio. Our experience indicates that newer markets become more relevant over a two-to-three year period.
Like-for-like growth for our fashion portfolio in Q4FY26 and for FY26 was in the low single digits. Given the business model choices and the intent to drive the share of revenues in proximate markets, we are primarily seeking to pursue revenue growth across comparative micro-markets vis-à-vis just the performance of comparative stores.
The emerging categories, including beauty & personal care, innerwear and footwear contribute to over 21% of our revenues. Westside online together with our proposition on the Tata Neu platform continues to witness traction and grow profitably. In Q4FY26, online revenues grew by 25% and contributed to over 6% of Westside revenues. Westside online is a unique convenience proposition which follows an omnichannel experience consistent with the approach adopted by the brand in stores in terms of product proposition, disciplines around pricing, end of season sale and returns. Amongst standalone brands, Westside today registers some of the highest volumes online vis-à-vis comparative players in the Indian market
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RESULTS CONTEXT
❖ Growth agenda (contd.):
─
including
investments
The Board considered and approved in-principle a proposal for raising additional funds of c. Rs. 2500 crores. The intent is to accelerate incubating new select brands/categories/geographies (iii) expansion and automation of supply chain/warehouse capacity (iv) scaling up and upgrading digital /automation initiatives (v) support faster roll out of stores by Star including by select investments in retail real estate developments. Timelines for the aforesaid capital raising program, through issue of equity shares including through rights issue or otherwise, would be evaluated and pursued in due course.
(i) upgrade of our existing portfolio of stores
(ii) commitment towards
─ Competitive context: Given the size and attractiveness of the fashion/ lifestyle market in India, the competitive intensity has been high over the past few years. We are not witnessing any material shifts in the competitive intensity. Our model involving a portfolio of own brands and direct-to-consumer distribution, affords us the ability to integrally differentiate the customer value proposition. We remain focused on strengthening our core to drive efficiencies, enhancing our product proposition, on-trend fashion and driving premiumisation by way of desirable products, convenience and experience. Over time, we seek to build upon and deepen our competitive moat by growing the relevance of our brands across target audiences.
❖ Operating economics:
─
The emphasis on own brands, credible quality, nimble responsiveness to emerging consumer preferences and ever expanding reach, coupled with relative price stability, contributes to our distinctive market positioning. Our pricing has remained stable and is not used as a short-term demand management lever. Our unwavering focus remains on improving relevance of our proposition and desirability of our offerings. We believe a stable price architecture, a consistent focus on driving efficiencies and maintaining a relatively stable margin profile over time would yield better salience for our brands.
─ Focus on optimising costs together with realising operating efficiencies is integral to our strategy. We are starting to witness encouraging economic outcomes from the approach we have adopted to building and managing our store portfolio. By growing presence with more customer friendly stores and density in select markets, in many instances, we are starting to see higher cluster level revenues & profitability.
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RESULTS CONTEXT
❖ Operating economics (contd.):
─ Our operating performance including return on capital employed continues to remain accretive. In FY26, our ROCE was over 29%.
─
Investments in automation and technology across multiple areas in the recent years has also aided in delivery of encouraging operating economics. For instance, the deployment of pan network RFID, has boosted productivity across supply chain processes and in-store operations. These initiatives have enabled meaningful manpower optimization across the portfolio, helping us contain growth in manpower costs. The current cycle of improved efficiencies relating to manpower costs has largely been realized.
─ We continue to actively invest and pursue various automation/ optimization interventions across our value chain. Our digital, technological and AI driven interventions across a whole gamut of operations from product design, logistics, warehousing and store operations would be key to facilitate optimal management of growing scale and driving productivity outcomes.
─
In the recent years, we have sought to manage operating leverage by aligning certain of the costs to be variable alongside store revenues. Incidentally, some of our occupancy costs including store rentals and fees to business associates have variable payout structures. The reported occupancy cost incorporates impact of IND AS 116 lease accounting. Excluding the IND AS 116 impacts, the underlying occupancy costs remain broadly consistent with the revenue profile across all reporting periods. Separately, the maturity profile of newer stores has implications for increased depreciation relative to revenues and consequently operating EBITDA is one of the relevant metrics.
─ We prefer to retain operating control of our stores and the ownership of merchandise at all times. Our approach to franchising has been selective given diverse objectives and primarily related to properties. Our preferred operating model is for stores to be Company- Operated.
Trent Limited – Investor Presentation Q4FY26
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GLOSSARY OF KEY TERMS
Term
Description
Revenue from operations
Sale of products (excluding GST) + other operating revenue
Operating EBITDA
EBITDA excluding lease related Ind AS impact, exceptional items and other non-operating income
Operating EBIT
EBIT excluding lease related Ind AS impact, exceptional items and other non-operating income
Operating EBIT %
Operating EBIT ÷ Revenue from operations
Like-for-like (LFL) growth
Basis revenues of qualifying same stores operational for over 18 months
Trent Limited – Investor Presentation Q4FY26
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FASHION CONCEPTS
Store Count
248
232
300
23 stores opened and 1 consolidated in Q4FY26
214
200
FY22
FY23
FY24
FY25
FY26
7.26 Mn+ Retail area (sq. ft.)
97 City presence
Note: Data as of 31st March 2026
Trent Limited – Investor Presentation Q4FY26
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WESTSIDE – BRAND PORTFOLIO
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WESTSIDE CONNECT
WESNESS
Outdoor Wesness activations drove strong consumer engagement, led by the Mumbai Fun Run with 3,600+ participants, while Run2Rave, Pickleball, and the Heritage Run added ~500 attendees across Mumbai, Hyderabad, Pune, and Bangalore, strengthening on-ground brand visibility.
YNG (Young New Game changer)
In Q4, YNG evolved into a self-sustaining creator ecosystem, strengthening Westside’s content sourcing and talent discovery, with a 4,000-member community driving 6 million views, 50,000+ engagements, and 12,000+ social shares.
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WESTSIDE – RECENT STORES
SECTOR 65 GURUGRAM
RADIAL ROAD, CHENNAI
HUGHES ROAD, MUMBAI
SEA PORT, KOCHI
RAJAHMUNDRY, RAJAMAHENDRAVAM
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WESTSIDE – RECENT STORES
PASUPATHY SHOPPING MALL, TIRUPATI
PAVILION MALL, LUDHIANA
NAGARAM,HYDERABAD
MANASAROVAR, JAIPUR
THUDIYALUR, COIMBATORE
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Store Count
765
545
963
109 stores opened in Q4FY26
352
233
FY22
FY23 Count includes Zudio stores operated in Star and stores in UAE
FY24
FY25
FY26
10.38 Mn+ Retail area (sq. ft.)
313 City presence
Includes 3 cities in UAE
Note: Data as of 31st March 2026
Trent Limited – Investor Presentation Q4FY26
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ZUDIO CAMPAIGNS
The Zummer Runway’ 26
Trent Limited – Investor Presentation Q4FY26
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ZUDIO CAMPAIGNS
5000+ ENTRIES
40M+ ENGAGEMENT
ORGANIC CHANNELS ONLY
Trent Limited – Investor Presentation Q4FY26
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ZUDIO – RECENT STORES
LUDHIANA WALK, LUDHIANA
PATIA, BHUBANESWAR
SAIDABAD, HYDERABAD
DHIPU, ASSAM
HIMMATNAGAR, GUJARAT
SADAR, NAGPUR
Trent Limited – Investor Presentation Q4FY26
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ZUDIO – RECENT STORES
KP ARENA, SHEGAON
LOVELY MARBLES, JALANDHAR
ADONI, ANDHRA PRADESH
LALA LAJPAT RAI ROAD, AGRA
UDAYRAMPUR, AMTALA
SHAKUNTALA COMPLEX, SHIRPUR
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FOOD & GROCERY
FOOD & GROCERY
Revenues (excl. GST)
803
687
(in Rs. Crs.)
850 *
525
358
Q4 FY22
Q4 FY23
Q4 FY24
Q4 FY25
Q4 FY26
*Multiple stores under upgrade and consolidation of select stores in Q4 and FY26; Revenue includes Zudio SIS stores
1.44 Mn+ Retail area (sq. ft.)
84 # of stores (incl. Zudio stores operated by Star)
12 City presence
Note: Data as of 31st March 2026
Trent Limited – Investor Presentation Q4FY26
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STAR PRODUCT CATEGORY SPLIT
Q4 FY25
Q4 FY26
Fresh, 18%
Staples, 27%
General Merchandise & Apparel, 31%
FMCG, 24%
General Merchandise & Apparel, 30%
Fresh, 19%
Staples, 28%
FMCG, 23%
% Own Brand Share: 72%
% Own Brand Share: 73%
Our Own Brands
Trent Limited – Investor Presentation Q4FY26
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STAR OWN BRANDS
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STAR CAMPAIGNS
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STAR RECENT STORES
HAYATH NAGAR, HYDERABAD
BODUPPAL, HYDERABAD
BHOSARI, PUNE
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SUSTAINABILITY and CSR
Trent Limited – Investor Presentation Q4FY26
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SUSTAINABILITY STRATEGY
Three Pillars
• Resource Efficient:
─ Energy conservation, renewable sources of energy, packaging waste reduction and management practices
• Responsible by Design:
─ Selection of materials, development of
suppliers, design of supply chain networks and processes
• People Conscious:
─ Prioritizing the well-being and growth of our
own employees and communities
Trent Limited – Investor Presentation Q4FY26
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SUSTAINABILITY INITIATIVES
Pillar
Core elements
Initiatives
Carbon emission reduction is a top priority for Trent with thorough assessment of energy consumption and estimation of emission levels. Resource efficiency drives our focus on packaging, waste management.
Resource Efficient
• Smart efficiency at scale: IoT-enabled HVAC deployed across 80% of the eligible stores, driving
data-led energy optimization.
• Clean power momentum: ~50% of distribution centres powered by renewables, with solar rooftops
at key DCs and stores.
• Design: High-lumen LED lighting, reflective materials, and energy efficient centres façade film
• Operational circularity: Use of reusable totes to cut packaging waste and improve logistics
efficiency.
We embed sustainability principles across our value chain. We prioritise vendors that undergo audits for labour, health & safety, environmental and business ethics practices.
•
•
Responsible by Design
Product impact transparency: Life Cycle Assessments (LCA) conducted across core product categories to identify and reduce environmental footprint.
Responsible sourcing assurance: Vendor alignment with SEDEX SMETA 4-pillar standards, covering labour, health & safety, environment, and business ethics.
It is vital for us to balance organisational growth with individual development. We are committed to creating a work environment where every colleague feels inspired by Trent’s purpose, driven to perform and rewarded for the work they showcase.
People Conscious
• People-first workplace: Comprehensive initiatives spanning employee assistance, health & safety,
skill development, career growth, and diversity & inclusion.
• Capability building at scale: Over 5,200 man-hours of health & safety training delivered and over
17,000 man-hours of training on skills and development of employees conducted in FY26.
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Love for environment x Great experience for colleagues
Waste Management
C A S E L E T
Initiatives
Replace cartons with totes
Recycled hangers
Compostable packaging and recycled metal
Moving to totes enhances the quality of life for colleagues, improves handling of products at various touchpoints and reduces impact on the environment
98% of waste generated at Trent is attributable to cartons, hangers, packaging and fixtures which will cease to exist, along with improving our colleague's experience with the usage of totes.
*Work is in progress with vendors to develop totes out of recycled/ sustainable material
Trent Limited – Investor Presentation Q4FY26
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Lower carbon footprint x enhance customer delight
Life Cycle Assessment
C A S E L E T
Framework
Production
Design
Distribution
Identified Product
Assessment Findings Product Footprint for 1 T-shirt
Textile production
CRADLE Fibre
Retail
Use phase
GRAVE
Garment Lifecycle Assessment
Cradle-to-Cradle Technical/Biological
Consumer responsibly disposes
Reuse
Recycled, Down-cycled Upcycled
An Life Cycle Assessment (LCA) is a method used to evaluate the environmental impact of a product, service or process through its entire life cycle starting from raw materials to manufacturing, transportation, usage and disposal. LCAs provide a comprehensive understanding of where their environmental impacts are (Hotspots) and how businesses can reduce them.
Water Consumption Processing: 6.53 Liter
Waste Generated 0.044 Kg
Wastewater Generated 1.68 Liter
Chemical Consumption 0.109 Kg
Energy Consumption 7.008 MJ
ISO 14040 & ISO 14044; Ecoinvent-based
Product Description
• Product type : Core T shirt
• Fabric Composition:
100% Cotton
• Country Of Origin: India
Insights & Action plan • Insights from the internal LCA study indicate that the processing
stage is a key driver of environmental impacts.
• Based on these findings, the focus will be on:
• Increasing the use of preferred materials such as certified, low-
impact cotton.
• Strengthening responsible sourcing through SMETA-aligned suppliers to ensure responsible chemical management and waste handling.
Trent Limited – Investor Presentation Q4FY26
34
CSR INITIATIVES
Trent Scholars
For FY26, the ‘Trent Scholar’ program positively impacted the lives of more than 1,700 students across undergraduate, graduate, and postgraduate academic levels. Implemented through partnerships with government institutions, a research academy, NGOs and domain specialists, the program delivers quality education aligned with future career readiness. • The “Trent Scholar - Graduate Program in Premier Universities” in partnership with The Karta Initiative Foundation India supports 100 first-generation learners from marginalized communities through four years of holistic assistance, including internships, mentorship, academic resources, living support, and mental health counselling, to enable higher education access and career readiness.
• Trent has partnered directly with the Navodaya Vidyalaya Samiti (NVS) to strengthen English proficiency and confidence among JNV students from regional language backgrounds transitioning to a CBSE-based academic environment.
• The “Trent Scholar – English for Future Career Readiness” Program is being piloted across 10 JNVs in Maharashtra benefiting, 1618 students through a personalized, technology-enabled learning model. It strengthens core English language skills using an engaging, gamified approach to build confidence, personality, and long term employability for children from regional language backgrounds.
•
• The “Trent Scholar – Doctoral Fellowship” , delivered in collaboration with the IITB- Monash Research Academy, advances smart building solutions by developing data-driven optimization algorithms that balance occupant comfort with energy efficiency using real time IoT monitoring data.
Trent Scholar 2-day Career Readiness Workshop
Trent Scholar- English for Future Career Readiness
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CSR INITIATIVES
Cotton, Agriculture and Regeneration for Adaption
The “Cotton, Agriculture and Regeneration for Adaption Initiative”, implemented in the Danta block of Banaskantha district, Gujarat, aims to strengthen resilience, productivity, and income stability for ~3,000 tribal cotton-growing households by promoting regenerative agriculture practices, efficient resource use, and climate-resilient cotton production
The project reached 200 cotton-growing households by promoting Good Agricultural Practices and biogas units, while introducing digital traceability and automated weather stations to enable data-driven decisions and improve farmers’ resilience to climate variability.
Sustainable Water Conservation and Security Initiative
In partnership with Collectives for Integrated Livelihood Initiatives (CInI), the Sustainable Water Conservation and Security Initiative is strengthening the quality and availability of water across 30 village communities in the Mul and Pombhurna blocks of Chandrapur district, Maharashtra.
Guided by Village Water Security Plans, the initiative combines water conservation and harvesting interventions with sustainable irrigation practices, benefiting 686 households and treating 592 acres through soil and water conservation measures to improve irrigation access, water storage, and livelihood resilience.
Capacity building with women farmers
New group well, Yergaon Village
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For any queries, please email to: investor.relations@trent-tata.com; Copyright 2026 Trent Limited. All rights reserved. Reproduction in whole or in part without written permission is strictly prohibited.