Trent Q4FY26 results: bonus, dividend, FY26 sales update

Stock snapshot on 23 April 2026

Trent was trading at ₹4,322.80 on 23 April 2026 at 12:47, down 2.52% for the day. The company’s market capitalisation was shown at ₹1,53,670 crore in the same snapshot. Reported valuation metrics around the stock stayed elevated, with a PE ratio near 97.3 and a TTM PE of 96.28 in social trackers. TTM EPS was listed at 46.06, with a -15.28% year-on-year change in that metric. Price-to-book (P/B) was shown at 23.89. Sector PE in the same context was 73.87, placing Trent’s multiples above the sector benchmark. ROCE was listed at 29.27%, which is a key profitability marker retail investors often track.

What Trent disclosed in its Q4FY26 and FY26 update

Trent disclosed a Q4FY26 and FY26 business update dated 17 April 2026. In that update, standalone revenue for Q4FY26 was reported at ₹4,937 crore, up 20% year-on-year. For the full year FY26, Trent reported standalone revenue of ₹19,701 crore, up 18% year-on-year. Separate preview notes circulating online referenced Q4 revenue at ₹4,937 crore versus ₹4,106 crore, describing the increase as 23% year-on-year. The same preview commentary also said the Q4 growth was the highest in three quarters based on the trajectory shared there. For FY26, the update number of ₹19,701 crore was described as in line with a Bloomberg estimate of ₹19,736 crore in one post. Another widely shared discussion point was that management had earlier stated an aspiration of 25% plus growth at the July 2025 AGM, and FY26 growth of 18% fell short of that aspiration.

Q4FY26 results: bonus issue and dividend in focus

Ahead of the results, reports said Trent’s board would meet on 22 April 2026 to consider a bonus issue of equity shares. The same agenda included declaring standalone and consolidated financial results for the quarter and year ended 31 March 2026. The board was also set to consider recommending a dividend for the year ended 31 March 2026, subject to shareholder approval. On 23 April 2026, a results headline shared on social platforms said Trent’s Q4 results showed PAT rising 30% to ₹455 crore. The same post also described it as the company’s first-ever 1:2 bonus issue and announced a ₹6 dividend. These corporate actions became a key talking point because bonus issues and dividends often change near-term trading interest even when underlying business metrics stay the same. The combination of the business update and board agenda kept the stock in the spotlight across market feeds.

Quarter-by-quarter operating trend (as shared online)

Social dashboards also circulated a quarterly financial table through Mar 2026, showing how revenue and profitability moved quarter to quarter. The numbers below were shared in the same context and are presented in ₹ crore. The pattern shows revenue peaking in Dec 2025 in that table, with operating margin expanding to 20% in that quarter and then easing to 18% in Mar 2026. Net profit in the table rose from ₹312 crore in Mar 2025 to ₹413 crore in Mar 2026, with volatility in between. Interest cost in the table edged up gradually from ₹38 crore to ₹44 crore over the period shown. Depreciation increased from ₹272 crore to ₹377 crore, which is consistent with an expanding store base. Investors tracking Trent typically compare these movements alongside store additions and revenue per store trends discussed by brokerages.

FY24-25 to FY26 growth context investors are comparing

On full-year numbers shared in social summaries, FY2024-25 revenue was listed at ₹16,998 crore with 39.76% growth, and net profit at ₹1,585 crore with 10.38% growth. FY2023-24 revenue was listed at ₹12,278 crore with 54.59% growth, and net profit at ₹1,436 crore with 158.91% growth. FY2022-23 revenue was listed at ₹8,127 crore with 98.81% growth, and net profit at ₹555 crore with 122.16% growth. Against that backdrop, the FY26 revenue growth figure of 18% in the business update drew attention because it is lower than the earlier high-growth years shown above. Commentary in the same trend also noted the base effect and changing demand environment as possible factors behind moderation. This is also where the earlier “25% plus growth” aspiration was frequently referenced as a comparison point. The overall takeaway from these shared figures is that revenue growth stayed positive, but the pace became a key debate.

Store expansion remains central to the Trent story

A widely shared update said that as of 31 March 2026, Trent’s store network stood at 1,286 outlets. That mix was stated as 300 Westside stores, 963 Zudio stores including 6 in the UAE, and 23 stores across other lifestyle concepts. In the Q3FY26 commentary shared earlier, Trent said it opened 17 Westside and 48 Zudio stores in the quarter, including 1 Zudio store in the UAE. It also said it operated with a footprint of over 15 million square feet across its fashion brands as of 31 December 2025. Some social posts went further and claimed very aggressive Q4 additions, citing 108 Zudio stores and 22 Westside stores added in Q4. Separately, broker commentary linked revenue growth to an approximately 28% year-on-year increase in store count, while also noting pressure on revenue per store. This store-led expansion is a key reason Trent’s results updates tend to trigger sharp moves in the share price.

How the share price has reacted around updates

Trent’s share price reaction has been volatile around business updates and results. One report said the stock surged over 6% on 6 April 2026 after the Q4FY26 and FY26 business update, and that volumes were more than 2x the 30-day average on the NSE at the time. Another report from 20 April 2026 said the stock rallied 3.68% to ₹4,256.90 after the board meeting agenda included a bonus issue consideration. On 6 January 2026, Trent shares fell 8% after a Q3 business update, with the decline described as wiping off ₹13,146 crore of market cap within minutes of the open. The same January note said the drop followed expectations of a pick-up in revenue growth, while the reported growth stayed steady sequentially. In another tracking note, Trent was described as having fallen more than 25% in six months and more than 41% over one year, despite a multi-year rally over five years. These moves underline how quickly sentiment changes when growth, store economics, and valuation multiples are debated together.

Q3FY26 results details that still shape sentiment

Q3FY26 is still part of the narrative because it set the tone for growth expectations going into Q4. Trent reported consolidated profit after tax of ₹510.11 crore in Q3FY26, up 2.73% year-on-year, according to an exchange filing summary shared in news posts. Consolidated revenue from operations for Q3FY26 was ₹5,345.06 crore, up 14.78% from ₹4,656.56 crore. The same summary noted an exceptional item net loss of ₹26.11 crore due to implementation of new Labour Codes. It also cited operating EBIT margin for Q3FY26 at 13.8% versus 13.2% in Q3FY25, while stating that gross margin profiles of Westside and Zudio remained stable. On a standalone basis, another report said Q3FY26 net profit jumped 36.3% to ₹639.71 crore on a 15.98% increase in revenue to ₹5,259.46 crore. This split between consolidated and standalone optics is one reason investors track both sets of numbers closely.

Valuation, targets, and what the board agenda signals

At the time of these discussions, Trent’s valuation metrics were a major part of the debate, with a PE near the high-90s against a sector PE near the mid-70s in the shared data. The January brokerage roundup also highlighted mixed views. HDFC Securities upgraded the stock to ‘Add’ with a target price of ₹4,700 per share in that report. Citi was cited as maintaining a ‘Sell’ rating with a target price of ₹4,350, while Motilal Oswal kept a ‘Buy’ call even as it flagged risks of earnings downgrades. Antique Stock Broking was cited as cutting its target price to ₹5,700 from ₹6,650 while retaining ‘Buy’, and Morgan Stanley was cited as ‘Overweight’. Alongside ratings, the 22 April board agenda included evaluating fundraising via a right issue or other permissible modes, which can influence how investors think about expansion funding. Separately, social posts also referenced approval of ₹500 crore in non-convertible debentures as part of the expansion conversation.

Key takeaways from the 2026 results cycle so far

The core data points that shaped Trent’s 2026 cycle were the Q4 standalone revenue update of ₹4,937 crore and FY26 standalone revenue of ₹19,701 crore. Corporate actions became an additional catalyst, with social headlines pointing to a first-ever 1:2 bonus issue and a ₹6 dividend tied to the Q4 results. The share price has responded strongly both ways around updates, which is typical for high-multiple growth stories. Store addition momentum remains a central pillar, with the reported network reaching 1,286 outlets by end-March 2026 in shared updates. At the same time, brokerage commentary has repeatedly raised questions around revenue per store and potential cannibalisation as footprint expands. Investors also continue to compare FY26 growth of 18% with the earlier aspiration of 25% plus growth that was referenced from the July 2025 AGM discussion. With fundraising options also on the board’s agenda, the next set of filings and management commentary is likely to be read through the lens of growth sustainability, store productivity, and valuation comfort.