Trent profit rises 25% as September-quarter revenue gains 22%

Trent Limited reported unaudited consolidated net profit of Rs 468.09 crore for the quarter ended 30 September 2026, 25% above Rs 373.42 crore a year earlier. Trent’s revenue from operations increased 22% to Rs 5,873.14 crore, while its disclosed operating margin rose to 12.11% from 10.74%.

What did Trent report for the September quarter?

Trent reported revenue from operations of Rs 5,873.14 crore and net profit of Rs 468.09 crore for the quarter ended 30 September 2026, compared with Rs 4,817.60 crore and Rs 373.42 crore respectively in the quarter ended 30 September 2025. Total income, including other income, reached Rs 5,899.25 crore, against Rs 4,845.23 crore a year earlier.

Trent’s revenue was also above Rs 5,754.71 crore reported in the quarter ended 30 June 2026, although net profit was below the preceding quarter’s Rs 518.07 crore. Profit before tax was Rs 619.06 crore in the September quarter, compared with Rs 691.84 crore in June, after the group recorded a Rs 21.06 crore share of loss from associates and joint ventures, against a Rs 9.74 crore loss in the preceding quarter.

How did Trent’s costs and margins change?

Trent’s operating margin increased to 12.11% in the September 2026 quarter from 10.74% a year earlier, while net profit margin increased to 8.48% from 8.23%. The filing defines operating margin as earnings before exceptional items and tax, adjusted for the Indian Accounting Standard 116 impact including accelerated depreciation, finance cost and other income, divided by revenue from operations.

Total expenses rose to Rs 5,259.13 crore from Rs 4,367.15 crore in the year-earlier quarter, an increase of Rs 891.98 crore. Purchases of stock-in-trade rose to Rs 3,776.06 crore from Rs 3,070.62 crore, while employee-benefit expense increased to Rs 410.86 crore from Rs 316.67 crore and depreciation and amortisation rose to Rs 419.80 crore from Rs 324.93 crore.

Occupancy cost, including rent, increased to Rs 471.20 crore from Rs 394.61 crore, and other expenses grew to Rs 649.90 crore from Rs 523.13 crore. Changes in inventories resulted in a Rs 512.97 crore reduction in expenses in the September 2026 quarter, compared with a Rs 304.43 crore reduction a year before. Finance costs were Rs 44.28 crore, compared with Rs 41.62 crore in the comparable quarter.

What were Trent’s first-half results?

Trent generated Rs 11,627.05 crore of revenue from operations and Rs 986.16 crore of net profit in the six months ended 30 September 2026, compared with Rs 9,701.16 crore and Rs 798.12 crore in the prior-year period. Profit before tax increased to Rs 1,310.90 crore from Rs 1,041.67 crore, while total income reached Rs 11,683.79 crore from Rs 9,769.30 crore.

The first-half expense movement included purchases of stock-in-trade of Rs 6,846.75 crore, compared with Rs 5,640.65 crore a year earlier. Depreciation and amortisation rose to Rs 829.96 crore from Rs 617.06 crore, occupancy cost rose to Rs 997.83 crore from Rs 883.43 crore, and other expenses reached Rs 1,293.81 crore from Rs 1,033.94 crore.

The associate and joint-venture contribution changed across the two half-years. Trent recorded a Rs 30.80 crore share of loss in the six months ended September 2026, whereas it reported a Rs 8.11 crore share of profit in the comparable 2025 period. Current tax increased to Rs 344.09 crore from Rs 279.29 crore, while deferred tax was a credit of Rs 22.39 crore, compared with a Rs 35.74 crore credit a year earlier.

How did Trent’s financial position change by September?

Trent reported total assets of Rs 12,603.24 crore as at 30 September 2026, compared with Rs 11,728.58 crore at 31 March 2026. Current assets increased to Rs 4,856.40 crore from Rs 4,058.30 crore, with inventories rising to Rs 2,840.91 crore from Rs 2,289.01 crore and other current assets increasing to Rs 917.09 crore from Rs 660.97 crore.

Cash and cash equivalents declined to Rs 181.26 crore at 30 September from Rs 281.36 crore at 31 March, while current investments increased to Rs 733.17 crore from Rs 647.53 crore. Property, plant and equipment was Rs 3,472.32 crore, above Rs 3,365.74 crore six months earlier, whereas right-of-use assets declined to Rs 1,784.93 crore from Rs 2,050.86 crore.

Total equity increased to Rs 7,896.20 crore from Rs 7,107.96 crore, including other equity of Rs 7,716.15 crore compared with Rs 6,949.13 crore at March-end. Total liabilities were Rs 4,707.04 crore, compared with Rs 4,620.62 crore, as current liabilities rose to Rs 3,522.29 crore from Rs 3,210.99 crore and non-current liabilities fell to Rs 1,184.75 crore from Rs 1,409.63 crore.

Were Trent’s results independently reviewed?

Trent’s consolidated September-quarter and first-half results were subject to a limited review by Deloitte Haskins & Sells LLP, which issued an unmodified review conclusion. The board approved the unaudited consolidated results on 29 October 2026 after they were reviewed by the audit committee.

The auditor said it did not review the interim results of two subsidiaries with combined quarterly revenue of Rs 58.47 crore and net profit of Rs 2.15 crore, and relied on reports from other auditors. Those entities had total assets of Rs 316.05 crore as at 30 September 2026; the associated joint venture contributed a Rs 21.88 crore share of loss for the quarter.

Deloitte also identified three subsidiaries whose interim results were not reviewed by their auditors. Those subsidiaries had quarterly revenue of Rs 30.47 crore and a net loss of Rs 5.21 crore, while management said the relevant unreviewed subsidiaries, associates and joint venture were not material to the group; the auditor did not modify its conclusion on that basis.

Conclusion

Trent’s September-quarter outcome combined a Rs 1,055.54 crore year-on-year increase in revenue from operations with a Rs 94.67 crore increase in net profit. The rise in disclosed operating margin to 12.11% accompanied growth in merchandise purchases, employee costs, rent-related occupancy costs and depreciation, while first-half revenue reached Rs 11,627.05 crore.

The unresolved item to watch is the contribution from associates and joint ventures, which moved from a Rs 1.10 crore loss in the September 2025 quarter to a Rs 21.06 crore loss in the September 2026 quarter. Trent also issued one bonus share for every two shares held during the six months ended 30 September 2026, and the filing says earnings per share for all reporting periods were adjusted accordingly.