Trent’s Zudio push: 5,000-store goal and FY26 update

Zudio remains the core expansion lever

Trent Ltd has repeatedly positioned Zudio as the biggest lever in its disclosed growth strategy. Across company updates cited in the provided material, the retailer has communicated an ambition to scale Zudio to 5,000 outlets over the long term. In one long-term plan reference, the base was described as approximately 963 outlets growing to 5,000. In another business update, Trent said it had more than 1,100 locations after opening over 100 stores in the nine months leading up to December.

The same set of updates also points to a parallel expansion ambition for Westside, with a stated target of 700 outlets. Put together, these goals sit within what the company has described as a “tenfold revenue ambition”, supported by aggressive store additions. While the disclosures reflect different time snapshots, the direction is consistent: Zudio is central to store-led growth.

Store counts vary across disclosures, but the trajectory is clear

Several store-count snapshots appear across the provided text, reflecting different reporting dates and classification. As of June 30, 2025, Trent’s portfolio was described as including 248 Westside stores, 766 Zudio outlets (including 2 in the UAE) and 29 stores across other lifestyle concepts. Another update, also tied to June-quarter commentary, described Zudio and Westside together contributing 82% of Trent’s ₹4,883 crore revenue, with the balance attributed to Star.

By September 30, 2025, a later update placed Trent’s network at 1,101 locations: 261 Westside stores, 806 Zudio outlets (including 3 in the UAE), and 34 stores across other lifestyle concepts. The same September-quarter update said Trent opened 13 new Westside stores and 40 new Zudio outlets in the July to September period.

Over a nine-month period referenced in the material, Trent said it opened 30 Westside stores and 89 Zudio stores. Separately, the company’s narrative on rapid additions is also captured in the “over 100 stores in nine months leading up to December” statement.

Q1 FY26: additions continued, but growth guidance moderated

During Q1 FY26 alone, Trent added 11 Zudio outlets, according to the provided updates. This aligns with the June-quarter store portfolio disclosure that explicitly mentions “11 of its value offering format Zudio” opened during April to June, alongside one Westside store.

Revenue growth expectations for Q1 FY26 were also addressed at the AGM held on July 3, 2025. Trent projected around 20% revenue growth for Q1 FY26. The same update contrasted this with a higher 35% CAGR recorded between FY20 and FY25, indicating management itself was acknowledging a slower growth rate relative to a strong multi-year base.

What the FY26 numbers in the updates show

The provided text includes multiple revenue and profit figures for FY26-related periods, reflecting different statements and bases (standalone vs consolidated, and in some cases “revenue from operations”). For Q1 FY26, one set of results lists revenue at ₹5,174 crore and PBT at ₹565 crore, with changes of 19% and 13% year-on-year respectively. Another disclosure states consolidated revenue from operations in Q1 at ₹4,883.48 crore versus ₹4,104.44 crore a year earlier.

A regulatory filing reference in the text states standalone revenue for the June quarter rose 19.7% to ₹5,061 crore from ₹4,228 crore in the corresponding quarter a year ago. Another FY26 profit headline in the material says Q1 FY26 profit rose 9.5% to ₹430 crore, while a separate line cites net profit of ₹424.70 crore for Q1 FY26 with revenue of ₹4,924.07 crore and an EBIT margin of 11.4%. These variations underscore that readers should compare like-for-like metrics within the same disclosure series.

The material also includes a January to March quarter snapshot: consolidated net profit of ₹413.1 crore, up 32.57% year-on-year, and revenue up 19.23% to ₹5,027.99 crore. For the full year FY26, it cites total income of ₹20,189.05 crore and profit of ₹1,721.33 crore.

Q1 FY25 base: sharp growth and operating leverage

The updates also provide a detailed comparison base for Q1 FY25. Revenues are cited at ₹4,354 crore in Q1 FY25, up 55% from ₹2,808 crore in Q1 FY24, with an indicated revenue CAGR of 38% over Q1 FY20. Profit before tax (PBT) is reported at ₹501 crore in Q1 FY25, up 136% from ₹212 crore in Q1 FY24, with a PBT CAGR of 49% over Q1 FY20.

Operationally, the same Q1 FY25 update mentions a portfolio of 823 fashion stores and 25 stores opened during the quarter. It also states “Star revenues up 29% over Q1 FY24” with six new stores added, and that the Star business recorded operating revenue growth of 29% with like-for-like growth of over 20%.

Brokerage commentary ties back to store-led growth

The Hindi-language portion of the provided text states that large brokerages such as Motilal Oswal and Morgan Stanley raised their target prices on Trent shares. The stated reason in that text is Trent’s aggressive new-store opening plan, and specifically the long-term objective of scaling Zudio to 5,000 stores.

No specific target prices, report dates, or valuation assumptions are included in the provided material. Still, the linkage is clear: broker optimism in the text is rooted in execution on footprint expansion and the scalability of the value-fashion format.

Why the 5,000-store target matters for Trent’s mix

The disclosures repeatedly frame Zudio as a volume driver within Trent’s portfolio. One update notes that in Q1 of FY26, Zudio and Westside accounted for 82% of Trent’s ₹4,883 crore revenue, with the rest coming from Star. The same note mentions that Zudio crossed $1 billion in revenue in FY25, highlighting the brand’s scale in the group’s overall mix.

At the same time, management commentary indicating around 20% revenue growth for Q1 FY26, versus a 35% FY20 to FY25 CAGR, suggests investors are watching whether store additions translate into sustained growth rates. The store rollout numbers in the text show continued additions, including 11 Zudio openings in Q1 FY26 and 40 Zudio openings in Q2 FY26.

Key figures at a glance

Store additions mentioned across quarters

What to watch next

The updates collectively point to a strategy where growth is expected to come primarily from store additions, with Zudio doing most of the heavy lifting toward the 5,000-store goal. Disclosures also show that the company is already reporting a large and expanding footprint, including international presence in the UAE for Zudio.

Near-term, the key datapoints in the provided material are the pace of new openings (11 Zudio stores in Q1 FY26 and 40 in Q2 FY26) and revenue growth prints around the high-teens to 20% range in FY26 updates. Investors will likely continue to track quarterly filings for consistent reporting on store counts, revenue base (standalone vs consolidated) and profitability metrics like PBT and net profit as Trent scales its formats.