However, investors focused on the growth trajectory. Revenue growth was flat sequentially and matched the 17% YoY growth reported in Q2 FY26. This was slower than the growth seen in Q3 FY25, Q4 FY25 and Q1 FY26, raising concerns over moderation.

Store expansion remained strong. As of 31 December 2025, Trent operated 278 Westside stores and 854 Zudio stores, including four in the UAE. It also ran 32 stores across other lifestyle concepts.

During Q3 FY26, the company added a net 17 Westside stores and 48 Zudio stores. Net additions for the nine-month period stood at 30 Westside stores and 89 Zudio stores.

Despite consistent execution and aggressive expansion, the lack of sequential acceleration appeared to trigger selling in the stock.

Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Star, which operates in the competitive food, grocery and daily needs segment.

In Q2 FY26, Trent's consolidated revenue from operations rose 16% year-on-year to Rs 4818 crore and EBITDA increased 14% to Rs 575 crore, while profit after tax grew 11% to Rs 373 crore.