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TRENT LIMITED A TATA Enterprise Investor Presentation | Performance Highlights Q1 FY27 WESTSIDE zudio SAMOH BURNT TOAST star
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DISCLAIMER Trent Limited – Investor Presentation Q1FY27 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
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TRENT’S JOURNEY 1998 2016 2024 1998 Conceived JV 2014 2023 2025 Trent Limited – Investor Presentation Q1FY27
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TRENT AT A GLANCE Note: Data as of 30th June 2026 ₹ 5,666 Cr Q1FY27 Revenue from operations 1,312 Store count Includes 3 cities in UAE 330 City Presence 18.04 Mn Retail Area (sq. ft.) Trent Limited – Investor Presentation Q1FY27
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Q1FY27 HIGHLIGHTS Trent Limited – Investor Presentation Q1FY27 Standalone Consolidated ₹ 5,666Cr Revenue from operations 19% ₹ 5,755Cr Revenue from operations 18% ₹ 732Cr Op. EBIT 33% ₹ 724Cr Op. EBIT (incl. share from JVs & Assoc.) 29% ₹ 532Cr PAT 26% ₹ 518Cr PAT 22% Note: Numbers and % are rounded off ₹ 847Cr Op. EBITDA 36% ₹ 848Cr Op. EBITDA (incl. share from JVs & Assoc.) 33%
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TRENDS – LAST 5 COMPARATIVE PERIODS Trent Limited – Investor Presentation Q1FY27 Rs. in crs. 1,653 2,536 3,992 4,781 5,666 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 154 199 432 551 732 0 100 200 300 400 500 600 700 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 103 148 342 423 532 0 100 200 300 400 500 600 700 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Note: Numbers and % are rounded off Op. EBIT Margin 9.3% 7.8% 10.8% 11.5% 12.9% Revenue from operations Op. EBIT PAT PAT Margin 6.2% 5.8% 8.6% 8.8% 9.4%
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Store count 0 13 17 22 1 1 19 17 23 1 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Westside 1 40 48 109 19 11 44 48 109 22 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Zudio (Count includes Zudio stores operated in Star and stores in UAE) 7Trent Limited – Investor Presentation Q1FY27Gross Added Net Added
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RESULTS CONTEXT Trent Limited – Investor Presentation Q1FY27 ❖ Market context: ─ Uncertainties emanating from the geo-political events were elevated at the beginning of the quarter. The Indian consumer remained fairly insulated from the impact of oil price related inflation until mid-May. Notwithstanding various uncertainties, the Indian consumers’ sentiment remained relatively balanced. The sentiment continues to be broadly positive, with households balancing aspiration with financial discipline. The traction in discretionary categories remains calibrated, with consumers prioritising value, quality and convenience. ─ Structurally the outlook remains encouraging. 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 near term implications. ─ Our attempt has been to maintain relative stability of the value proposition for our customers. The measures to align the outcome mix of our revenues have yielded broadly encouraging results. In the recent months, we are witnessing escalation in the cost levels of select inputs. We continue to mitigate these pressures by adopting a range of interventions across the value chain as well as by calibrating the price architecture. Our sourcing actions and broader supplier engagements is also a part of the program to navigate the current circumstances. ❖ Growth agenda: ─ We now operate a significant portfolio of over 1300 “large-box” fashion stores, with presence across 330 cities (including 3 in the UAE). In Q1FY27 we opened 1 Westside and 22 Zudio stores (including 1 store in the UAE) and consolidated 3 Zudio stores and expanded our presence to 9 new cities. As of 30th June 2026, our store portfolio included 301 Westside, 982 Zudio (including 7 stores in the UAE) and 29 stores across other lifestyle concepts and we operated with a footprint of over 18 million sqft. across our fashion brands. ─ On an annual basis we expect the trajectory of new store openings to remain broadly consistent in line with the outlook shared by the Chairman in the shareholders meeting. Quarterly store openings are inherently asymmetric given the complexities around property development, fitout timelines & regulatory approvals.
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RESULTS CONTEXT Trent Limited – Investor Presentation Q1FY27 ❖ Growth agenda (contd.) : ─ Our 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, in the current quarter, 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 delivering encouraging 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 tend to mature over a two-to-three year period. ─ 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. In managing our store network, we are consistently seeking to optimize the quality of brand presence in micro-markets and the economic attractiveness of the portfolio in terms of profitability, return on committed capital & operating cashflows. ─ Like-for-like growth for our fashion portfolio in Q1FY27 was in the low single digits. The emerging categories, including beauty & personal care, innerwear and footwear contributed over 21% of our revenues. Westside online together with our proposition on the Tata Neu platform continues to witness traction and grow profitably. In Q1FY27, online revenues contributed to over 6% of Westside revenues. ─ Our newer brands (Burnt Toast and Samoh), emerging categories and new geographies including Zudio in the Middle East market are at varying stages of evolution. We are generally encouraged by the positive traction, improving viability and the exciting growth possibilities afforded by these initiatives. We remain focused on building consumer relevance and calibrating the economic model as we pursue accelerated growth from these opportunities.
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RESULTS CONTEXT Trent Limited – Investor Presentation Q1FY27 ❖ Growth agenda (contd.) : ─ 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. The competitive landscape remains asymmetrical due to varying scale, size and distribution channels across brands and players. We have not witnessed any material shifts in the competitive intensity in the recent past. 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 predictable experience. Over time, we seek to build upon and deepen our competitive moat by growing the relevance of our brands across target audiences. ─ Star, our food and grocery business, has been witnessing encouraging consumer traction notwithstanding the evolving competitive landscape. We added 5 new stores during the quarter across the Star portfolio taking the overall store count to 86 across 12 cities. The sales mix continues to favor own brands and increasingly delivers a viable economic profile at the store level. We remain excited about the potential of this business. ❖ Operating economics: ─ The emphasis on own brands, credible quality, nimble responsiveness to emerging consumer preferences and growing reach, coupled with relative price stability, contributes to our distinctive market positioning. Our unwavering focus remains on improving relevance of our proposition and desirability of our offerings. Product elevation and premiumization across select categories enables us to broaden our offerings. We believe a stable price architecture across categories, a consistent focus on driving efficiencies and maintaining a relatively stable margin profile over time would yield better salience for our brands. ─ Focus on structural cost optimization together with realising operating efficiencies is integral to our strategy. We are experiencing encouraging economic outcomes from the approach we have adopted to building and managing our store portfolio. Actively managing our existing store portfolio to upgrade customer experience and improve brand salience continues to be a significant agenda and a key lever to delivering consistent performance.
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RESULTS CONTEXT Trent Limited – Investor Presentation Q1FY27 ❖ Operating economics (contd.) : ─ Investments in automation and technology across multiple areas in the recent years has also aided in delivery of encouraging operating economics and profitability. Progressively, we are deploying AI tools and analytical models that would further support our performance agenda. Our digital, technological and AI driven interventions across a whole gamut of operations from product design, logistics, warehousing and store operations are key to facilitate optimal management of growing scale and driving productivity outcomes. For example, leveraging generative AI, our teams gain sharper insights into emerging fashion intelligence, trends & fabric direction and deliver improved results. Multiple of these initiatives are starting to yield outcomes across a spectrum of objectives including revenue, cost and capital optimisation. Over the near to medium term, we are accelerating our commitment to various of these initiatives in a manner that broadly aligns delivery of outcomes with related investments. ─ We continue to substantially invest our internal accruals to support growth and the resilience of our brands. These commitments, including capital expenditure, cover opening of new stores, management of the existing portfolio, expanding warehousing and supply chain infrastructure along with a range of automation and technology related investments. We continue to optimise these commitments for the efficiency of returns over a medium to long term horizon. ─ 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.
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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 Q1FY27
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FASHION CONCEPTS
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Trent Limited – Investor Presentation Q1FY27 203 221 228 248 301 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Store Count 1 store opened in Q1FY27 7.15 Mn+ Retail area (sq. ft.) Note: Data as of 30th June 2026 97 City presence
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WESTSIDE – BRAND PORTFOLIO Trent Limited – Investor Presentation Q1FY27
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WESTSIDE CONNECT WESNESS This quarter, we created a buzz around recreating the Wesness experience outdoors. Highlight was the Bangalore Fun Run with 3300+ participants. The other events like Run2Rave, Pickleball and Heritage Run had a total attendance of around 500+ participants across Hyderabad, Pune, Mumbai And Bangalore Trent Limited – Investor Presentation Q1FY27
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WESTSIDE – RECENT STORES Trent Limited – Investor Presentation Q1FY27 VR MALL, SURAT ZIRAKPUR, PUNJAB GURUGRAM M3M12th AVENUE, FARIDABAD PONDA, GOA
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Trent Limited – Investor Presentation Q1FY27 243 388 559 766 982 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Store Count 22 stores opened and 3 consolidated in Q1FY27 10.80 Mn+ Retail area (sq. ft.) 321 City presence Includes 3 cities in UAE Count includes Zudio stores operated in Star and stores in UAE Note: Data as of 30th June 2026
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ZUDIO CAMPAIGNS Trent Limited – Investor Presentation Q1FY27
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ZUDIO CAMPAIGNS Trent Limited – Investor Presentation Q1FY27 HYDERABAD & BANGALORE
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ANJANAPURA, BANGALORE ZUDIO – RECENT STORES Trent Limited – Investor Presentation Q1FY27 AMALNER, MAHARASHTRACENTRAL DD PURAM, BAREILY SANGRUR, PUNJAB PHURSUNGI, PUNE CHINHAT, FAIZABAD
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ZUDIO – RECENT STORES Trent Limited – Investor Presentation Q1FY27 BALANGIR, ODISHAPEARL PLAZA, THRISSUR NIT, WARANGAL COMMERCIAL COMPLEX, NALASOPARA IMPERIAL MALL, SURENDRANAGAR GOLDEN SQUARE, AREEKODE
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FOOD & GROCERY
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86 # of stores (incl. Zudio stores operated in Star) 1.52 Mn+ Retail area (sq. ft.) 12 City presence FOOD & GROCERY Trent Limited – Investor Presentation Q1FY27 439 588 762 814 885 Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Revenues (excl. GST)* Note: Data as of 30th June 2026 *Revenue Includes Zudio SIS stores (in Rs. Crs.)
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STAR PRODUCT CATEGORY SPLIT Trent Limited – Investor Presentation Q1FY27 % Own Brand Share: 73% Q1 FY26 Q1 FY27 % Own Brand Share: 74% Our Own Brands Fresh, 19% Staples, 25% FMCG, 24% General Merchandise & Apparel, 32% Fresh, 20% Staples, 24% FMCG, 23% General Merchandise & Apparel, 33%
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STAR OWN BRANDS - SMARTLE Trent Limited – Investor Presentation Q1FY27 SMARTLE Share in General Merchandise: 75%
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STAR CAMPAIGNS Trent Limited – Investor Presentation Q1FY27
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STAR RECENT STORES Trent Limited – Investor Presentation Q1FY27 NALLASOPARA, COMMERCIAL SAMVED ARCADE FURSUNGI
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SUSTAINABILITY and CSR
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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 Q1FY27
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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. • 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. Resource Efficient We embed sustainability principles across our value chain. We prioritise vendors that undergo audits for labour, health & safety, environmental and business ethics practices. • 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.Responsible by Design 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-first workplace: Comprehensive initiatives spanning employee assistance, health & safety, skill development, career growth, and diversity & inclusion. • Capability building at scale: Over 4600 man-hours of health & safety training delivered and over 12,72,600 man-hours of training on skills and development of employees conducted.People Conscious 31Trent Limited – Investor Presentation Q4FY26
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CSR INITIATIVES Trent Limited – Investor Presentation Q1FY27 Trent Scholars – Graduate Program in Premier Universities Aaghaz- Graduation ceremony – Trent Scholar Cohort 1 Trent Scholar- English for Future Career Readiness • In collaboration with the Karta Initiative India Foundation, the “Trent Scholar - Graduate Program in Premier Universities” is changing the trajectory of over 125 marginalized youth. From the first graduating batch of Cohort 1, Trent Scholars have secured jobs, some are exploring fellowship opportunities, while others have emerged as changemakers, being first –generation learners from the communities they come from. • Cohort 2 completed an 8-week summer internship at Trent across Strategy, Business support, Data Analytics & IT, and E-commerce, adding value to both their learning and the teams they supported. • Trent remains committed to supporting an additional 50 scholars every year through internships, mentorship, books, certifications, workshops, living expenses, and a full-time psychologist. • The Trent Scholar – English for Future Career Readiness Program, piloted across 10 Jawahar Navodaya Vidyalayas (JNVs) in Maharashtra, touched the lives of 1,618 students. • The program delivered a multi-touchpoint student engagement model through English Gym (individually paced weekly LMS modules), SMART Board activities facilitated by JNV teachers, and a Speech and Debate Club featuring weekly online sessions to build oracy skills. These interventions positively impacted learning outcomes, reducing the proportion of students with limited English skills from 50% to 39%. • Students were also offered a Summer Speech and Debate Workshop, conducted online during the summer break, which was highly appreciated by both students and parents.
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CSR INITIATIVES Trent Limited – Investor Presentation Q1FY27 Sustainable Water Conservation and Security Initiative Cotton, Agriculture and Regeneration for Adaption • The Cotton, Agriculture and Regeneration for Adaptation Initiative aims to enhance resilience, productivity, and income stability for approximately 3,000 tribal cotton-growing households through regenerative agriculture practices, efficient resource use, and strengthened community institutions. Implemented in the Danta block of Banaskantha district, Gujarat, this nature- based initiative focuses on building a climate-resilient cotton production model. • 252 households have adopted improved soil health and agroecological practices, including low/zero tillage, live mulching, organic amendments, and Integrated Pest and Nutrient Management. The initiative has created the potential to save and recharge 6.41 million litres of water. • In addition, 10 Producer Groups and 1 Farmer Producer Organization (FPO) have been established, strengthening community institutions, governance mechanisms, and service delivery for participating farmers. • Biochar Application New well, Chak Futana, Pombhurna taluka • In partnership with Collectives for Integrated Livelihood Initiatives (CInI), through "Sustainable Water Conservation and Security Initiative", we are strengthening water security, both in terms of quality and quantity, across 30 village communities in the Mul and Pombhurna blocks of Chandrapur district, Maharashtra. • The project has enhanced water storage capacity by 27,066 cubic metres through the desiltation of existing tanks, ponds, and nalas. Drip irrigation and mulching systems have been installed across 19 acres, benefiting 19 households through improved water-use efficiency. Additionally, 34 gabion structures and 2 new wells have been constructed to strengthen water conservation efforts and improve access to water.
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