Zudio's owner made ₹64 crore a day. So why do its profit numbers disagree?
Trent, the company behind Zudio and Westside, made ₹5,873 crore from sales between July and September 2026, up 22%. Zudio reached about 1,000 stores. The profit headlines differ because some count the whole group and some only the main company.
- Trent made ₹5,873 crore from sales in July–September 2026, up 22% from ₹4,818 crore a year earlier 1,2.
- That is about ₹64 crore a day, by our maths.
- Zudio had 999 stores on 30 September (7 of them in the UAE), and its 1,000th opened during the quarter 1.
- Profit headlines range from ₹463 crore to ₹490 crore because some use the whole group and some only the main company 1,2,3.
- The money made from running the stores (operating EBITDA) grew 37%, faster than sales 1,4.
- Learn: the base effect, which explains why one profit figure grew only 9%.
A ₹5,873 crore quarter
Trent, the Tata group's fashion retailer, announced its results for July to September 2026 (Q2 FY27) on 29 October. Revenue from operations rose to ₹5,873 crore, up 21.9% from ₹4,818 crore a year earlier 1,2. For the first half of the year, April to September, revenue was ₹11,628 crore, up 20% 1.
Most of that comes from two store chains: Zudio, its low-price fashion chain, and Westside. Zudio ended September with 999 stores, including 7 in the UAE, after opening 19 in the quarter and merging 2 1. Westside opened 10 stores to reach 311 1. Across all its brands, Trent now runs more than 18.5 million square feet of stores in 339 cities 1.
| Chain | Stores | Opened in Jul–Sep |
|---|---|---|
| Zudio | 999 (7 in UAE) | 19 (2 merged) |
| Westside | 311 | 10 |
| Star (groceries) | 87, in 13 cities | 1 |
| Other brands | 32 | — |
Source: Free Press Journal 1
Four profit numbers, one quarter
If you read three news sites, you may see three different profits. Upstox reports ₹463.77 crore, up 23.06% 2. Business Standard's headline says ₹464 crore, up 23% 3. Free Press Journal reports ₹468 crore, up 25%, for the group, and ₹490 crore, up only 9%, for the main company alone 1.
Two things explain most of this. First, consolidated figures add up the whole group, including companies Trent partly owns, while standalone figures cover only the main company. Second, last year's standalone profit included a one-time gain of ₹96 crore (before tax) from selling assets, and there was no such gain this year 1. That one-off makes this year's growth look smaller. We could not find why the consolidated figures differ by a few crore between outlets.
| Measure | Growth |
|---|---|
| Revenue | +22% |
| Operating EBITDA | +37% |
| Group profit (FPJ) | +25% |
| Main company profit | +9% |
Source: Free Press Journal 1; Upstox gives +21.9% revenue and +23.06% group profit 2.
What the numbers tell us
- What drives itRunning the stores got more profitable
Operating EBITDA rose 37% to ₹785 crore while revenue rose 22% 1. The operating EBIT margin went from 10.5% to 11.6% 1. Costs grew slower than sales.
- ScaleGrowth came mostly from more stores
Zudio added 19 stores in three months and Westside 10 1. The results do not give sales per store, so we can't say how much came from older stores selling more.
- TrendNew categories are getting bigger
Beauty, innerwear and footwear now make up more than 21% of the main company's revenue 1. Westside's online sales grew 20% in April–September and are more than 6% of its revenue 1.
- What to watchThe Diwali quarter is the real test
October to December has Diwali and the wedding season, the busiest time for clothes shopping. Those results usually come out in early February.
Why it matters
- For shoppers: more Zudio and Westside stores means more towns with a nearby low-price fashion store. Trent is now in 339 cities 1.
- For anyone reading results: when two headlines give different profits, check whether each is consolidated or standalone before comparing.
- For people looking for retail jobs: 29 new Zudio and Westside stores in one quarter means hiring in new towns, though the company gave no job numbers.
Learn something: Base effect
A big jump or fall that comes mostly from an unusually low or high number last time, not from a real change now.
Growth = (this period − last period) ÷ last period × 100; a small 'last period' inflates itTrent's main-company profit rose only 9% to ₹490 crore 1. But last year's figure included a one-time ₹96 crore gain from selling assets. Take that out, and the growth from running the business looks much bigger. The small 9% is mostly a base effect.
Why it matters: It explains many 'record growth' headlines after a bad year.
Common mistake: Celebrating +30% growth when last year was a slump.
Try it: A shop made ₹100 profit last year, including a one-time ₹20 from selling an old fridge. This year it made ₹110 with no one-off. What is the growth with and without the one-off?
With it: (110 − 100) ÷ 100 = 10%. Without it: (110 − 80) ÷ 80 = 37.5%.
Send them this: Zudio's owner Trent made about ₹64 crore a day in sales from July to September 2026, and Zudio now has about 1,000 stores.
Words in this story
- revenue
- All the money a company earns from selling its products, before any costs are taken out.
- consolidated
- Figures for the whole group: the main company plus the companies it owns or partly owns.
- standalone
- Figures for the main company only, without its subsidiaries and joint ventures.
- EBITDA
- Earnings before interest, tax, depreciation and amortisation: profit from running the business, before those costs.
- Q2 FY27
- The second quarter of the financial year 2026-27, which is July to September 2026.
Sources
- Free Press Journal, Trent Q2 Results: Net Profit Rises 25 Per Cent To ₹468 Crore; Zudio Crosses 1,000-Store Milestone, 29 Oct 2026
- Upstox, Q2 Results Live Updates, 29 October 2026, 29 Oct 2026
- Business Standard, Trent Q2 net profit rises 23% to ₹464 crore on strong apparel sales, 29 Oct 2026
- Investywise, Trent: Q2 FY27 Revenue Grows 23%, Operating Profit Up 37%, 29 Oct 2026
How we did this. Every number links to its source. Where sources disagree, we leave the number out and say so. When we work out a number ourselves, we say "our maths". This explains the company's published numbers. It is not advice to buy or sell any shares.