Trent shares rally over 13% in 30 days; what is supporting the stock price?

On Thursday, April 16, the stock was trading nearly 3% higher at ₹4,089 on the NSE in the afternoon deals.

The stock has garnered attention following the company’s provisional Q4 update, with the Street reacting positively.

Trent reported around 20% growth in standalone (domestic) revenue to ₹4,937 crore in the March quarter of FY26. It was at ₹4,106 crore in the corresponding January-March period a year ago.

"Revenue from the sale of merchandise (excluding other operating income) grew 21% and 19% during the quarter and the year ended March 2026, respectively," said Trent, which operates popular fashion outlets under the Westside and Zudio retail format.

Trent has opened 22 Westside stores and 109 stores in its value retail format of Zudio.

Analysts tracking the stock said Trent’s standalone revenue growth of 20% appears to have been largely driven by strong store additions of 25% year-on-year across Westside and Zudio. They added that a meaningful portion of the reported growth is likely attributable to network expansion rather than like-for-like (LFL) performance.

The key takeaway of Trent's update is the sharp acceleration in Westside store additions, which grew 21% year-on-year, marking the strongest expansion phase for the format in many years.

For the entire FY26, Trent's standalone revenue from operations was ₹19,701 crore, up 18%.

Analyst Take

HSBC said the company’s plan to add around 200 stores for its value fashion brand Zudio in FY26 provides strong visibility for growth in FY27 and beyond, even as store-level productivity may moderate.

HSBC highlighted that key performance triggers for the stock include sustained revenue growth of 18–20%, along with the absence of any material impact from cannibalisation or rising competition.

The leading financial services firm also expects like-for-like (LFL) growth of around 4% for Zudio in FY27.