Trent Shares Hit Upper Circuit, Jumps 12% After Q2 Update; Brokerage Issue SELL Call Despite 23% Revenue Surge

Shares of Tata Group retail major Trent Ltd surged more than 10% on Tuesday, October 6 reaching the upper circuit, after the company reported huge revenue growth for the September quarter and announced a big milestone for its Zudio business.

Trent shares today opened 8.5% higher from the previous close at Rs. 2800 apiece on the NSE compared with Monday's closing price of Rs. 2,580. The stock reacted as Trent released its provisional business update for the second quarter of FY27.
The stock jumped to an intraday high of Rs. 2909 after surging more than 12%.

Trent Q2 FY27 Revenue Rises 23%

In an exchange filing, Trent said its standalone revenue from operations, excluding GST, increased 23% YoY to Rs. 5,788 crore in Q2 FY27, compared with Rs. 4,724 crore in the corresponding quarter last year.

Revenue from merchandise sales, excluding other operating income, also grew 23% during the quarter.

For the first half of FY27, Trent's revenue from operations increased 21% YoY to Rs. 11,454 crore, indicating continued momentum across its retail businesses.

The Q2 performance also marks an acceleration from the first quarter. Trent's revenue from operations had grown 18.5% YoY to Rs. 5,666 crore in Q1 FY27.

Zudio Crosses 1,000-Store Milestone

One of the biggest aspects of Trent's Q2 update was the expansion of Zudio.

Trent has been continuously expanding Zudio brand stores and opened its 1,000th Zudio store during the quarter.

Zudio added 17 stores on a net basis during Q2 FY27, taking the total number of net additions during the first half of FY27 to 36.

The company also continued to expand its Westside network, opening 10 new Westside stores during the September quarter.
As of September 30, 2026, Trent's overall portfolio across Westside, Zudio and other lifestyle concepts stood at 1,342 stores.

Trent Q1 Results Recap

In the last quarter, i.e., March to June, Trent had reported a strong performance, with its consolidated net profit for Q1 FY27 standing at Rs. 532 crore, compared with Rs. 423 crore in the year-ago quarter, marking a 26% YoY increase.
EBITDA rose 33% YoY to Rs. 1,110 crore, while the EBITDA margin improved by 210 basis points to 19.6%.
Trent Share Price Outlook
Despite Trent's stronger-than-expected Q2 revenue growth, brokerage firm Citi has maintained its 'Sell' rating on the stock and retained its target price at Rs. 2,950. According to Citi, "revenue per square foot declined 8.4% YoY, although this was better than the brokerage's expectation of a 12% decline."
The brokerage also pointed out that net store additions of 10 Westside stores and 17 Zudio stores were below its expectations.