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Slightly weaker than expectations (19% YoY in 1Q, vs. our estimate of 22% YoY)

* Trent’s 1Q standalone revenue stood at INR56.7b (up ~19% YoY, vs. our estimate of ~22% YoY).

* Further, revenue from sale of products (net of GST) also grew ~19% YoY.

* Revenue growth was primarily driven by ~26% YoY increase in store count, with revenue per store declining ~5% YoY (vs. ~4% YoY fall in 4QFY26), indicating either a slower ramp-up of newer stores or continuation of cannibalization impact on select stores

Store additions moderate after the Mar’26 surge

* The company added 26 stores in 1QFY27, bringing the total fashion format store count to 1,312 (up 26% YoY).

* Westside added one net store, bringing its overall store count to 301 (+21% YoY).

* Zudio witnessed 19 net store openings in 1QFY27 to reach 982 stores (+28% YoY).

* Trent’s other fashion format store count increased by six QoQ to 29 (flat YoY)

Stock implications:

Trent’s stock price has rallied in the past few weeks (+23% in last one month and up 50% since Mar’26 lows) in anticipation of further acceleration in revenue growth (from ~20% YoY in 4QFY26). In this context, the 19% YoY revenue growth is weaker and would likely lead to correction in the stock.

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