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Trent share price: Shares of Tata Group retail arm Trent, which runs brands like Westside and Zudio, plunged 8 per cent in early trade on January 6, marking the stock’s steepest fall since July 4, 2025. The decline came after the company released provisional results for the third quarter of FY26. Trent shares fell to 4,060.65 apiece, breaking a four-session gaining streak, and emerged as the top loser on both the Sensex and Nifty.

Trent Ltd is the retail arm of the Tata Group. It is one of India’s leading retailers.

The company has a strong presence in fashion, lifestyle and grocery. It runs Westside in the mid-premium fashion space. Zudio is its value fashion brand. Utsa focuses on ethnic wear.

Trent reported a 17 per cent year-on-year rise in standalone revenue to Rs 5,220 crore in the December quarter. This compares with standalone revenue of Rs 4,466 crore in the year-ago period, excluding GST. The performance reflects continued traction in the company’s value-fashion and lifestyle formats, despite uneven demand conditions.

The growth trend continued in the nine months ended December 31, 2025. Standalone revenue for the period rose 18 per cent year-on-year to Rs 14,604 crore. In its regulatory filing, Trent reiterated its earlier commentary from an analyst meet, where it said it expects to sustain a 25 per cent revenue CAGR over the long term.

The growth was largely supported by the expansion of Trent’s core retail brands, Westside and Zudio. As of the end of December 2025, the company’s store portfolio had expanded significantly, led by Zudio with 854 stores. Zudio has also entered international markets, with stores now operating at four locations in the UAE.

Westside had 278 stores, while other lifestyle concepts together accounted for 32 operational stores. During the December quarter alone, Zudio added 48 new stores. Over the nine-month period, Zudio opened a total of 89 new stores, while Westside recorded net additions of 30 stores, translating into a net increase of 17 stores during the same period.

Goldman Sachs maintained a Neutral rating on Trent, while cutting its target price to Rs 4,550 from Rs 4,920. The brokerage said the reported standalone revenue growth of 16.9 per cent year-on-year was ahead of its estimates, aided by higher-than-expected store additions in both Westside and Zudio. However, it noted that average revenue per square foot declined 15.7 per cent year-on-year, in line with expectations, partly due to the early festive season and a weak base effect.

Morgan Stanley, meanwhile, reiterated its Overweight rating on the stock with a target price of Rs 5,456. The brokerage said Q3 standalone revenue growth was largely in line with its estimates. It highlighted steady sequential growth and strong store additions, particularly in the Zudio format, which added 48 net new stores during the quarter, ahead of expectations.

At the current market price of around Rs 4,429, analysts remain divided, balancing strong store-led growth against moderating productivity metrics and a more challenging consumption backdrop.

At the time of writing this report, the shares of Trent Ltd was trading at 4127.00 down Rs 302.45 or 6.83 per cent.

Abhay Shukla is a Senior Sub-Editor at Zee Business, specializing in the analysis and reporting of stock markets, corporate news, personal finance, technology, and the auto sect