The youngest company in Tata's consumer portfolio is its fastest-growing

Bengaluru: Over the past six years, Trent Ltd has grown its revenue more than fivefold, outpacing Titan Co. Ltd, Tata Consumer Products Ltd (TCPL) and Voltas Ltd to become the fastest-growing established company in Tata Sons' consumer and retail portfolio.

Trent, incorporated in 1998, is the youngest among the Tata group's four major listed consumer businesses. Voltas was incorporated in 1954, TCPL traces its origins to Tata Tea, established in 1962, while Titan was incorporated in 1984.

While Titan remains the group's largest consumer business by revenue, Trent has overtaken Voltas and nearly caught up with TCPL.

Trent's revenue rose to ₹20,189 crore in FY26 from ₹3,635 crore in FY20, showed Tata Sons' FY26 annual report. In comparison, Titan's revenue expanded 4.2 times, while TCPL and Voltas grew 2.1 times and 1.8 times, respectively. Six years ago, Trent accounted for just 8.6% of the combined revenue of the group's four major consumer businesses. In FY26, that share has climbed to 14.1%, close to TCPL's 14.3%.

Trent's portfolio includes Westside and Zudio in fashion, Samoh and Burnt Toast in newer lifestyle formats, and Star in grocery retail.

Zudio effect

The growth has been driven by Trent's aggressive expansion across value and premium fashion. Zudio has emerged as the retailer's biggest growth engine, benefiting from rising demand for affordable fashion among middle-income consumers, while Westside has continued to strengthen its presence in the premium apparel and lifestyle segment.

Zudio has been “a phenomenal driver of revenue growth”, with the retailer aggressively expanding the format over the past few years, said Devangshu Dutta, founder of retail consulting firm Third Eyesight.

He said Trent has also benefited from a structural shift in the country's retail landscape as consumers increasingly move from fragmented, unorganised markets to organised retail. “The conversion from informal to formal happens not so much driven by demand but by availability. So if you open a new outlet... you have something which was not there earlier, which becomes a magnet for footfall,” Dutta said.

He said that Zudio's combination of fashion-led products and sharp pricing has helped it stand out in the crowded value apparel market.

The retailer has simultaneously expanded beyond apparel into adjacent categories such as beauty and personal care, home décor, footwear, and accessories through Westside, while also nurturing newer concepts, including Samoh, Burnt Toast, and Star.

During FY26, Trent added 289 stores, taking its total network to 1,286 outlets across 321 cities and expanding its retail footprint to more than 17.7 million sq. ft.

The company said it sees opportunities to increase store density in existing markets while expanding into new cities, particularly as demand for organized retail continues to deepen beyond the country's largest metropolitan areas.

The next phase of growth is likely to be driven by Westside. According to media reports, Trent plans to significantly accelerate the expansion of its flagship premium fashion chain by opening up to 100 stores annually, nearly double its historical pace. The chain, which had 300 stores at the end of FY26, is expected to expand into newer geographies, including the northeastern states, while strengthening its presence in key metropolitan markets.

Dutta said macroeconomic uncertainty, including the impact of geopolitical tensions and softer employment conditions, could weigh on discretionary spending. “If there is uncertainty, then you tend to be a little bit more careful,” he said.

Dutta said that while consumer demand may fluctuate in the short term, the long-term shift towards modern retail remains firmly intact.

Noel Tata's farewell message

The FY26 annual report also carries Noel Tata's final message as chairman of Trent, marking the end of an era for the retailer he helped transform into one of India's largest fashion retailers.

Tata reiterated his long-held ambition of building Trent into a platform capable of creating and scaling multiple consumer businesses rather than relying on a single retail format. “I have long believed that Trent is not intended to be defined by a single brand, but rather by a portfolio of brands,” he wrote, adding that Westside, Zudio and Star continue to have significant runway for growth.

Looking ahead, he said Trent should aspire to build Indian brands with global relevance and generate a material share of revenues from overseas markets.

He also recalled his vision, first articulated in 2023, of making Trent ten times larger in terms of revenue with commensurate profitability, noting that the company's revenue and profitability run rate have already grown more than 2.5 times since then.

The company has not yet named a successor to Noel Tata, who is set to retire as chairman in November.