Brands
Trent’s tills keep ringing as festive demand lifts Q3 numbers
MUMBAI: Retail therapy paid off this quarter, and Trent’s balance sheet shows it. Trent Limited posted a solid set of standalone numbers for the quarter ended December 31, 2025, riding festive demand, steady store performance and disciplined cost control. Revenue from operations rose to Rs 5,259.46 crore in Q3, up from Rs 4,724.06 crore in the previous quarter and Rs 4,534.71 crore in the same period last year.
Total income for the quarter stood at Rs 5,412.79 crore, supported by other income of Rs 153.33 crore. This helped the Tata Group retailer report a profit before tax of Rs 804.01 crore, after accounting for an exceptional expense of Rs 25.79 crore during the quarter.
Net profit for Q3 FY26 came in at Rs 639.71 crore, marking a clear improvement over Rs 450.77 crore in Q2 and Rs 469.33 crore a year ago. Net profit margin expanded to 10.36 per cent, reflecting operating leverage and tighter control over expenses.
Costs remained largely in check despite continued expansion. Total expenses for the quarter rose to Rs 4,582.99 crore, driven primarily by stock purchases of Rs 2,868.91 crore and occupancy costs of Rs 400.96 crore. Employee benefit expenses stood at Rs 310.72 crore, while depreciation and amortisation increased to Rs 354.49 crore as newer stores and assets were absorbed into the network.
For the nine months ended December 2025, Trent reported revenue from operations of Rs 14,764.77 crore, compared with Rs 12,562.01 crore in the corresponding period last year. Net profit for the nine-month period rose to Rs 1,513.07 crore, up from Rs 1,234.92 crore, underscoring consistent growth across quarters.
The company’s balance sheet remained healthy. Net worth improved to Rs 7,248.38 crore as of December 31, 2025, compared with Rs 5,914.40 crore a year ago. The debt-equity ratio moderated to 0.32, while the current ratio stood at a comfortable 2.15, signalling strong liquidity.
Operational efficiency also held firm. Operating margin improved to 11.76 per cent in Q3 from 11.10 per cent a year earlier, while interest service coverage remained robust at 17.19 times, reflecting Trent’s ability to comfortably service its borrowings.
Earnings per share for the quarter rose to Rs 18, compared with Rs 12.68 in the previous quarter and Rs 13.20 a year ago. For the nine-month period, EPS stood at Rs 42.56, reinforcing the retailer’s steady earnings trajectory.
Overall, Trent’s Q3 performance suggests that even in a crowded retail landscape, strong brands, tight execution and festive momentum can still make the tills sing.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
