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
Kotak Mahindra Prime names Suraj Rajappan as managing director and chief executive
The car-finance arm of Kotak Mahindra Bank lines up a new chief and raises its borrowing limit
MUMBAI: Suraj Rajappan is getting the keys. Kotak Mahindra Prime Limited (KMPL), India’s veteran car-finance outfit, has named him managing director and chief executive, effective June 1st, 2026—the same day his predecessor drives off into retirement.
The board approved the appointment at its meeting on March 18th. Rajappan, currently a whole-time director at the company, has spent his entire 24-year career at KMPL, working across functions before rising to the top job. The three-year term remains subject to shareholder approval, and the company confirmed he faces no bar from SEBI or any other authority from holding the post.
He takes over from Shahrukh Todiwala, who superannuates on May 31st after more than three decades with the Kotak Group. Ashok Vaswani, managing director and chief executive of parent Kotak Mahindra Bank, was generous in his send-off. Todiwala, he said, “leaves behind a legacy marked by prudent growth, strong risk discipline, and a focus on customer-centricity.” Of his successor, Vaswani was equally bullish: Rajappan’s “deep industry experience and execution capabilities position KMPL well for its next phase of growth.”
The board also loosened the purse strings, raising the company’s overall outstanding debt limit from Rs 43,000 crore to Rs 48,000 crore. The expanded ceiling covers bank loans, debentures, commercial paper, treasury operations, credit facilities and external commercial borrowings.
KMPL has operated as a car-finance company since 1996, branching into two-wheeler loans in 2018 and loans against property in 2021. With fresh leadership, a bigger borrowing arsenal and an ambitious lender for a parent, Rajappan’s first task is clear: step on the accelerator.
