Trent loses Rs 17,773 crore market value after Q1 growth miss

New Delhi: Shares of Trent fell as much as 10% on Tuesday, wiping out nearly Rs 17,773 crore in market value after the Tata Group retailer’s first-quarter revenue growth came in below Street expectations. The stock touched a day’s low of Rs 3,010.10 on the BSE. The fall came after a strong rally in the stock. Trent had gained 23% over the previous month and about 50% from its March 2026 lows, leaving little room for disappointment. Trent, which runs Westside and Zudio, reported standalone revenue of Rs 5,666 crore for the first quarter of FY27, up about 19% year-on-year. The growth was below expectations of about 22%. The bigger worry was store productivity. Trent’s store count rose 26% year-on-year, but revenue per store declined about 5%. This followed a 4% decline in the fourth quarter of FY26 and raised concern over slower ramp-up of new stores, weaker demand or cannibalisation in some locations. The company added 26 stores during the quarter, taking its fashion-format store count to 1,312. Zudio added 19 net stores to reach 982 outlets, while Westside added one net store to reach 301. Other fashion formats rose by six stores quarter-on-quarter to 29. The reaction showed that investors were not only tracking revenue growth. They were also watching whether Trent’s aggressive store expansion was translating into enough sales per store. Brokerage views were mixed. Citi retained a Sell rating and flagged weak revenue per square foot, competition, cannibalisation and expansion into tier 2 and tier 3 towns. Macquarie maintained an Outperform rating but said moderation in same-store-sales growth could weigh on near-term performance. Bernstein and Morgan Stanley also noted revenue growth below their estimates while retaining more constructive views. The next key trigger for investors will be Trent’s full quarterly results and management commentary on store productivity, expansion pace and margins. For now, the sell-off shows that after a sharp rally, even a strong company can be punished if growth falls short of the market’s expectations.