Trent's Q2 profit rises 23% to ₹464 crore; Noel Tata to retire as chairman on 11 November

What happened

• Upstox reported Trent's profit for the September 2026 quarter as ₹464 crore against ₹377 crore a year earlier, up 23%, on revenue from core operations of ₹5,259 crore against ₹4,367 crore, up 20%. Free Press Journal gave consolidated profit as ₹468 crore, up 25%, and revenue as ₹5,873 crore, up 22%. The two outlets' profit and revenue figures differ, and may not be the same measure.
• Upstox put EBITDA at ₹1,078 crore against ₹817 crore, up 32%, with a margin of 18.35% against 16.95%. It gave the operating profit margin as 12.11% against 10.74%, an improvement of 137 basis points.
• Free Press Journal reported that Noel Tata, after 29 years with the company, will retire as chairman and director on 11 November and become Chairman Emeritus from 12 November. Bahram Vakil is named chairman from 12 November. The board also appointed Rajiv Dube and Kalpana Merchant as additional directors, subject to shareholder approval.
• Upstox's report is timed at 6:11 PM, after the close. The shares closed at ₹2,861.70 against ₹2,913.90 on Wednesday on Kite data, a fall of 1.79% by my calculation.

Why it matters

Good to know: A basis point is one hundredth of a percentage point, so an improvement of 137 basis points is 1.37 percentage points. Chairman Emeritus is an honorary title.

Key facts

Net profit, per Upstox

₹464 crore (₹377 crore a year earlier), up 23%

Consolidated profit, per Free Press Journal

₹468 crore, up 25%; revenue ₹5,873 crore, up 22%

EBITDA, per Upstox

₹1,078 crore (₹817 crore); margin 18.35% (16.95%)

Chairman

Noel Tata retires 11 November; Bahram Vakil from 12 November

New directors

Rajiv Dube and Kalpana Merchant, subject to shareholder approval

Read the source

• Trent Q2 profit rises 23%; operating margin improves by 137 basis pointsUpstox
• Trent chairman Noel Tata to retire on November 11 after 29 years; Bahram Vakil named successorFree Press Journal