Global fashion brand Zara's India profit declined 31.9 per cent to Rs 204.14 crore in FY26 and its revenue from operations slipped 1.1 per cent to Rs 2,749.28 crore, according to the latest annual report of Trent Ltd.
Zara stores in India reported a Rs 299.84 crore profit and Rs 2,782.06 crore revenue from operations in FY25, Inditex Trent Retail India Private Ltd (ITRIPL), which operates the Zara brand in India, said.
Its total income was Rs 2,767.75 crore for the financial year ended March 31, compared to Rs 2,839.50 crore a year ago.
ITRIPL is a JV between Spain's Inditex, which owns luxury fashion brand Zara, and Tata Group's retail arm Trent Ltd.
Zara, which competes with foreign brands like H&M and UNIQLO in India, currently operates 22 stores in the country.
In FY26, Trent reduced its stake in ITRIPL in a buyback offer by ITRIPL.
"During the year under review, the company participated in the buyback offer made by ITRIPL and tendered 94,900 equity shares. Pursuant to the acceptance of the said offer, the company's shareholding in ITRIPL stands at 20 per cent," it said.
Inditex group has another JV association with Trent, which operates Massimo Dutti stores in India. Massimo Dutti India Pvt Ltd (MDIPL) operates three stores in India.
Its revenue increased 27.97 per cent to Rs 128.45 crore in FY25 compared to Rs 100.37 crore in FY24.
The net profit rose 13.86 per cent to Rs 11.66 crore for the financial year ended March 2026.
Like ITRIPL, Tata group retail firm Trent has a 20 per cent stake in MDIPL.
ITRIPL and MDIPL source merchandise only from the Inditex Group, one of the world's largest fashion retail groups, headquartered in Arteixo, Galicia, Spain, whose portfolio consists of several well-known brands, such as Zara, Massimo Dutti, Pull&Bear, Bershka, and Stradivarius, a women's fashion brand.
Moreover, the choice of product and related specifications is Inditex's discretion. Further, the entities are dependent on the Inditex group for permissions to use the said brands in India, subject to its terms and specifications, according to the latest annual report of Trent.
