iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Compare Trent, Reliance Retail and Avenue Supermarts (DMart) first on the same fiscal year, then on the same accounting basis and financial measure. For the year ended 31 March 2026 (FY26), Trent reported consolidated revenue from operations of ₹20,074.21 crore, up 17.16%; Reliance Retail reported revenue from operations of ₹3,28,202 crore, up 12.8%; and DMart reported consolidated total income of ₹68,894.84 crore versus ₹59,482.36 crore in FY25. Those numbers show scale and reported growth, but DMart’s total-income measure is not perfectly like-for-like with the revenue-from-operations figures used by the other two companies.
A sound comparison also separates annual results from quarterly updates, distinguishes standalone from consolidated accounts, and places store additions beside a productivity measure where one is disclosed. The outcome is a careful reading of reported performance rather than a claim that three very different retail models have identical economics.
Start with a like-for-like comparison
A useful retailer comparison has five controls: period, consolidation basis, financial measure, growth source and business format. If any of these changes between companies, the resulting ranking can look more precise than the underlying data allows.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →- Match the period. Use FY26 for all three companies, with each fiscal year ending 31 March 2026. Do not compare one company’s full year with another company’s quarter.
- Match the consolidation basis. Compare consolidated results with consolidated results, or standalone results with standalone results. Consolidated accounts include subsidiaries and other controlled businesses; standalone accounts describe the parent company by itself.
- Retain the company’s measure. Revenue from operations, value of sales and services, gross revenue and total income are different labels and may include different items.
- Add operating context. Store openings, total footprint and a published productivity measure help indicate whether growth came mainly from network expansion, existing-store productivity or a combination.
- Separate format and scale. A national conglomerate, a fashion-led chain and a grocery-focused retailer do not have identical category mixes, store sizes or economics.
The result is a defensible comparison of reported performance, not a claim that the businesses are identical or that headline growth equals organic, same-store growth.
#1 Best Overall
FY26 headline figures
The following table uses the latest complete fiscal year reported for all three retailers. Values are nominal rupees reported by the companies; they are not adjusted for inflation.
| Retailer | FY26 measure and value | FY25 comparison | Reported or derived change | Basis and qualification |
|---|---|---|---|---|
| Trent Limited | Consolidated revenue from operations: ₹20,074.21 crore | ₹17,134.61 crore | 17.16% reported growth | Consolidated group figure. Standalone revenue from operations was ₹19,701.41 crore versus ₹16,668.11 crore, or 18.20% growth. |
| Reliance Retail | Revenue from operations: ₹3,28,202 crore | ₹2,91,043 crore | 12.8% reported growth | Revenue-from-operations measure. The annual report also gives value of sales and services of ₹3,71,085 crore, up 12.1%; that is a different measure. |
| Avenue Supermarts (DMart) | Consolidated total income: ₹68,894.84 crore | ₹59,482.36 crore | About 15.82% increase, calculated from the two total-income values | Directional context only because the cited measure is total income, not revenue from operations. Standalone total income was ₹67,096.05 crore versus ₹57,963.83 crore. |
On the reported figures, Trent’s 17.16% revenue-from-operations growth is higher than Reliance Retail’s 12.8%. DMart’s total income increased by approximately 15.82% when calculated from the reported values, but that result should not be presented as a directly comparable revenue-growth rate. The table therefore supports a directional reading rather than a perfectly standardized league table.
Why the financial measure changes the answer
Revenue from operations
Revenue from operations is the operating revenue line used for Trent’s consolidated FY26 figure and Reliance Retail’s FY26 figure. It is the cleanest starting point when the same label and consolidation basis are available, but the contents of the line still depend on each company’s accounting presentation.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Value of sales and services
Reliance Retail reports FY26 value of sales and services of ₹3,71,085 crore, up 12.1%, alongside revenue from operations of ₹3,28,202 crore, up 12.8%. Do not replace one with the other. If you use value of sales and services, label it exactly and compare it only with an equivalent measure from another retailer.
Total income
DMart’s cited FY26 figure is consolidated total income, not revenue from operations. Total income can include operating revenue plus other income, depending on the company’s presentation. Its ₹68,894.84 crore versus ₹59,482.36 crore comparison is therefore useful for scale and direction, but it does not establish an exact like-for-like revenue growth rate against Trent or Reliance Retail.
Standalone and consolidated accounts
Trent’s consolidated FY26 revenue from operations was ₹20,074.21 crore, while its standalone figure was ₹19,701.41 crore. Those are both valid numbers answering different questions. Use consolidated results when the comparison is between corporate groups, and state the basis in the same sentence or table cell so a reader cannot mistake a parent-only result for group performance.
Compare both percentage growth and rupee growth
Percentage growth answers how quickly the base expanded. Absolute growth answers how many additional rupees were added. Both are useful, but they should not be mixed into one score.
- Trent added ₹2,939.60 crore of consolidated revenue from operations, rising from ₹17,134.61 crore to ₹20,074.21 crore.
- Reliance Retail added ₹37,159 crore of revenue from operations, rising from ₹2,91,043 crore to ₹3,28,202 crore.
- DMart added ₹9,412.48 crore of reported consolidated total income, rising from ₹59,482.36 crore to ₹68,894.84 crore.
The rupee increases for DMart and Reliance Retail are not perfectly comparable with one another or with Trent because DMart’s line is total income. Even so, the exercise prevents a common mistake: treating Trent’s higher percentage rate as evidence that it added more revenue in absolute terms. Reliance Retail operated from a much larger base and therefore added substantially more rupees despite its lower percentage rate.
How to calculate growth without overstating it
For a reported percentage supplied by the company, reproduce the company’s number and its label. For a percentage you calculate yourself, show that it is derived and preserve the underlying measure.
The basic calculation is:
Growth (%) = (FY26 value − FY25 value) ÷ FY25 value × 100
Using DMart’s total-income values:
(₹68,894.84 crore − ₹59,482.36 crore) ÷ ₹59,482.36 crore × 100 ≈ 15.82%
Call this “approximately 15.82% growth in reported consolidated total income,” not “15.82% revenue growth.” The distinction matters because the numerator and denominator are total income figures.
Also avoid mixing rupee scale with growth rate. Reliance Retail’s ₹3,28,202 crore revenue is far larger than Trent’s ₹20,074.21 crore, but a larger base does not automatically mean a faster percentage increase. Conversely, a higher percentage increase does not mean a company added more rupees of revenue.
What the numbers say about Trent relative to peers
Trent’s reported pace
Trent’s consolidated revenue from operations rose from ₹17,134.61 crore in FY25 to ₹20,074.21 crore in FY26, a reported 17.16% increase. Its standalone revenue from operations rose 18.20%, from ₹16,668.11 crore to ₹19,701.41 crore. Because the consolidated and standalone rates differ, identify which one you are using before drawing a conclusion.
Trent’s FY26 annual-report portfolio figures list 300 Westside stores, 963 Zudio stores including six in the United Arab Emirates, and 23 stores in other lifestyle concepts. These counts provide expansion context, but they do not prove that store openings caused the entire revenue increase. The counts may also use concept-specific or geographic scopes that are not identical to peer disclosures.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchPC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Reliance Retail’s scale and reach
Reliance Retail reported FY26 revenue from operations of ₹3,28,202 crore, up 12.8% from ₹2,91,043 crore. It opened 1,564 stores during FY26 and ended the year with 20,160 stores. The company reported a customer base of 387 million and more than 1.9 billion transactions.
Rank #3
- Comes with secure packaging
- Easy to read text
- It can be a gift option
Those figures describe network scale, reach and activity. They are not a mathematical attribution of the 12.8% revenue increase to store openings, customers or transactions individually. Reliance Retail’s broad format and category mix also make direct comparisons with a fashion-led chain inherently imperfect.
DMart’s income growth and productivity signal
DMart reported consolidated total income of ₹68,894.84 crore in FY26, compared with ₹59,482.36 crore in FY25. The company had 500 stores at 31 March 2026.
DMart’s annualised revenue per retail business-area square foot was ₹33,422 in FY26, down from ₹33,896 in FY25. That is a decline of about 1.4% calculated from the two disclosed values. Higher total income alongside lower reported revenue per retail business-area square foot suggests that expansion and productivity did not move in exactly the same direction; it does not, by itself, explain the causes or the profitability impact.
Recommended Free Tools
Use store growth and productivity together
Revenue growth alone cannot tell you whether a retailer is opening more locations, selling more through existing locations, changing its mix or benefiting from other factors. A practical dashboard should contain three layers:
| Layer | Question | FY26 evidence available here |
|---|---|---|
| Financial growth | How much did the reported top-line measure change? | Trent revenue from operations +17.16%; Reliance Retail revenue from operations +12.8%; DMart total income +15.82% calculated from reported values. |
| Network expansion | Did the selling footprint grow? | Reliance opened 1,564 stores and ended at 20,160; DMart had 500 stores; Trent’s reported portfolio included 300 Westside and 963 Zudio stores plus 23 other lifestyle-concept stores. |
| Productivity | Did existing selling space produce more? | DMart annualised revenue per retail business-area square foot fell from ₹33,896 to ₹33,422; a consistently defined equivalent metric for all three retailers is not established in the figures used here. |
Do not turn a store count into a causal claim. A new store can add sales gradually, cannibalise nearby stores, have a different size or format, or open in a market with different demand. Likewise, a sales-per-area measure can change because of mix, timing, space additions or definitions, not only because customers became less productive.
Read the footprint figures carefully
Store counts are most useful when their date and scope are explicit. “Stores at year-end” is a closing snapshot; “stores opened during the year” is a flow. They are not interchangeable. Reliance Retail’s 1,564 openings and 20,160 year-end stores answer those two different questions. DMart’s 500 stores is a year-end count. Trent’s 300 Westside, 963 Zudio and 23 other lifestyle-concept figures are a portfolio breakdown, including six Zudio stores in the UAE.
Concept coverage also matters. Trent’s count is separated by brand and includes an overseas component, while Reliance Retail’s total covers a much broader set of formats. A comparison that divides revenue by these counts would therefore produce misleading “sales per store” figures. Unless every company defines stores, concepts, ownership and geography in the same way, use the counts descriptively rather than constructing a ranking.
For the same reason, a productivity metric must carry its definition. DMart reports annualised revenue per retail business-area square foot, not revenue per store or revenue per total leased square foot. A different denominator would change the result even if the underlying sales were identical.
A repeatable comparison procedure
- Write the fiscal dates. Record that FY26 runs to 31 March 2026 and that FY25 is the prior year ending 31 March 2025.
- Copy the exact line-item label. Use “consolidated revenue from operations,” “revenue from operations,” or “consolidated total income” rather than a generic word such as sales.
- Set the consolidation rule. Put every company on consolidated statements where available. If one company is shown on a standalone basis, mark it clearly and do not merge the rates into a single ranking.
- Capture both years and the reported rate. Keep the prior-year value beside the current-year value so the base is visible.
- Calculate only when necessary. For DMart, a 15.82% total-income increase can be derived, but it must retain the total-income label.
- Add footprint data. Record stores at year-end and openings during the year, while noting whether the count covers all concepts and geographies.
- Add productivity only where definitions match. DMart’s retail-business-area square-foot figure should not be compared with an unrelated sales-per-store or sales-per-square-foot definition.
- Write the conclusion with a scope statement. Say whether the result compares reported group scale, growth rate, expansion or productivity; do not imply a same-store or organic comparison unless every company supplies a compatible measure.
Common comparison mistakes
- Ranking total income beside revenue without a label. This turns a directional DMart figure into an apparently exact revenue comparison.
- Using standalone Trent data against consolidated peers. The standalone 18.20% rate answers a parent-company question, not the same group-level question as consolidated peer results.
- Using value of sales and services as a synonym for revenue. Reliance Retail reports both, and the FY26 growth rates are 12.1% and 12.8%, respectively.
- Comparing a quarter with a year. A three-month result cannot be ranked against a twelve-month result without matching periods.
- Calling store additions the cause of growth. Openings are context; the reported figures do not assign a specific share of revenue growth to them.
- Claiming same-store growth is established. The figures used here do not provide a consistently defined same-store-sales measure for all three retailers.
- Ignoring category mix. Reliance Retail’s broad formats, Trent’s lifestyle concepts and DMart’s grocery-led format can produce different revenue and productivity patterns.
Keep Trent’s Q1 FY27 update separate
Trent’s unaudited consolidated revenue from operations for the quarter ended 30 June 2026 was ₹5,754.71 crore, versus ₹4,883.48 crore for the quarter ended 30 June 2025. Calculated from those filing values, the increase is approximately 17.8% year over year. The filing is dated 6 August 2026.
This is a newer observation than the FY26 annual comparison, but it is not a replacement for it. A quarter measures three months; FY26 measures twelve months. Ranking Trent’s Q1 FY27 rate against Reliance Retail’s or DMart’s FY26 annual rate would mix periods and could mislead. A fair quarterly comparison requires each peer’s Q1 FY27 filing, the same revenue measure and the same consolidation basis.
The same filing presents Trent’s consolidated FY26 revenue from operations as ₹20,074.21 crore and separates standalone from consolidated results. Use the consolidated line when comparing Trent with group-level peer figures.
What this comparison can and cannot prove
It can show
- Which reported measure increased faster over the same fiscal year.
- The difference between corporate scale and percentage growth.
- Whether a retailer disclosed network expansion or a productivity metric alongside financial results.
- Where a comparison is directional because the accounting measure differs.
It cannot show from these figures alone
- Same-store sales or organic growth for all three companies.
- Which retailer is more profitable, because margins, costs and capital employed are not part of this comparison.
- That store openings caused a specific share of revenue growth.
- That one format has superior economics across every geography or category.
The safest wording is therefore specific: Trent grew consolidated revenue from operations 17.16% in FY26; Reliance Retail grew its reported revenue from operations 12.8%; and DMart’s consolidated total income rose about 15.82% based on the disclosed values. The first two are revenue-from-operations comparisons, while the third is a total-income comparison.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to present the final verdict
If the question is “How fast did the reported top line grow in FY26?”, Trent leads Reliance Retail on the disclosed revenue-from-operations rates, while DMart falls between them on a directional total-income calculation. If the question is “Which retailer is largest?”, Reliance Retail is in a different scale category at ₹3,28,202 crore of FY26 revenue from operations. If the question is “Who grew most efficiently?”, these figures are insufficient because only DMart’s specific revenue-per-retail-business-area-square-foot measure is available here and it declined year over year.
A high-quality comparison keeps those answers separate instead of forcing one overall winner. Report the period, line item, consolidation basis and caveat next to every number; then use stores and productivity as context rather than as proof of causation.
A compact scorecard for future updates
When a new annual report arrives, preserve the FY26 framework rather than replacing it with a single headline percentage. A compact scorecard can list, for each retailer, the fiscal year-end date, consolidated or standalone basis, exact income-statement label, current-year value, prior-year value, company-reported growth, year-end stores, stores opened and any productivity denominator. A notes column should identify whether the number is reported or calculated.
Free tools Windows power users keep installed
One-click scans. No signup required.
This layout makes revisions easier. If a company later changes a presentation, adds a restated comparative or clarifies the scope of its store count, the affected cell can be updated without rewriting the entire conclusion. It also keeps a derived percentage, such as DMart’s approximately 15.82% total-income increase, visibly separate from a company-reported rate such as Trent’s 17.16%.
Best Value
- Keep track of everything from attendance to test scores
- Spiral bound
- Measures 8-1/2" x 11"
For investor or strategy work, the scorecard can be followed by questions that these figures do not answer: How did margins change? What capital was required for new stores? What portion of sales came from new versus mature locations? Those require additional disclosures and should not be inferred from the FY26 top-line and footprint numbers alone.
Frequently Asked Questions
Which retailer grew fastest in FY26 on the most comparable reported measure?
Trent reported the highest rate among the two companies using revenue from operations: 17.16% versus Reliance Retail’s 12.8%. DMart’s approximately 15.82% increase is calculated from consolidated total income, so it is directional rather than a fully like-for-like revenue ranking.
Which company was largest by FY26 reported revenue?
Reliance Retail, with revenue from operations of ₹3,28,202 crore. Trent reported ₹20,074.21 crore of consolidated revenue from operations. DMart reported ₹68,894.84 crore of consolidated total income, a different measure.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Why not call DMart’s 15.82% increase revenue growth?
The disclosed DMart figures are consolidated total income, ₹68,894.84 crore versus ₹59,482.36 crore. The derived rate should be described as growth in reported total income unless a revenue-from-operations figure is separately established.
Should Trent’s standalone or consolidated result be used?
Use consolidated Trent results when comparing the group with consolidated peer figures: ₹20,074.21 crore and 17.16% growth. Trent’s standalone revenue from operations rose 18.20%, but that is a parent-only basis and should be labeled separately.
What store data adds useful context?
Reliance Retail opened 1,564 stores and ended FY26 with 20,160. DMart had 500 stores at 31 March 2026. Trent’s reported portfolio included 300 Westside stores, 963 Zudio stores including six in the UAE, and 23 stores in other lifestyle concepts. These figures indicate footprint, not causation.
Did DMart’s store productivity improve?
No on the disclosed measure: annualised revenue per retail business-area square foot declined from ₹33,896 in FY25 to ₹33,422 in FY26, a fall of about 1.4% calculated from those values.
Do these 3 things before closing this tab:
1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesCan Trent’s Q1 FY27 growth be compared with FY26 peer growth?
No. Trent’s quarter ended 30 June 2026 showed approximately 17.8% year-over-year growth in consolidated revenue from operations, but that three-month result must be compared with peers’ Q1 FY27 filings, not their full-year FY26 rates.
Does the comparison establish same-store or organic growth?
No. The available figures do not provide a consistently defined same-store-sales measure for all three retailers. Reported revenue or total-income growth combines the effects of network changes, existing locations, mix and other factors.
Why are absolute rupee additions useful?
They show the amount added to the reported base. Trent added ₹2,939.60 crore of consolidated revenue from operations, while Reliance Retail added ₹37,159 crore of revenue from operations. A higher percentage rate and a larger rupee increase are different outcomes.
The Bottom Line
Bottom line: On FY26 revenue from operations, Trent’s reported 17.16% growth exceeded Reliance Retail’s 12.8%, while Reliance Retail remained vastly larger by reported rupee scale. DMart’s consolidated total income rose approximately 15.82%, but that is directional because the measure differs. Keep consolidation, period and line-item labels visible, and use stores and productivity as context—not proof of causation.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteQuick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
