Demand pressure
True, the base is relatively favourable for the coming quarters, which could support growth. However, management commentary remains cautious. According to Trent, consumer sentiment was relatively stable at the start of Q4FY26, but the impact of unfolding geopolitical developments is still playing out. Management pointed out that consumers are spending cautiously, leading to moderation in discretionary demand amid persistent macro uncertainties and a potential rise in the cost of living. The second-order effects of the conflict in West Asia on supply chains, commodity prices and inflation could further have an adverse impact on near-term demand.
