Nexus Select Trust (NXST) Q1 25/26 earnings summary

Executive summary

• Achieved 12% year-over-year Retail NOI growth and 6% like-for-like NOI growth in Q1 FY26, with consumption up 11% YoY and robust leasing activity across the portfolio.

• Maintained 97.2% leased occupancy for nine consecutive quarters since listing, with 0.27M sf leased in Q1 FY26 and a 15% re-leasing spread.

• Distributed INR 3,378.45 million (INR 2.230 per unit) in Q1 FY26, up 4% YoY, maintaining a 100% payout for eight consecutive quarters.

• Newly acquired assets, Nexus Vega City and MBD Neopolis, delivered double-digit and 5% tenant sales growth, respectively, validating the acquisition strategy.

• Delivered a 57% total return to unitholders since listing in May 2023, with the unitholder base more than doubling.

Financial highlights

• Revenue from operations reached INR 6,136M in Q1 FY26, with NOI at INR 4,602M and EBITDA at INR 4,456M.

• Standalone profit after tax for Q1 FY26 was ₹2,902.70 million, up from ₹2,587.70 million in Q4 FY25.

• Distribution per unit for the quarter at INR 2.23; cumulative payout since listing at INR 26.7 billion (INR 17.655 per unit).

• NOI margin expanded by 50bps YoY to 75%.

• Working capital improved due to tax refunds, record-high security deposit collection, and debtor days reduced to 3.2.

Outlook and guidance

• On track to achieve full-year NDCF guidance of INR 9.1 per unit.

• Management expects sustained consumption and NOI growth, supported by macroeconomic tailwinds and a robust acquisition pipeline of 10+ assets across 8 states.

• Full benefit of repo rate cuts to reflect in subsequent quarters, further reducing cost of debt.

• Acquisition pipeline remains strong, with Hyderabad acquisition nearing completion.