Nexus Select Trust (NXST) Q2 25/26 earnings summary

Executive summary

• Achieved 16% year-on-year tenant sales and consumption growth in Q2 FY26, with NOI up 14% and continued strong operational and financial results.

• Distribution of INR 3,329.97 million (INR 2.198 per unit) declared for Q2 FY26, marking the ninth consecutive quarter of 100% payout since listing.

• NAV per unit at fair value increased to INR 159.35 as at September 30, 2025.

• Newly acquired malls, including Nexus Vega City and MBD Neopolis, showed strong post-acquisition growth, with MBD Neopolis and Radisson Blu Hotel, Ludhiana, acquired in May 2025.

• Board changes included the appointment of Mr. Asheesh Mohta as Chairman and Mr. Siddharth Nawal as Additional Director, with the resignation of Mr. Tuhin Parikh.

Financial highlights

• Revenue from operations reached INR 6,309 million in Q2 FY26, with NOI at INR 4,675 million and EBITDA at INR 4,475 million.

• Standalone profit after tax for Q2 FY26 was INR 2,323.94 million; consolidated profit after tax was INR 1,323.21 million.

• Distribution per unit was INR 2.198, with a 100% NDCF payout ratio for the ninth consecutive quarter.

• NAV increased 8% year-over-year to INR 159 per unit.

• Trading densities in key malls grew 13%-15% year-over-year.

Outlook and guidance

• On track to achieve full-year NOI and distribution guidance (INR 9.1–9.2 per unit), with distributions to be paid on or before November 17, 2025.

• Pipeline of 10 assets for inorganic growth, with three under due diligence and expected to close in 5–6 months.

• Favorable retail demand-supply dynamics expected to continue, with demand projected to be 2x supply through 2028.

• No material deviations in the use of proceeds from debt securities; all proceeds used as per stated objectives.

• Expectation of sustained double-digit consumption growth in H2 FY26, with October showing higher growth than Q2.