Nexus Select Trust (NXST) Q2 26/27 earnings summary

Executive summary

• Q2 NOI was INR 504 crore, up 8% YoY; H1 NOI reached INR 1,014 crore, up 9%.

• Q2 tenant sales rose 13% YoY to INR 3,909 crore; H1 sales increased 15% to INR 7,760 crore, with 70 million footfalls, up 4%.

• Q2 revenue from operations was ₹669.91 crore, EBITDA ₹477.62 crore and net profit ₹273.48 crore; H1 net profit was ₹430 crore.

• Q2 distribution was INR 358.60 crore, or INR 2.367 per unit; H1 distributions totaled INR 728.56 crore, or INR 4.809 per unit.

• Consolidated fair-value NAV was ₹171.70 per unit as at September 30, 2026.

Financial highlights

• Q2 revenue from operations was ₹669.91 crore versus ₹630.88 crore a year earlier; H1 revenue was ₹1,350.44 crore versus ₹1,244.47 crore.

• Q2 EBITDA was ₹477.62 crore versus ₹447.55 crore; H1 EBITDA was ₹968.88 crore versus ₹893.13 crore.

• Q2 net profit was ₹273.48 crore versus ₹132.32 crore; H1 net profit was ₹430 crore versus ₹251.90 crore, including a ₹162.24 crore deferred-tax credit.

• Q2 NDCF and distribution were each INR 359 crore, representing a 100% NDCF payout and the 13th consecutive quarter at full payout.

• H1 operating cash flow was ₹859.48 crore; investing and financing cash outflows were ₹450.94 crore and ₹924.98 crore, respectively.

Outlook and guidance

• FY27 DPU guidance remains INR 9.8–INR 10 per unit; management said current assumptions accommodate at least one further rate hike.

• Q3 consumption growth is expected to be broadly in line with H1; October and November should be assessed together given Diwali timing.

• Rent-to-sales target is 12%–14%, with the upper end targeted by FY2030 as lease renewals capture mark-to-market rents.

• Acquisition pipeline includes six retail assets; two assets totaling 1.2 million sq. ft. were under due diligence, with two to three high-quality acquisitions targeted this year.

• Runwal Gardens Mall and Nexus Galaxy Complex remain on track for completion by 2028.