Nexus Select Trust (NXST) Q4 24/25 earnings summary

Executive summary

• Achieved 8% YoY retail NOI growth in Q4 FY25 and 6% LFL retail NOI growth, with consolidated NOI up 7% YoY and a 77% NOI margin.

• Maintained leased occupancy above 97% for eight consecutive quarters since listing.

• Completed acquisitions of Nexus Vega City (Feb'25) and MBD Complex (May'25), expanding presence and integrating assets successfully.

• Distributed INR 12,650M (INR 8.35 per unit) in FY25, with a 100% NDCF payout ratio and 71% of distributions tax-free.

• Audited standalone and consolidated financial statements for the year ended March 31, 2025, were approved, with unmodified audit opinions and compliance with all regulatory requirements.

Financial highlights

• Q4 FY25 revenue from operations: INR 5,803M; NOI: INR 4,469M; EBITDA: INR 4,309M.

• FY25 overall NOI grew 6% YoY to INR 17.1B; retail NOI up 8% YoY in Q4 FY25.

• Distribution per unit for Q4 FY25: INR 2.00; for FY25: INR 8.35.

• Gross Asset Value (GAV) as of Mar'25: INR 275B; Net Asset Value (NAV): INR 151.83 per unit.

• Annual revenue from operations (consolidated) reached INR 22,828.93M, up from INR 19,163.78M in FY24.

Outlook and guidance

• FY26 NOI guidance: INR 19.4–19.6B, implying ~15% YoY growth.

• Distribution per unit guidance for FY26: INR 9.10–9.20, ~10% YoY growth.

• Retail leasing occupancy expected to remain above 98%.

• Projected 20%+ mark-to-market potential on leases expiring in FY26.

• The Trust continues to focus on stable distributions and asset growth, with recent acquisitions and ongoing capital deployment.