Nexus Select Trust (NXST) Q4 25/26 earnings summary

Executive summary

• Celebrated 10 years of operations with a resilient portfolio of 19 malls across 15 cities, totaling nearly 11 million sq ft and 140 million annual footfalls.

• Achieved record performance in FY26, with 19% YoY consumption growth, 11% YoY retail NOI growth, and robust double-digit consumption growth.

• Maintained 97% retail occupancy, 400 basis points above market, driven by proactive leasing and prime locations.

• Declared 11th consecutive quarter of 100% distribution payout post-listing, with DPU up 14% YoY in Q4 FY26.

• Delivered a total return of 77% to unitholders since listing in May 2023.

Financial highlights

• Q4 FY26 revenue grew 19% YoY to INR 6,524M; NOI was INR 4,986M (12% YoY growth); EBITDA was INR 4,555M.

• FY26 revenue from operations was INR 25,680M; NOI was INR 19,296M (13% YoY growth); EBITDA was INR 18,202M.

• FY26 DPU was INR 9.081 per unit (9% YoY growth); Q4 FY26 DPU was INR 2.286 per unit (14% YoY growth).

• NAV increased by 8% to INR 164 per unit as of March 31, 2026.

• Unit price appreciated over 50% since IPO in May 2023; unitholder base expanded from 24,000 to over 70,000.

Outlook and guidance

• FY27 DPU guidance set at INR 9.8–10 per unit, targeting 9% growth.

• NOI growth guidance for FY27 at 7%, based on 4.5% annual escalations, 2% mark-to-market, and 8% consumption growth.

• Retail leasing occupancy guidance above 98% for FY27.

• Guidance is conservative, with no acquisitions factored in; actuals may exceed if current trends persist.

• FY27 guidance excludes impact from Diamond Plaza and under-construction mall in Dombivli.