Nexus Select Trust
Nexus Select Trust
Consumer DiscretionaryKey Fundamentals
SmallcapREITsRealtyTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 290%
Weaknesses
2- Company has a low return on equity of 3.76% over last 3 years.
- Promoters have pledged 77.4% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
Nexus Select Trust is India's first listed retail REIT, with a market cap of about Rs 25,225 crore, trading at a P/E of 57.2x and P/B of 1.9x. Reported earnings show 12% TTM sales growth but a 5% TTM profit decline and a 3-year average ROE of about 4%. Recent disclosures report 11% YoY NOI growth to Rs 510 crore in Q1 FY27, 97% occupancy in recent quarters and an 18% loan-to-value ratio. Sponsor units are heavily pledged, and the headline valuation ratios have limits when applied to a REIT structure.
- Operating income is growing at double digits. Retail NOI rose 12% YoY in Q1 FY26, 14% in Q2 FY26, 15% in Q3 FY26 (Rs 450 crore) and 11% in Q4 FY26 (Rs 440 crore). Reported Q1 FY27 NOI grew 11% YoY to Rs 510 crore. TTM sales growth of 12% in the screener data is in line with this trend.
- Tenant sales, which drive turnover-linked rents, are growing faster than NOI. Q3 FY26 set a quarterly record of Rs 4,100 crore, up 16% YoY, and reported Q1 FY27 consumption was Rs 3,850 crore, up 17% YoY.
- Payouts are high and growing. The screener shows a 290% dividend payout. The trust reports 12 consecutive quarters of 100% distribution payout, with Q1 FY27 DPU of Rs 2.442, up 10% YoY. That quarter's Rs 370 crore distribution annualises to about 5.9% of the Rs 25,225 crore market cap, well above the 1.47% dividend-only yield.
- Leverage is low for real estate. Reported loan-to-value is 18%, with a AAA/Stable credit rating and a 7.2% average cost of debt, 30 bps lower YoY. This leaves room to fund acquisitions with debt.
- Occupancy is high and stable at about 97%: 97.2% at Q4 FY25 and 97% at Q3 FY26. The tenant base is spread across roughly 1,100 brands and more than 3,200 stores.
- The trust is expanding by acquisition. Nexus Vega City and MBD Complex in Ludhiana were added in FY25, and management guided about 15% NOI growth and 10% distribution growth for FY26. Q1 FY27 DPU growth of 10% was in line with guidance.
- Returns since listing have been positive. The stock shows a 10% 3-year CAGR, and the trust reports a 25% IRR to unitholders since listing once distributions are included.
- The valuation is not far above book. P/B is 1.9x on a portfolio of large urban consumption centres. Double-digit re-leasing spreads on 0.4 million sq ft re-leased in Q1 FY27 suggest rents can still rise.
- Return on equity is low. ROE averaged 3.76% over 3 years and was about 3% last year, below typical cost-of-equity benchmarks in India.
- Sponsor units are heavily pledged. Promoters have pledged 77.4% of their holding. Forced selling or a change in sponsor control, if it ever happened, could put pressure on the unit price.
- The earnings multiple is high. A P/E of 57.2x leaves little room for disappointment, especially with TTM profit down 5% even as sales grew 12%.
- Profit and payouts are out of step. A 290% payout ratio means distributions are far above reported accounting profit. Part of each payout is interest, principal repayment or other components rather than earnings-backed dividends, which makes the 1.47% dividend yield misleading.
- Price momentum is weak. The 1-year stock CAGR is only 1%, compared with 10% over 3 years, even though NOI kept growing at double digits.
- The 402% 3-year profit growth figure starts from a very low post-listing base, so it overstates underlying earnings momentum. The -5% TTM profit figure better reflects recent reported profitability.
- NOI growth has slowed and income depends on consumer spending. Growth peaked at 15% in Q3 FY26 and slipped to 11% in Q4 FY26 and Q1 FY27. Revenue relies on discretionary categories such as fashion, jewellery, electronics and entertainment, which are exposed to consumer slowdowns and competition from e-commerce.
- Several standard metrics are missing, and one source is unverified. Debt-to-equity, EPS, ROCE and 52-week high/low (reported as 0) were not available. The Q1 FY27 figures come from a secondary-hosted press release.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Sponsor pledges 13 lakh units Sep 16
BREP Asia SG Forum Holding pledged 1.3 million NXST units to Deutsche Bank AG to secure a credit facility for NXST ML (NQ) Limited. The filing says this covers 100% of the sponsor's total holding, which raises encumbrance concerns.
- Guwahati deal execution, dilution risk Sep 9
The ₹1,600 crore Guwahati assets are still under construction, with completion expected in December 2027. About 40% will be funded with debt and the rest through fresh unit issuance and a unit swap, which could dilute existing unitholders.
- ₹1,600 cr Guwahati acquisition Sep 9
NXST approved buying 100% of Galaxy Infra Creations, which owns a 516,000 sq ft Grade-A mall and a 164-key Hyatt Regency hotel in Guwahati, at an implied 8.25-8.50% mall cap rate and an 11.5-12.5x hotel EBITDA multiple. The deal is expected to be NAV and DPU accretive, with post-deal LTV below 20%, and it is NXST's first entry into Northeast India.
- Emkay reiterates Buy, TP ₹190 Sep 9
Emkay Global kept its Buy rating and ₹190 target price, valuing the trust at 7.0% cap rates for retail and 8.0% for commercial and hospitality. It pointed to NXST's goal of 18-20 mn sq ft by FY30, adding ₹10 bn in incremental NOI.
- East India NOI target ₹600 cr+ Sep 9
Management is targeting an East India portfolio generating over ₹600 crore of NOI, more than 25% of existing portfolio NOI. The pipeline covers six Grade-A retail assets totalling about 3.6 mn sq ft across four cities.
- Sponsor releases 12M unit pledge Sep 8
BREP Asia SG Forum Holding released a pledge on 12 million NXST units effective September 4, 2026. This reduces encumbrance under SEBI REIT regulations.
- ₹250 cr commercial paper issue Sep 24
NXST allotted ₹250 crore of commercial paper in two tranches with 43- and 54-day tenures at a 6.35% discount rate. This is routine short-term financing at a reasonable cost.
- Institutional investor meetings Sep 21
Senior management held one-on-one meetings with institutional investors on September 8 and September 18, 2026 to discuss the trust's performance. These are routine investor-relations activities with no new disclosures.
TL;DR: NXST is growing steadily. The ₹1,600 crore Guwahati acquisition gives it a foothold in an under-supplied Grade-A retail market, and it is expected to be NAV and DPU accretive with LTV staying below 20%. Emkay's Buy rating with a ₹190 target supports the outlook. The risks are mixed sponsor pledge activity (a 12M unit release, then a 1.3M unit pledge reported as covering 100% of the sponsor's holding), possible dilution from unit-funded deals, and construction risk until December 2027. The trend looks better overall, and execution on the East India pipeline and the 18-20 mn sq ft FY30 target will be the main thing to watch.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 287 | 541 | 571 | 542 | 554 | 557 | 594 | 580 | 614 | 631 | 671 | 652 | 681 |
| Expenses | 98 | 183 | 185 | 166 | 180 | 179 | 189 | 182 | 192 | 203 | 220 | 225 | 212 |
| Operating Profit | 190 | 357 | 387 | 375 | 374 | 378 | 405 | 398 | 421 | 428 | 451 | 428 | 469 |
| OPM % | 66% | 66% | 68% | 69% | 67% | 68% | 68% | 69% | 69% | 68% | 67% | 66% | 69% |
| Other Income | 6 | 18 | 19 | 20 | 28 | 21 | 39 | 35 | 26 | 21 | 23 | 23 | 25 |
| Interest | 53 | 95 | 97 | 93 | 91 | 93 | 104 | 106 | 112 | 116 | 116 | 114 | 116 |
| Depreciation | 78 | 147 | 148 | 148 | 145 | 147 | 148 | 146 | 155 | 162 | 153 | 150 | 151 |
| PBT | 65 | 134 | 161 | 156 | 165 | 159 | 193 | 181 | 180 | 172 | 204 | 187 | 227 |
| Tax % | -45% | -88% | 34% | 6% | 15% | 31% | 38% | 37% | 34% | 23% | 32% | 93% | 31% |
| Net Profit | 94 | 251 | 107 | 146 | 140 | 110 | 119 | 114 | 120 | 132 | 139 | 12 | 157 |
| EPS in Rs | 0.62 | 1.66 | 0.71 | 0.97 | 0.92 | 0.73 | 0.78 | 0.75 | 0.79 | 0.87 | 0.92 | 0.08 | 1.03 |
Profit & Loss
| Particulars | Mar 2023 8m | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 0 | 1,916 | 2,283 | 2,568 | 2,635 |
| Expenses | 3 | 632 | 731 | 835 | 859 |
| Operating Profit | -3 | 1,284 | 1,552 | 1,733 | 1,776 |
| OPM % | — | 67% | 68% | 67% | 67% |
| Other Income | 0 | 88 | 126 | 88 | 92 |
| Interest | 0 | 337 | 394 | 458 | 462 |
| Depreciation | 0 | 520 | 586 | 620 | 616 |
| PBT | -3 | 515 | 698 | 743 | 790 |
| Tax % | 0% | -16% | 31% | 46% | — |
| Net Profit | -3 | 599 | 483 | 403 | 440 |
| EPS in Rs | — | 3.95 | 3.19 | 2.66 | 2.9 |
| Div. Payout % | 0% | 178% | 397% | 295% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 0 | 15,095 | 15,095 | 15,095 |
| Reserves | -3 | -160 | -956 | -1,885 |
| Borrowings | 0 | 4,271 | 5,336 | 6,203 |
| Other Liabilities | 48 | 894 | 1,046 | 1,099 |
| Total Liabilities | 45 | 20,100 | 20,520 | 20,512 |
| Fixed Assets | 0 | 17,915 | 18,323 | 18,582 |
| CWIP | 0 | 35 | 69 | 9 |
| Investments | 0 | 1,185 | 1,328 | 1,318 |
| Other Assets | 45 | 965 | 800 | 602 |
| Total Assets | 45 | 20,100 | 20,520 | 20,512 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 0 | 1,217 | 1,532 | 1,662 |
| Investing | 0 | -398 | -965 | -731 |
| Financing | 0 | -780 | -588 | -914 |
| Net Cash Flow | 0 | 39 | -20 | 17 |
| Free Cash Flow | 0 | 1,131 | 1,387 | 1,302 |
| CFO/OP | 0 | 101 | 103 | 104 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | 12 | 9 | 8 |
| Cash Conversion Cycle | — | 12 | 9 | 8 |
| Working Capital Days | — | -125 | -175 | -143 |
| ROCE % | — | 8% | 5% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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33 extracted metrics + investor summaries across FY23–FY27.
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Company Information
Nexus Select Trust (NST) is the owner of India's leading consumption center platform of high-quality assets that serve as essential consumption infrastructure and is the first publicly listed consumption center REIT in India.[1][2]
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