N
Nexus Select Trust
NXST NSE
Nexus Select Trust
Consumer DiscretionaryNSE: NXST BSE: 543913 Realty
Key Fundamentals
SmallcapREITsRealtyMarket Cap
₹25,587 Cr
P/E Ratio
57.87
EBITDA
₹1,820 Cr
Return on Equity
3.05%
Debt to Equity
0.47
Book Value
₹87.56
EPS
₹4.25
52W High
₹191.9
52W Low
₹143.25
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Nexus Select Trust insights
33 extracted metrics + investor summaries across FY23–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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
Revenue Growth
10.67% ↗
Net Income Growth
-16.43% ↘
Cash Flow Change
8.46% ↗
ROE
-10.56% ↘
ROCE
9.17% ↘
EBITDA Margin (Avg.)
-1.44% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18h agoAI opinion · based on fundamentals
Risk medium
Nexus Select Trust is India's largest listed retail REIT with 19 malls spanning 10.7 million sq ft across 15 cities, trading at a P/E of 57.8x with a market cap of Rs 25,561 crore. Revenue grew 12% YoY in FY26 to Rs 25,689 crore while NOI expanded 11-14% quarterly, but ROE remains low at 3.76% over three years and promoters have pledged 77.4% of their holdings.
Bull Case 8
- Rental revenue grew 12% YoY in FY26 to Rs 25,689 million, following 15.8% growth in FY25, demonstrating consistent top-line momentum
- Occupancy remains elevated at 97.2%, indicating strong tenant demand and limited vacancy risk across the 10.7 million sq ft portfolio
- Distribution per unit grew 10% YoY in recent quarters (Rs 2.44 per unit in Q1 FY27 vs Rs 2.23 a year ago), with management guiding for 10% DPU growth in FY26
- Loan-to-value ratio of just 18-19% is well below the 49% SEBI ceiling and the 28-30% REIT sector average, providing approximately $1 billion in acquisition headroom
- Diversified across 15 cities with 19 Grade A malls, reducing single-asset or single-city concentration risk
- Management guided for 15% NOI growth in FY26 including acquisitions of Nexus Vega City Mall and MBD Complex in Ludhiana
- Dividend payout ratio of 290% (as a REIT distributing substantially all income) provides income visibility for unitholders
- Stock CAGR of 12% over 1 year and 11% over 3 years shows steady capital appreciation alongside distributions
Bear Case 8
- Return on equity is only 3.76% averaged over the last 3 years, significantly below cost of equity for most investors
- Promoters have pledged 77.4% of their holdings, creating overhang risk if margin calls are triggered during market stress
- P/E of 57.8x is elevated relative to broader market multiples, leaving limited margin of safety if growth decelerates
- TTM profit declined 5% despite 12% revenue growth, indicating margin pressure or higher finance/depreciation costs
- Dividend yield of only 1.45% is modest for a REIT structure that is expected to provide yield-oriented returns
- Consumer discretionary exposure makes tenant sales vulnerable to economic slowdowns — retail consumption is cyclical
- Acquisition-led growth strategy (Vega City, MBD Complex) carries integration and execution risk that may not immediately translate to NOI accretion
- P/B ratio of 1.92x means unitholders are paying nearly twice book value for underlying real estate assets
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago Positives 2
- Q1 FY27 DPU up 10% Aug 3
Nexus Select Trust reported Q1 FY27 DPU of ₹2.442/unit with 11% NOI growth, 17% consumption growth, and 25% IRR since listing. This marks the 12th consecutive quarter of full payout.
- ₹370 Cr distribution declared Aug 3
Board approved Q1 FY27 distribution of ₹2.442/unit totaling ₹369.96 crore, comprising interest, dividends, other income, and SPV debt repayment.
Neutral 4
- Institutional investor engagement Aug 11
Management held multiple institutional investor meetings on Aug 6 and Aug 10, 2026, including virtual group and one-on-one sessions with senior management.
- 4th Annual Meeting completed Jul 30
Fourth Annual Meeting held on Jul 29, 2026 with 43.40% unitholder voting power represented. Resolutions on financials and valuations were approved.
- Q1 earnings call scheduled Jul 28
Q1 FY2027 earnings conference call was set for Aug 3, 2026 at 17:30 IST to discuss results for the quarter ended June 30, 2026.
- ₹150 Cr commercial paper issued Jul 27
Allotted ₹150 crore in commercial papers at 6.85% discount rate for 59-day tenure, maturing Sep 24, 2026.
TL;DR: Nexus Select Trust is delivering strong operational momentum with double-digit NOI and DPU growth in Q1 FY27, supported by robust consumption trends across its mall portfolio. No material headwinds are visible in the recent news flow. Active investor engagement and consistent full payouts signal management confidence. The trend is clearly improving with 25% IRR since listing reinforcing the bullish trajectory.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Reg 23(5)(i): Disclosure of material issue
30 Apr - Nexus Select Trust disclosed NCD interest payments, AAA/AA rating reaffirmations, and 700 crore redemption on December 16, 2025. 30 Apr - Nexus Select Trust disclosed NCD interest payments, AAA/AA rating reaffirmations, and 700 crore redemption on December 16, 2025.
2
Reg 23(5)(i): Disclosure of material issue
27 Apr - Allotted 4,000 commercial papers of ₹200 crore, 91-day tenure, maturing July 27, 2026. 27 Apr - Allotted 4,000 commercial papers of ₹200 crore, 91-day tenure, maturing July 27, 2026.
3
Reg 23(5)(i): Disclosure of material issue
27 Apr - Borrowing committee allotted 4,000 commercial papers worth ₹200 crore, maturing July 27, 2026. 27 Apr - Borrowing committee allotted 4,000 commercial papers worth ₹200 crore, maturing July 27, 2026.
4
Reg 23(5)(i): Disclosure of material issue
5 May - Board meeting on May 12, 2026 to approve FY26 audited results and distribution; record date May 15, 2026. 5 May - Board meeting on May 12, 2026 to approve FY26 audited results and distribution; record date May 15, 2026.
5
Reg 23(5)(i): Disclosure of material issue
5 May - Nexus Select Trust will hold Q4 and FY26 earnings call on May 12, 2026, at 17:00 IST. 5 May - Nexus Select Trust will hold Q4 and FY26 earnings call on May 12, 2026, at 17:00 IST.
Frequently Asked Questions about Nexus Select Trust
What does Nexus Select Trust do?
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]
Where is Nexus Select Trust (NXST) listed?
Nexus Select Trust is listed on the Indian stock exchanges. It is listed on NSE: NXST and BSE: 543913. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Nexus Select Trust belong to?
Nexus Select Trust operates in the Consumer Discretionary sector within the Realty industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Nexus Select Trust?
Nexus Select Trust has a market capitalisation of approximately ₹25586.83 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Nexus Select Trust?
The Price-to-Earnings (PE) ratio of Nexus Select Trust is 57.87. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Nexus Select Trust?
Over the past 52 weeks, Nexus Select Trust has traded between a low of ₹143.25 and a high of ₹191.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Nexus Select Trust pay dividends?
Yes, Nexus Select Trust has a dividend yield of 1.45%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Nexus Select Trust?
Nexus Select Trust has a Return on Equity (ROE) of 3.05%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Nexus Select Trust on Tapetide?
On Tapetide, you can view Nexus Select Trust's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]