Nexus Select Trust Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Realty | Market Cap: ₹25.3K Cr
Strong consumption growth momentum expected to continue through second half of FY 2026, with October showing significantly better growth than Q2 (16% growth in Q2). Nexus Select Trust expects robust future growth in retail NOI and distributions, remaining on track to achieve full-year FY 2026 guidance.
From Nexus Select Trust's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.
Price
₹168
Market Cap
₹25.3K Cr
P/E Ratio
57.4
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Nexus Select Trust — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹652 Cr, net profit ₹12 Cr.
Full financials →📊 Revenue & Sales Performance
- →Strong consumption growth momentum expected to continue through second half of FY 2026, with October showing significantly better growth than Q2 (16% growth in Q2).
- →Retail NOI grew 14% year-on-year in Q2 FY 2026, with guidance on track for full-year NOI and distribution targets.
- →Pipeline of 10 assets, including 3 under due diligence, with acquisition-related NOI additions expected to support future growth.
- →Premiumization strategy driving higher trading densities and tenant sales growth, especially in malls like Seawoods and Ahmedabad.
- →Expectation of double-digit growth in categories such as fashion, jewellery, beauty & personal care, and electronics.
- →Footfalls are increasing aided by marketing initiatives and new store openings; footfall growth noted at around 3%.
- →Integration timelines reduced to 5-6 months, aiding faster stabilization and revenue contribution from new assets.
- →Long-term NOI growth to follow consumption growth as leases reset upwards with lag.
📈 Profitability & Margins
- →Nexus Select Trust expects robust future growth in retail NOI and distributions, remaining on track to achieve full-year FY 2026 guidance.
- →Retail NOI grew 14% year-on-year in Q2 FY 2026, driven by strong tenant sales and footfalls.
- →The acquisition pipeline includes 10 assets (9 malls + 1 greenfield), expected to add approximately INR 150 crores in NOI annually.
- →Integration timelines for acquired malls have reduced from 8-10 months to 5-6 months, speeding stabilization and NOI contribution.
- →Consumer demand and consumption growth are strong, supported by favorable macroeconomic factors like GDP growth of 6.8%, inflation at historic lows, and GST rate cuts.
- →Premiumization strategy and increased footfalls drive trading density and consumption, contributing to future earnings growth.
- →NOI growth is expected to follow consumption growth with a lag, as rental contracts reset upward.
🏗️ Capital Expenditure Plans
- →The Trust is actively integrating newly acquired assets quickly, reducing integration timelines from 8-10 months to 5-6 months, indicating ongoing capital investment in asset enhancements.
- →Focus on transforming optimally leased malls by targeting lease expiries in 12-24 months and refurbishing aesthetics within 6-12 months post-acquisition.
- →A greenfield development is included in the pipeline of 10 assets (nine malls plus one greenfield), showing plans for future capital investment in new projects.
- →Leasing initiatives involve premiumization strategies, with addition of high-value brands and proactive space allocation to categories like Jewellery, Beauty & Personal Care, and Electronics, implying capex on tenant fit-outs.
- →Marketing investments include large-scale AR and VR experiences and expansion of the NexusONE app to enhance digital engagement.
- →The trust maintains robust balance sheet strength with low leverage and significant debt headroom (~$1 billion) to pursue growth opportunities and acquisitions.
💰 Fundraising & Capital Structure
- →No specific mention of immediate new fundraising through debt or equity in the transcript.
- →The Trust highlighted a strong balance sheet with low leverage, providing nearly $1 billion in debt headroom to pursue acquisition opportunities.
- →Current average cost of debt stands at 7.5%, with 51% of gross debt in floating instruments, benefiting from potential rate cuts.
- →The pipeline includes 10 assets (including 3 under due diligence), expected to close in the next 5-6 months; funding likely to be managed within existing debt capacity.
- →No explicit guidance or announcement regarding equity fundraising or capital raises during the quarter or near term.
- →Management indicated acquisition guidance includes certain deals done, but future acquisitions post current deals are not factored in guidance.
📋 Order Book & Pipeline
- →Nexus Select Trust has a robust inorganic growth pipeline consisting of 10 assets.
- →Out of these, 3 assets are currently under due diligence and expected to close in the next 5 to 6 months.
- →The pipeline includes nine malls plus one greenfield asset.
- →The acquisitions primarily involve Grade-A assets, with some being under-leased requiring occupancy improvement.
- →The pipeline helps the Trust pursue an annual recurring NOI addition target (INR 150 crores) and is on track to meet this goal.
- →The Trust has approximately $1 billion in debt headroom to support acquisition opportunities.
- →Details on the size and geographic spread of these assets will be provided in the second half of the financial year as transactions are announced.
Key Metrics
Frequently Asked Questions
What were Nexus Select Trust Q2 FY26 results?
Strong consumption growth momentum expected to continue through second half of FY 2026, with October showing significantly better growth than Q2 (16% growth in Q2). Nexus Select Trust expects robust future growth in retail NOI and distributions, remaining on track to achieve full-year FY 2026 guidance.
What is Nexus Select Trust share price analysis?
Nexus Select Trust currently shows a neutral. The stock trades at a P/E of 57.4 with a market cap of ₹25,276 Cr. Investors should review the full earnings analysis for detailed insights.
Is Nexus Select Trust planning capital expenditure?
The Trust is actively integrating newly acquired assets quickly, reducing integration timelines from 8-10 months to 5-6 months, indicating ongoing capital investment in asset enhancements.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.