Any current/future new fundraising through debt or equity?

The transcript does not mention any current or planned fundraising through equity. On debt, it is noted that debt cost has been reduced by 30 basis points year-on-year, yielding annualized savings of INR 120 million. There is no explicit discussion of raising new debt funds in this transcript. Funds have been raised previously for the Vega City acquisition and currently those funds are bearing a negative carry until the deal closes soon. The focus is on closing announced acquisitions (Vega City, Hyderabad malls, North India assets) totaling about 1.8 million sq. ft. No explicit mention of new

Any current/future capex/capital investment/strategic investment?

Acquisition of Vega City mall is expected to close soon; the deal was delayed due to administrative issues (Page 6, 11). North India acquisition is in the final documentation phase, expected to close soon (Page 6, 11). Pipeline includes about 3-4 more assets under bilateral discussions beyond announced 1.8 million sq ft acquisitions (Page 11). Target to add about 2 to 3 malls every year; pipeline is strong and progressing (Page 11). Investment in advanced mall advertising technology with installation of multiple anamorphic cuboid screens in malls (Nexus Hyderabad, Seawoods, Vijaya Chennai) and

Future growth expectations in sales/revenue/volumes?

Long-term consumption growth is expected around 7%-7.5%; currently at 6% with potential improvement as government’s INR 1 lakh crore stimulus starts circulating (Dalip Sehgal, p14). Nine months NOI growth stood at 6% with rental escalations contributing 4%-4.5%, re-leasing spreads adding 1%-1.5%, and flat revenue share (Rajesh Deo, p14). Consumption growth and NOI growth are expected to track closely going forward (Pratik Dantara, p13). The government’s tax relief measures are expected to boost disposable incomes and discretionary spending, supporting consumption growth (p3). Retail le

Future growth expectations in earnings/operating earnings/profits/EPS?

Long-term NOI growth target is around 7%-7.5% annually, with current nine-month NOI growth at 6%. DPU growth is expected to track NOI growth directionally, around 5-6% annualized (INR 8.4 per unit forecast). Consumption growth is anticipated to improve due to INR 1 lakh crore government stimulus, potentially pushing consumption growth closer to long-term 7-8% trends. Rental escalations and re-leasing spreads (20% on expiring leases) contribute positively to NOI, with around 4-4.5% from rental escalations and 1-1.5% from re-leasing spreads. Revenue share is currently flat; future growth

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Nexus Select TrustQ4 FY26Realty

Nexus Select Trust Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹161P/E: 58.2Market Cap: ₹23.5K CrSector: Realty

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→Long-term consumption growth is expected around 7%-7.5%; currently at 6% with potential improvement as government’s INR 1 lakh crore stimulus starts circulating (Dalip Sehgal, p14).
→Nine months NOI growth stood at 6% with rental escalations contributing 4%-4.5%, re-leasing spreads adding 1%-1.5%, and flat revenue share (Rajesh Deo, p14).
→Consumption growth and NOI growth are expected to track closely going forward (Pratik Dantara, p13).
→The government’s tax relief measures are expected to boost disposable incomes and discretionary spending, supporting consumption growth (p3).
→Retail leasing demand remains robust with 97.6% occupancy and healthy 20%+ spreads on re-leasing (p4).
→New experiential marketing initiatives and diversified income streams like ticketed events and advertising aim to increase footfalls and revenue (p10).
→Acquisition pipeline strong, with 2-3 malls targeted for addition in FY26 to support growth (p11).

Margin guidance

Category 3

→Long-term NOI growth target is around 7%-7.5% annually, with current nine-month NOI growth at 6%.
→DPU growth is expected to track NOI growth directionally, around 5-6% annualized (INR 8.4 per unit forecast).
→Consumption growth is anticipated to improve due to INR 1 lakh crore government stimulus, potentially pushing consumption growth closer to long-term 7-8% trends.
→Rental escalations and re-leasing spreads (20% on expiring leases) contribute positively to NOI, with around 4-4.5% from rental escalations and 1-1.5% from re-leasing spreads.
→Revenue share is currently flat; future growth tied to consumption improvements.
→Acquisition pipeline and asset additions (e.g., Vega City and Hyderabad malls) expected to contribute to portfolio growth and profitability.
→Operating costs under control, with a 3% YoY increase and debt cost reduced by 30 bps, supporting margin stability (NOI margin ~74%-75%).

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Fundraise plans

→The transcript does not mention any current or planned fundraising through equity.
→On debt, it is noted that debt cost has been reduced by 30 basis points year-on-year, yielding annualized savings of INR 120 million.
→There is no explicit discussion of raising new debt funds in this transcript.
→Funds have been raised previously for the Vega City acquisition and currently those funds are bearing a negative carry until the deal closes soon.
→The focus is on closing announced acquisitions (Vega City, Hyderabad malls, North India assets) totaling about 1.8 million sq. ft.
→No explicit mention of new debt or equity fund raises beyond this acquisition pipeline and the management is focused on closing the existing transactions.

Order book

The transcript does not explicitly mention a "current or expected orderbook" or "pending orders" in the traditional sense related to construction or manufacturing. However, related to acquisitions and pipeline of malls: - Announced acquisitions: Approximately 1.8 million square feet including Vega City mall, Hyderabad malls, and North India acquisitions. - Additional pipeline: 3 to 4 more mall assets are in active discussions, expected to close in FY26. - Acquisition pipeline is described as strong, with focus currently on closing ongoing transactions. - Target of adding 2-3 malls every year remains on track though slightly delayed. - Vega City acquisition delayed due to administrative issues but expected to close soon. - North India acquisition in the last phase of documentation and expected to close soon. No specific numeric orderbook or pending order value is provided.

Capex plans

Yes

→Acquisition of Vega City mall is expected to close soon; the deal was delayed due to administrative issues (Page 6, 11).
→North India acquisition is in the final documentation phase, expected to close soon (Page 6, 11).
→Pipeline includes about 3-4 more assets under bilateral discussions beyond announced 1.8 million sq ft acquisitions (Page 11).
→Target to add about 2 to 3 malls every year; pipeline is strong and progressing (Page 11).
→Investment in advanced mall advertising technology with installation of multiple anamorphic cuboid screens in malls (Nexus Hyderabad, Seawoods, Vijaya Chennai) and plans for 4-5 more; this leverages an asset-light model with minimal investment (Page 5).
→Continued investment in marketing initiatives and experiential events to drive footfalls and consumption (Page 5, 10).

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