Any current/future new fundraising through debt or equity?

During the quarter, Nexus Select Trust raised INR 700 crores in debt, anchored by IFC, including a 10-year sustainability-linked bond of INR 200 crores, resulting in annualized savings of INR 6 crores. The Trust has close to USD 1 billion of debt headroom, supporting its inorganic growth strategy. Proactive debt management has led to approximately 120 basis points reduction in debt costs since listing. Refinancing of INR 700 crores this quarter has been done with a reduction of around 90 bps, with additional interest cost benefits expected in the coming quarters. No specific mention of new equ

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

A recent strategic bolt-on acquisition of 60,000 square feet of prime retail space within Nexus Elante was completed, aimed at activating high-street frontage and leasing to couture brands. Plans to selectively replicate such acquisition-led expansion strategies across the portfolio where similar opportunities exist. Across the top five malls, there are opportunities in at least two to three assets for expansion or consolidation, such as the 60,000 sq ft opportunity at Elante. Discussions on potential Greenfield mall developments are ongoing, with evaluations underway and updates expected in t

Future growth expectations in sales/revenue/volumes?

Consumption is expected to grow at about 8% leading to revenue share contributing approximately 1%–1.5% growth. Cost-saving measures and growth from hotels and offices add another 0.5%–1% to Net Operating Income (NOI) growth. Overall, steady-state NOI growth is projected at 8.5%–9%. Minimum guaranteed rentals escalate at ~15% every three years, contributing around 5% annual growth. Mark-to-market rental renewals contribute up to 2% growth annually. Acquisitions are expected to add approximately INR 150 crores of NOI yearly starting FY26. The portfolio is targeting expansion to 30-35 malls by 2

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

NOI growth expected at a steady-state rate of about 8.5% to 9% annually, driven by: - 5% growth from minimum guaranteed rentals with 15% escalation every three years. - Around 2% growth from mark-to-market uplifts on 10% of expiring rentals annually. - Approximately 1% to 1.5% from revenue share if consumption grows about 8%. - Additional 0.5% to 1% from cost savings, hotel and office growth. Rental growth broadly replicates like-for-like consumption growth of around 9%. Retail NOI grew 15% year-on-year in Q3 FY26; sustained double-digit consumption growth supports continued profitabil

Current/ Expected Orderbook/ Pending Orders?

Nexus Select Trust currently has a robust acquisition pipeline with 11 assets across India. Out of these, 4 assets are under due diligence and expected to close within the next four to six months (Page 6). There are an additional 7 malls in the pipeline that are actively being pursued (Page 6). The trust aims to add around INR 150 crores of annual NOI through inorganic growth starting FY 26, continuing for the next five years (Page 6). The overall objective is to increase the portfolio from 19 malls today to 30-35 malls by 2030 (Page 6). Ongoing evaluation of potential greenfield developments

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Nexus Select TrustQ4 FY27Realty

Nexus Select Trust Q4 FY27 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

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 4

→Consumption is expected to grow at about 8% leading to revenue share contributing approximately 1%–1.5% growth.
→Cost-saving measures and growth from hotels and offices add another 0.5%–1% to Net Operating Income (NOI) growth.
→Overall, steady-state NOI growth is projected at 8.5%–9%.
→Minimum guaranteed rentals escalate at ~15% every three years, contributing around 5% annual growth.
→Mark-to-market rental renewals contribute up to 2% growth annually.
→Acquisitions are expected to add approximately INR 150 crores of NOI yearly starting FY26.
→The portfolio is targeting expansion to 30-35 malls by 2030 from 19 currently, supported by a robust pipeline.
→Footfall and consumption trends show sustained momentum with categories like jewellery and beauty sectors growing strongly.
→The NOI to consumption ratio typically ranges between 10% to 12%, maintained through contract structures.

Margin guidance

Category 3

→NOI growth expected at a steady-state rate of about 8.5% to 9% annually, driven by:
→ - 5% growth from minimum guaranteed rentals with 15% escalation every three years.
→ - Around 2% growth from mark-to-market uplifts on 10% of expiring rentals annually.
→ - Approximately 1% to 1.5% from revenue share if consumption grows about 8%.
→ - Additional 0.5% to 1% from cost savings, hotel and office growth.
→Rental growth broadly replicates like-for-like consumption growth of around 9%.
→Retail NOI grew 15% year-on-year in Q3 FY26; sustained double-digit consumption growth supports continued profitability.
→Annual addition of INR 150 crores NOI expected from acquisitions starting FY26, contributing to inorganic growth.
→Strong acquisition pipeline aims to expand from 19 to 30-35 malls by 2030, supporting future earnings growth.

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Fundraise plans

Yes

→During the quarter, Nexus Select Trust raised INR 700 crores in debt, anchored by IFC, including a 10-year sustainability-linked bond of INR 200 crores, resulting in annualized savings of INR 6 crores.
→The Trust has close to USD 1 billion of debt headroom, supporting its inorganic growth strategy.
→Proactive debt management has led to approximately 120 basis points reduction in debt costs since listing.
→Refinancing of INR 700 crores this quarter has been done with a reduction of around 90 bps, with additional interest cost benefits expected in the coming quarters.
→No specific mention of new equity fundraising in the transcript.
→The acquisition pipeline is robust with 11 assets, and the Trust is well positioned to execute further acquisitions through available debt capacity.

Order book

Yes

→Nexus Select Trust currently has a robust acquisition pipeline with 11 assets across India.
→Out of these, 4 assets are under due diligence and expected to close within the next four to six months (Page 6).
→There are an additional 7 malls in the pipeline that are actively being pursued (Page 6).
→The trust aims to add around INR 150 crores of annual NOI through inorganic growth starting FY 26, continuing for the next five years (Page 6).
→The overall objective is to increase the portfolio from 19 malls today to 30-35 malls by 2030 (Page 6).
→Ongoing evaluation of potential greenfield developments is also in progress, with updates expected in the coming months (Page 10).

Capex plans

Yes

→A recent strategic bolt-on acquisition of 60,000 square feet of prime retail space within Nexus Elante was completed, aimed at activating high-street frontage and leasing to couture brands.
→Plans to selectively replicate such acquisition-led expansion strategies across the portfolio where similar opportunities exist.
→Across the top five malls, there are opportunities in at least two to three assets for expansion or consolidation, such as the 60,000 sq ft opportunity at Elante.
→Discussions on potential Greenfield mall developments are ongoing, with evaluations underway and updates expected in the coming months.
→The acquisition pipeline is robust, with 11 assets across India (4 under due diligence) and a target to add about INR 150 crores of annual NOI via acquisitions each year starting FY 26.
→The overall goal is to double the portfolio size by FY 30, increasing mall count to 30-35 from 19 currently.

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