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Revenue
₹652 Cr
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Revenue YoY
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EBITDA
Pending
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Where this quarter sits.
Quarter read
What the record says.
Nexus Select Trust delivered a strong Q4 FY26 with 8% footfall growth and 19% consumption growth, driving retail NOI up 11% YoY. Full-year DPU reached INR 9.1, meeting guidance, and FY27 DPU guidance of INR 9.8-10 implies 9% growth. Key drivers include robust demand across fashion, jewelry, and electronics, with jewelry consumption share rising 300bps to 7%. Occupancy remains high at 97%, and the company expects 20% mark-to-market on 45% of gross rental expiring over four years. The acquisition pipeline is strong with eight assets, including Diamond Plaza Kolkata. Risks include potential macroeconomic headwinds from global conflicts and rising interest costs, though management remains confident in sustained consumption momentum.
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Guidance to track
- Management expects to distribute INR 9.8 to 10 per unit in FY27, implying 9% growth over FY26 DPU of INR 9.1.
- Organic NOI growth guided at ~7%, driven by 4.5% annual escalations, 2% from mark-to-market on expiries, and balance from consumption growth.
- Management expects to add two to three assets annually to the portfolio, supported by a robust pipeline of eight assets.
- 45% of gross rental portfolio expiring over next four years, with expected 20% mark-to-market on releasing.
Risks flagged
- Management noted potential impact from Middle East conflict, inflation, and higher input costs, though no slowdown seen yet.
- Analyst raised concern about rising yields; management confirmed they maintain 150-200bps spread but will be prudent.
- Management hypothesized that domestic consumption is boosted by reduced outbound travel; reversal could impact growth.
- Management provided no firm timeline for sponsor pipeline asset, indicating potential delays beyond FY27.
Key quotes
- We have achieved our FY26 distribution guidance of INR 9.1 per unit implying a growth of 9% year on year over the previous year.
- We expect to distribute 9.8 to 10 per unit in FY27.
- Jewelry recorded its highest ever quarterly sales since listing driven by rise in gold prices and addition of new jewelry stores.
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