Nexus Select Trust — Q4 FY26

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.