Nexus Select Trust
Nexus Select Trust
Consumer DiscretionaryKey Fundamentals
SmallcapREITsRealtyTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 290%
Weaknesses
2- Company has a low return on equity of 3.76% over last 3 years.
- Promoters have pledged 77.4% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoNexus Select Trust is India's largest listed retail REIT with a market cap of ₹25,199 Cr, trading at a P/E of 57.7x and a P/B of 1.92x. TTM revenue growth stands at 12%, though TTM profit has declined by 5%, and the 3-year average ROE remains low at roughly 4%. The trust maintains a dividend payout ratio of 290% with a current yield of 1.45%.
- TTM revenue growth of 12% indicates healthy top-line momentum driven by improving retail consumption and high mall occupancy across its premium portfolio
- Dividend payout ratio of 290% reflects the REIT's mandate to distribute the bulk of net distributable cash flows, providing recurring income to unitholders
- Market cap of ₹25,199 Cr positions Nexus Select as India's largest pure-play retail REIT, offering scale advantages in tenant negotiations and asset management
- 3-year compounded profit CAGR of 402% shows a sharp recovery trajectory from a low base, reflecting the post-pandemic rebound in physical retail footfalls
- Stock price CAGR of 13% over 1 year and 12% over 3 years demonstrates steady capital appreciation alongside distribution income
- P/B ratio of 1.92x suggests the trust trades at a modest premium to book value, which is typical for quality retail real estate portfolios with mark-to-market NAV upside
- As a REIT structure, Nexus Select benefits from a pass-through tax framework, and its 1.45% dividend yield provides a visible income floor even in volatile equity markets
- P/E of 57.7x is elevated relative to broader market averages, implying the unit price already factors in significant future growth and leaves limited margin of safety
- Promoters have pledged 77.4% of their holding, a very high level that raises governance concerns and could trigger forced selling in a downturn
- 3-year average ROE of just 4% (last year 3%) indicates weak return generation on equity, well below the cost of equity for most investors
- TTM net profit has declined by 5% even as revenue grew 12%, signalling margin compression likely from higher interest costs, property expenses, or depreciation
- Dividend yield of 1.45% is relatively low for a REIT, trailing several fixed-income alternatives and some global retail REITs that offer 4-6% yields
- Limited operating history as a listed entity — with no available 5-year or 10-year CAGR data for sales, profit, or ROE — makes it difficult to assess long-term compounding ability
- 52-week high and low data are unavailable (reported as 0), limiting technical visibility into recent price range and potential drawdown risk
- Debt-to-equity ratio is not reported, making it harder to assess leverage risk in a rising interest rate environment for a capital-intensive real estate trust
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹1,600cr Guwahati mall acquisition Sep 9
Nexus Select Trust acquired 100% of Galaxy Infra Creations for ₹1,600 crore, adding a 516,000 sq ft Grade-A mall and 164-key Hyatt Regency Hotel in Guwahati, with completion expected by December 2027. The deal at 8.25-8.5% cap rate is expected to be NAV and DPU accretive with post-acquisition LTV staying below 20%.
- Emkay reiterates buy, ₹190 target Sep 9
Emkay Global Financial maintained a buy rating with a ₹190 target price, noting the acquisition supports NXST's goal of expanding to 18-20 million sq ft by FY30 with ₹10 billion incremental NOI.
- Northeast India market entry Sep 9
The Guwahati acquisition marks Nexus Select Trust's first foray into Northeast India, a region with 50 million+ population and significantly under-supplied Grade-A retail. The East India pipeline comprises six retail assets totalling ~3.6 million sq ft targeting ₹600 crore+ NOI.
- Pledge released on 12M units Sep 8
BREP Asia SG Forum Holding released a pledge on 12 million units effective September 4, 2026, reducing encumbrance under SEBI REIT regulations.
- Institutional investor meetings held Sep 8
Management held one-on-one meetings with institutional investors on September 8 and August 21, 2026, with senior personnel attending both sessions.
TL;DR: Nexus Select Trust is on an active expansion path, with its ₹1,600 crore Guwahati acquisition marking entry into Northeast India and its second under-construction deal since listing. The deal structure appears disciplined with sub-20% LTV and accretive economics at 8.25-8.5% cap rates, supported by Emkay's buy reiteration at ₹190. No material headwinds emerged this period. The key execution risk is the under-construction nature of the asset with a December 2027 completion timeline, but the broader East India pipeline signals continued growth momentum.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 287 | 541 | 571 | 542 | 554 | 557 | 594 | 580 | 614 | 631 | 671 | 652 | 681 |
| Expenses | 98 | 183 | 185 | 166 | 180 | 179 | 189 | 182 | 192 | 203 | 220 | 225 | 212 |
| Operating Profit | 190 | 357 | 387 | 375 | 374 | 378 | 405 | 398 | 421 | 428 | 451 | 428 | 469 |
| OPM % | 66% | 66% | 68% | 69% | 67% | 68% | 68% | 69% | 69% | 68% | 67% | 66% | 69% |
| Other Income | 6 | 18 | 19 | 20 | 28 | 21 | 39 | 35 | 26 | 21 | 23 | 23 | 25 |
| Interest | 53 | 95 | 97 | 93 | 91 | 93 | 104 | 106 | 112 | 116 | 116 | 114 | 116 |
| Depreciation | 78 | 147 | 148 | 148 | 145 | 147 | 148 | 146 | 155 | 162 | 153 | 150 | 151 |
| PBT | 65 | 134 | 161 | 156 | 165 | 159 | 193 | 181 | 180 | 172 | 204 | 187 | 227 |
| Tax % | -45% | -88% | 34% | 6% | 15% | 31% | 38% | 37% | 34% | 23% | 32% | 93% | 31% |
| Net Profit | 94 | 251 | 107 | 146 | 140 | 110 | 119 | 114 | 120 | 132 | 139 | 12 | 157 |
| EPS in Rs | 0.62 | 1.66 | 0.71 | 0.97 | 0.92 | 0.73 | 0.78 | 0.75 | 0.79 | 0.87 | 0.92 | 0.08 | 1.03 |
Profit & Loss
| Particulars | Mar 2023 8m | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 0 | 1,916 | 2,283 | 2,568 | 2,635 |
| Expenses | 3 | 632 | 731 | 835 | 859 |
| Operating Profit | -3 | 1,284 | 1,552 | 1,733 | 1,776 |
| OPM % | — | 67% | 68% | 67% | 67% |
| Other Income | 0 | 88 | 126 | 88 | 92 |
| Interest | 0 | 337 | 394 | 458 | 462 |
| Depreciation | 0 | 520 | 586 | 620 | 616 |
| PBT | -3 | 515 | 698 | 743 | 790 |
| Tax % | 0% | -16% | 31% | 46% | — |
| Net Profit | -3 | 599 | 483 | 403 | 440 |
| EPS in Rs | — | 3.95 | 3.19 | 2.66 | 2.9 |
| Div. Payout % | 0% | 178% | 397% | 295% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 0 | 15,095 | 15,095 | 15,095 |
| Reserves | -3 | -160 | -956 | -1,885 |
| Borrowings | 0 | 4,271 | 5,336 | 6,203 |
| Other Liabilities | 48 | 894 | 1,046 | 1,099 |
| Total Liabilities | 45 | 20,100 | 20,520 | 20,512 |
| Fixed Assets | 0 | 17,915 | 18,323 | 18,582 |
| CWIP | 0 | 35 | 69 | 9 |
| Investments | 0 | 1,185 | 1,328 | 1,318 |
| Other Assets | 45 | 965 | 800 | 602 |
| Total Assets | 45 | 20,100 | 20,520 | 20,512 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 0 | 1,217 | 1,532 | 1,662 |
| Investing | 0 | -398 | -965 | -731 |
| Financing | 0 | -780 | -588 | -914 |
| Net Cash Flow | 0 | 39 | -20 | 17 |
| Free Cash Flow | 0 | 1,131 | 1,387 | 1,302 |
| CFO/OP | 0 | 101 | 103 | 104 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | — | 12 | 9 | 8 |
| Cash Conversion Cycle | — | 12 | 9 | 8 |
| Working Capital Days | — | -125 | -175 | -143 |
| ROCE % | — | 8% | 5% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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33 extracted metrics + investor summaries across FY23–FY26.
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Company Information
Nexus Select Trust (NST) is the owner of India's leading consumption center platform of high-quality assets that serve as essential consumption infrastructure and is the first publicly listed consumption center REIT in India.[1][2]
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