Nexus Select Trust, India’s first publicly listed retail Real Estate Investment Trust (REIT), reported robust performance for the quarter ended 30th September 2025 (Q2 FY26). The firm, which operates a portfolio of 19 premium urban consumption centres with 10.6 million sq. ft. of Gross Leasable Area across 15 cities, continues to lead India’s organized retail real estate space. In addition, the portfolio includes three hotel assets (450 keys) and three office assets (1.3 million sq. ft. GLA), housing over 1,000 domestic and international brands across 3,000+ stores.
For Q2 FY26, Nexus Select Trust achieved tenant sales of approximately Rs. 35 billion, up 16% y-o-y (10% like-for-like), driven by strong performance in fashion, jewellery, beauty & personal care, electronics, and entertainment categories. Retail Net Operating Income (NOI) grew 14% y-o-y (8% like-for-like) to Rs. 4.2 billion, reflecting healthy consumption momentum across malls.
The Trust declared a distribution of Rs. 3,330 million (Rs. 2.198 per unit), marking a 10% y-o-y rise and continuing its record of 100% distribution payout for the ninth consecutive quarter since listing. Nexus Select Trust has cumulatively distributed Rs. 30.1 billion (Rs. 19.853 per unit), delivering total returns exceeding 80% to unitholders since its IPO. The record date for Q2 FY26 distribution is 10th November 2025, with payment on or before 17th November 2025.
Operationally, the Trust re-leased 0.23 million sq. ft. during the quarter at an impressive 20% spread, maintaining a 97% occupancy rate for the tenth consecutive quarter. On the sustainability front, Nexus earned the GRESB 5-Star rating for the second consecutive year, ranking 2nd in Asia among listed retail peers with an overall score of 93. The balance sheet remains strong, with an LTV of 18% and a AAA/Stable credit rating.
Commenting on the performance, Dalip Sehgal, Executive Director and CEO of Nexus Select Trust, said, “We delivered another quarter of strong operational and financial performance, with 16% tenant sales growth and 14% NOI growth. With double-digit consumption growth continuing into October 2025, we are confident of sustaining this momentum through the second half of FY26. Backed by a solid balance sheet, low leverage, and nearly $1 billion of debt headroom, we are well positioned to capitalize on future growth opportunities.”
The Trust also announced leadership changes, with Mr. Tuhin Parikh, Chairman and Non-Executive Non-Independent Director, stepping down effective 4th November 2025. Mr. Asheesh Mohta, current director, has been appointed as the new Chairman of the Board, while Mr. Siddharth Nawal, Principal at Blackstone Real Estate India, has joined as an Additional Director. Mr. Nawal has been closely associated with Nexus since its inception and played a pivotal role in its successful IPO in May 2023.
Investor materials, including the Q2 FY26 earnings presentation, are available on the Trust’s website www.nexusselecttrust.com. Nexus Select Trust will host a conference call on Tuesday, 4th November 2025, at 17:30 IST to discuss its quarterly results.
