Nexus Select Trust is India's first listed retail REIT, operating 19 Grade-A shopping malls across 15 cities, and its Q2 FY 2026-2027 print will test whether consumption momentum and distribution growth can hold after a strong Q1. The key things the results will speak to are the FY27 DPU guidance of Rs. 9.8-10.0 per unit and NOI guidance of Rs. 20.5-20.7 Bn, plus the closing of the Diamond Plaza acquisition and the gap to the 98%+ leased occupancy target.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 680.53 Cr (+10.91% YoY) |
| Previous quarter PAT | Rs. 156.52 Cr (+30.89% YoY) |
| Previous quarter EBITDA margin | 69.89% on total income |
| Net debt (latest quarter) | Rs. 5,592 Cr as of June 30, 2026 |
| Market cap | Rs. 23,599.17 Cr |
| CMP | Rs. 155.78 |
The board of Nexus Select Trust is scheduled to meet on November 03, 2026 to consider the audited financial results for the quarter and half year ended September 30, 2026.
The Q2 FY27 print will test whether Nexus Select Trust's FY27 guidance path holds after Q1 tracking ahead of it, with DPU of Rs. 2.442 up 10% YoY against the Rs. 9.8-10.0 per unit full-year guidance (~9% growth at midpoint) that management reaffirmed on the August 3, 2026 call saying 'That guidance holds'. Consumption grew 17% YoY in Q1 FY27 (Rs. 3,850 Cr) after +19% in Q4 FY26, though the external retail backdrop moderated through the quarter — RAI's pan-India retail print moved from 8% in July to 10% in August and eased to 8% in September, with the later festive calendar concentrating Diwali sales in October. Retail NOI grew 10% in Q1 while consumption grew 17%, a gap management attributed to recently onboarded high-value premium categories operating on low revenue-share arrangements. Two execution gaps remain against FY27 targets: leased occupancy of 96% versus the 98%+ guidance, and blended re-leasing spreads of 19% versus the 20%+ guided on the 1.1M sq ft FY27 expiry bucket. Acquisition cadence is the other swing factor — Diamond Plaza (Rs. 347.5 Cr) was expected to close within 45-60 days of the August 3 call, the Galaxy Complex Guwahati deal was approved on September 9, 2026 for ~Rs. 1,600 Cr, and management is targeting 2-3 asset additions in FY27 with ~USD 1 billion of debt headroom. The upcoming call is also expected to address the CEO transition, with Blackstone's Siddharth Nawal set to take over from Dalip Sehgal.
Performance vs FY27 guidance tracking: Q1 FY27 tracked ahead on distribution but short on two leasing metrics.
Diamond Plaza closing and acquisition pipeline
Runwal Gardens greenfield status
Consumption momentum and category mix
Standalone income and Q4 FY26 PAT base
Management reaffirmed the FY27 DPU guidance of Rs. 9.8-10.0 per unit (~9% growth at midpoint) on the August 3, 2026 call, saying 'That guidance holds'. Q1 FY27 DPU of Rs. 2.442 grew 10% YoY, tracking ahead of the midpoint growth rate.
Retail NOI grew 10% while consumption grew 17% in Q1 FY27. Management attributed the gap to recently onboarded high-value categories and premium brands, which typically operate at low revenue-share arrangements in their initial period.
Diamond Plaza (Rs. 347.5 Cr, Kolkata) was announced with an expected closing within 45-60 days of the August 3, 2026 call, i.e. around end-September/early October 2026. Press coverage as late as September 9, 2026 still described it as expected to close in H1 FY27, and no completion filing was retrieved.
Management is on track to add 2-3 retail assets during FY27, with 8 assets identified in the pipeline and 2 assets (1M sq ft) under due diligence. The Trust targets ~Rs. 150 crores of annual NOI addition via acquisitions over the next five years, with ~USD 1 billion of debt headroom available.
In Q1 FY27, consumption grew 17% YoY to Rs. 3,850 Cr, with jewellery up over 50% and electronics up 24%. Excluding jewellery, growth was 14%, and excluding electronics it was around 13%, per CEO Dalip Sehgal.