Nexus Select Trust has published its audited consolidated financial results for the quarter and financial year ended March 31, 2026, in newspapers on May 13, 2026. The results, approved by the Board of Directors of its Manager, Nexus Select Mall Management Private Limited, on May 12, 2026, were published in the Economic Times and Business Standard. The Trust's Statutory Auditors issued an unqualified (unmodified) opinion on the financial results. The Trust operates 19 consumption centres across 15 cities with a retail portfolio of 10.7 million square feet, making it India's only listed retail REIT.

Distribution Declared for Q4FY26

The Board declared a distribution of ₹346.33 crore (₹2.286 per unit) for the quarter ended March 31, 2026. The distribution comprises interest of ₹0.753 per unit, dividend of ₹1.380 per unit, other income of ₹0.008 per unit, and amortization of debt of ₹0.245 per unit. The record date for the distribution is Friday, May 15, 2026, with payment scheduled on or before Friday, May 22, 2026. The cumulative distribution for FY26 aggregates to ₹1,375.62 crore (₹9.081 per unit), reflecting 9% year-on-year growth.

NAV and Valuation

The Net Asset Value (NAV) per unit was declared at ₹164.00 as at March 31, 2026, based on valuation reports issued by iVAS Partners. The statement of net assets reflects total assets of ₹32,240.90 crore and total liabilities of ₹7,394.30 crore, resulting in net assets of ₹24,846.30 crore.

Consolidated Financial Performance

On a consolidated basis, the Trust reported revenue from operations of ₹2,568.00 crore for FY26, compared to ₹2,282.89 crore in the previous year. Total income for the year stood at ₹2,655.30 crore. Profit for the period was reported at ₹403.47 crore for FY26. The Trust recorded FY26 consumption growth of 15% year-on-year and retail Net Operating Income (NOI) growth of 13% year-on-year. The consolidated results include financial information for assets such as Vega City mall acquired on February 11, 2025, MBD Neopolis mall along with Radisson Blu hotel acquired on May 07, 2025, and 6 units having gross lettable area of 60,000 sq ft situated at Nexus Elante complex acquired on December 05, 2025.

Segment-Wise Performance

The Mall segment remained the dominant revenue contributor, generating ₹2,253.33 crore in FY26, followed by Hospitality at ₹179.47 crore and Office at ₹132.58 crore. On a quarterly basis for Q4FY26, the Mall segment contributed ₹564.03 crore to revenue from operations.

Net Distributable Cash Flow (NDCF)

The Trust-level Net Distributable Cash Flow (NDCF) for FY26 stood at ₹1,375.89 crore, with a distribution payout ratio of 99.98%. For the quarter ended March 31, 2026, the NDCF was ₹345.90 crore, with a distribution payout ratio of 100.13%. The management has also provided a 9% Distribution Per Unit (DPU) growth guidance for FY27.

Nexus Select Trust has submitted its Summary Valuation Report and Detailed Valuation Report for the financial year ended March 31, 2026, to the stock exchanges on May 12, 2026, pursuant to Regulation 21 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The reports were prepared by iVAS Partners (Valuer Registration Number: IBBI/RV-E/02/2020/112), represented by partner Mr. Vijay Arvindkumar C, with CBRE South Asia Private Limited serving as sub-consultant for market intelligence and support services.

Portfolio Overview as of March 31, 2026

The valuation covers 20 assets spanning 15 cities across India, encompassing Urban Consumption Centres, office spaces, hotel developments, and a solar park. The portfolio's key characteristics are summarised below:

Portfolio Market Value Summary

The total portfolio market value as of March 31, 2026 is INR 305,583 Mn. The table below highlights the market value of each asset:

*Adjusted for Nexus Select Trust's share of economic interest.

Valuation Methodology

The valuation was conducted in accordance with the IVSC International Valuation Standards (effective from January 31, 2025). The Discounted Cash Flow Method using Rental Reversion was applied to Urban Consumption Centres and office components, while the Discounted Cash Flow Method was applied to hotel and solar park components. Cash flows were projected over a 10-year horizon from the date of valuation, with an 11th-year Net Operating Income capitalized to assess terminal value.

Capitalization rates adopted for Urban Consumption Centres range from 7.50% to 8.50%, reflecting asset quality, location, and market dynamics. For office components, a capitalization rate of 8.25% was adopted. Hotel components were valued using an EV/EBITDA multiple of 14x (implying a capitalization rate of 7.14%). The Weighted Average Cost of Capital (WACC) for Urban Consumption Centres and offices ranges from 11.38% to 11.78%, while hotel components carry a WACC of 11.88%. The Karnataka Solar Park was discounted at a WACC of 11.50%.

Key Asset-Level Assumptions

Selected key assumptions adopted for the valuation as of March 31, 2026 are presented below:

Regulatory Compliance and Disclosure

The valuation has been prepared for financial and investor reporting purposes to comply with Regulation 21 of the SEBI (REIT) Regulations, 2014. The Consultants' maximum aggregate liability for claims arising out of or in connection with the valuation report shall not exceed INR 30 Mn. The reports are intended for use by the Management, Nexus Select Trust, its Unitholders, and Axis Trustee Services Limited (Trustee). The Summary Valuation Report and Detailed Valuation Report have been uploaded on the Nexus Select Trust website at https://www.nexusselecttrust.com/regulatory-filings . The filing was signed by Vijay Kumar Gupta, General Counsel, CS and Compliance Officer (Membership No. A14545), on behalf of Nexus Select Trust.