Nexus Select Trust , India's first listed retail REIT, has announced robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics.

Strong Consumption and NOI Growth

The trust reported a 16% year-on-year increase in tenant sales, reaching INR 35.00 billion for Q2 FY26. This growth was driven by strong performance across various categories, including Fashion, Jewellery, Beauty & Personal Care, Electronics, and Entertainment. The like-for-like consumption growth stood at 10% year-on-year.

Retail Net Operating Income (NOI) saw a substantial increase of 14% year-on-year, amounting to INR 4.20 billion. On a like-for-like basis, NOI growth was 8% year-on-year.

Distribution and Occupancy

Nexus Select Trust declared a distribution of INR 3,330.00 million (INR 2.20 per unit) for Q2 FY26, marking a 10% year-on-year increase. This represents the ninth consecutive quarter of 100% distribution payouts since the trust's listing.

The trust maintained a strong occupancy rate of 97% for the tenth consecutive quarter since listing. During Q2 FY26, Nexus Select Trust re-leased 0.23 million sq. ft. at 20% spreads.

Financial Stability

The trust's balance sheet remains robust, with a Loan-to-Value (LTV) ratio of 18%. Nexus Select Trust also maintains a AAA/Stable credit rating, further underscoring its financial strength.

Sustainability Recognition

Nexus Select Trust earned a GRESB 5-Star rating for the second consecutive year, ranking 2nd in Asia among listed retail peers with an overall score of 93. This achievement highlights the trust's commitment to environmental, social, and governance (ESG) practices.

Operational Highlights

The trust reported strong leasing activity, with 0.31 million sq. ft. leased through 217 deals during the quarter. The trading density for Q2 FY26 reached INR 1,742.00 per sq. ft. per month, while the retail portfolio's Weighted Average Lease Expiry (WALE) stood at 4.7 years.

Management Commentary

Dalip Sehgal, Executive Director and Chief Executive Officer of Nexus Select Trust, commented on the results: "We delivered another quarter of strong operational and financial performance, achieving 16% growth in tenant sales and 14% growth in retail net operating income during Q2 FY26. With a robust start to Q3 FY26 — marked by double-digit consumption growth in October 2025 — we expect this momentum to sustain through the second half of the year."

Sehgal also highlighted the trust's distribution performance: "We have cumulatively distributed INR 30.10 billion / INR 19.85 per unit and delivered total returns exceeding 80% to our unitholders since listing."

Acquisition Pipeline

The trust reported a robust pipeline of 10 assets for inorganic growth, with three assets currently under due diligence. Sehgal noted, "Backed by a strong balance sheet, low leverage, and nearly $1 billion of debt headroom, we are well positioned to capitalize on future inorganic growth opportunities."

Board Changes

Nexus Select Trust announced changes to its board composition. Mr. Tuhin Parikh has stepped down as Chairman and Non-Executive Non-Independent Director, effective November 4, 2025. Mr. Asheesh Mohta has been appointed as the new Chairman of the Board, while Mr. Siddharth Nawal from Blackstone has joined as an Additional Director (Non-Executive Non-Independent Director).

In conclusion, Nexus Select Trust's Q2 FY26 results demonstrate strong growth across key metrics, maintaining high occupancy rates, and delivering consistent distributions to unitholders. The trust's focus on sustainability and its robust acquisition pipeline position it well for continued growth in the Indian retail real estate market.

Nexus Select Trust , India's first listed retail Real Estate Investment Trust (REIT), has announced significant changes to its Board of Directors, effective November 4, 2025.

New Director Appointment

Mr. Siddharth Nawal has been appointed as an Additional Non-Executive Non-Independent Director of the company. Mr. Nawal brings substantial experience to the board, serving as a Principal in the Real Estate group at Blackstone India. Since joining Blackstone in 2015, he has been instrumental in managing direct asset investments across various real estate sectors, including retail, commercial, hospitality, and residential.

Mr. Nawal's association with Nexus Select Trust dates back to its inception. He played a pivotal role in the successful REIT listing of Nexus Select Trust in May 2023, demonstrating his deep understanding of the company's operations and market position.

Chairperson Resignation

Concurrently, Mr. Tuhin Parikh has stepped down from his position as Non-Executive Non-Independent Director and Chairperson of the company. Mr. Parikh's resignation is effective from the closure of business hours on November 4, 2025, citing pre-occupation as the reason for his departure.

In his resignation letter, Mr. Parikh confirmed that he has no pending dues from the company or claims of any nature against the company or its affiliates, directors, officers, and employees in connection with his directorship or resignation.

Leadership Transition

Following these changes, Mr. Asheesh Mohta, a current Nexus director, has been appointed as the new Chairman of the Board.

Financial Performance

These board changes come at a time when Nexus Select Trust is reporting strong financial performance. For the quarter ended September 30, 2025, the company declared a distribution of ₹2.20 per unit, aggregating to ₹3,329.97 million. This distribution comprises:

The company also reported a Net Asset Value (NAV) of ₹159.35 per unit as of September 30, 2025, based on the Gross Asset Value derived in the Valuation Report issued by iVAS Partners.

These board changes and strong financial results underscore Nexus Select Trust's commitment to robust governance and sustained growth in India's dynamic real estate market.