Nexus Select Trust Q4: NOI up 12%, ₹346 cr distribution

Q4 snapshot: higher NOI and fresh payout

Nexus Select Trust reported a 12% year-on-year rise in net operating income (NOI) for the latest quarter ended March, taking NOI to ₹498.6 crore. The retail-focused Real Estate Investment Trust (REIT) also declared a distribution of ₹346.3 crore for unitholders for the quarter. The update keeps market focus on the cash-generation profile of India’s listed retail REITs, where distributions are a core part of the investment case. For Nexus Select Trust, the quarter’s numbers come alongside an explicit expansion plan that targets a much larger portfolio by the end of the decade. The trust said it is actively evaluating acquisitions to support that growth path.

What the trust reported for the quarter ended March

The headline operational indicator was the reported NOI of ₹498.6 crore, representing a 12% increase. Alongside this, the trust announced a distribution of ₹346.3 crore among unitholders for the quarter. While the update does not provide other quarter-specific operating metrics, the two disclosed figures indicate the trust’s focus on maintaining distributable cash flows even as it pursues portfolio growth. The announcement was made on May 12, 2026.

Full-year FY26 numbers: NOI and distribution

For the full 2025-26 fiscal year, Nexus Select Trust reported NOI of ₹1,929.6 crore. It also announced a distribution of ₹1,375.8 crore for the fiscal, which it said equals ₹9.081 per unit. These full-year figures provide the context for the quarterly trend and are particularly relevant for REIT investors who track payout stability and the relationship between asset-level performance and distributions. The company’s communication signals that distributions remain central to how it plans to deliver returns as the portfolio scales.

Portfolio footprint: malls across cities, plus hotels and offices

Nexus Select Trust is described as a retail asset-backed REIT with 19 shopping malls in its portfolio. The malls together have a gross leasable area of 10.7 million square feet and are spread across 15 cities in India. Beyond malls, the trust also holds three hotel assets with 450 keys and three office assets with a leasable area of 1.3 million square feet. This mixed base helps explain why investors track both retail fundamentals and the broader consumption cycle, although the trust’s core identity remains retail-led. The scale and city spread are also relevant when assessing acquisition opportunities and integration complexity.

Growth strategy: target to double the portfolio by 2030

The trust reiterated that it is aiming to double its portfolio by 2030 and is actively looking for acquisitions. This is a clear strategic milestone that frames near-term capital allocation decisions, including whether to prioritise acquisitions, expansions within existing assets, or a combination of both. For a retail REIT, the pace of acquisitions can influence both distribution per unit and leverage, even when acquisitions are positioned as value-accretive. The stated target also implies a multi-year pipeline approach rather than one-off deals.

Diamond Plaza acquisition: Kolkata deal and expected closing

As part of that expansion plan, management said it has announced the acquisition of Diamond Plaza mall in Kolkata. The trust expects the closing to occur in the first half of FY27. While the disclosed update does not specify transaction value or funding structure, the timeline indicates that the acquisition is positioned as a near-term addition. The emphasis on an expected closing window also suggests the deal is already in an advanced stage relative to earlier pipeline assets.

Acquisition pipeline: 8 retail assets, with due diligence underway

Dalip Sehgal, Executive Director and Chief Executive Officer, said the trust has built an acquisition pipeline of 8 retail assets across India, with two currently under due diligence. This pipeline disclosure matters because it signals that the trust is scanning beyond a single announced deal. In practice, due diligence stage updates are closely followed by investors because they often precede binding agreements and can shape expectations around future portfolio size and cash flows. The company’s language positions acquisitions as aligned with the 2030 scale-up goal.

Key numbers at a glance

The following table summarises the main disclosed operating and portfolio data from the update.

Market impact: what NOI and distributions indicate for REIT investors

For REIT investors, NOI is a core operating measure because it reflects the underlying cash generation from assets before financing and certain corporate-level items. The quarter’s 12% growth in NOI to ₹498.6 crore indicates improved operating income relative to the comparable period, while the ₹346.3 crore distribution signals continued payout to unitholders. At the full-year level, FY26 NOI of ₹1,929.6 crore and distribution of ₹1,375.8 crore provide a broader view of the trust’s capacity to generate and distribute cash. The disclosure of a defined acquisition pipeline adds another layer, because future growth in NOI and distributions can be influenced by the timing and quality of acquisitions.

Why the expansion plan matters

The plan to double the portfolio by 2030 creates an explicit benchmark against which future acquisitions will be measured. Portfolio growth in a retail REIT structure typically requires balancing asset additions with distribution visibility, especially when investors buy REIT units primarily for periodic income. The announced Diamond Plaza transaction, with a stated closing expectation in H1 FY27, is one concrete step in that direction. Meanwhile, the pipeline of 8 retail assets with two under due diligence suggests more potential activity, but the trust has not disclosed timelines or sizes for these assets in the update.

What to watch next

The next key checkpoints, based on the information disclosed, will be the progress toward closing the Diamond Plaza acquisition in H1 FY27 and any subsequent updates on the pipeline assets under due diligence. Investors are also likely to track how future acquisitions change the portfolio mix across cities and asset types, given the trust’s footprint across malls, hotels, and offices. Separately, subsequent quarterly results will show whether the pace of NOI growth remains consistent and how distributions track that performance.

Conclusion

Nexus Select Trust reported Q4 NOI of ₹498.6 crore, up 12%, and declared a ₹346.3 crore distribution, while FY26 NOI stood at ₹1,929.6 crore with ₹1,375.8 crore distributed to unitholders. The trust reiterated its goal to double the portfolio by 2030, announced the Diamond Plaza acquisition in Kolkata with closing expected in H1 FY27, and outlined a pipeline of 8 retail assets with two under due diligence.