Nexus Select Trust, India’s first publicly listed retail-focused real estate investment trust, reported an 8 per cent year-on-year rise in net operating income to ₹504 crore for the second quarter of financial year 2026-27, citing strong consumption and leasing momentum across its portfolio.
The trust announced its quarterly results on Tuesday. It also declared a distribution of ₹359 crore, or ₹2.367 per unit, an 8 per cent increase from the same period a year earlier. The distribution marks the 13th consecutive quarter in which Nexus Select Trust has paid out 100 per cent of its distributable amount to unitholders.
Dalip Sehgal, executive director and chief executive officer of Nexus Select Trust, said the performance came despite much of the festive season shifting into the third quarter. “This performance reflects the resilience of our portfolio and the strength of our operational execution in a challenging environment,” he said.
The trust’s portfolio includes 19 malls with a gross leasable area of 10.7 million square feet across 15 cities. It also owns three hotels with a total of 450 keys and three office assets with a combined gross leasable area of 1.3 million square feet.
The results offer a snapshot of how organised retail property operators are performing across multiple urban markets. For Nexus Select Trust, income growth during the quarter was driven by both consumption and leasing, while the company indicated that the full effect of festive-season activity would be reflected in the following quarter.
During the quarter, the trust also announced its entry into India’s Northeast through a transaction to develop a Grade-A mall and hotel in Guwahati. The company described the project as the first step in a broader strategy to establish a presence in consumption markets in eastern and northeastern India, with Guwahati serving as its entry point into the region.
The proposed Guwahati development expands the trust’s operating footprint beyond its existing 15-city portfolio. The company has not disclosed in the supplied statement the project’s gross leasable area, investment value, construction timeline or expected opening date.
Siddharth Nawal, managing director and CEO-designate of Nexus Select Trust, said the trust was positioned to pursue its ambition of doubling its portfolio by 2030. He cited the company’s balance sheet, low leverage and nearly $1 billion in available debt headroom as factors supporting future inorganic growth opportunities.
Nexus Select Trust’s quarterly performance therefore combines operating growth in its existing assets with a stated expansion plan in a new regional market. The next key milestones will be the development details for the Guwahati mall and hotel and the trust’s performance in the third quarter, when the company expects the impact of the festive season to be more visible.
