Nexus Select Trust Q1 FY26: Mall Hai Ya Money Printing Machine?
1. At a Glance
India’s first listed retail REIT, Nexus Select Trust (NST), is where your shopping bills turn into investor dividends. With a fat 5.6% yield, 68% OPM, and a Blackstone pedigree, this isn’t your average “mall stock”. But is it all branded profits or just window dressing?
2. Introduction with Hook
Imagine walking into a mall where every purchase indirectly pays you. That’s Nexus Select Trust — the shopping centre REIT that has monetised your dosa, Zara splurge, and popcorn refill.
Market Cap: ₹22,748 Cr
Dividend Yield: 5.57%
FY25 Net Profit: ₹483 Cr
Occupancy: ~95% across portfolio
But behind that sparkling floor polish lies a real estate war with Embassy, Mindspace, and Brookfield. Let’s see if Nexus is just retail therapy or a real investment story.
3. Business Model (WTF Do They Even Do?)
Nexus Select Trust owns and operates high-end retail real estate — a.k.a. malls.
Portfolio: 17 consumption centres across 14 cities
GFA: ~9.9 million sq. ft.
Anchor Brands: H&M, ZARA, Apple Resellers, Starbucks
Tenants: Over 1,000+ across retail, F&B, entertainment
Sponsor: Blackstone-backed Wynford Investments
Revenue is primarily from leasing, CAM (common area maintenance), and profit-linked rentals. It’s a “Netflix of footfalls” — monthly recurring cash from leases.
