Key Metrics of Nexus Select Trust
About Nexus Select Trust
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Oct 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹3,300 Cr | View |
| 22 Apr 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹2,550 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Large and diversified asset portfolio with reputed tenant profile
The Trust operates a diversified portfolio of 19 urban consumption centres, three office spaces, three hotels and one renewable energy plant across the country as of June 2026.
+ Low leverage and strong coverage metrics
Based on its current capital expenditure and acquisition plans, the leverage as measured by Debt to NOI is expected to remain low in the near to medium term.
+ Track record of REIT’s manager
The Nexus Select Trust is managed by Nexus Select Mall Management Private Limited (NSMMPL), which is currently 79% owned by the entities which are affiliates Blackstone Inc., the sponsor for the REIT.
Credit challenges
− Exposure to refinance risk; future acquisition by the Trust and its funding pattern remains a key monitorable
A part of the debt at the consolidated level is in the form of NCDs with bullet repayments at different maturities exposing the company to refinancing risk.
− Vulnerability to external factors and cyclicality in real estate
The Trust’s portfolio is exposed to risks arising from the cyclicality in the sector and vulnerability to exogenous shocks, which could impact the cash flows.
Could lead to a downgrade
Decline in occupancy below 80%, on a sustained basis, leading to moderation in debt protection metrics may lead to a downgrade in rating. Further, significant borrowings that results in an increase in LTV higher than 40%, on a consistent basis, would be a credit negative.
Agency-reported financials (ICRA, 08 Oct 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹1,917 Cr | ₹2,284 Cr | ₹2,568 Cr |
| PAT | ₹592 Cr | ₹473 Cr | ₹403 Cr |
| OPBDITA/OI | 67.1% | 68.1% | 67.7% |
| PAT/OI | 30.9% | 20.7% | 15.7% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.40× | 0.50× |
| Total debt/OPBDITA (times) | 2.90× | 3.40× | 3.60× |
| Interest coverage (times) | 3.80× | 3.90× | 3.80× |
| Revenue growth (YoY) | — | 19.1% | 12.5% |
| EBITDA (margin × income) | ₹1,286 Cr | ₹1,555 Cr | ₹1,739 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3,730 Cr | ₹5,287 Cr | ₹6,259 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹338 Cr | ₹399 Cr | ₹458 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible debentures | Debentures & bonds | ₹300 Cr | ₹300 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹1,200 Cr | ₹1,200 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹350 Cr | ₹350 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | ₹700 Cr | ₹700 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Non-convertible debentures | Debentures & bonds | — | ₹750 Cr | — | AAA (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE0NDH07043 | — | Debentures & bonds | — | 22 Oct 2024 | 28 May 2027 | ₹600 Cr | AAA | Outstanding |
| INE0NDH07035 | — | Debentures & bonds | — | 22 Oct 2024 | 14 Jun 2028 | ₹400 Cr | AAA | Outstanding |
| INE0NDH07027 | — | Debentures & bonds | — | 16 Jun 2023 | 16 Jun 2028 | ₹300 Cr | AAA | Outstanding |
| INE0NDH07050 | — | Debentures & bonds | — | 02 May 2025 | 02 May 2032 | ₹550 Cr | AAA | Outstanding |
| INE0NDH07076 | OIS | Debentures & bonds | — | 15 Dec 2025 | 13 Dec 2035 | ₹200 Cr | AAA | Outstanding |
| INE0NDH07068 | — | Debentures & bonds | — | 15 Dec 2025 | 14 Dec 2035 | ₹500 Cr | AAA | Outstanding |
Credit assessment · Real estate investment trusts
Rating Methodology – Real Estate Investment Trusts (Jan 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 72% |
| Information on file | 56% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 75% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 3.8×
Rated limits by facility
Timeline
From the report
As on June 30, 2026, it had free cash and cash equivalent of Rs. 589.28 crore (including mutual fund investments).
From the report
As on December 31, 2025, it had free cash and cash equivalent of Rs. 1124.8 crore (including mutual fund investments and distribution announced for Q3FY2026).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.