Nexus Select Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Nexus Select Trust trades at ₹167, in a confirmed uptrend and 3 weeks into that stage. That is +6.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹146 to ₹167. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹167 it trades +6.5% versus its 200-day average and sits at 100% of its 52-week range (₹146–₹167).

Against the market, two honest reads. Cumulative: over the last 3.2 years the stock moved +60% while the NIFTY 500 moved +50% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 98th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Nexus Select Trust trades at 68.6× P/E, about the priciest it has ever traded. Its long-run median P/E is 45.3×, measured across 2.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 68.6× is about the priciest it has ever traded, against a long-run median of 45.3× measured over 2.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −16.6% against a +12.2% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 8,598% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Nexus Select Trust reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 6.0% — the per-curve reads carry the story. The read is built from 8 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

42.5/100 — rank 4 of 4 in Real Estate Investment Trusts · 75% evidence confidence

Nexus Select Trust scores 42.5 out of 100 against the 4 companies it is compared with in Real Estate Investment Trusts, ranking 4. Price leads the evidence: RS versus the benchmark is 4.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 13.7 + 14.1 + 1.4 + 13.3 = 42.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Nexus Select Trust reported ₹652 Cr of revenue in the Mar 26 quarter, +12.4% year on year. That is the 8th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹2,568 Cr. The last four reported quarters add to ₹2,568 Cr.

Nexus Select Trust reported ₹652 Cr of revenue in the Mar 26 quarter, +12.4% year on year. That is the 8th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹2,568 Cr. The last four reported quarters add to ₹2,568 Cr.

FY26 revenue came in at ₹2,568 Cr (+12.5% on the year). The latest quarter (Mar 26) printed ₹652 Cr, +12.4% year on year — the 8th consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +12.4% over the last 4 quarters against +15.0%/yr over the last 8 — stabilising; TTM profit −16.6% vs −17.9%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 66.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Nexus Select Trust's operating margin is 66.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 67.0% to 68.0%. The current quarter is running below every full year in that window.

Nexus Select Trust's operating margin is 66.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 67.0% to 68.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 66.0%, −3.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 67.0%–68.0%.

🚨 Why the margin moved: operating margin went −3.1 pp year on year while gross margin went −0.2 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −89.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Nexus Select Trust earned ₹12.0 Cr of net profit in the Mar 26 quarter, −89.5% year on year. Full-year FY26 profit was ₹403 Cr. That is 1.8% of the quarter's revenue. The same quarter a year earlier earned ₹114 Cr.

Nexus Select Trust earned ₹12.0 Cr of net profit in the Mar 26 quarter, −89.5% year on year. Full-year FY26 profit was ₹403 Cr. That is 1.8% of the quarter's revenue. The same quarter a year earlier earned ₹114 Cr.

Mar 26 profit was ₹12.0 Cr, −89.5% year on year. On the full year, FY26 printed ₹403 Cr (−16.6%).

🚨 Why profit moved: revenue contributed +12.4% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −16.8% vs revenue +12.4%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 297% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 297% of Nexus Select Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,662 Cr of operating cash against ₹403 Cr of profit. After ₹819 Cr of capital spending, ₹843 Cr was left as free cash.

FY26: operating cash of ₹1,662 Cr against reported profit of ₹403 Cr, leaving free cash of ₹843 Cr after ₹819 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 297% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 297%: the cash cycle held roughly steady between FY24 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 11.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹20,317 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Nexus Select Trust's cash conversion cycle runs 8 days in FY26, down from 12 days in FY24. Capital spending ran ₹20,317 Cr over the last 3 years. At FY26 sales of ₹2,568 Cr each day of that cycle holds about ₹7.0 Cr, so roughly ₹56.0 Cr sits inside the business at any moment.

FY26: debtors at 8 days (an asset-light business — no inventory to speak of) — for a full cycle of 8 days, tighter than FY24's 12.

In money terms: at FY26 sales of ₹2,568 Cr, each day of the cycle holds about ₹7.0 Cr — so the 8-day loop keeps roughly ₹56.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹20,317 Cr over the last 3 fiscal years against ₹1,726 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 6%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Nexus Select Trust earns a ROCE of 6% in FY26. That is up from a trough of 5% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 15.7% net margin on 0.13× asset turns.

FY26 ROCE is 6%, recovered from a FY25 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 15.7% net margin × 0.13× asset turns × 1.55× balance-sheet leverage ≈ 3.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 8,598% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.47.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Nexus Select Trust carries ₹6,203 Cr of borrowings against ₹13,210 Cr of equity in FY26, a debt-to-equity of 0.47. Operating profit covers the interest bill 4×. Over 3 years borrowings went from ₹0.0 Cr to ₹6,203 Cr. Capital spending ran ₹20,317 Cr across the last 3 of those years.

FY26: borrowings of ₹6,203 Cr against equity of ₹13,210 Cr — a debt-to-equity of 0.47. Operating profit covers the interest bill 4×. Over 3 years borrowings went from ₹0.0 Cr to ₹6,203 Cr while capital spending ran ₹20,317 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 8,598% on reported income across 13 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Nexus Select Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Nexus Select Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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