Brief Overview:
Back when it was first listed on the Singapore Exchange in August 2007, CapitaLand India Trust (SGX: CY6U), or CLINT, was the first Indian property trust in Asia.
The business trust has an investment focus on business space properties (whether is it completed developments, or uncompleted ones) in India. Currently, its portfolio comprises 8 IT business parks, 3 industrial facilities, 1 logistics park, and 4 data centre developments in key Indian cities of Bangalore, Chennai, Hyderabad, Pune, and Mumbai, where they are worth a total of S$3.8 billion.
Notable Developments Since the Business Trust’s 3Q FY2025 Business Update:
December 2025: CLINT has entered into definitive agreements to divest 20.2% of its stake in 3 data centre assets under development to CapitaLand India Data Centre Fund at around 7 billion rupees (or S$99.7 million).
January 2026: CLINT has secured a 2nd long-term agreement with a leading global hyperscaler for Tower 2 of CapitaLand DC Navi Mumbai, which is currently under development and expected to be completed by 4Q FY2026, and progressively handed over to the tenant in 1H FY2027.
Financial Figures (4Q FY2024 vs. 4Q FY2025):
| 4Q FY2024 | 4Q FY2025 | % Gain/Loss | |
| Total Property Income (S$’mil) | $73.0m | $69.1m | -5.3% |
| Total Property Expenses (S$’mil) | $23.9m | $16.4m | -31.4% |
| Net Property Income (S$’mil) | $49.1m | $52.7m | +7.3% |
CLINT’s financial figures for the 4th quarter was a mixed one – with its total property income down by 5.3% year on year to S$69.1 million, but its net property income up by 7.3% year on year to S$52.7 million from a 31.4% year-on-year plunge in its total property expenses.
Financial Figures (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gain/Loss | |
| Total Property Income (S$’mil) | $277.9m | $294.4m | +5.9% |
| Total Property Expenses (S$’mil) | $72.3m | $69.5m | -3.9% |
| Net Property Income (S$’mil) | $205.6m | $224.9m | +9.4% |
| Distributable Income to Unitholders (S$’mil) | $91.3m | $107.0m | +17.2% |
However, for the full year, CLINT’s financial figures was a positive one – with its total property income and net property income up by a mid- to high-single digit percentage, and its distributable income to unitholders surging by a double-digit percentage.
For its total property income, the 5.9% year-on-year growth to S$294.4 million was attributed to higher rental income from existing properties, income contributions from newly completed properties which are fully leased (namely MTB 6 in ITPB, CyberVale in Free Trade Warehousing Zone, and Navi Mumbai Data Centre 1 partially), as well as full year income contributions from aVance II, Pune, and Building Q2 where acquisitions were completed in March 2024 and July 2024 respectively.
Coupled with a 3.9% year-on-year drop in its total property expenses, CLINT’s net property income saw a 9.4% year-on-year improvement to S$224.9 million.
Portfolio Occupancy Profile (3Q FY2025 vs 4Q FY2025):
| 3Q FY2025 | 4Q FY2025 | |
| Portfolio Occupancy (%) | 91.0% | 91.0% |
| Portfolio WALE (years) | 3.6 years | 3.4 years |
CLINT’s portfolio occupancy remains unchanged at 91.0%. That said, I noticed that it has been on a slow downward slide since 4Q FY2025, as follows:
95% (4Q FY2024) -> 92.0% (1Q FY2025) -> 92.0% (2Q FY2025) -> 91.0% (3Q FY2025) -> 91.0% (4Q FY2025)
However, in terms of the occupancy rates of individual properties, 7 out of 10 properties are at least 90% occupied, which is considered to be very strong (in my opinion), with the remaining properties having occupancy rates as follows: ITPC (85%), ITPP-H (88%), and aVance II, Pune (57%).
Top 10 tenants contribute 41% towards the business trust’s total property income, with the top 3 tenants (in Tata Consultancy Services, Applied Materials, and Infosys) contributing 11%, 8%, and 5% respectively, and the remaining tenants contributing 3% or lesser.
Lease expiries in the financial years ahead are well-spaced out, with an average of 17% of leases due for renewal each year over the next 3 financial years (FY2026 and FY2028), and the remaining 48% of leases due for lease renewal only in FY2029 or later.
Finally, rental reversion for its properties in the various locations were all in positive percentages (between +12% and +39%), except in Pune (at -0.1%).
Debt Profile (3Q FY2025 vs. 4Q FY2025):
| 3Q FY2025 | 4Q FY2025 | |
| Aggregate Leverage (%) | 40.1% | 39.6% |
| Interest Coverage Ratio (times) | 2.6x | 2.7x |
| Average Cost of Debt (%) | 5.8% | 5.6% |
| Average Term to Debt Maturity (years) | 2.5 years | 2.5 years |
| % of Borrowings Hedged at Fixed Rates (%) | 77.2% | 72.6% |
Compared to the previous quarter, CLINT’s debt profile was a positive one – with its aggregate leverage down by 0.5 percentage points (pp) to 39.6%, interest coverage up slightly to 2.7x, and average cost of debt decreased by 0.2pp to 5.6% (in fact, CLINT’s average all in cost of debt have gradually improved since 4Q FY2023, as follows: 6.3% (4Q FY2023) -> 6.3% (1Q FY2024) -> 6.2% (2Q FY2024) -> 6.0% (3Q FY2024) -> 6.0% (4Q FY2024) -> 6.0% (1Q FY2025) -> 5.9% (2Q FY2025) -> 5.8% (3Q FY2025) -> 5.6% (4Q FY2025).
Looking at the business trust’s debt maturity in the years ahead, it has a rather large percentage of borrowings maturing in FY2026 (at 28%). Over the next 4 financial years, it has the following percentages of borrowings maturing as follows: FY2027 (17%), FY2028 (15%), FY2029 (22%), and FY2030 (15%), with the remaining 2% of borrowings due for refinancing only in FY2031 and beyond.
Distribution Payout to Unitholders (2H FY2024 vs. 2H FY2025):
| 2H FY2024 | 2H FY2025 | % Gains/Losses | |
| Distribution Per Unit (S$’mil) | 3.20 cents | 3.90 cents | +21.9% |
If you are a unitholder of CLINT, do take note of the following dates on the business trust’s latest distribution payout:
Ex-Date: 12 February 2026
Record Date: 13 February 2026
Payout Date: 19 March 2026
Distribution Payout to Unitholders (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gains/Losses | |
| Distribution Per Unit (S$’mil) | 6.84 cents | 7.87 cents | +15.1% |
Comments & Outlook by CLINT’s Chairman and CEO (from the Business Trust’s Press Release):
Chairman Mr Manohar Khiatani:
“We are pleased to report strong FY 2025 financial results, which reflect the team’s strategic focus and strong execution capabilities. The team’s disciplined efforts to strengthen operating margins, optimise capital management, unlock value through strategic divestments and developing a strong growth pipeline have been instrumental in achieving this solid performance in 2025. As we look ahead to 2026, I am confident that our strategies – underpinned by a strong balance sheet, a high-quality portfolio and disciplined execution– will position CLINT well to capture opportunities and deliver sustainable returns for unitholders.”
CEO Mr Gauri Shankar Nagabhushanam:
“CLINT’s strong performance in FY 2025 reflects the momentum we have been generating across multiple growth engines. We continue to strengthen our portfolio and balance sheet by improving efficiencies, pursuing forward purchases and developments, and recycling capital through strategic divestments. In parallel, we are also actively optimising our capital structure. We remain focused on sustaining this momentum, reinforcing each growth pillar to support steady and resilient growth going forward.”
Closing Thoughts:
Overall, it was a resilient set of results reported by CLINT – with its total property income and net property income improving by mid-single digit percentages and its distributable income to unitholders up by a double-digit percentage for the full year, occupancy rate for 7 out of 10 of its properties at above 90%, and its aggregate leverage at a healthy level of 39.6% (in fact, CLINT’s aggregate leverage have been improving since 2Q FY2025, where it was at 42.3%, to 40.9% in 3Q, and now 39.6% in 4Q). The business trust’s average cost of debt has also been on a downward decline since 4Q FY2023 (which is good to note).
However, I notice a gradual decline (albeit very slowly) in its committed occupancy since 4Q FY2024 (at 95%), to 91% in 4Q FY2025.
Another thing I noticed was that the business trust have S$513.5 million of borrowings due for refinancing in the coming FY2026 ahead – which is the highest over the next 5 years.
That said, I am intending to raise the following questions with CLINT’s management in my upcoming ‘Corporate Highlight’ video recording with the CEO of the business trust (done in collaboration with AlphaInvest):
Question 1: I note a gradual but consistent decline in CapitaLand India Trust’s committed occupancy since 4Q FY2024, from 95% in 4Q FY2024 to 91.0% in 4Q FY2025. Could the management elaborate on the key factors contributing to this trend, and outline the measures being implemented in the coming quarters to stabilise and improve occupancy levels?
Question 2: With regard to the Trust’s debt maturity profile, I observe that S$513.5 million of borrowings are due for refinancing in FY2026, representing the largest refinancing quantum over the next 5 financial years. Could the management provide an update on the progress of the refinancing plans, including timing and key considerations?
If you have any questions that you like me to raise, please send them over to me here by 12 noon on Thursday, 05 February 2026. I will be compiling all substantial and relevant questions and bring them up to the business trust’s management team.
Other CapitaLand REITs and Business Trusts in Focus:
CapitaLand Ascendas REIT (SGX: A17U): 2H & FY2025 Results Review
CapitaLand Integrated Commercial Trust (SGX: C38U): 4Q & FY2025 Results Review
Related Documents:
Press Release
Financial Statements
Presentation Slides
Supplementary Information
Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust.
Stop Spending Hours Reading REIT Reports Every Quarter!
What if you could assess a REIT's portfolio occupancy, debt profile, valuation, and overall health in less than 30 seconds - without having to comb through a single quarterly report?
That's the problem the REIT Screener was built to solve.
Developed through a collaboration between ShareInvestor and The Singaporean Investor, the REIT Screener consolidates many of the key metrics and indicators I personally use when analysing REITs into one easy-to-use platform. Instead of spending hours extracting data manually every earnings season, you can now monitor the REITs you own and research new opportunities in just a few clicks.
If you're serious about REIT investing but don't have the time to manually track quarterly developments, the REIT Screener could be the shortcut you've been looking for:
Take a closer look at the REIT Screener here...
Comments (0)