Brief Introduction:

CapitaLand India Trust (SGX: CY6U), or CLINT, is Singapore’s first-listed property trust, with a focus on investments in properties that benefit from the growth of the IT industry, as well as industrial, logistics, and new economy asset classes like data centres.

As of 31 December 2025, CLINT’s portfolio includes 8 IT business parks, 3 industrial facilities, 1 logistics park, and 3 data centre developments, located across top tier cities in India including Bangalore, Chennai, Hyderabad, Pune, and Mumbai. The total value of these properties is S$3.8 billion.

Notable Insights from CLINT’s FY2025 Annual Report:

Key Performance Highlights:

• Total income and net property income grew by 6% and 9%, reaching S$294.4 million and S$224.9 million, respectively. This increase was driven by strong rental reversions, improved leasing outcomes, contributions from previous acquisitions, and higher interest income from the 6 forward purchase assets currently under development.

• In Indian Rupee terms, total income and net property income rose by 12% and 16%, amounting to INR 19.5 billion and INR 14.9 billion, respectively.

• Distributable income surged by 17% to S$118.9 million (a 23% rise to INR 7.8 billion in Indian Rupee terms) due to higher net property income, with the distribution payout increasing by 15% to 7.87 Singapore cents per unit. This resulted in a yield of 6.5% as of 31 December 2025.

• Committed occupancy stood at 91%, with rental reversions at +21%. While occupancy in Pune is impacted by ongoing infrastructure upgrades, management expects leasing activity to improve as connectivity enhancements are completed. CLINT’s assets in other Indian cities continue to benefit from strong demand, particularly from multinational corporations and technology-driven businesses.

• CLINT’s portfolio includes 307 tenants, with over 90% of them being established multinational corporations based primarily in the US and India. The top 10 tenants include Tata Consultancy Services, Applied Materials, Infosys, Amazon, Synechron, UnitedHealth Group, Pegatron, Bristol Myers Squibb, Société Générale, and Deloitte. Global Capability Centres account for about 55% of CLINT’s tenant base, significantly driving rental growth.

• Portfolio valuations increased by 2% in Singapore dollar terms (to S$3,786.1 million) and 15% in Indian Rupee terms (to INR 232.5 billion). This increase was primarily due to the annual fair value revaluation of investment properties and those under construction, along with new developments such as data centres, the redevelopment of Orion Building, International Tech Park Hyderabad (ITPH), and multi-tenanted buildings in International Tech Park Bangalore (ITPB).

• The gearing ratio stood at 39.6%, with an average cost of debt of 5.6%. Additionally, 72.6% of CLINT’s total borrowings were at fixed rates, significantly reducing interest rate volatility.

Strong Market Fundamentals Supporting CLINT’s Strategy:

• India remains one of the fastest-growing economies worldwide, driven by robust domestic demand, foreign direct investments, rapid digitalisation, and the expansion of Global Capability Centres by multinational corporations.

• Despite facing global challenges such as tariff-related cost pressures, protectionism, and disruptions caused by artificial intelligence in certain sectors, India has still managed to achieve an estimated real GDP growth of 7.6% in FY2025-2026, with nominal GDP expected to grow by 8.6% during the same period.

• This strong growth and favourable structural trends continue to fuel the demand for high-quality business parks, industrial parks, and data centres in key gateway cities, with CLINT’s portfolio strategically positioned to capitalise on this demand.

Major Developments in FY2025 – February 2026:

• February 2025: A forward purchase agreement was made to acquire ‘The Beacon’, a 1.1 million square feet office project located at Nagawara, Outer Ring Road, Bangalore.

• April 2025: Redevelopment of Orion at ITPH began, with a target completion date in 4Q FY2028. Additionally, the completion of MTB (Multi-Tenanted Building) 6 at ITPB was achieved, with the property fully leased to a tenant in the semiconductor industry.

• August 2025: CapitaLand Data Centre Navi Mumbai Data Centre 1 was completed, with the space progressively handed over to a global hyperscaler under a long-term agreement.

• September 2025: CLINT reached a significant milestone by executing its first divestments since listing. CyberPearl in Hyderabad and CyberVale in Chennai were sold on 29 September 2025 for S$161.7 million, surpassing valuation benchmarks and enhancing financial flexibility for unitholders.

• 4Q FY2025: The development of MTB 7 at ITPB was initiated, with completion targeted for 3Q FY2027.

• January 2026: CLINT achieved a major milestone by securing a long-term lease for CapitaLand Data Centre Navi Mumbai Tower 2 with a global hyperscaler, who had previously leased Tower 1. This lease commitment means that more than half of the total gross power capacity across the 3 data centres under development is now fully committed.

• February 2026: The divestment of a 20.2% stake in 3 data centres under development was completed with CapitaLand India Data Centre Fund for S$99.7 million.

Sustainability Progress:

• CLINT sustained its 5-star GRESB rating for Standing Investments, achieving a score of 92 points, placing it among the top 20% globally.

• It maintained an ‘A’ ESG rating from MSCI.

• 99% of CLINT’s business parks received Platinum or Green certifications.

Outlook Ahead:

• The structural growth drivers in India remain strong, ensuring sustained demand for high-quality office and data centre assets.

• Moving forward, CLINT’s business parks will continue to generate stable income, supported by top-tier tenants, while the development of its landbank, data centres, and forward purchases will act as key growth drivers, diversifying and strengthening the business trust’s earnings foundation.

Details of CLINT’s AGM:

Date: Tuesday, 21 April 2026
Time: 10.00am
Venue: Marina Bay Sands Expo & Convention Centre, Level 3, Hibiscus Junior Ballroom, 10 Bayfront Avenue, Singapore 018956

The AGM will be held in a wholly physical format, with no options for unitholders to attend online.

If you have any questions relating to the annual report for the management, you may either raise them in-person during the meeting, or submit in advance via email to CLINT2026@boardroomlimited.com by 10am on Monday, 13 April 2026.

Closing Thoughts:

Overall, CLINT reported a solid set of results for FY2025.

Its financial performance showed healthy growth, with total income and net property income rising by mid-to-high single-digit percentages in Singapore dollar terms, and by double-digit percentages in Indian Rupee terms. The distribution to unitholders also saw a double-digit increase in FY2025, growing from 6.84 Singapore cents per unit in FY2024 to 7.87 Singapore cents per unit in FY2025 – indicative of strong performance across the board.

Portfolio occupancy rate remains robust at 91%, with positive rental reversions of +21% for new and/or renewed leases, which will continue to positively impact the business trust’s financial results in the years to come.

CLINT’s debt profile remains strong, with a gearing ratio of 39.6%, and a significant portion of its borrowings (72.6%) hedged at fixed rates, providing strong protection against interest rate fluctuations.

Looking at the performance over the last decade (FY2015 to FY2025), total income grew at a compound annual growth rate (CAGR) of 8%, net property income at 9%, and distribution per unit at 4%. These stable figures represent one of the most consistent performances among all REITs and business trusts listed on the Singapore Exchange, based on my observations.

Looking ahead to FY2026, I am confident that CLINT will continue to see improvements in its financial performance and distribution payouts to unitholders.

Corporate Highlight Recording with CLINT’s CEO: 

Last month, I had the honour of interviewing Mr. Gauri Shankar Nagabhushanam, CEO of CLINT, as part of the Corporate Highlight series (in collaboration with AlphaInvest). 

During the interview, he shared insights on the business trust’s financial performance for 2H & FY2025, and answered questions from the investing community regarding property occupancy, debt profile, and the growth in distribution payouts.

If you missed it, you can watch the video below:

Related Documents:

Annual Report
Independent Market Review 2025 (Cushman & Wakefield)
Notice of AGM
Proxy Form

Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust.

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