Brief Introduction:
CapitaLand India Trust (SGX: CY6U), also known as CLINT for short, is Singapore’s first listed property trust, focused on investing in a portfolio of business space properties in India. Although structured as a business trust, CLINT offers stable income distributions similar to a REIT, with the management committed to distributing at least 90% of its income available for distribution to unitholders, while retaining the remaining 10% to enhance the trust’s growth flexibility.
As of 31 December 2025, CLINT’s portfolio includes the following properties:
- IT Parks: International Tech Park Bangalore (ITPB), International Tech Park Chennai (ITPC), International Tech Park Hyderabad (ITPH), Building Q1 and Building Q2, aVance I, Pune, aVance II, Pune, International Tech Park Pune-Hinjawadi (ITPP)
- Industrial & Logistics Facilities: Logistics Park Navi Mumbai, Industrial Facility 1, 2 and 3, Mahindra World City
- Data Centre Developments: CapitaLand Data Centre Navi Mumbai Tower 1 and Tower 2, CapitaLand Data Centre ITPH, CapitaLand Data Centre Chennai, CapitaLand Data Centre ITPB
These properties are situated across key Indian cities including Bangalore, Chennai, Hyderabad, Mumbai, and Pune, with a combined value of S$3.8 billion.
Financial Figures (1Q FY2025 vs. 1Q FY2026):
| 1Q FY2025 | 1Q FY2026 | % Gain/Loss | |
| Total Property Income (S$’mil) | $74.6m | $69.0m | -7.5% |
| Total Property Expenses (S$’mil) | $19.5m | $15.6m | -20.0% |
| Net Property Income (S$’mil) | $55.1m | $53.4m | -3.1% |
CLINT’s total property income and net property income saw year-on-year declines of 7.5% and 3.1%, falling to S$69.0 million and S$53.4 million, respectively, as a result of a weaker Indian Rupee against the Singapore Dollar.
However, in Indian Rupee-terms, both its total property income and net property income increased by 3% and 8%, respectively. This growth was driven by the strong performance of existing properties, as well as contributions from new developments, such as MTB 6, and the partial handover of CapitaLand Data Centre Navi Mumbai Tower 1 in 2025.
Portfolio Occupancy Profile (4Q FY2025 vs. 1Q FY2026):
| 4Q FY2025 | 1Q FY2026 | |
| Portfolio Occupancy (%) | 91.0% | 91.0% |
| Portfolio WALE (Years) | 3.4 years | 3.3 years |
CLINT’s portfolio occupancy remains stable at 91%. Looking at the individual properties, aside from aVance II Pune, which has an occupancy rate of 57%, the other 9 properties boast an occupancy rate of at least 88%, which is considered relatively strong.
In terms of lease expiries, these are well-distributed across the upcoming quarters. Only 10% of leases are set for renewal in the remaining 3 quarters of FY2026, while an average of 20.3% of leases will expire between FY2027 and FY2029. Additionally, 29% of leases are only due for renewal in FY2030 or later.
Lastly, CLINT reported a positive rental reversion of +17% for new and/or renewed leases, which is expected to support stable growth in its financial performance in the upcoming quarters.
Debt Profile (4Q FY2025 vs. 1Q FY2026):
| 4Q FY2025 | 1Q FY2026 | |
| Aggregate Leverage (%) | 39.6% | 35.7% |
| Interest Coverage Ratio (times) | 2.7x | 2.8x |
| Average Cost of Debt (%) | 5.6% | 5.7% |
| Average Term to Debt Maturity (years) | 2.5 years | 2.7 years |
| % of Borrowings Hedged at Fixed Rates (%) | 72.6% | 78.5% |
CLINT’s debt profile has improved compared to the previous quarter.
Key changes include a 3.9 percentage point (pp) improvement in aggregate leverage, bringing it to a healthy level of 35.7%, a further increase of 5.9pp in borrowings hedged to fixed rates, now at 78.5%, and a slight improvement in its interest coverage ratio, which rose to 2.8x from 2.7x in the prior quarter.
However, its average cost of debt increased marginally by 0.1 percentage point to 5.7%.
Looking ahead, CLINT’s debt maturity is well-distributed. In the remaining 3 quarters of FY2026, around 13% of its borrowings are due for refinancing, with an additional 17.5% due each year for the next 2 financial years (FY2027 and FY2028). More than 50% of its borrowings are not due for refinancing until FY2029 or later.
Closing Thoughts:
The only negative in CLINT’s latest 1Q business update is the weaker total property income and net property income in Singapore Dollar terms, which declined by 7.5% and 3.1%, respectively, due to the depreciation of the Indian Rupee. However, in Indian Rupee terms, these figures increased by 3% and 8%, reflecting stable growth.
The occupancy rates of CLINT’s properties remain exceptionally high, with all but one property maintaining occupancy of at least 88%. Additionally, lease expiries in the coming years are well-distributed. Positive rental reversions for new and/or renewed leases were also recorded, which will support the company’s financial performance in the quarters ahead.
CLINT’s debt profile has improved compared to the previous quarter, particularly in terms of its aggregate leverage, which decreased by 3.9pp to a healthy 35.7%. Furthermore, the percentage of borrowings hedged to fixed rates has risen to 78.5%, providing a cushion amid the current geopolitical situation.
Finally, since CLINT follows a semi-annual distribution payout policy, no distribution was declared for the current quarter. However, an advanced distribution of 1.44 cents per unit for the period from 01 January to 04 March 2026 has been declared ahead of its private placement exercise, with the payout to unitholders made on 10 April 2026.
Related Documents:
Business Updates of the Other CapitaLand REITs and Business Trusts:
CapitaLand Ascendas REIT (SGX: A17U): 1Q FY2026 Business Update Review
CapitaLand Integrated Commercial Trust (SGX: C38U): 1Q FY2026 Business Update Review
Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust.
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