Brief Introduction:
CapitaLand India Trust (SGX: CY6U), or CLINT, is a Singapore-listed REIT with a primary investment focus on business space assets across key cities in India.
Since its listing in August 2007 with a portfolio comprising 4 IT business parks (2 in Hyderabad, and 1 each in Bangalore and Chennai), CLINT has expanded significantly. Today, its portfolio includes 8 IT business parks, 3 industrial facilities, 1 logistics park, and 4 data centre developments located across Bangalore, Chennai, Hyderabad, Pune, and Mumbai.
As at 30 June 2026, the Trust’s portfolio was valued at approximately S$3.5 billion.
Financial Performance (1H FY2025 vs. 1H FY2026):
| 1H FY2025 | 1H FY2026 | % Variance | |
| Total Property Income (S$’mil) | $149.3m | $137.6m | -7.8% |
| Property Operating Expenses (S$’mil) | $35.7m | $30.1m | -15.7% |
| Net Property Income (S$’mil) | $113.6m | $107.5m | -5.4% |
| Distributable Income to Unitholders (S$’mil) | $53.6m | $57.8m | +7.8% |
In Singapore Dollar terms, CLINT reported a weaker set of financial results, largely due to the Singapore Dollar appreciating by 12% against the Indian Rupee during the period under review.
However, in Indian Rupee terms, the underlying performance remained positive. Total property income and net property income increased by 3% and 8% respectively, supported by higher income from existing properties and contributions from newly completed properties, as well as lower property-related operating expenses.
Meanwhile, distributable income to unitholders rose by a stronger 20%, driven by higher net property income, increased contributions from its data centre joint venture, and lower net finance costs.
Financial Performance (2Q FY2025 vs. 2Q FY2026):
CLINT did not disclose its 2nd quarter financial figures. As such, the figures presented are derived based on the reported 1st quarter and 1st half financial results for the respective financial years:
| 2Q FY2025 | 2Q FY2026 | % Variance | |
| Total Property Income (S$’mil) | $74.7m | $68.6m | -8.2% |
| Property Operating Expenses (S$’mil) | $16.2m | $14.5m | -10.5% |
| Net Property Income (S$’mil) | $58.5m | $54.1m | -7.5% |
The weaker financial performance reported by CLINT in the 2nd quarter was largely due to the strengthening of the Singapore Dollar against the Indian Rupee.
Portfolio Occupancy Profile (1Q FY2026 vs. 2Q FY2026):
| 1Q FY2026 | 2Q FY2026 | |
| Portfolio Occupancy (%) | 91.0% | 91.0% |
| Portfolio WALE (years) | 3.3 years | 3.2 years |
CLINT’s portfolio occupancy remained unchanged at 91.0% for the quarter. Improvements were recorded at ITPC, where occupancy increased from 88% in the previous quarter to 95%, ITPH (from 98% to 99%), and aVance II Pune (from 57% to 59%). In contrast, occupancy at ITPB declined from 97% to 92%, while the occupancy rates of its other properties remained unchanged.
With the exception of aVance Hyderabad (89%), ITPP-H (88%), and aVance II Pune (59%), CLINT’s other 7 properties continued to maintain occupancy rates of around 90% or higher.
Its lease expiry profile also remains well-staggered, with just 6% of leases due for renewal in 2H FY2026. An average of about 20% of leases will expire each year between FY2027 and FY2029, while the remaining 33% will only be due for renewal in FY2030 or later.
Finally, CLINT recorded a positive rental reversion of +2.4% for the quarter.
Debt Profile (1Q FY2026 vs. 2Q FY2026):
| 1Q FY2026 | 2Q FY2026 | |
| Aggregate Leverage (%) | 35.7% | 38.0% |
| Interest Coverage Ratio (times) | 2.8x | 2.9x |
| Average Cost of Debt (%) | 5.7% | 5.6% |
| Average Term to Debt Maturity (years) | 2.7 years | 2.6 years |
| % of Borrowings Hedged at Fixed Rates (%) | 78.5% | 74.5% |
While CLINT’s aggregate leverage increased by 2.3 percentage points (pp) to 38.0%, it remains at a very healthy level.
Its debt maturity profile is also well-spread out, with about 15% of borrowings due for refinancing in 2H FY2026. An average of approximately 17% of borrowings will be due for refinancing each year in FY2027 and FY2028, while the remaining 51% will only mature in FY2029 or later.
The only aspect I am less comfortable with is the relatively low proportion of borrowings hedged at fixed rates, at 74.5%. While this could work in the business trust’s favour should benchmark interest rates decline, an increase in rates could lead to higher finance costs and, in turn, weigh on the growth of its distribution payout.
Distribution Payout to Unitholders (1H FY2025 vs. 1H FY2026):
CLINT adopts a half-yearly distribution payout policy. The table below compares the business trust’s distribution declared for 1H FY2026 with the payout made in the corresponding period last year:
| 1H FY2025 | 1H FY2026 | % Variance | |
| Distribution Per Unit (S$’cents) | 3.97 cents | 4.00 cents | +0.8% |
After accounting for the increase in units following CLINT’s private placement in March 2026, its distribution per unit edged up by 0.8% in Singapore Dollar terms. In Indian Rupee terms, however, DPU recorded a much stronger increase of 13%.
As a distribution of 1.44 cents per unit for the period between 1 January and 4 March 2026 had already been paid to unitholders on 10 April 2026, prior to the completion of the private placement exercise, unitholders will receive the remaining 2.56 cents per unit in the upcoming distribution.
If you are a unitholder of the business trust, do take note of the following key dates relating to the upcoming distribution payment:
Ex-Date: 17 August 2026
Record Date: 18 August 2026
Payout Date: 23 September 2026
CEO Mr Gauri Shankar Nagabhushanam’s Comments & Outlook (Extracted from the Business Trust’s Press Release):
“CLINT’s strong performance in 1H 2026 reflects the resilience of our portfolio and the disciplined execution of our multi-pronged strategy. We maintained healthy occupancy levels and delivered positive rental reversions, while enhancing financial flexibility through capital recycling and proactive capital management.
We are pleased to have successfully developed, leased and handed over CLINT’s first liquid-cooled data centre to a global hyperscaler tenant at CapitaLand Data Centre Navi Mumbai Tower 1. This milestone validates the quality of our assets and provides a strong foundation for future earnings growth in this sector. Together with our forward purchase programme and development projects, these initiatives have strengthened the quality of our portfolio and enhanced the visibility of future income streams, positioning us well to deliver sustainable returns to unitholders.”
Closing Thoughts:
Putting aside the weakness in the Indian Rupee against the Singapore Dollar (partly due to higher oil prices amid continued hostilities in the Middle East), I thought CLINT delivered a stable set of financial results. More importantly, despite the currency headwinds, the business trust was still able to grow its distribution to unitholders on a year-on-year basis, which I see as a positive.
Its portfolio occupancy also remains healthy, with 7 out of its 10 properties maintaining occupancy rates of at least 90%. Lease expiries are well-staggered, while a positive rental reversion of +2.4% was recorded for new and/or renewed leases during the quarter.
As far as its debt profile is concerned, it remains at a very healthy level, with aggregate leverage in the 30+% range and debt maturities well-spread out. If I were to highlight one area of concern, it would be the slightly lower proportion of borrowings hedged at fixed rates, which declined by 4.0pp from the previous quarter to 74.5%. This could result in higher finance costs and potentially weigh on the business trust’s distribution payouts should benchmark interest rates rise.
Related Documents:
Press Release
Financial Results
Presentation Slides
Supplementary Information
Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust.
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