Brief Description:
CapitaLand India Trust (SGX: CY6U), or CLINT, made history when it was listed in August 2007 as the first India-focused property trust in both Singapore and Asia.
Its primary objective is to invest in income-generating real estate assets in India that are predominantly used as business spaces.
As at 30 June 2026, CLINT’s portfolio comprises 8 IT business parks, 3 industrial facilities, 1 logistics park, and 4 data centre developments located across the key Indian cities of Bangalore, Chennai, Hyderabad, Mumbai, and Pune. Collectively, these properties have a portfolio value of approximately S$3.5 billion.
Financial Figures (9M FY2025 vs. 9M FY2026):
| 9M FY2025 | 9M FY2026 | % Variance | |
| Total Property Income (S$’mil) | $225.2m | $206.4m | -8.4% |
| Total Expenses (S$’mil) | $53.1m | $45.1m | -15.1% |
| Net Property Income (S$’mil) | $172.1m | $161.3m | -6.3% |
In SGD terms, total property income and net property income declined by 8.4% and 6.3% year-on-year respectively, largely due to the depreciation of the Indian Rupee against the Singapore Dollar.
However, in INR terms, total property income increased by 2% to INR15,032 million, while net property income grew by 4% to INR11,749 million. The growth in total property income was driven by higher contributions from existing properties and income from MTB 6 at ITPB, which partially offset the absence of contributions from CyberPearl and CyberVale following their divestments. Meanwhile, the increase in net property income was supported by both higher total property income and lower property expenses.
Financial Figures (3Q FY2025 vs. 3Q FY2026):
| 3Q FY2025 | 3Q FY2026 | % Variance | |
| Total Property Income (S$’mil) | $76.0m | $68.8m | -9.5% |
| Total Expenses (S$’mil) | $17.4m | $15.0m | -13.8% |
| Net Property Income (S$’mil) | $58.6m | $53.8m | -8.2% |
Similar to its 9M FY2026 performance, CLINT’s total property income and net property income declined in SGD terms in 3Q FY2026, primarily due to the depreciation of the Indian Rupee against the Singapore Dollar.
In INR terms, total property income remained largely unchanged at INR5,109 million for the quarter, compared to INR5,106 million a year ago. Higher income from existing properties was offset by the loss of contributions from CyberPearl and CyberVale following their divestments.
Meanwhile, net property income grew by 2% year-on-year to INR3,996 million, up from INR3,935 million in the corresponding quarter last year, mainly attributable to lower total property expenses.
Portfolio Occupancy Profile (2Q FY2026 vs. 3Q FY2026):
| 2Q FY2026 | 3Q FY2026 | |
| Portfolio Occupancy (%) | 91.0% | 91.0% |
| Portfolio WALE (years) | 3.2 years | 3.0 years |
CLINT’s portfolio occupancy rate remained stable at 91.0%. At the individual property level, occupancy exceeded 90% across most properties, with the exceptions being aVance Hyderabad (89%), ITPP-H (88%), and aVance II Pune (59%).
Its lease expiry profile is also well-staggered, with only 6% of leases due for renewal in the final quarter of FY2026. Over the following 3 financial years (FY2027 to FY2029), an average of approximately 20% of leases will come up for renewal annually, while the remaining 33% are scheduled to expire in FY2030 or later.
On a positive note, CLINT achieved a strong rental reversion of +24% for new and/or renewed leases on a trailing 12-month basis. This could provide support for future financial performance growth, particularly when measured in Indian Rupee terms.
Debt Profile (2Q FY2026 vs. 3Q FY2026):
| 2Q FY2026 | 3Q FY2026 | |
| Aggregate Leverage (%) | 38.0% | 38.2% |
| Interest Coverage Ratio (times) | 2.9x | 3.0x |
| Average Cost of Debt (%) | 5.6% | 5.7% |
| Average Term to Debt Maturity (years) | 2.6 years | 2.8 years |
| % of Borrowings Hedged at Fixed Rates (%) | 74.5% | 70.8% |
Overall, CLINT’s debt profile weakened slightly compared to the previous quarter, with both its aggregate leverage and average cost of debt edging higher, while the proportion of borrowings at fixed interest rates declined marginally.
Nevertheless, in my view, its current aggregate leverage and proportion of fixed-rate borrowings remain at reasonable levels.
Looking at its debt maturity profile, CLINT’s borrowings are also well-staggered, with approximately 15% due for refinancing in the final quarter of FY2026 and a further 17% maturing each year over the next 2 financial years (FY2027 and FY2028). The remaining 51% of its borrowings will only fall due for refinancing in FY2029 or later, helping to spread out its refinancing requirements over time.
Closing Thoughts:
Overall, CLINT delivered a relatively stable set of financial results for both 3Q FY2026 and the first 9 months of FY2026 in Indian Rupee terms. However, the depreciation of the Indian Rupee against the Singapore Dollar resulted in declines in both periods when reported in SGD terms. Looking ahead, this remains an important factor to monitor, as further weakness in the Indian Rupee could weigh on the business trust’s distribution payouts to unitholders, which are denominated in Singapore Dollars.
On the operational front, occupancy across its portfolio remained relatively high, with all but 3 properties recording occupancy rates of at least 90%. In addition, CLINT continued to achieve positive rental reversions, with new and/or renewed leases registering a strong +24% rental reversion on a trailing 12-month basis.
Turning to its debt profile, although aggregate leverage and the average cost of debt edged up slightly while the proportion of borrowings hedged at fixed interest rates declined marginally, I believe these metrics remain at manageable levels. Notably, CLINT’s average cost of debt is broadly in line with India’s benchmark borrowing rates.
Finally, CLINT did not declare a distribution for the quarter under review, as the business trust adopts a half-yearly distribution payout policy.
Related Documents:
Disclaimer: At the time of writing, I am a unitholder of CapitaLand India Trust.
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