CapitaLand India Trust (CLINT) reported a 1H 2026 distributable income of S$64.2 million, up 8% year-on-year, as contributions from newly completed developments and higher interest income outweighed currency headwinds.
The Singapore-listed business trust posted total property income (revenue) of S$137.6 million for the six months ended Jun 30, 8% lower YoY due to a 12% depreciation of the Indian rupee against the Singapore dollar. Net property income slipped 5% YoY to S$107.5 million, while the NPI margin improved to 78.1% from 76.1% a year earlier.
Distributions to unitholders rose marginally to 4.00 Singapore cents per unit, up 1% YoY in SGD terms and 13% in rupee terms. The figure includes an advanced distribution of 1.44 cents paid on Apr 10 following February’s private placement. The remaining 2.56 cents, covering Mar 5–Jun 30, will be paid on Sep 23 to unitholders on record as of Aug 18. On an annualised basis, the payout implies a 7.9% distribution yield based on CLINT’s S$1.02 closing price on Jun 30.
In operational terms, occupancy across the portfolio stood at 91%, supported by positive rental reversions of 24% over the past 12 months. Revenue in Indian rupee terms grew 3% YoY to INR 9.9 billion on the back of fuller take-up at existing IT parks, initial contributions from the newly completed MTB 6 block at International Tech Park Bangalore, and the handover of the 50 MW CapitaLand Data Centre Navi Mumbai Tower 1, which is fully leased to a global hyperscaler.
Costs remained contained, allowing the NPI margin to expand despite the weaker rupee. Distributable income also benefited from higher interest earned on CLINT’s six forward-purchase projects, where interest-bearing receivables rose 9.5% to S$417.9 million. The trust’s recent divestment of minority stakes in three data centres and the sale of two business-park assets trimmed rental income but released capital for redeployment.
Gearing stood at 38.0% as at Jun 30. Roughly 74.5% of borrowings are on fixed rates and 53% are hedged into rupees, providing some insulation from currency and rate volatility. CLINT drew down INR 5.5 billion (about S$74 million) in July under its ongoing debt-onshoring strategy; management expects this to lift full-year 2025 DPU by 1.6%. The trust retains an estimated S$1.1 billion of debt headroom for further opportunities.
Looking ahead, CLINT is banking on several growth drivers: the balance of its 200 MW data-centre pipeline, which is on track for completion by end-2026; a 6.4 million-sq-ft forward-purchase pipeline that currently generates interest income and offers future acquisition options; and redevelopment projects such as the 1.5 million-sq-ft Block C at International Tech Park Hyderabad (target completion 4Q 2029) and the MTB 7 block at ITPB (3Q 2027).
Chief executive officer Gauri Shankar Nagabhushanam said the half-year performance underscored the resilience of the portfolio and the benefits of active asset management. He noted that higher occupancies, rental uplifts and disciplined capital recycling had helped offset currency pressures. Nagabhushanam added that the successful leasing and handover of the trust’s first liquid-cooled data centre provide a “strong foundation” for expanding its presence in the fast-growing sector, while ongoing onshoring of debt should enhance cash flows and support sustainable distributions.