CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
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CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
CapitaLand Group
With a solid business ecosystem, we deliver long-term sustainable value to our stakeholders.
CapitaLand India Trust records 8% increase in 1H 2026 distributable income
29 Jul 2026
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Singapore, 29 July 2026 – CapitaLand India Trust (CLINT or the Trust) reported an 8% year-on-year (YoY) increase in distributable income to S$64.2 million for the six months ended 30 June 2026 (1H 2026). The positive performance was driven by income contributions from newly completed development and CapitaLand Data Centre Navi Mumbai Tower 1, stronger operating performance from existing properties as well as higher interest income.
CLINT’s 1H 2026 distribution per unit (DPU) increased 13% YoY in Indian Rupee (INR) terms. However, because of the depreciation of the INR during this period, DPU increased by 1.0% YoY in SGD terms to 4.00 Singapore cents. This includes the advanced distribution of 1.44 Singapore cents for the period from 1 January to 4 March 2026, which was paid to unitholders on 10 April 2026, following CLINT’s private placement on 24 February 2026.
With the record date on Tuesday, 18 August 2026, CLINT’s unitholders will receive the DPU of 2.56 Singapore cents for the period from 5 March to 30 June 2026 on Wednesday, 23 September 2026. On an annualised basis, CLINT’s 1H 2026 DPU translates to a distribution yield of 7.9% based on the closing price of S$1.02 as at 30 June 2026.
1H 2026 total property income increased by 3% YoY to INR 9.9 billion and net property income (NPI) increased 6% YoY to INR 7.8 billion. CLINT’s NPI margin improved YoY from 76.1% to 78.1%, driven by proactive portfolio management to enhance operational efficiency and leasing performance.
The strong performance was led by higher occupancy, positive rental reversions and income contributions from newly completed developments, including MTB 6 at International Tech Park Bangalore (ITPB) and CapitaLand Data Centre Navi Mumbai Tower 1. In addition, higher interest income from CLINT’s six forward purchase assets that are under development drove distributable income growth, despite the absence of income following the divestments of CyberPearl and CyberVale.
Average foreign exchange rates for the INR depreciated 12% YoY on Singapore dollar terms. Consequently, 1H 2026 total property income and NPI decreased 8% YoY and 5% YoY to S$137.6 million and S$107.5 million, respectively.
CLINT's strong performance was led by higher occupancy, positive rental reversions and income contributions from newly completed developments, including MTB6 at International Tech Park Bangalore.
Mr Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd., said:
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.
| 1H 2026 | 1H 2025 | Variance (%) | 1H 2026 | 2H 2025 | Variance (%) | |
|---|---|---|---|---|---|---|
| In Indian Rupee (INR million): | ||||||
| Total property income | 9,923 | 9,625 | 3 | 9,923 | 9,843 | 1 |
| Net property income | 7,753 | 7,322 | 6 | 7,753 | 7,550 | 3 |
| Income available for distribution | 4,622 | 3,843 | 20 | 4,622 | 3,990 | 16 |
| Income to be distributed | 4,160 | 3,458 | 20 | 4,160 | 3,591 | 16 |
| In Singapore Dollar (SGD million): | ||||||
| Total property income | 137.6 | 149.3 | (8) | 137.6 | 145.1 | (5) |
| Net property income | 107.5 | 113.6 | (5) | 107.5 | 111.3 | (3) |
| Income available for distribution | 64.2 | 59.6 | 8 | 64.2 | 59.3 | 8 |
| Income to be distributed | 57.8 | 53.6 | 8 | 57.8 | 53.3 | 8 |
| Income to be distributed per unit (DPU) (Singapore cents) | 4.00 | 3.97 | 1 | 4.00 | 3.90 | 3 |
| Average SGD/INR exchange rate1 | 72.1 | 64.5 | 12 | 72.1 | 67.8 | 6 |
Resilient Portfolio Performance
As at 30 June 2026, CLINT achieved a committed portfolio occupancy of 91%2 and positive rental reversions of 24% over the past 12 months.
Proactive Capital Management
CLINT’s gearing stood at 38.0% as at 30 June 2026. Of CLINT’s total borrowings, 74.5% are on fixed interest rates, and 53% are hedged into INR. The Trust maintains a debt headroom of S$1.1 billion.
Leveraging the lower interest rate environment in India, CLINT continued to onshore its debt to achieve long-term savings in interest and tax costs. The onshoring of the debt is expected to improve cashflows and increase income available for distribution. CLINT drawn down INR 5.5 billion (approximately S$74 million) in July 2026. The latest term loan is expected to provide a 1.6% DPU accretion based on FY 2025 DPU.
Forward Purchases
The forward purchase programme provides recurring interest income and a visible pipeline of quality assets for future portfolio expansion. As at 30 June 2026, the Trust had six forward purchase assets under development, totalling 6.4 million square feet. Interest-bearing long-term receivables deployed into these projects grew 9.5% to S$417.9 million from S$381.6 million as at 31 December 2025, contributing to the uplift in interest income for 1H 2026.
Two forward purchase projects in Hyderabad, aVance 5 and aVance A1, have been completed and have achieved over 75% leasing commitments. Both assets are earmarked by CLINT for potential acquisition upon stabilisation.
Portfolio Reconstitution
In February 2026, CLINT completed the divestment of 20.2% stakes in three data centres under development to CapitaLand India Data Centre Fund for an estimated total purchase consideration3 of INR 7.02 billion (S$99.73 million4). CapitaLand Data Centre Navi Mumbai Tower 1 has been fully handed over to the hyperscaler tenant in July 2026 and full income contribution is expected from August 2026.
The remaining data centres under development are on track for completion by end-2026. Strong interest from multiple global and local prospective customers is driving active leasing discussions and site visits for the Hyderabad and Chennai data centres, providing confidence in potential leasing conversions.
With the government authorities easing building regulations, the redevelopment at Block C, International Tech Park Hyderabad will increase its built area to a 1.5 million square feet building, with completion targeted for 4Q 2029. Excavation works are currently ongoing. The development of MTB 7 at ITPB is also on track for completion in 3Q 2027.
As at 30 June 2026, CLINT's completed floor area stood at 22.0 million square feet with total development potential of 4.9 million square feet in its IT business parks. Construction of CLINT’s existing projects, including its committed forward purchase pipeline, is progressing as scheduled.
Full income contribution from CapitaLand Data Centre Navi Mumbai Tower 1 is expected from August 2026.
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1. Average exchange rates used in the income statements.
2. Excludes Logistics Park and Data Centres.
3. The purchase consideration for the Transaction will be determined at the completion date. Please refer to the announcement titled “Proposed Divestment of 20.20% interest in three data centre assets located in India and the Proposed Joint Venture in respect of these assets” announced on 31 December 2025 for further details.
4. Exchange rate of S$1 = INR 70.4.
