CapitaLand India Trust’s third-quarter net property income rose 2% in rupee terms, but fell 8% in Singapore dollars as the weaker Indian currency offset operating gains.
CapitaLand India Trust reported a modest rise in third-quarter net property income, but the benefit was largely erased in Singapore dollar terms by a weaker Indian rupee. The trust said net property income for the three months to September 30 rose 2% year on year to 4 billion rupees, or about US$42 million, even as the Singapore dollar value of that income fell 8% to S$58.6 million. Total property income was broadly unchanged in rupee terms at 5.1 billion rupees, but dropped 10% in Singapore dollar terms to S$68.8 million as currency movement reduced the translated figure. The manager said higher income from existing assets helped support the quarter, although that was partly offset by the absence of revenue from CyberPearl and CyberVale after those properties were sold. Reuters has previously reported that the trust’s newer projects have been important drivers of performance, and the latest quarter continued that pattern of steady operating gains tempered by foreign exchange pressure.
For the nine months to September 30, total property income increased 2% to 15 billion rupees, while net property income rose 4% to 11.7 billion rupees. The trust also reported portfolio occupancy of 91% at the end of September, with a weighted average lease expiry of three years. Rental reversions were positive at 23% over the trailing 12 months, suggesting renewed pricing power across parts of the portfolio. The trust’s gearing ratio edged up to 38.2% from 38% in the previous quarter, while net gearing rose to 36.6% from 35.9%. Average borrowing costs increased slightly to 5.7% from 5.6%, with 70.8% of debt fixed, giving the trust some insulation from further rate rises.
CapitaLand India Trust has continued to lean on development projects to refresh earnings. In its results for the first half of 2026, the trust said distributable income rose 8% year on year to S$64.2 million, helped by contributions from newly completed assets, including MTB 6 at International Tech Park Bangalore and CapitaLand Data Centre Navi Mumbai Tower 1. Earlier, in February, it reported a 22% increase in second-half 2025 distribution per unit, and a 15% rise for the full year, underlining how newly delivered projects and portfolio reconstitution have been feeding through to returns.
The next phase of that strategy remains under construction. The manager said MTB 7 at International Tech Park Bangalore, which has already secured a full lease commitment from a Fortune 500 company, is still targeted for completion in the third quarter of 2027. CapitaLand Data Centre Chennai, which will have a gross power capacity of 53 megawatts, is expected to be finished in the fourth quarter of 2026. The trust’s units closed at S$0.875, up 0.5 cent, or 0.6%, before the results were released.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
