Capitaland India Trust (CY6U) AI Stock Analysis

• Market Cap: S$1.48B
• Dividend Yield: 5.83%
• Average Volume (3M): 2.50M
• Price to Earnings (P/E): 5.1
• Beta (1Y): 0.59
• Revenue Growth: 13.75%
• EPS Growth: 114.36%
• Country: SG
• Employees: 22
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.04
• Shares Outstanding: 1,484,810,800
• 10 Day Avg. Volume: 2,138,498
• 30 Day Avg. Volume: 2,500,366
• PEG Ratio: -0.19
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 5.44
• P/FCF Ratio: 40.54
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.43
• Price Target Upside: 24.64% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): S$289.06M

• Rating: 71 Outperform
• Price Target: S$1.00 ▼(-13.04% Downside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is supported by attractive valuation (low P/E and high dividend yield) and constructive technical momentum (price above major moving averages with positive MACD). This is tempered by financial-quality risks—especially the sharp 2025 cash-flow deterioration and weak earnings-to-cash conversion—plus moderate-to-elevated leverage for the sector.

Positive Factors

Recurring rental income model

CapitaLand India Trust’s core business is leasing office and business-park space under contracted leases with tenant service recoveries. That contractual rental base and recoverable operating costs provide predictable, recurring cash inflows that support distributions and long-term operational stability.

Steady revenue growth (2021–2025)

A multi-year upward revenue trend, including a rebound and strong 2025 growth, signals resilient tenant demand and improving leasing outcomes across the portfolio. Persistent top-line expansion strengthens future distributable income potential and underpins medium-term cash flow expectations.

Growing equity base and strong ROE

An expanding equity base together with solid ROE in recent years improves the trust’s capital cushion, enhancing capacity to absorb shocks and pursue accretive enhancements. Strong reported ROE supports access to capital and signals management’s ability to extract value from assets.

Negative Factors

Sharp cash-flow deterioration in 2025

A steep ~75% drop in free cash flow and a large fall in operating cash flow in 2025 indicate reported earnings are not converting into cash. That weakens distribution sustainability, reduces headroom for capex or debt servicing, and raises the risk of near-term funding pressure until cash generation recovers.

Moderate-to-elevated leverage

Debt-to-equity near 0.8–1.0 and rising total debt leave the trust sensitive to refinancing conditions and interest-rate moves. Elevated leverage constrains financial flexibility, heightens exposure to asset-value shifts, and could force asset sales or defer enhancements if cash flows remain impaired.

Earnings quality concerns from one-offs

Reported net income is materially affected by non-operating and one-off items, producing unusually high net margins. This obscures underlying operating performance and makes it harder to rely on reported profits for forecasting recurring distributable cash, increasing uncertainty for unitholders.

Capitaland India Trust Business Overview & Revenue Model

Company Description

CapitaLand India Trust is a property trust, which engages in owning income-producing real estate. It is involved in developing and acquiring land or uncompleted developments used as business parks. Its real estate portfolio includes International Tech Park Bangalore and Chennai, CyberVale, CyberPearl, aVance Hyderabad and Pune, and Arshiya Warehouses. The company was founded on December 7, 2004, and is headquartered in Singapore.

How the Company Makes Money

CapitaLand India Trust makes money mainly by owning leased real estate in India and collecting recurring income from tenants. 1) Rental income (core stream) - The trust leases office and business park space to corporate occupiers under contracted leases. - Revenue is driven by occupied area, rental rates, lease escalation clauses (where applicable), and renewal/re-letting spreads when leases expire. 2) Property-related income recoveries and service charges - In addition to base rent, the trust typically bills tenants for certain operating costs and services (e.g., common area maintenance and building services) based on lease terms. - These pass-throughs and service recoveries contribute to gross property income, while the corresponding expenses are recognized on the cost side. 3) Income from other real estate segments (if held) - If the portfolio includes logistics/industrial or other asset types, the same fundamental model applies: contracted leases generate rent and related recoveries; performance depends on occupancy, contracted rentals, and market rent movements. 4) Development, redevelopment, and value enhancement (non-recurring/episodic contributions) - The trust may undertake redevelopment, asset enhancement initiatives, or selective development projects to raise future rental income and occupancy. - Financial uplift is realized over time through higher rents and valuations; any gains from asset sales (divestments) would be additional but are not the primary recurring income source. 5) Financial structure and distributable income mechanics - As a REIT, earnings available for distribution are influenced by property net operating income (rent and recoveries minus property operating expenses), trust-level expenses (including management fees), and financing costs (interest on borrowings used to acquire/operate properties). - Interest rates, leverage levels, and debt maturity management affect net income and distributable cash flow. Significant factors influencing earnings - Portfolio occupancy, tenant credit quality, lease expiries and renewals, and market demand for office/business park space in key Indian cities. - Currency movements between Indian rupee cash flows and distributions/reporting currency. - Acquisition/divestment activity and integration/operational execution by the REIT manager. Significant partnerships: null

Capitaland India Trust Financial Statement Overview

Summary

Income statement shows steady revenue growth and strong reported profitability, but margins weakened in 2025 and net income appears influenced by non-operating/one-off items. Balance sheet is acceptable but meaningfully debt-funded (debt-to-equity ~0.8–1.0). Cash flow is the key drag: 2025 operating cash flow and free cash flow fell sharply, and earnings are not converting into cash, raising earnings-quality and distribution sustainability concerns.

Income Statement

Revenue has grown steadily from 2021–2025 (with a sharp rebound after the 2020 decline), capped by strong growth in 2025. Profitability looks optically very strong with high gross margins and unusually elevated net margins (net income exceeding revenue in multiple years), suggesting results are meaningfully influenced by non-operating or one-off items rather than purely recurring rental/service economics. Operating profitability weakened materially in 2025 versus 2024 (lower operating and EBITDA margins), which is a key watch item despite the still-positive growth trajectory.

Balance Sheet

Leverage is moderate-to-elevated for a real estate platform, with debt-to-equity consistently around ~0.8–1.0 and total debt rising versus 2020 levels. Equity has increased over time and returns on equity are solid (notably strong in 2024–2025), supporting the capital base. However, the balance sheet remains meaningfully debt-funded, leaving sensitivity to refinancing conditions and asset value changes.

Cash Flow

Free cash flow is positive across all years and historically tracked net income well, but cash generation deteriorated sharply in 2025: operating cash flow fell significantly and free cash flow dropped ~75% year over year. Operating cash flow relative to net income is very low in 2025, indicating reported earnings are not currently converting into cash, which raises quality-of-earnings and distribution sustainability questions until cash flows normalize.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	291.09M	301.38M	277.88M	234.05M	210.61M	192.73M
Gross Profit	215.66M	108.75M	181.51M	160.25M	166.80M	155.74M
EBITDA	187.35M	37.38M	550.98M	169.00M	228.66M	194.05M
Net Income	390.67M	322.49M	438.77M	147.43M	137.40M	192.29M
Balance Sheet
Total Assets	4.49B	4.66B	4.48B	3.73B	3.22B	3.14B
Cash, Cash Equivalents and Short-Term Investments	128.52M	142.13M	134.62M	179.82M	167.40M	167.89M
Total Debt	1.94B	1.64B	1.76B	1.39B	1.24B	1.09B
Total Liabilities	2.64B	2.67B	2.51B	2.09B	1.84B	1.69B
Stockholders Equity	1.74B	1.87B	1.86B	1.54B	1.29B	1.36B
Cash Flow
Free Cash Flow	161.44M	40.44M	153.61M	226.51M	143.76M	146.35M
Operating Cash Flow	165.74M	44.89M	171.06M	245.04M	145.28M	147.58M
Investing Cash Flow	-335.16M	-149.57M	-381.63M	-360.89M	-152.63M	-211.40M
Financing Cash Flow	230.97M	131.53M	192.70M	128.69M	11.12M	130.19M

Capitaland India Trust Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:CY6U, the sentiment is Negative. The current price of 1.15 is below the 20-day moving average (MA) of 1.16, below the 50-day MA of 1.18, and above the 200-day MA of 1.11, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 27.30 is Positive, neither overbought nor oversold. The STOCH value of 12.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:CY6U.

Capitaland India Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CY6U	71 Outperform	S$1.48B	5.08	21.38%	5.83%	13.75%	114.36%
JYEU	70 Neutral	S$1.86B	7.62	4.02%	8.01%	-6.64%	-12.15%
H13	69 Neutral	S$1.46B	13.53	4.10%	1.83%	-8.06%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ADN	61 Neutral	S$1.16B	44.40	4.89%	4.51%	-6.67%	581.75%
AU8U	53 Neutral	S$1.11B	―	0.04%	6.66%	-8.59%	-93.48%

Capitaland India Trust Corporate Events

CapitaLand India Trust Issues New Units to Pay Manager Fees

CapitaLand India Trust has issued 5,048,728 new units to its trustee-manager as part payment of base and performance fees for the 2025 period, with the remaining 50% of each fee paid in cash. The units were priced at S$1.2325, based on the volume-weighted average price over the last 10 trading days of the relevant periods, aligning with the trust deed’s fee-payment terms.

Following this issuance, the trustee-manager’s stake rose to 115,244,785 units, while total units outstanding increased to 1,360,637,733 as of 12 February 2026. The move slightly dilutes existing unitholders but reinforces the manager’s alignment with investors by linking part of its compensation to the trust’s market performance and unit price.

The most recent analyst rating on (SG:CY6U) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Capitaland India Trust stock, see the SG:CY6U Stock Forecast page.

CapitaLand India Trust Secures Second Hyperscaler Deal, Lifts Data Centre Pre-Leasing to 53%

CapitaLand India Trust has signed a second long-term agreement with a leading global hyperscaler for Tower 2 of its CapitaLand DC Navi Mumbai facility in Airoli, taking pre-leasing to 53% of the total gross power capacity across its three under-development data centres in Navi Mumbai, Hyderabad and Chennai. This milestone, combined with CLINT’s ongoing portfolio reconstitution and recent partial divestment of stakes in three data centres to the CapitaLand India Data Centre Fund, is intended to unlock value, strengthen portfolio quality and recycle capital into higher-yielding opportunities while maintaining a 79.8% interest in the data centre portfolio and securing rights to participate in future data centre developments in India, reinforcing its role as a key player in the country’s digital infrastructure build-out.

The most recent analyst rating on (SG:CY6U) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on Capitaland India Trust stock, see the SG:CY6U Stock Forecast page.