Debt-free companies in India
Profitable non-financial companies with zero borrowings on their latest balance sheet, largest first.
Prices as of 21 Sep 2026
48 companies qualify
4,746 companies screened
The rule, exactly as applied
Borrowings = 0Profitable (TTM)Market Cap ≥ ₹500 Cr
Excludes results distorted by one-offs or thin equity (negative book value, P/E below 3, trailing profit above half of sales, ROE above 150%) and listed InvITs/REITs, whose payouts are not comparable with a company's dividends.
Every ratio is the same number the company's own fundamentals page shows. Click any company to see the quarterly results, balance sheet and peers behind it.
| # | Company | Sector | Market Cap | Price | ROE | ROCE | OPM | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Bharat Dynamics LimitedBDL · Jun 2026 | Engineering | ₹43,071 Cr | ₹1,175 | 5.0% | 14.0% | 4.6% | 205.04 | — |
| 2 | FORCE MOTORS LTDFORCEMOT · Jun 2026 | Auto | ₹23,039 Cr | ₹17,485 | 29.9% | 36.0% | 16.1% | 18.40 | 0.2% |
| 3 | Gillette India LimitedGILLETTE · Jun 2026 | FMCG | ₹22,966 Cr | ₹7,048 | 70.6% | 91.0% | 30.3% | 34.36 | 1.7% |
| 4 | NBCC (India) LimitedNBCC · Jun 2026 | Miscellaneous | ₹22,450 Cr | ₹83.15 | 25.4% | 31.0% | 5.1% | 29.31 | 0.8% |
| 5 | LMW LimitedLMW · Jun 2026 | Textile Machinery | ₹18,495 Cr | ₹17,313 | 6.1% | 7.0% | 6.5% | 105.63 | 0.2% |
| 6 | Vinati Organics LimitedVINATIORGA · Jun 2026 | Chemicals | ₹12,678 Cr | ₹1,222 | 14.2% | 20.0% | 27.9% | 28.26 | 0.6% |
| 7 | Elantas Beck India Ltd500123 · Mar 2026 | Chemicals | ₹10,622 Cr | ₹13,398 | 14.4% | 21.0% | 20.3% | 73.25 | 0.1% |
| 8 | Sharda Cropchem LimitedSHARDACROP · Jun 2026 | Chemicals | ₹6,728 Cr | ₹745.75 | 20.0% | 30.0% | 19.5% | 10.74 | 1.2% |
| 9 | Shanthi Gears LimitedSHANTIGEAR · Jun 2026 | Engineering | ₹5,305 Cr | ₹691.30 | 14.4% | 26.0% | 17.8% | 83.48 | 0.7% |
| 10 | MOIL LimitedMOIL · Jun 2026 | Metal | ₹4,911 Cr | ₹241.35 | 7.3% | 13.0% | 23.0% | 24.91 | 2.2% |
| 11 | Rolex Rings LimitedROLEXRINGS · Jun 2026 | Metal | ₹4,530 Cr | ₹172.68 | 12.5% | 21.0% | 20.5% | 29.79 | 0.0% |
| 12 | Kaveri Seed Company LimitedKSCL · Mar 2026 | Miscellaneous | ₹3,627 Cr | ₹710.65 | 16.5% | 19.0% | 24.4% | 12.49 | 0.7% |
| 13 | VST Industries LimitedVSTIND · Jun 2026 | FMCG | ₹3,505 Cr | ₹206.76 | 19.3% | 28.0% | 22.4% | 12.58 | 5.8% |
| 14 | Steelcast LimitedSTEELCAS · Jun 2026 | Metal | ₹3,213 Cr | ₹317.45 | 22.9% | 32.0% | 26.9% | 35.49 | 0.4% |
| 15 | Bhansali Engineering Polymers LimitedBEPL · Mar 2026 | Oil & Gas | ₹3,188 Cr | ₹128.10 | 16.6% | 24.0% | 16.9% | 17.69 | 3.2% |
| 16 | Sika Interplant Systems Ltd523606 · Jun 2026 | Aerospace & Defense | ₹2,301 Cr | ₹1,047 | 22.4% | 35.0% | 22.0% | 66.40 | 0.3% |
| 17 | GM Breweries LimitedGMBREW · Jun 2026 | FMCG | ₹2,164 Cr | ₹947.00 | 12.4% | 18.0% | 25.1% | 16.18 | 1.0% |
| 18 | Aayush Art And Bullion Ltd540718 · Mar 2026 | Other Textile Products | ₹1,946 Cr | ₹1,267 | 16.7% | 19.0% | 4.5% | 194.56 | 0.0% |
| 19 | Wendt (India) LimitedWENDT · Jun 2026 | Metal | ₹1,728 Cr | ₹8,640 | 6.7% | 9.0% | 14.0% | 101.95 | 0.3% |
| 20 | Disa India Ltd500068 · Jun 2026 | Industrial Products | ₹1,725 Cr | ₹11,868 | 16.6% | 27.0% | 15.7% | 34.11 | 1.7% |
| 21 | Jai Corp LimitedJAICORPLTD · Jun 2026 | Plastics Products | ₹1,668 Cr | ₹95.02 | 6.1% | 13.0% | 13.0% | 18.24 | 0.5% |
| 22 | Seshasayee Paper and Boards LimitedSESHAPAPER · Jun 2026 | Paper | ₹1,562 Cr | ₹247.61 | 3.3% | 6.0% | 6.5% | 23.17 | 0.8% |
| 23 | Hypersoft Technologies Ltd539724 · Jun 2026 | IT | ₹1,429 Cr | ₹168.70 | 1.6% | 3.7% | 10.3% | 410.30 | 0.0% |
| 24 | India Motor Parts and Accessories LimitedIMPAL · Jun 2026 | Auto | ₹1,344 Cr | ₹1,077 | 4.2% | 5.0% | 7.7% | 13.81 | 2.8% |
| 25 | Onix Solar Energy Ltd513119 · Jun 2026 | Copper | ₹1,250 Cr | ₹395.30 | 7.7% | 10.0% | 29.6% | 20.83 | 0.0% |
| 26 | ADC India Communications Ltd523411 · Jun 2026 | Telecom - Equipment & Accessories | ₹1,073 Cr | ₹2,221 | 25.9% | 31.0% | 11.7% | 47.61 | 1.1% |
| 27 | Reliance Industrial Infrastructure LimitedRIIL · Jun 2026 | Miscellaneous | ₹1,065 Cr | ₹705.35 | 2.6% | 3.0% | -21.5% | 87.81 | 0.5% |
| 28 | Sunshield Chemicals Ltd530845 · Jun 2026 | Chemicals | ₹1,060 Cr | ₹1,216 | 14.5% | 20.0% | 13.1% | 29.05 | 0.2% |
| 29 | One Global Service Provider Ltd514330 · Jun 2026 | Healthcare | ₹1,050 Cr | ₹521.45 | 52.3% | 87.0% | 19.1% | 14.14 | 0.0% |
| 30 | Gandhi Special Tubes LimitedGANDHITUBE · Jun 2026 | Metal | ₹1,026 Cr | ₹909.30 | 23.6% | 32.0% | 44.5% | 13.74 | 1.6% |
| 31 | Jyoti Resins & Adhesives Ltd514448 · Jun 2026 | Chemicals | ₹1,010 Cr | ₹842.80 | 22.1% | 37.0% | 23.5% | 15.84 | 1.1% |
| 32 | Anuh Pharma LimitedANUHPHR · Jun 2026 | Pharma | ₹939 Cr | ₹93.66 | 12.6% | 16.0% | 8.6% | 21.13 | 1.6% |
| 33 | Ambika Cotton Mills LimitedAMBIKCO · Jun 2026 | Textiles - Cotton/Blended | ₹927 Cr | ₹1,619 | 8.6% | 11.0% | 15.0% | 11.35 | 2.3% |
| 34 | Amal Ltd506597 · Jun 2026 | Chemicals | ₹891 Cr | ₹710.30 | 25.0% | 26.0% | 14.1% | 29.69 | 0.2% |
| 35 | Likhitha Infrastructure LimitedLIKHITHA · Jun 2026 | Infrastructure | ₹863 Cr | ₹218.60 | 7.8% | 14.0% | 11.6% | 26.91 | 0.0% |
| 36 | Premier Polyfilm LimitedPREMIERPOL · Jun 2026 | Plastics Products | ₹831 Cr | ₹79.30 | 23.6% | 31.0% | 14.9% | 23.77 | 0.2% |
| 37 | UP Hotels Ltd509960 · Jun 2026 | Hotels & Resorts | ₹796 Cr | ₹1,475 | 14.9% | 22.0% | 25.4% | 25.13 | 0.0% |
| 38 | GeeCee Ventures LimitedGEECEE · Jun 2026 | Infrastructure | ₹787 Cr | ₹376.15 | 5.7% | 6.0% | 57.1% | 16.51 | 0.0% |
| 39 | Bright Outdoor Media Ltd543831 · Mar 2026 | Media | ₹762 Cr | ₹347.00 | 23.1% | 19.0% | 21.0% | 17.71 | 0.2% |
| 40 | Vasa Denticity LimitedDENTALKART · Jun 2026 | Trading | ₹729 Cr | ₹420.40 | 6.6% | 9.0% | 4.3% | 63.33 | 0.0% |
| 41 | Axtel Industries Ltd523850 · Jun 2026 | Industrial Products | ₹693 Cr | ₹430.25 | 25.0% | 30.0% | 18.1% | 22.38 | 2.8% |
| 42 | Taneja Aerospace & Aviation Ltd522229 · Jun 2026 | Aerospace & Defense | ₹680 Cr | ₹261.35 | 12.3% | 16.0% | 61.2% | 35.76 | 0.9% |
| 43 | Global Education LimitedGLOBAL · Jun 2026 | Miscellaneous | ₹665 Cr | ₹130.60 | 19.9% | 29.0% | 46.0% | 25.54 | 1.1% |
| 44 | Transindia Real Estate LimitedTREL · Jun 2026 | Miscellaneous | ₹656 Cr | ₹26.68 | 3.2% | 4.0% | 51.6% | 15.99 | 1.9% |
| 45 | Voith Paper Fabrics India Ltd522122 · Mar 2026 | Other Textile Products | ₹630 Cr | ₹1,445 | 9.8% | 15.0% | 26.9% | 15.20 | 0.7% |
| 46 | Satani Bearings Ltd505703 · Jun 2026 | Industrial Products | ₹582 Cr | ₹288.70 | 0.6% | 1.0% | 0.2% | 5,321.13 | 0.0% |
| 47 | Munjal Showa LimitedMUNJALSHOW · Jun 2026 | Auto | ₹514 Cr | ₹128.53 | 3.7% | 5.0% | 1.3% | 20.71 | 3.5% |
| 48 | Mazda LimitedMAZDA · Jun 2026 | Engineering | ₹508 Cr | ₹253.90 | 12.0% | 16.0% | 15.9% | 16.99 | 1.4% |
About this screen
A debt-free company pays no interest, cannot be forced into a restructuring by its lenders and can fund its growth from its own cash flows. That resilience matters most in downturns. The cost is that without leverage, ROE depends entirely on the underlying business, so a debt-free company with a high ROE is a genuinely high-return business. 'Debt-free' here means the Borrowings line on the latest balance sheet is zero; lease liabilities and operational payables are not counted.
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