Debt-free companies in India
Profitable non-financial companies with zero borrowings on their latest balance sheet, largest first.
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 | Defence | ₹38,856 Cr | ₹1,060.00 | 12.3% | 14.0% | 12.7% | 74.64 | 0.4% |
| 2 | Gillette India LimitedGILLETTE · Jun 2026 | FMCG | ₹24,134 Cr | ₹7,406.50 | 70.6% | 91.0% | 30.3% | 36.10 | 1.6% |
| 3 | Shanthi Gears LimitedSHANTIGEAR · Sep 2026 | Engineering | ₹3,759 Cr | ₹489.85 | 13.1% | 26.0% | 17.1% | 65.09 | 1.0% |
| 4 | Steelcast LimitedSTEELCAS · Jun 2026 | Metal | ₹3,654 Cr | ₹361.10 | 22.9% | 32.0% | 26.9% | 40.37 | 0.4% |
| 5 | Bhansali Engineering Polymers LimitedBEPL · Sep 2026 | Oil & Gas | ₹2,733 Cr | ₹109.83 | 20.5% | 24.0% | 18.2% | 12.32 | 3.7% |
| 6 | Jai Corp LimitedJAICORPLTD · Jun 2026 | Plastics Products | ₹1,587 Cr | ₹90.43 | 6.1% | 13.0% | 13.0% | 17.36 | 0.6% |
| 7 | Wendt (India) LimitedWENDT · Sep 2026 | Metal | ₹1,430 Cr | ₹7,150.00 | 7.8% | 9.0% | 14.6% | 72.44 | 0.4% |
| 8 | Reliance Industrial Infrastructure LimitedRIIL · Sep 2026 | Infrastructure | ₹1,058 Cr | ₹700.85 | 2.5% | 3.0% | -25.1% | 89.16 | 0.5% |
| 9 | Ambika Cotton Mills LimitedAMBIKCO · Jun 2026 | Textiles - Cotton/Blended | ₹869 Cr | ₹1,517.30 | 8.6% | 11.0% | 15.0% | 10.63 | 2.4% |
| 10 | Likhitha Infrastructure LimitedLIKHITHA · Sep 2026 | Infrastructure | ₹835 Cr | ₹211.45 | 6.4% | 14.0% | 9.6% | 31.47 | 0.0% |
| 11 | Global Education LimitedGLOBAL · Jun 2026 | Media | ₹731 Cr | ₹143.68 | 19.9% | 29.0% | 46.0% | 28.10 | 1.0% |
| 12 | Mawana Sugars LimitedMAWANASUG · Jun 2026 | FMCG | ₹586 Cr | ₹149.92 | — | 17.0% | 5.6% | 21.16 | 2.7% |
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.
