Debt-free stocks in India
Listed companies with a debt-to-equity ratio of zero in their latest balance sheet and a market cap above ₹500 crore.
Data as of the close
| # | Company | Market cap | Price | P/E | ROE % |
|---|---|---|---|---|---|
| 1 | Maruti Suzuki India Ltd | ₹4.0L Cr | ₹12,854 | 30.1 | 14.3 |
| 2 | Hindustan Aeronautics Ltd | ₹3.2L Cr | ₹4,809.8 | 34.5 | 24.0 |
| 3 | Divi's Laboratories Ltd | ₹3.0L Cr | ₹11,442 | 89.0 | 16.5 |
| 4 | Bharat Electronics Ltd | ₹2.9L Cr | ₹400.85 | 45.9 | 27.5 |
| 5 | Cummins India Ltd | ₹1.2L Cr | ₹4,369 | 52.1 | 30.2 |
| 6 | GMR Airports Ltd | ₹1.1L Cr | ₹99 | 177.5 | 0.0 |
| 7 | Oracle Financial Services Software Ltd | ₹86.3K Cr | ₹9,912 | 24.2 | 32.6 |
| 8 | National Aluminium Co. Ltd | ₹61.0K Cr | ₹330 | 8.5 | 29.4 |
| 9 | J B Chemicals & Pharmaceuticals Ltd | ₹38.7K Cr | ₹2,409 | 53.8 | 18.9 |
| 10 | Bharat Dynamics Ltd | ₹37.8K Cr | ₹1,030 | 72.5 | 10.2 |
| 11 | 3M India | ₹32.0K Cr | ₹28,380 | 78.3 | 30.0 |
| 12 | Escorts Kubota Ltd | ₹26.9K Cr | ₹2,401.8 | 19.8 | 18.7 |
| 13 | Force Motors Ltd | ₹25.9K Cr | ₹19,600 | 24.8 | 29.2 |
| 14 | Data Patterns (India) Ltd | ₹23.9K Cr | ₹4,268 | 88.4 | 15.2 |
| 15 | Gillette India Ltd | ₹23.7K Cr | ₹7,247 | 35.5 | 66.5 |
| 16 | Timken India Ltd | ₹23.5K Cr | ₹3,120.3 | 53.8 | 13.7 |
| 17 | Affle 3i Ltd | ₹23.1K Cr | ₹1,608.2 | 46.6 | 13.8 |
| 18 | P & G Hygiene | ₹22.8K Cr | ₹7,030 | 28.9 | 114.7 |
| 19 | Diamond Power Infrastructure Ltd | ₹22.6K Cr | ₹378.15 | 122.1 | 0.0 |
| 20 | NBCC (India) Ltd | ₹21.3K Cr | ₹79 | 31.2 | 20.4 |
| 21 | Finolex Cables Ltd | ₹19.4K Cr | ₹1,270 | 24.3 | 12.3 |
| 22 | LMW Ltd | ₹18.7K Cr | ₹17,492 | 102.3 | 4.0 |
| 23 | Engineers India Ltd | ₹17.6K Cr | ₹312.45 | 19.6 | 23.4 |
| 24 | Garware Hi-Tech Films Ltd | ₹17.5K Cr | ₹7,522.5 | 41.0 | 13.5 |
| 25 | Bonfiglioli Tran | ₹14.9K Cr | ₹794.5 | 55.0 | 25.7 |
| 26 | Action Construction Equipment Ltd | ₹14.1K Cr | ₹1,180 | 32.2 | 22.8 |
| 27 | Vedanta Power Ltd | ₹13.6K Cr | ₹34.92 | 37.3 | 0.0 |
| 28 | Central Mine Planning & Design Institute Ltd | ₹13.5K Cr | ₹189.2 | 20.1 | 28.4 |
| 29 | Concord Biotech Ltd | ₹12.4K Cr | ₹594 | 41.9 | 12.6 |
| 30 | Vinati Organics | ₹11.6K Cr | ₹1,119.65 | 25.4 | 16.2 |
| 31 | KSB Ltd | ₹11.4K Cr | ₹653.1 | 44.5 | 18.4 |
| 32 | Avanti Feeds Ltd | ₹10.2K Cr | ₹746.6 | 18.9 | 18.3 |
| 33 | Voltamp Transformers Ltd | ₹10.0K Cr | ₹9,849 | 30.8 | 17.4 |
| 34 | Elantas Beck | ₹9.8K Cr | ₹12,386 | 52.5 | 15.7 |
| 35 | RITES Ltd | ₹9.4K Cr | ₹195.52 | 23.2 | 15.4 |
| 36 | Kennametal India Ltd | ₹8.7K Cr | ₹3,954.8 | 45.9 | 23.7 |
| 37 | Kirloskar Pneumatic Company Ltd | ₹8.6K Cr | ₹660.8 | 32.9 | 22.7 |
| 38 | MMTC Ltd | ₹8.4K Cr | ₹55.83 | 41.6 | 5.2 |
| 39 | Clean Science and Technology Ltd | ₹7.7K Cr | ₹724 | 33.0 | 15.3 |
| 40 | Maharashtra Seamless Ltd | ₹7.3K Cr | ₹540.9 | 9.8 | 10.7 |
| 41 | SKF India | ₹7.2K Cr | ₹1,465.7 | 45.6 | 15.1 |
| 42 | Sun Pharma Advanced Research Company Ltd | ₹6.7K Cr | ₹205.84 | 4.0 | 281.1 |
| 43 | Ajax Engineering Ltd | ₹6.7K Cr | ₹578.85 | 27.5 | 17.9 |
| 44 | FDC | ₹6.1K Cr | ₹372.1 | 18.4 | 11.5 |
| 45 | Indian Metals & Ferro Alloys Ltd | ₹5.9K Cr | ₹1,094 | 10.3 | 16.8 |
| 46 | I T D C | ₹5.7K Cr | ₹667.9 | 69.2 | 21.0 |
| 47 | Rolex Rings | ₹5.6K Cr | ₹213.34 | 25.1 | 15.6 |
| 48 | HD Fire Protect | ₹5.4K Cr | ₹308.45 | 50.6 | 27.6 |
| 49 | Supriya Lifescience Ltd | ₹5.1K Cr | ₹632.1 | 28.6 | 19.1 |
| 50 | C.E. Info Systems Ltd | ₹4.9K Cr | ₹889.5 | 31.6 | 12.0 |
How this list is made: Debt-to-equity of 0 in the latest annual balance sheet; market cap above ₹500 crore. Banks, NBFCs and insurers are excluded because their borrowings are their business.
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Frequently asked questions
Which companies are debt-free?
These are the listed companies whose latest balance sheet shows a debt-to-equity ratio of zero, largest first.
Why are banks not on the list?
Borrowing is a bank's raw material, so debt-to-equity says nothing about their safety. They are excluded.
Is a debt-free company always a good investment?
No. Zero debt lowers financial risk but says nothing about growth or valuation; check results and concall commentary too.
Disclaimer: Lists are built from exchange closing prices and reported financials, for information only. They are not investment advice or a recommendation to buy or sell any security.