Debt-free Industrial Manufacturing stocks in India
Listed Industrial Manufacturing 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 | LMW Ltd | ₹18.7K Cr | ₹17,492 | 102.3 | 4.0 |
| 2 | Bonfiglioli Tran | ₹14.9K Cr | ₹794.5 | 55.0 | 25.7 |
| 3 | Kennametal India Ltd | ₹8.7K Cr | ₹3,954.8 | 45.9 | 23.7 |
| 4 | HD Fire Protect | ₹5.4K Cr | ₹308.45 | 50.6 | 27.6 |
| 5 | Disa India | ₹1.8K Cr | ₹12,271 | 33.3 | 19.7 |
| 6 | Axtel Industries Ltd | ₹593 Cr | ₹367.25 | 19.0 | 20.5 |
| 7 | Satani Bearings | ₹582 Cr | ₹291 | 5290.9 | 0.6 |
| 8 | Mazda | ₹571 Cr | ₹285.05 | 19.1 | 11.5 |
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 Industrial Manufacturing 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.