Debt-free Industrial Products stocks in India
Listed Industrial Products 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 | Cummins India Ltd | ₹1.2L Cr | ₹4,369 | 52.1 | 30.2 |
| 2 | Timken India Ltd | ₹23.5K Cr | ₹3,120.3 | 53.8 | 13.7 |
| 3 | Finolex Cables Ltd | ₹19.4K Cr | ₹1,270 | 24.3 | 12.3 |
| 4 | Garware Hi-Tech Films Ltd | ₹17.5K Cr | ₹7,522.5 | 41.0 | 13.5 |
| 5 | KSB Ltd | ₹11.4K Cr | ₹653.1 | 44.5 | 18.4 |
| 6 | Kirloskar Pneumatic Company Ltd | ₹8.6K Cr | ₹660.8 | 32.9 | 22.7 |
| 7 | Maharashtra Seamless Ltd | ₹7.3K Cr | ₹540.9 | 9.8 | 10.7 |
| 8 | SKF India | ₹7.2K Cr | ₹1,465.7 | 45.6 | 15.1 |
| 9 | Swaraj Engines | ₹4.3K Cr | ₹3,494.2 | 19.8 | 43.6 |
| 10 | Steelcast | ₹3.9K Cr | ₹385.05 | 43.0 | 24.0 |
| 11 | Welspun Specialty Solutions | ₹2.8K Cr | ₹42.7 | 196.3 | 4.8 |
| 12 | Borosil Scientific Ltd | ₹1.0K Cr | ₹116.45 | 22.3 | 10.5 |
| 13 | Gandhi Special Tubes Ltd | ₹1.0K Cr | ₹889.1 | 12.9 | 19.9 |
| 14 | Premier Polyfilm Ltd | ₹926 Cr | ₹88.34 | 25.2 | 24.0 |
| 15 | Oricon Enterprises Ltd | ₹907 Cr | ₹58.22 | 42.4 | 1.2 |
| 16 | Technocrats Plasma | ₹706 Cr | ₹403.35 | 37.2 | 56.1 |
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 Products 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.