Debt free penny stocks: zero debt, shares under ₹10

The screen applies two filters together: a share price of ₹10 or less at the latest close, and a debt to equity ratio of 0 or less. A company leaves the list when its price closes above ₹10 or when a newer balance sheet shows borrowings. The list can also be narrowed by sector or size.

Penny stock is an informal name for a very low-priced share, and the ₹10 line is this page's own cut-off. A price of ₹10 can belong to a company of any size, because market cap is the share price times the number of shares.

Debt to equity is borrowings divided by net worth, the owners' capital in the business. Here net worth is that of the whole group, including other owners' stakes in subsidiaries. Lease liabilities are left out because results filings do not state them. A ratio of 0 means no borrowings on the balance sheet.

The ratio is worked out from borrowings and net worth on the balance sheet.

The table shows who holds the shares at the latest shareholding filing: promoter, foreign institutions (FII), domestic institutions (DII), mutual funds (MF) and the public. Pledged is promoters' pledged shares divided by promoters' shares, times 100. Promoter chg 3Y is the change in the promoters' holding over three years, in percentage points.

Zero borrowings is a fact about the latest balance sheet only. It does not test profit, cash, trading volume or whether the company is operating, and a company with no debt can still make losses. Shares at these prices are often thinly traded, so a last close can rest on a few small trades.