Debt free stocks in India: companies with zero debt

Debt to equity is borrowings divided by net worth, the money shareholders own in the business. A ratio of 0.5 means 50 paise borrowed for every rupee of equity. Here net worth is the whole group's, with the other owners of its subsidiaries included.

The page keeps companies where the ratio is zero or less. Lease liabilities are not counted, because the results filings do not state them.

A company can be debt free and still owe money. Trade payables (bills owed to suppliers) and provisions are not borrowings, so they do not count. Only loans, bonds and similar borrowings enter the ratio.

Debt free here is judged on the latest balance sheet only. A loan taken after the filing date shows only in the next filing.

Banks, non-banking lenders and similar companies borrow to lend, so deposits and loans sit at the centre of their accounts. A zero-borrowing test says nothing useful about them, and the page leaves them out.

The table shows each company's industry and ticker with its promoter, foreign institution, domestic institution, mutual fund and public holdings at the latest shareholding filing. Promoters are the controlling group. Pledged is the promoters' shares given as security for loans, divided by their total shares, times 100. A company with no debt of its own can still have a promoter who has pledged shares.

Promoter chg 3Y is the change in the promoters' holding over three years, in percentage points. Filters narrow the list by sector and size.

A ratio of zero is a fact about borrowings on one date. It does not describe profits or cash, and the list mixes companies of very different size. Debt-free penny stocks applies the same test to low-priced shares.