A list of stocks of top debt free companies is provided below. But before you that I will request you to read my blog post on analysis of debt of companies. After reading this article, I’m sure that you will be able to make more meaning out of the below list of stocks.

(Updated on: 05-Jul-2020)

  • Screening Criteria:
    • DMC: Debt minus cash must be negative.
    • D/E: Debt Equity Ratio must be below 0.25.
    • ICR = Interest Coverage Ratio.
    • RoCE: Return on Capital Employed.
    • MCap: Market Capitalisation (Rs.Crore).

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D/E Ratio is Zero

SLCompanyPriceMcapD/EICRRoCEDMC
1Sun TV Network 399.7515,733.830.001,315.7540.68-259.89
2Castrol India 121.1511,933.760.00964.7999.44-91.73
3IRCTC1,405.1022,460.000.00203.6445.94-625.51
4Accelya Solutions 935.301,400.160.00412.7188.55-700.31
5Mahanagar Gas 1,071.2510,595.400.002,593.6635.93-661.66
6HUL2,173.705,08,514.020.0078.69110.16-1,658.03
7Whirlpool2,157.5027,264.120.0069.9233.78-1,341.17
8Honeywell Autom.29,394.1026,020.600.0086.5031.08-20,149.77
9GSK Consumer H 10,732.6045,225.050.001,943.0735.52-6,886.05
10Abbott India 15,657.4533,446.400.00311.8237.48-8,278.89
11Gillette India 5,144.0016,743.420.0044.1953.03-4,450.93
12Sanofi India 7,796.1517,978.860.002,000.6726.96-5,607.90
13Infosys 762.703,23,397.610.00130.4532.27-508.44
14Stovec Ind. 2,085.00428.680.00212.1041.91-1,107.15
15P&G Hygiene & H10,348.2033,564.400.00111.8374.10-8,398.92
16Sharda Motor Ind. 814.40487.600.002,731.8927.88-482.29
17Dr. Lal Pathlabs 1,617.7513,430.610.00359.2238.58-1,032.07
18Pfizer 4,122.8518,875.510.00384.6722.44-2,793.66
19Disa India 3,400.00494.430.00102.4525.26-2,700.58
20Bosch 11,777.0534,590.580.00177.0224.21-7,851.16
21Bata India 1,298.6516,628.890.0034.4625.10-998.74
22GSK Pharma 1,466.1024,867.960.0049.2624.96-962.66
23Swaraj Engines 1,384.151,683.640.006,555.4047.43-804.44
24GMM Pfaudler 4,228.756,168.590.0063.5228.10-1,159.63
25Siemens 1,149.2040,542.510.0043.4420.33-942.91
26Gandhi Special Tubes 191.20247.460.001,364.1124.28-140.96
27Morganite Crucible 1,580.00442.400.00169.9327.90-1,180.02
28Esab India 1,440.102,215.060.00301.5017.47-866.31
29Amrutanjan 360.651,053.760.00172.1926.99-253.25
30Schaeffler India 3,659.9511,363.280.00120.2624.88-3,021.76
31Indraprastha Gas 447.5031,500.040.0093.7330.47-283.40
32ACC 1,314.9524,749.420.0024.6316.87-896.20
33Foseco India 1,023.80650.430.00240.9337.47-819.28
34Elantas Beck India 2,258.001,783.730.00382.2134.25-1,580.03
35Vesuvius India 914.101,873.130.00188.3323.08-750.54
36Orient Refractories169.902,041.770.00119.8842.75-111.58
37Bayer CropScience 6,065.0027,482.090.0038.0021.85-2,927.21
38Expleo Solutions 270.40276.820.00800.5236.44-112.56
39TCS2,199.658,22,522.730.0046.7245.89-1,504.08
40Matrimony.Com 378.90876.660.00628.4041.20-253.86
41Grindwell Norton 487.005,388.190.0055.3023.72-374.76
42Nucleus Software 270.55789.470.00189.8017.06-157.27
43ICRA 2,499.302,413.770.00300.8825.16-1,950.15
44Gujarat Pipavav Port 77.753,778.080.00880.2016.16-47.14
45SKF India 1,703.458,368.610.0041.8024.86-1,227.80
46Info Edge  2,768.9033,986.600.00147.4030.86-1,581.84
47Wim Plast 320.10388.790.00348.4124.59-211.99
48Engineers India 74.954,739.340.00209.1421.74-49.20
49Paushak 2,800.00850.990.00360.4327.27-1,295.85
50India Nippon Elec.293.80657.150.001,018.9121.09-167.25

D/E Ratio is not Zero (but like debt free)

SLCompanyPriceM.CapD/EICRRoCEDMC
1Vinati Organics 994.5510,167.200.004196.2335.43-648.10
23M India 18,440.4020,953.090.010499.9932.34-15,701.11
3Bajaj Auto 2,932.4084,434.400.0062,017.0229.22-1,786.81
4Colgate-Palmolive  1,382.6537,539.460.058458.8873.04-1,064.51
5Just Dial 382.802,487.690.0042,217.6222.92-250.87
6Divi’s Labs 2,190.4558,190.710.015397.3826.31-1,466.28
7NIIT Tech 1,420.358,892.980.00762.1324.88-734.83
8Graphite India 189.603,712.140.067440.2459.68-102.63
9Titan Company 1,003.5088,547.790.00738.2931.73-719.17
10Timken India 993.557,495.170.017128.2422.20-626.99
11HEG 856.153,297.990.176261.2976.06-408.29
12Atul 4,537.4513,467.320.02092.1423.10-2,922.57
13Crisil 1,703.6012,375.450.0022,138.3543.69-1,051.46
14Rites 262.556,591.250.02085.5226.95-192.77
15Nestle India 16,695.601,60,957.360.02823.3275.38-11,265.56
16Manas Properties 513.10213.450.0451,916.1328.61-403.73
17Finolex Ind. 494.656,147.690.03544.5520.87-290.36
18AIA Engineering 1,608.6015,275.180.03663.4021.91-1,104.16
19TCI Express 663.102,527.810.03730.6039.00-455.14
20United Breweries 1,037.2527,389.730.06629.1821.47-751.25
21Amara Raja Batt.690.6011,874.890.018106.0525.87-347.53
22Coal India 135.2582,457.310.08499.6267.00-117.96
23Excel Ind. 736.50924.890.01069.1923.41-375.38
24Page Ind. 20,621.7022,935.710.10936.1964.82-16,252.23
25Kansai Nerolac Paints 452.2024,623.240.04732.9021.92-295.95
26Andhra Paper 235.20930.620.02237.4522.96-112.49
27Balkrishna Ind. 1,314.1025,379.650.18795.5822.69-676.19
28TTK Prestige 5,484.207,661.010.07834.7229.39-3,901.78
29Bharat Electronics 97.2023,732.420.004165.9926.21-46.85
30Eldeco Housing993.85195.450.00329.6429.85-678.95
31Eicher Motors 18,983.5051,275.800.021415.5843.99-12,446.67
32Marico 358.5046,117.230.11853.6743.60-233.76
33Affle  1,524.303,886.410.12474.7440.57-745.00
34Garware Technical 1,427.303,151.020.16614.2727.29-882.75
35Pidilite Ind. 1,389.4570,639.830.02752.3237.32-1,168.04
36Alkem Labs 2,350.8028,121.690.17418.4818.55-1,660.00
37L&T Tech Services 1,295.1013,559.570.01131.1441.91-995.20
38Ajanta Pharma 1,409.9512,327.840.01856.7528.59-826.33
39Cera Sanitaryware 2,195.302,832.420.12922.1128.80-1,985.23
40Maithan Alloys 472.901,360.090.00640.7541.45-288.09
41Tata Elxsi 910.205,683.350.05352.7247.44-500.04
42Maruti Suzuki 5,932.101,78,675.820.003138.9227.03-4,001.37
43Sonata Software 238.252,495.430.020104.0941.41-146.64
44Sheela Foam 1,449.907,082.290.04220.6833.87-1,073.09
45Vaibhav Global 1,284.154,111.520.09841.4021.99-550.66
46Ratnamani Metals1,059.054,859.710.04326.0921.03-718.25
47eClerx Services 476.651,767.810.001245.4931.10-318.96
48Gujarat Alkalies 330.902,434.430.05849.4718.29-179.22
49Bombay Burmah1,029.907,161.390.20128.7432.97-535.04
50Thyrocare Tech 511.102,697.300.006226.4328.78-407.13
  • P.Note: Even those stocks appear in the list which has D/E ratio of more than zero. Why we are calling them debt free companies? Because their Debt minus cash component is negative. Read the blog post to know more.

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P.Note: The above list of stocks has been evaluated on the parameter of the debt burden they carry. But the analysis is  based on only rough estimates.

I prefer to do a deeper analysis of my shortlisted stocks using my stocks analysis worksheet

Powerful Stock Analysis Tool

MS Excel Based Tool for novice investors to estimate stock’s intrinsic value.