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: Apr’2019)

  • Screening Criteria:
    • FCF: Free Cash Flow must be positive.
    • DMC: Debt minus cash must be negative.
    • D/E: Debt Equity Ratio must be below 0.25.
    • D/A: Debt Asset Ratio must be below 0.20.

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SLCompanyFCFDMCD/ED/A
1TCS29,236.58-41,877.000.000.00
2Coal India 15,382.34-30,142.920.080.07
3Infosys 14,609.19-26,195.000.000.00
4ITC 11,579.56-13,432.750.000.00
5Wipro 11,402.98-27,977.800.180.15
6Maruti Suzuki9,375.88-1,170.500.000.00
7Hindustan Zinc 8,520.64-22,186.000.000.00
8Hindustan Unilever 5,654.83-6,356.000.000.00
9Thomas Cook5,556.02-813.130.050.05
10Bajaj Auto Ltd5,154.26-6,437.300.010.01
11GAIL4,529.06-20.210.080.07
12Hero Motocorp 3,621.00-5,600.800.020.02
13HCL Technologies 3,519.68-5,818.000.020.02
14Tech Mahindra 3,406.22-4,092.600.130.12
15Petronet LNG 2,608.90-3,367.310.150.13
16Nestle India 2,189.32-3,500.050.010.01
17Ambuja Cements 2,028.57-6,399.600.000.00
18Eicher Motors 1,835.67-1,694.560.020.02
19Bajaj Holdings1,817.48-901.880.000.00
20Bosch 1,805.53-2,816.800.000.00
21Cholamandalam Fin.1,586.81-881.440.030.03
22SJVN 1,448.59-1,383.870.210.17
23Bharti Infratel 1,411.51-6,538.500.000.00
24ACC 1,203.19-3,096.980.000.00
25Oracle Fin.1,182.51-2,646.070.000.00
26NMDC 1,157.80-4,960.890.020.02
27Dabur India 1,055.21-81.860.170.15
28GE T&D India 994.38-432.050.080.07
29Glaxosmithkline Cons.973.29-3,585.190.000.00
30Britannia 951.62-842.520.060.06
31Sun TV Network 934.75-1,887.820.000.00
32Asian Paints 906.57-927.890.060.06
33Bharat Dynamics 849.36-588.400.000.00
34MRF 800.68-1,143.780.220.18
35L&T Infotech790.80-1,627.600.000.00
36Graphite India 759.51-816.240.100.09
37Pidilite Industries 727.19-1,153.930.030.03
38Mphasis 725.37-1,781.990.070.07
39Container Corpn.719.83-1,970.370.010.01
40EIL692.15-2,562.160.000.00
41Info Edge (India) 655.04-1,304.730.000.00
42Reliance Nippon Life576.80-691.260.000.00
43Zee Ent544.86-1,455.100.200.17
44Castrol India 536.94-743.850.000.00
45Colgate-Palmolive532.07-456.160.000.00
46Divi’s Lab529.25-1,938.630.010.01
47Voltas 516.69-629.040.040.04
48MindTree 507.54-938.800.000.00
49Godfrey Phillips495.77-189.260.020.02
50Cummins India 490.20-720.060.060.06
51Marico 482.23-373.030.120.11
52Hexaware Tech470.85-830.620.000.00
53Moil 453.67-2,162.420.000.00
54Indraprastha Gas 445.34-1,447.600.000.00
55Thermax 437.28-1,277.350.090.08
56P&G435.47-399.590.000.00
57Persistent Systems 421.73-830.830.000.00
58Mahanagar Gas 402.21-778.360.000.00
59Akzo Nobel400.26-585.500.000.00
60Sanofi India 397.03-831.900.000.00
61Page Industries 386.92-216.360.080.07
62SKF India 384.88-811.160.050.05
63Crisil 349.13-387.440.000.00
64Wabco India 341.29-801.730.000.00
65L&T Tech.338.55-304.700.040.04
66NIIT Tech.334.26-761.000.010.01
67Pfizer 334.09-1,769.360.000.00
68Jubilant FoodWorks 328.21-392.120.000.00
69Jagran Prakashan 309.88-16.200.070.07
70GMDC300.13-57.530.000.00
71Whirlpool299.07-981.850.000.00
72eClerx Services297.60-598.950.010.01
73Honeywell Automation296.97-919.200.000.00
74Sonata Software 292.23-443.440.050.05
75Escorts 281.89-764.940.020.02
76Ajanta Pharma 269.13-273.670.000.00
77AIA Engineering 266.13-1,232.700.040.04
78ABB 248.91-1,461.770.000.00
79Just Dial 246.49-79.860.000.00
80Max Financial Services 244.97-6,176.670.000.00
81Avanti Feeds 242.84-560.570.010.01
82Tata Investment Corpn. 232.93-15.490.000.00
83TTK Prestige 229.85-173.260.130.12
84Gujarat Pipavav Port228.82-431.540.000.00
85Cyient Limited210.59-810.500.120.11
86Abbott India 206.18-1,031.350.000.00
87NALCO197.11-3,316.920.000.00
88Tata Elxsi 196.10-394.350.000.00
89NBCC India 186.18-2,481.900.000.00
90Tata Global Beverages 185.61-739.090.150.13
91Bajaj Consumer Care 185.29-307.260.030.03
92Atul 184.93-39.180.010.01
93Supreme Petrochem 183.07-238.990.000.00
94PI Industries 176.39-206.810.040.04
95Finolex Cables 172.31-803.750.000.00
96Berger163.57-10.390.190.16
97Lakshmi Machine163.18-1,029.060.000.00
98DB Corporation 160.88-277.080.020.02
99Navin Fluorine157.81-232.390.010.01
100MCEI154.54-959.330.000.00
101Kaveri Seed151.37-586.510.000.00
102Glaxosmithkline Pharma149.89-1,295.420.000.00
103FDC 148.91-425.770.000.00
104CARE Ratings 146.87-292.010.000.00
105TeamLease Services 146.11-167.460.020.02
106Dr. Lal Pathlabs 141.88-458.300.000.00
107Dhanuka Agritech 139.18-99.230.010.01
108GE Power India 138.90-1,053.880.000.00
109Gillette India 135.11-236.630.000.00
110Tejas Networks 129.34-310.200.000.00
111CUMI126.32-56.590.080.07
112Zensar Tech.120.63-327.750.010.01
113Siemens 119.84-3,691.600.000.00
114Bata India 118.64-591.190.000.00
115IFB Industries 114.29-128.950.060.06
116JB Chemicals & Pharma111.31-384.400.020.02
117Grindwell Norton 108.41-272.190.000.00
118Monsanto India 94.67-326.330.000.00
119Zydus Wellness 89.46-536.270.040.04
120Schaeffler India 77.17-789.860.020.02
121Kansai Nerolac72.34-848.410.010.01
122Thyrocare Technologies 72.17-101.330.020.02
1233M India 70.64-779.850.010.01
124TV Today Network 65.54-199.460.000.00
125Vinati Organics 65.22-121.780.020.02
126Bayer CropScience 64.76-417.800.000.00
127Maharashtra Scooters 64.46-93.860.000.00
128VIP Industries 59.21-95.170.000.00
129Gateway Distriparks 58.18-25.370.150.13
130Johnson Controls56.63-23.150.020.02
131La Opala RG 53.91-200.670.010.01
132Balmer Lawrie & Co. 50.94-491.090.010.01
133ISGEC45.39-432.180.130.12
134Delta Corp 44.79-537.800.000.00
135Triveni Turbine 44.61-21.580.000.00
136Natco Pharma 42.40-78.900.060.06
137Merck 42.20-348.150.000.00
138Nesco 38.95-82.610.000.00
139Sheela Foam 38.32-170.900.080.07
140KIOCL Ltd34.12-1,863.390.000.00
141Cera Sanitaryware 24.32-36.070.160.14
142ITDC19.65-311.670.000.00
143Indian Energy Exchange 19.15-305.270.000.00
144V-Mart17.40-46.690.000.00
145Suven Life Sciences 16.05-272.040.040.04
146Caplin Point Lab.14.73-83.970.000.00
147Astrazeneca Pharma0.12-125.920.000.00

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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.