Balance sheetRatio

242 National Stock Exchange of India companies holding more cash than all their debt

242companies

Cash and equivalents exceed every borrowing on the balance sheet, so net debt measured against earnings is negative.

Stocks · Non-US shares · National Stock Exchange of India (NSE) · Ranked by Net debt to EBITDA in times, most cash on the balance sheet first · Rebuilt 2026-11-07 at 09:25 UTC

How this list is built

Net debt is every borrowing on the newest filed balance sheet less cash and equivalents, over EBITDA from the same year's income statement. The list is ordered by how much of the balance sheet is cash, because a near-zero EBITDA makes the ratio enormous without making the company any richer. The screen: companies listed on National Stock Exchange of India, graded A or B for the quality of what they report; a median daily traded value of at least 250,000 US dollars over 90 sessions, stated in each listing's own currency, so a company nobody can trade is never on the list; and no positive price to earnings under 1, which no real company earns, and no close sitting the whole of its own 52-week high below that high, which no listing that still trades can do. 1,118 companies passed tonight. Each market is ranked on its own and never added to another. Figures as recomputed on 2026-11-07.

The list

50 of 242 companies

Owes less than it holds in cash, ranked by Net debt to EBITDA, most cash on the balance sheet first
#	Company	Market	Sector	Net debt to EBITDA, in times	Debt to equity, in ratio	Current ratio, in ratio	Tangible equity ratio, in ratio	Net debt to EBITDA over time	Source
1	NSE:NOVARTINDNovartis India Limited	NSE	Healthcare	-7.1x	0.004	5.30	0.84	Net debt to EBITDA, net debt to ebitda: -0.97 on 2019-03-31 to -7.06 on 2026-03-31, down 628%.	Source n/a
2	NSE:SHAREINDIAShare India Securities Limited	NSE	Financial Services	-5.3x	0.26	6.98	0.57	n/a	Source n/a
3	NSE:DAMCAPITALDAM Capital Advisors Ltd.	NSE	Financial Services	-2.6x	0.01	74.93	0.73	n/a	Source n/a
4	NSE:NPSTNetwork People Services Technologies Ltd.	NSE	Technology	-4.5x	0.03	7.42	0.85	Net debt to EBITDA, net debt to ebitda: -0.37 on 2018-03-31 to -4.54 on 2026-03-31, down 1127%.	Source n/a
5	NSE:STALLIONStallion India Fluorochemicals Ltd.	NSE	Basic Materials	-6.5x	0.05	11.85	0.92	Net debt to EBITDA, net debt to ebitda: 1.88 on 2024-03-31 to -6.51 on 2026-03-31, down 446%.	Source n/a
6	NSE:OFSSOracle Financial Services Software Limited	NSE	Technology	-1.5x	0.004	5.44	0.77	Net debt to EBITDA, net debt to ebitda: -0.80 on 2023-03-31 to -1.46 on 2026-03-31, down 82%.	Source n/a
7	NSE:PAYTMOne97 Communications Limited	NSE	Technology	-11.0x	0.01	2.55	0.67	Net debt to EBITDA, net debt to ebitda: -43.76 on 2025-03-31 to -11.00 on 2026-03-31, up 75%.	Source n/a
8	NSE:IIFLCAPSIIFL Capital Services Ltd.	NSE	Financial Services	-3.8x	0.63	6.23	0.32	n/a	Source n/a
9	NSE:TEGATega Industries Limited	NSE	Industrials	-5.4x	0.12	4.72	0.79	Net debt to EBITDA, net debt to ebitda: 2.11 on 2019-03-31 to -5.41 on 2026-03-31, down 356%.	Source n/a
10	NSE:FINEORGFine Organic Industries Limited	NSE	Basic Materials	-2.3x	0.03	8.49	0.89	Net debt to EBITDA, net debt to ebitda: 0.18 on 2017-03-31 to -2.29 on 2026-03-31, down 1372%.	Source n/a
11	NSE:COLPALColgate-Palmolive (India) Limited	NSE	Consumer Defensive	-0.7x	0.03	1.28	0.47	Net debt to EBITDA, net debt to ebitda: -0.24 on 2020-03-31 to -0.74 on 2026-03-31, down 208%.	Source n/a
12	NSE:FMGOETZEFederal-Mogul Goetze (India) Limited	NSE	Consumer Cyclical	-2.5x	0.001	2.98	0.71	Net debt to EBITDA, net debt to ebitda: -0.61 on 2020-03-31 to -2.47 on 2026-03-31, down 305%.	Source n/a
13	NSE:POWERINDIAHitachi Energy India Limited	NSE	Industrials	-3.2x	0.02	1.55	0.43	Net debt to EBITDA, net debt to ebitda: 0.39 on 2019-12-31 to -3.20 on 2026-03-31, down 921%.	Source n/a
14	NSE:MANALIPETCManali Petrochemicals Limited	NSE	Basic Materials	-2.4x	0.11	4.51	0.77	Net debt to EBITDA, net debt to ebitda: 0.17 on 2018-03-31 to -2.37 on 2026-03-31, down 1494%.	Source n/a
15	NSE:GULFOILLUBGulf Oil Lubricants India Limited	NSE	Basic Materials	-1.0x	0.37	1.85	0.49	Net debt to EBITDA, net debt to ebitda: -0.55 on 2020-03-31 to -0.97 on 2026-03-31, down 76%.	Source n/a
16	NSE:BLACKBUCKBlackbuck Ltd.	NSE	Technology	-2.6x	0.04	3.33	0.82	n/a	Source n/a
17	NSE:ZAGGLEZaggle Prepaid Ocean Services Limited	NSE	Technology	-2.2x	0.04	8.72	0.89	Net debt to EBITDA, net debt to ebitda: 2.54 on 2021-03-31 to -2.16 on 2026-03-31, down 185%.	Source n/a
18	NSE:ABBOTINDIAAbbott India Limited	NSE	Healthcare	-1.0x	0.04	2.55	0.73	Net debt to EBITDA, net debt to ebitda: -0.07 on 2021-03-31 to -0.96 on 2026-03-31, down 1271%.	Source n/a
19	NSE:BLSEBLS E-Services Limited	NSE	Technology	-2.2x	0.01	2.85	0.60	Net debt to EBITDA, net debt to ebitda: 0.64 on 2021-03-31 to -2.17 on 2026-03-31, down 439%.	Source n/a
20	NSE:SHREEJISPGShreeji Shipping Global Ltd.	NSE	Industrials	-0.6x	0.36	2.03	0.63	Net debt to EBITDA, net debt to ebitda: 1.64 on 2022-03-31 to -0.59 on 2026-03-31, down 136%.	Source n/a
21	NSE:BDLBharat Dynamics Limited	NSE	Industrials	-7.3x	0.0001	2.01	0.28	Net debt to EBITDA, net debt to ebitda: -1.30 on 2021-03-31 to -7.28 on 2026-03-31, down 460%.	Source n/a
22	NSE:GRSEGarden Reach Shipbuilders & Engineers Limited	NSE	Industrials	-3.1x	0.01	1.23	0.24	Net debt to EBITDA, net debt to ebitda: 0.24 on 2017-03-31 to -3.13 on 2026-03-31, down 1404%.	Source n/a
23	NSE:NATIONALUMNational Aluminium Company Limited	NSE	Basic Materials	-1.0x	0.003	3.60	0.81	Net debt to EBITDA, net debt to ebitda: 0.02 on 2017-03-31 to -0.97 on 2026-03-31, down 4950%.	Source n/a
24	NSE:PGHHProcter & Gamble Hygiene and Health Care Limited	NSE	Consumer Defensive	-0.5x	0.001	1.22	0.42	n/a	Source n/a
25	NSE:BLSBLS International Services Limited	NSE	Industrials	-0.8x	0.17	2.91	0.48	Net debt to EBITDA, net debt to ebitda: 0.34 on 2017-03-31 to -0.82 on 2026-03-31, down 341%.	Source n/a
26	NSE:CUPIDCupid Limited	NSE	Consumer Defensive	-0.8x	0.13	4.67	0.81	Net debt to EBITDA, net debt to ebitda: -0.34 on 2017-03-31 to -0.75 on 2026-03-31, down 121%.	Source n/a
27	NSE:BEPLBhansali Engineering Polymers Limited	NSE	Basic Materials	-1.5x	0.00	5.88	0.84	Net debt to EBITDA, net debt to ebitda: -0.17 on 2018-03-31 to -1.51 on 2026-03-31, down 788%.	Source n/a
28	NSE:AFFLEAffle (India) Limited	NSE	Communication Services	-1.9x	0.004	3.59	0.73	Net debt to EBITDA, net debt to ebitda: -0.16 on 2019-03-31 to -1.86 on 2026-03-31, down 1063%.	Source n/a
29	NSE:AEGISLOGAegis Logistics Limited	NSE	Energy	-0.03x	0.69	1.71	0.42	Net debt to EBITDA, net debt to ebitda: 1.25 on 2020-03-31 to -0.03 on 2026-03-31, down 102%.	Source n/a
30	NSE:TANLATanla Platforms Limited	NSE	Technology	-1.4x	0.02	2.30	0.61	Net debt to EBITDA, net debt to ebitda: -2.10 on 2017-03-31 to -1.40 on 2026-03-31, up 33%.	Source n/a
31	NSE:GESHIPThe Great Eastern Shipping Company Limited	NSE	Industrials	-1.1x	0.06	7.08	0.87	Net debt to EBITDA, net debt to ebitda: 2.83 on 2017-03-31 to -1.09 on 2026-03-31, down 139%.	Source n/a
32	NSE:GLANDGland Pharma Limited	NSE	Healthcare	-1.6x	0.03	4.68	0.82	Net debt to EBITDA, net debt to ebitda: -0.83 on 2017-03-31 to -1.60 on 2026-03-31, down 93%.	Source n/a
33	NSE:IFCIIFCI Limited	NSE	Financial Services	-5.9x	0.39	18.18	0.33	Net debt to EBITDA, net debt to ebitda: 53.37 on 2016-03-31 to -5.87 on 2026-03-31, down 111%.	Source n/a
34	NSE:NETWEBNetweb Technologies India Limited	NSE	Technology	-1.0x	0.39	1.44	0.32	Net debt to EBITDA, net debt to ebitda: 1.07 on 2019-03-31 to -1.01 on 2026-03-31, down 194%.	Source n/a
35	NSE:INDSWFTLABInd-Swift Laboratories Limited	NSE	Healthcare	-9.1x	0.01	3.80	0.82	Net debt to EBITDA, net debt to ebitda: 7.18 on 2018-03-31 to -9.08 on 2026-03-31, down 226%.	Source n/a
36	NSE:HYUNDAIHyundai Motor India Limited	NSE	Consumer Cyclical	-0.8x	0.05	1.56	0.58	Net debt to EBITDA, net debt to ebitda: -2.18 on 2021-03-31 to -0.80 on 2026-03-31, up 63%.	Source n/a
37	NSE:BAYERCROPBayer CropScience Limited	NSE	Basic Materials	-1.4x	0.03	1.92	0.51	Net debt to EBITDA, net debt to ebitda: -1.40 on 2020-03-31 to -1.38 on 2026-03-31, up 1%.	Source n/a
38	NSE:MBELM & B Engineering Limited	NSE	Industrials	-1.3x	0.13	1.92	0.56	Net debt to EBITDA, net debt to ebitda: 1.06 on 2021-03-31 to -1.25 on 2026-03-31, down 218%.	Source n/a
39	NSE:FOSECOINDFoseco India Limited	NSE	Basic Materials	-2.6x	0.004	2.90	0.59	Net debt to EBITDA, net debt to ebitda: -1.69 on 2018-12-31 to -2.57 on 2025-12-31, down 52%.	Source n/a
40	NSE:NMDCNMDC Limited	NSE	Basic Materials	-0.5x	0.19	2.43	0.70	Net debt to EBITDA, net debt to ebitda: 0.05 on 2019-03-31 to -0.46 on 2026-03-31, down 1020%.	Source n/a
41	NSE:SAKSOFTSaksoft Limited	NSE	Technology	-1.0x	0.06	2.17	0.47	Net debt to EBITDA, net debt to ebitda: 0.73 on 2017-03-31 to -1.03 on 2026-03-31, down 241%.	Source n/a
42	NSE:ENGINERSINEngineers India Limited	NSE	Industrials	-1.4x	0.01	1.30	0.54	Net debt to EBITDA, net debt to ebitda: -0.14 on 2023-03-31 to -1.44 on 2026-03-31, down 929%.	Source n/a
43	NSE:SGMARTSG Mart Ltd.	NSE	Industrials	-1.2x	0.17	2.80	0.71	Net debt to EBITDA, net debt to ebitda: 1.78 on 2017-03-31 to -1.22 on 2026-03-31, down 169%.	Source n/a
44	NSE:ASTRAZENAstraZeneca Pharma India Limited	NSE	Healthcare	-1.2x	0.13	1.77	0.44	Net debt to EBITDA, net debt to ebitda: -1.98 on 2019-03-31 to -1.18 on 2026-03-31, up 40%.	Source n/a
45	NSE:CAMSComputer Age Management Services Limited	NSE	Technology	-0.5x	0.05	3.43	0.68	Net debt to EBITDA, net debt to ebitda: 0.46 on 2017-03-31 to -0.47 on 2026-03-31, down 202%.	Source n/a
46	NSE:GOLDIAMGoldiam International Limited	NSE	Consumer Cyclical	-0.9x	0.07	5.94	0.81	Net debt to EBITDA, net debt to ebitda: 0.48 on 2017-03-31 to -0.92 on 2026-03-31, down 292%.	Source n/a
47	NSE:QPOWERQuality Power Electrical Equipments Limited	NSE	Industrials	-1.2x	0.07	2.48	0.47	Net debt to EBITDA, net debt to ebitda: -0.14 on 2024-03-31 to -1.18 on 2026-03-31, down 743%.	Source n/a
48	NSE:WAAREEENERWaaree Energies Ltd	NSE	Energy	-0.5x	0.26	1.38	0.48	Net debt to EBITDA, net debt to ebitda: 2.85 on 2017-03-31 to -0.48 on 2026-03-31, down 117%.	Source n/a
49	NSE:MOILMOIL Limited	NSE	Basic Materials	-1.7x	0.00	3.03	0.84	Net debt to EBITDA, net debt to ebitda: -0.04 on 2018-03-31 to -1.71 on 2026-03-31, down 4175%.	Source n/a
50	NSE:PGHLProcter & Gamble Health Limited	NSE	Healthcare	-0.4x	0.02	2.18	0.62	Net debt to EBITDA, net debt to ebitda: -8.17 on 2018-12-31 to -0.37 on 2026-03-31, up 95%.	Source n/a

This is the top of the list. The rest is a page away and no plan is needed for it.

Filed figures cite the filing they come from; figures marked Market data are quotes as of the date shown. Not a recommendation and not advice.

Past figures are not a forecast. Anything we modelled is labelled as ours. You can lose money on any security.