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Top 10 Debt-Free Meso Cap Stocks (₹10,000 Cr to ₹1 lakh Cr) in India — Top 50 List

PosiCap · PositoAI classification

Of the 457 meso cap companies in India on PositoAI, 66 report no debt (banks and lenders left out). First on the list is Vinati Organics Limited (Positivity Score 23,972). 64 of them have lease obligations (offices, buildings and similar) but no borrowings; the rest have neither. None of the top 10 has an active red or yellow flag.

Meso Cap is one of PosiCap, PositoAI's own size classes: companies with a market value ₹10,000 Cr to ₹1 lakh Cr (about $1.1B to $10.6B). It is not the SEBI or index definition. About PosiCap

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#Company Score Market Cap
(INR Cr)		 P/E P/B Owes vs
Owns		 Leases ROE Div
Yield		 FlagSector
1 Vinati Organics LimitedVINATIORGA 23,972 ₹11,298 25.2 3.57 0.12× None 14.2% 0.75% — Basic Materials
2 Zensar Technologies LimitedZENSARTECH 23,674 ₹11,375 14.9 2.41 0.22× ₹79 Cr 16.3% 3.13% — Technology
3 BASF India LimitedBASF 23,643 ₹13,802 22.1 3.49 0.53× ₹133 Cr 15.8% 0.75% — Basic Materials
4 Sun TV Network LimitedSUNTV 23,587 ₹23,656 15.5 1.87 0.09× ₹106 Cr 12.1% 3.15% — Communication Services
5 Whirlpool of India LimitedWHIRLPOOL 23,409 ₹10,279 41.0 2.47 0.44× ₹359 Cr 6.0% 0.63% — Consumer Cyclical
6 Container Corporation of India LimitedCONCOR 23,031 ₹32,338 25.9 2.50 0.14× ₹940 Cr 9.6% 1.95% — Industrials
7 Bayer CropScience LimitedBAYERCROP 22,792 ₹15,503 21.2 5.23 0.48× ₹82 Cr 24.7% 4.30% — Basic Materials
8 AIA Engineering LimitedAIAENG 22,692 ₹33,911 26.8 4.23 0.06× ₹10 Cr 15.8% 0.43% — Industrials
9 Force Motors LimitedFORCEMOT 22,644 ₹22,093 17.6 5.27 0.36× None 30.4% 0.30% — Consumer Cyclical
10 Mahanagar Gas LimitedMGL 22,521 ₹10,216 14.3 1.59 0.28× ₹223 Cr 11.1% 3.45% — Utilities

Top 20

11 Hexaware Technologies LimitedHEXT 22,495 ₹36,066 27.1 5.37 0.42× ₹681 Cr 21.5% 1.48% — Technology
12 NBCC (India) LimitedNBCC 22,489 ₹19,035 25.7 6.31 0.80× ₹0 Cr 24.6% 1.26% — Industrials
13 Petronet LNG LimitedPETRONET 22,459 ₹43,560 10.3 1.95 0.19× ₹2,341 Cr 18.9% 3.43% — Energy
14 Alivus Life Sciences LimitedALIVUS 22,367 ₹15,579 25.9 4.68 0.16× ₹57 Cr 18.1% 0.38% — Healthcare
15 Vedant Fashions LimitedMANYAVAR 22,195 ₹11,907 30.9 6.06 0.31× ₹458 Cr 19.6% 1.55% — Consumer Cyclical
16 Finolex Cables LimitedFINCABLES 22,175 ₹17,433 21.8 2.86 0.13× ₹19 Cr 13.2% 0.65% — Industrials
17 Honeywell Automation India LimitedHONAUT 22,068 ₹27,612 50.1 6.19 0.28× ₹110 Cr 12.3% 0.35% — Industrials
18 Engineers India LimitedENGINERSIN 21,875 ₹14,124 18.0 4.49 0.46× ₹17 Cr 25.0% 1.71% — Industrials
19 EIH LimitedEIHOTEL 21,842 ₹18,463 25.9 3.51 0.17× ₹252 Cr 13.5% 0.51% — Consumer Cyclical
20 Garden Reach Shipbuilders & Engineers LimitedGRSE 21,743 ₹22,404 28.0 8.53 0.75× ₹37 Cr 30.5% 0.96% — Industrials

Top 50

21 KSB LimitedKSB 21,708 ₹12,248 49.9 7.22 0.40× ₹5 Cr 15.2% 0.58% — Industrials
22 Vishal Mega Mart LimitedVMM 21,569 ₹41,221 46.6 5.56 0.35× ₹1,988 Cr 11.9% 0 — Consumer Cyclical
23 ZF Commercial Vehicle Control Systems India LimitedZFCVINDIA 21,555 ₹24,399 2.3 6.61 0.17× ₹55 Cr 293.8% 0.19% — Consumer Cyclical
24 L&T Technology Services LimitedLTTS 21,395 ₹41,954 31.0 6.48 0.38× ₹578 Cr 20.9% 1.56% — Technology
25 Garware Hi-Tech Films LimitedGRWRHITECH 21,303 ₹15,471 39.9 5.82 0.12× ₹16 Cr 14.6% 0.17% — Basic Materials
26 Havells India LimitedHAVELLS 21,206 ₹67,337 41.7 7.12 0.36× ₹265 Cr 17.1% 1.09% — Industrials
27 Indian Railway Catering & Tourism Corporation LimitedIRCTC 21,195 ₹36,104 25.9 8.38 0.43× ₹81 Cr 32.3% 1.96% — Consumer Cyclical
28 Bharat Dynamics LimitedBDL 21,153 ₹38,580 74.1 9.10 0.70× ₹0 Cr 12.3% 0.46% — Industrials
29 Timken India LimitedTIMKEN 20,942 ₹20,670 48.4 7.09 0.21× ₹15 Cr 14.7% 0.09% — Industrials
30 eClerx Services LimitedECLERX 20,673 ₹17,763 25.2 6.94 0.31× ₹385 Cr 27.7% 0.05% — Technology
31 Tata Elxsi LimitedTATAELXSI 20,499 ₹23,965 35.8 7.88 0.23× ₹162 Cr 23.9% 2.07% — Technology
32 Voltamp Transformers LimitedVOLTAMP 20,493 ₹10,063 31.7 5.62 0.11× ₹1 Cr 17.7% 0.96% — Industrials
33 Glenmark Pharmaceuticals LimitedGLENMARK 20,492 ₹62,047 34.5 5.90 0.47× ₹594 Cr 17.1% 0.11% — Healthcare
34 Concord Biotech LimitedCONCORDBIO 20,489 ₹13,293 43.8 6.59 0.10× ₹2 Cr 15.1% 0.55% — Healthcare
35 Schaeffler India LimitedSCHAEFFLER 20,482 ₹55,132 44.0 8.97 0.28× ₹55 Cr 21.6% 0.97% — Consumer Cyclical
36 Triveni Turbine LimitedTRITURBINE 20,310 ₹14,402 42.9 9.96 0.42× ₹36 Cr 23.2% 0.77% — Industrials
37 The Supreme Industries LimitedSUPREMEIND 20,163 ₹44,347 43.0 7.19 0.21× ₹91 Cr 16.7% 0.99% — Industrials
38 SKF India (Industrial) LimitedSKFINDUS 20,105 ₹12,157 58.6 8.23 0.45× ₹5 Cr 14.1% 1.13% — Industrials
39 Travel Food Services LimitedTRAVELFOOD 20,024 ₹15,254 32.1 10.57 0.36× ₹245 Cr 32.9% 0.85% — Consumer Cyclical
40 Rainbow Children's Medicare LimitedRAINBOW 19,997 ₹12,170 42.7 7.38 0.40× ₹891 Cr 17.3% 0.28% — Healthcare
41 Oracle Financial Services Software LimitedOFSS 19,464 ₹85,734 25.2 10.95 0.21× ₹32 Cr 49.9% 3.81% — Technology
42 Linde India LimitedLINDEINDIA 19,327 ₹50,321 92.1 11.79 0.27× ₹79 Cr 12.8% 0.07% — Basic Materials
43 Amagi Media Labs LimitedAMAGI 19,164 ₹12,114 118.1 6.90 0.25× ₹31 Cr 6.0% 0 — Technology
44 Abbott India LimitedABBOTINDIA 19,150 ₹53,888 33.4 11.29 0.27× ₹172 Cr 33.8% 2.02% — Healthcare
45 KFin Technologies LimitedKFINTECH 19,018 ₹14,562 42.8 8.70 0.40× ₹55 Cr 20.3% 1.42% — Technology
46 International Gemological Institute LimitedIGIL 18,978 ₹15,263 25.9 10.83 0.20× ₹143 Cr 39.6% 1.65% — Basic Materials
47 Indegene LimitedINDGN 18,968 ₹14,162 35.4 4.51 0.32× ₹144 Cr 12.7% 0.39% — Healthcare
48 CarTrade Tech LimitedCARTRADE 18,790 ₹13,806 61.4 5.56 0.13× ₹140 Cr 8.9% 0 — Consumer Cyclical
49 Metro Brands LimitedMETROBRAND 18,703 ₹23,305 57.5 11.69 0.50× ₹1,570 Cr 20.3% 0.69% — Consumer Cyclical
50 Crompton Greaves Consumer Electricals LimitedCROMPTON 18,455 ₹12,969 Loss 4.37 0.44× ₹199 Cr -7.5% 1.46% — Consumer Cyclical

Debt free in other groups · India

All of IndiaSmall CapNano CapMicro CapMini CapMeso Cap

Debt free in other countries

United States

Questions

Which meso cap companies in India have no debt?

The first five on PositoAI's list are Vinati Organics Limited (23,972), Zensar Technologies Limited (23,674), BASF India Limited (23,643), Sun TV Network Limited (23,587), Whirlpool of India Limited (23,409).

How many meso cap companies in India report no debt?

66 of the 457 meso cap companies in India on PositoAI report no debt (banks and lenders left out); this page shows the top 50.

How is this list made?

Companies whose latest annual balance sheet shows no borrowings, ordered by Positivity Score. Lease obligations (for offices, buildings and similar) are not counted as borrowing; they are shown in the Leases column. Banks and lenders are left out, because borrowing is part of their business. The list is updated every day from PositoAI's data.

What is a Meso Cap stock?

Meso Cap is one of PosiCap, PositoAI's own size classes: companies with a market value ₹10,000 Cr to ₹1 lakh Cr (about $1.1B to $10.6B). It is not the SEBI or index definition.

Are lease obligations counted as debt on this list?

No. Many companies rent offices, buildings or equipment on long leases, and accounts show those payments as lease obligations. This list counts only borrowings, so a company with leases but no loans is debt free here. Each company's lease amount is shown in the Leases column.

Companies whose latest annual balance sheet shows no borrowings, ordered by Positivity Score. Lease obligations (for offices, buildings and similar) are not counted as borrowing; they are shown in the Leases column. Banks and lenders are left out, because borrowing is part of their business. Score is the Positivity Score; Owes vs Owns is everything a company owes compared with everything it owns (what each figure means); ⚑ marks an active red or yellow flag. All top lists for India. PositoAI is for research and education only and is not investment advice.

Disclaimer — PositoAI is a research and screening tool for educational and informational purposes. It is not investment advice or a recommendation to buy or sell any security or mutual fund. Scores and rankings are calculated by PositoAI's own method using publicly available data, which may be incomplete, delayed or inaccurate, and past performance does not indicate future results. AI summaries of company news may contain errors. PositoAI is not registered with the SEC, SEBI or any other regulatory authority. Please do your own research or consult a licensed financial advisor before investing.