Top 10 Debt-Free Mini Cap Stocks (₹1,000 Cr to ₹10,000 Cr) in India — Top 100 List

PosiCap · PositoAI classification

Of the 843 mini cap companies in India on PositoAI, 102 report no debt (banks and lenders left out). First on the list is Route Mobile Limited (Positivity Score 25,699). 95 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.

Mini Cap is one of PosiCap, PositoAI's own size classes: companies with a market value ₹1,000 Cr to ₹10,000 Cr (about $106M to $1.1B). It is not the SEBI or index definition. About PosiCap

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Positivity Score High dividend Debt free Low debt Low PE Below book value High ROE High ROE + low PE No red flags No red or yellow flags Fundamentally strong Near 52-week low Near 52-week high High score near 52-week low High score near 52-week high

#	Company	Score	Market Cap (INR Cr)	P/E	P/B	Owes vs Owns	Leases	ROE	Div Yield	Flag	Sector
1	Route Mobile LimitedROUTE	25,699	₹2,697	10.9	0.97	0.21×	₹42 Cr	9.0%	1.92%	—	Communication Services
2	Jai Corp LimitedJAICORPLTD	25,608	₹1,687	10.0	1.13	0.03×	₹0 Cr	11.3%	0.58%	—	Basic Materials
3	Sharda Cropchem LimitedSHARDACROP	25,491	₹5,950	9.5	1.90	0.46×	None	20.0%	2.07%	—	Basic Materials
4	Eureka Forbes LimitedEUREKAFORB	25,423	₹6,135	34.1	1.33	0.32×	₹29 Cr	3.9%	0	—	Consumer Cyclical
5	Shipping Corporation of India Land and Assets LimitedSCILAL	24,969	₹1,662	58.5	0.55	0.15×	₹0 Cr	0.8%	1.49%	—	Real Estate
6	MOIL LimitedMOIL	24,909	₹4,491	14.8	1.66	0.15×	None	11.2%	6.01%	—	Basic Materials
7	HeidelbergCement India LimitedHEIDELBERG	24,751	₹2,786	23.9	2.03	0.44×	₹14 Cr	8.5%	5.63%	—	Basic Materials
8	Federal-Mogul Goetze (India) LimitedFMGOETZE	24,694	₹2,451	14.4	1.71	0.25×	₹1 Cr	11.9%	3.38%	—	Consumer Cyclical
9	Go Fashion (India) LimitedGOCOLORS	24,496	₹1,392	26.5	2.02	0.47×	₹532 Cr	7.8%	0	—	Consumer Cyclical
10	MMTC LimitedMMTC	24,415	₹7,809	17.5	3.68	0.24×	₹2 Cr	21.1%	0	—	Industrials
Top 20
11	Expleo Solutions LimitedEXPLEOSOL	24,394	₹1,307	9.5	1.68	0.16×	₹8 Cr	17.7%	12.76%	—	Technology
12	Honda India Power Products LimitedHONDAPOWER	24,294	₹1,774	27.0	2.21	0.22×	₹1 Cr	8.2%	1.45%	—	Industrials
13	RailTel Corporation of India LimitedRAILTEL	24,140	₹7,623	22.0	3.37	0.61×	₹64 Cr	16.2%	1.31%	—	Communication Services
14	Butterfly Gandhimathi Appliances LimitedBUTTERFLY	24,124	₹1,020	21.2	2.74	0.33×	₹8 Cr	12.9%	0	—	Consumer Cyclical
15	JSW Dulux LimitedJSWDULUX	24,100	₹1,376	0.7	0.56	0.35×	₹79 Cr	80.0%	1.66%	—	Basic Materials
16	FDC LimitedFDC	24,052	₹5,542	18.9	2.23	0.15×	₹15 Cr	11.8%	2.91%	—	Healthcare
17	Automotive Axles LimitedAUTOAXLES	24,016	₹2,376	13.6	2.16	0.28×	₹14 Cr	15.9%	2.00%	—	Consumer Cyclical
18	Orkla India LimitedORKLAINDIA	23,991	₹7,493	24.6	2.72	0.19×	₹63 Cr	11.0%	0	—	Consumer Defensive
19	InfoBeans Technologies LimitedINFOBEAN	23,966	₹1,515	17.9	3.66	0.15×	₹15 Cr	20.5%	0.32%	—	Technology
20	Seshasayee Paper and Boards LimitedSESHAPAPER	23,922	₹1,287	12.4	0.63	0.18×	None	4.8%	0.90%	—	Basic Materials
Top 50
21	Newgen Software Technologies LimitedNEWGEN	23,919	₹6,725	21.6	3.78	0.27×	₹39 Cr	17.5%	1.34%	—	Technology
22	Nesco LimitedNESCO	23,887	₹7,095	17.0	2.37	0.19×	₹272 Cr	13.9%	0.67%	—	Industrials
23	EIH Associated Hotels LimitedEIHAHOTELS	23,861	₹1,754	20.0	2.91	0.17×	₹4 Cr	14.6%	1.20%	—	Consumer Cyclical
24	Relaxo Footwears LimitedRELAXO	23,859	₹7,252	39.1	3.29	0.25×	₹233 Cr	8.4%	1.22%	—	Consumer Cyclical
25	Just Dial LimitedJUSTDIAL	23,774	₹6,459	12.3	1.26	0.16×	₹85 Cr	10.3%	0	—	Communication Services
26	Goodyear India LimitedGOODYEAR	23,750	₹1,556	28.9	2.57	0.52×	₹27 Cr	8.9%	3.92%	—	Consumer Cyclical
27	Indraprastha Medical Corporation LimitedINDRAMEDCO	23,699	₹2,801	14.9	3.78	0.25×	₹37 Cr	25.4%	1.22%	—	Healthcare
28	Jyothy Labs LimitedJYOTHYLAB	23,681	₹6,513	22.9	4.10	0.29×	₹52 Cr	17.9%	1.85%	—	Consumer Defensive
29	India Nippon Electricals LimitedINDNIPPON	23,671	₹2,532	21.3	3.08	0.23×	₹2 Cr	14.5%	1.32%	—	Consumer Cyclical
30	Brightcom Group LimitedBCG	23,653	₹1,766	1.7	0.17	0.12×	None	9.6%	0	⚑	Communication Services
31	NIIT LimitedNIITLTD	23,544	₹1,065	121.5	1.00	0.15×	₹7 Cr	0.8%	1.22%	—	Consumer Defensive
32	V.S.T. Tillers Tractors LimitedVSTTILLERS	23,456	₹3,470	32.0	3.17	0.19×	₹2 Cr	9.9%	0.59%	—	Industrials
33	NDR Auto Components LimitedNDRAUTO	23,350	₹1,583	24.4	4.43	0.36×	₹62 Cr	18.1%	0.59%	—	Consumer Cyclical
34	RITES LimitedRITES	23,330	₹9,424	22.6	3.51	0.53×	₹7 Cr	15.6%	5.54%	—	Industrials
35	Savita Oil Technologies LimitedSOTL	23,286	₹4,860	11.7	2.68	0.33×	₹2 Cr	22.8%	0.65%	—	Basic Materials
36	Gujarat Narmada Valley Fertilizers & Chemicals LimitedGNFC	23,197	₹7,539	7.3	0.83	0.20×	₹5 Cr	11.4%	3.54%	—	Basic Materials
37	Sharda Motor Industries LimitedSHARDAMOTR	23,187	₹4,792	14.4	3.65	0.41×	₹49 Cr	25.3%	2.29%	—	Consumer Cyclical
38	C. E. Info Systems LimitedMAPMYINDIA	23,077	₹4,740	34.6	5.24	0.13×	₹7 Cr	15.1%	0.40%	—	Technology
39	Sasken Technologies LimitedSASKEN	23,076	₹2,608	37.7	2.97	0.29×	₹28 Cr	7.0%	1.66%	—	Technology
40	Sundrop Brands LimitedSUNDROP	23,003	₹2,358	85.1	1.59	0.19×	₹13 Cr	1.9%	0	—	Consumer Defensive
41	Evonile Pharma LimitedNOVARTIND	22,985	₹4,159	42.5	5.09	0.16×	₹3 Cr	11.9%	0	—	Healthcare
42	NOCIL LimitedNOCIL	22,966	₹2,554	38.7	1.44	0.16×	₹8 Cr	3.7%	0.91%	—	Basic Materials
43	D-Link (India) LimitedDLINKINDIA	22,958	₹1,418	13.2	2.81	0.38×	₹15 Cr	21.2%	6.29%	—	Technology
44	Arrow Greentech LimitedARROWGREEN	22,819	₹1,030	16.2	4.40	0.08×	₹2 Cr	27.2%	0.58%	—	Consumer Cyclical
45	Vesuvius India LimitedVESUVIUS	22,734	₹7,886	30.0	4.51	0.21×	₹14 Cr	15.1%	0.38%	—	Industrials
46	Ajax Engineering LimitedAJAXENGG	22,715	₹6,431	28.4	4.62	0.21×	₹2 Cr	16.3%	0	—	Industrials
47	IndiaMART InterMESH LimitedINDIAMART	22,665	₹9,503	19.3	4.28	0.54×	₹23 Cr	23.1%	1.87%	—	Consumer Cyclical
48	Venus Remedies LimitedVENUSREM	22,658	₹1,926	16.6	2.90	0.22×	₹12 Cr	17.5%	0.62%	—	Healthcare
49	Fiem Industries LimitedFIEMIND	22,658	₹4,859	18.5	4.00	0.29×	₹66 Cr	21.6%	2.29%	—	Consumer Cyclical
50	Amrutanjan Health Care LimitedAMRUTANJAN	22,621	₹1,436	26.6	3.88	0.27×	₹2 Cr	14.6%	1.47%	—	Healthcare
Top 100
51	CMS Info Systems LimitedCMSINFO	22,620	₹3,265	11.5	1.34	0.25×	₹221 Cr	12.0%	2.34%	—	Industrials
52	Accelya Solutions India LimitedACCELYA	22,565	₹1,512	15.9	6.05	0.33×	₹16 Cr	36.1%	6.59%	—	Technology
53	DCX Systems LimitedDCXINDIA	22,535	₹1,550	Loss	1.02	0.28×	₹3 Cr	-1.2%	0	—	Industrials
54	Rolex Rings LimitedROLEXRINGS	22,516	₹4,042	37.4	3.33	0.11×	None	9.2%	0	—	Industrials
55	Ramco Systems LimitedRAMCOSYS	22,453	₹1,997	48.0	5.71	0.53×	₹43 Cr	11.8%	0	—	Technology
56	Elecon Engineering Company LimitedELECON	22,420	₹9,625	40.7	4.17	0.29×	₹273 Cr	10.2%	0.48%	—	Industrials
57	Foseco India LimitedFOSECOIND	22,409	₹4,470	45.6	4.14	0.19×	₹3 Cr	13.2%	0.40%	—	Basic Materials
58	GE Power India LimitedGVPIL	22,379	₹4,093	12.0	7.03	0.73×	₹18 Cr	58.8%	1.07%	—	Industrials
59	Safari Industries (India) LimitedSAFARI	22,343	₹6,198	37.1	5.56	0.23×	₹117 Cr	15.0%	0.31%	—	Consumer Cyclical
60	SKF India LimitedSKFINDIA	22,312	₹6,998	33.5	5.26	0.36×	₹3 Cr	15.7%	2.82%	—	Industrials
61	Medi Assist Healthcare Services LimitedMEDIASSIST	22,306	₹2,155	22.8	2.57	0.38×	₹54 Cr	11.0%	0.66%	—	Healthcare
62	Wakefit Innovations LimitedWAKEFIT	22,266	₹4,443	22.8	3.93	0.35×	₹272 Cr	17.1%	0	—	Consumer Cyclical
63	BLS E-Services LimitedBLSE	22,231	₹2,553	44.0	4.89	0.25×	₹6 Cr	11.2%	0.33%	—	Industrials
64	Blue Jet Healthcare LimitedBLUEJET	22,207	₹8,459	36.0	6.22	0.17×	₹42 Cr	17.3%	0.23%	—	Healthcare
65	Praj Industries LimitedPRAJIND	22,198	₹4,739	157.2	3.62	0.57×	₹173 Cr	2.3%	1.26%	—	Industrials
66	Jagsonpal Pharmaceuticals LimitedJAGSNPHARM	22,193	₹1,392	31.4	5.04	0.13×	₹8 Cr	17.0%	1.11%	—	Healthcare
67	Antelopus Selan Energy LimitedANTELOPUS	22,172	₹3,536	26.8	5.40	0.20×	₹4 Cr	14.7%	0	—	Energy
68	Alldigi Tech LimitedALLDIGI	22,152	₹1,154	13.5	4.60	0.52×	₹171 Cr	34.0%	7.58%	—	Industrials
69	Gujarat Pipavav Port LimitedGPPL	22,088	₹7,769	13.9	3.25	0.21×	₹37 Cr	23.7%	5.96%	—	Industrials
70	Quess Corp LimitedQUESS	22,070	₹4,712	18.7	4.04	0.62×	₹124 Cr	21.6%	1.87%	—	Industrials
71	Supriya Lifescience LimitedSUPRIYA	22,030	₹6,730	33.9	5.62	0.12×	₹5 Cr	16.6%	0.12%	—	Healthcare
72	Clean Science and Technology LimitedCLEAN	22,010	₹7,950	34.1	5.02	0.11×	₹2 Cr	14.7%	0.76%	—	Basic Materials
73	Alkyl Amines Chemicals LimitedALKYLAMINE	21,971	₹8,716	38.8	5.68	0.19×	₹1 Cr	14.7%	0.54%	—	Basic Materials
74	Bata India LimitedBATAINDIA	21,855	₹8,180	56.0	5.13	0.58×	₹1,387 Cr	9.2%	5.54%	—	Consumer Cyclical
75	Tanla Platforms LimitedTANLA	21,838	₹7,676	14.5	3.09	0.33×	₹53 Cr	21.4%	2.41%	—	Technology
76	Bajaj Electricals LimitedBAJAJELEC	21,837	₹3,218	Loss	2.02	0.63×	₹159 Cr	-2.7%	1.01%	—	Consumer Cyclical
77	Indo Borax & Chemicals LimitedINDOBORAX	21,832	₹1,363	24.2	3.53	0.05×	₹1 Cr	13.9%	2.10%	—	Basic Materials
78	Cantabil Retail India LimitedCANTABIL	21,789	₹2,075	21.3	4.34	0.58×	₹544 Cr	20.4%	0.63%	—	Consumer Cyclical
79	TAAL Tech LimitedTAALTECH	21,585	₹1,383	22.2	5.64	0.10×	₹1 Cr	5.1%	0	—	Industrials
80	Sanofi India LimitedSANOFI	21,541	₹6,520	20.1	7.89	0.41×	₹18 Cr	40.3%	4.18%	—	Healthcare
81	Jamna Auto Industries LimitedJAMNAAUTO	21,447	₹5,125	21.9	4.47	0.30×	₹12 Cr	20.3%	1.75%	—	Consumer Cyclical
82	MedPlus Health Services LimitedMEDPLUS	21,436	₹7,141	33.9	3.62	0.50×	₹1,424 Cr	10.7%	0	⚑	Healthcare
83	Protean eGov Technologies LimitedPROTEAN	21,337	₹2,461	29.8	2.28	0.27×	₹87 Cr	7.6%	1.56%	—	Technology
84	Tasty Bite Eatables LimitedTASTYBITE	21,172	₹2,299	64.0	6.72	0.28×	₹42 Cr	10.5%	0.11%	—	Consumer Defensive
85	Matrimony.com LimitedMATRIMONY	21,116	₹1,047	23.8	5.07	0.53×	₹49 Cr	21.3%	0.95%	—	Communication Services
86	Bajaj Consumer Care LimitedBAJAJCON	21,070	₹5,432	24.9	7.20	0.20×	₹16 Cr	29.6%	0	—	Consumer Defensive
87	Wendt (India) LimitedWENDT	20,962	₹1,377	81.3	5.43	0.17×	₹0 Cr	6.7%	0.26%	—	Industrials
88	Benares Hotels LimitedBENARAS	20,899	₹1,326	29.9	6.24	0.17×	₹4 Cr	21.8%	0	—	Consumer Cyclical
89	Kingfa Science & Technology (India) LimitedKINGFA	20,800	₹8,851	39.2	6.33	0.20×	₹15 Cr	16.1%	0.30%	—	Basic Materials
90	Onward Technologies LimitedONWARDTEC	20,790	₹1,008	24.3	3.98	0.32×	₹40 Cr	17.0%	2.61%	—	Technology
91	Kennametal India LimitedKENNAMET	20,710	₹8,017	40.9	9.39	0.33×	₹2 Cr	24.5%	0.97%	—	Industrials
92	Delta Corp LimitedDELTACORP	20,588	₹2,041	Loss	0.91	0.13×	₹49 Cr	-7.0%	0.61%	—	Consumer Cyclical
93	Swaraj Engines LimitedSWARAJENG	19,959	₹4,134	19.4	8.46	0.37×	₹2 Cr	49.3%	2.94%	—	Industrials
94	Sika Interplant Systems LimitedSIKA	19,930	₹1,852	53.4	11.30	0.21×	None	23.1%	0.34%	—	Industrials
95	Steelcast LimitedSTEELCAS	19,107	₹3,421	37.8	8.66	0.14×	None	22.9%	0.50%	—	Basic Materials
96	Thyrocare Technologies LimitedTHYROCARE	17,929	₹7,514	42.8	12.83	0.22×	₹51 Cr	30.0%	1.87%	—	Healthcare
97	Suven Life Sciences LimitedSUVEN	16,841	₹7,578	Loss	12.81	0.05×	₹17 Cr	-66.4%	0	—	Healthcare
98	Procter & Gamble Health LimitedPGHL	16,392	₹8,403	23.5	16.02	0.38×	₹9 Cr	68.1%	2.98%	—	Healthcare
99	ESAB India LimitedESABINDIA	15,562	₹8,296	37.4	19.32	0.39×	₹3 Cr	51.7%	1.85%	—	Industrials
100	Sanofi Consumer Healthcare India LimitedSANOFICONR	14,859	₹7,514	28.3	21.60	0.51×	₹25 Cr	88.0%	2.16%	—	Healthcare

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Questions

Which mini cap companies in India have no debt?

The first five on PositoAI's list are Route Mobile Limited (25,699), Jai Corp Limited (25,608), Sharda Cropchem Limited (25,491), Eureka Forbes Limited (25,423), Shipping Corporation of India Land and Assets Limited (24,969).

How many mini cap companies in India report no debt?

102 of the 843 mini cap companies in India on PositoAI report no debt (banks and lenders left out); this page shows the top 100.

How is this list made?

What is a Mini Cap stock?

Mini Cap is one of PosiCap, PositoAI's own size classes: companies with a market value ₹1,000 Cr to ₹10,000 Cr (about $106M to $1.1B). 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.