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Top 10 Debt-Free Small Cap Stocks in India — Top 100 List

Of the 2,084 small cap companies in India on PositoAI, 226 report no debt (banks and lenders left out). First on the list is Blue Pebble Limited (Positivity Score 26,480). 184 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.

Positivity ScoreHigh dividendDebt freeLow debtLow PEBelow book valueHigh ROEHigh ROE + low PENo red flagsNo red or yellow flagsFundamentally strongNear 52-week lowNear 52-week highHigh score near 52-week lowHigh score near 52-week high
#Company Score Market Cap
(INR Cr)		 P/E P/B Owes vs
Owns		 Leases ROE Div
Yield		 FlagSector
1 Blue Pebble LimitedBLUEPEBBLE 26,480 ₹24 221.9 0.90 0.23× None — — — —
2 Coral India Finance and Housing LimitedCORALFINAC 25,756 ₹111 7.7 0.54 0.07× None 6.9% 0.65% — Real Estate
3 Rajnish Retail LimitedRRETAIL 25,728 ₹29 93.0 0.40 0.08× None 0.4% 0 — Consumer Cyclical
4 Route Mobile LimitedROUTE 25,699 ₹2,697 10.9 0.97 0.21× ₹42 Cr 9.0% 1.92% — Communication Services
5 Mindteck (India) LimitedMINDTECK 25,617 ₹426 13.7 1.40 0.18× ₹4 Cr 10.2% 0.72% — Technology
6 Emkay Taps and Cutting Tools LimitedEMKAYTOOLS 25,615 ₹105 12.4 0.35 0.01× None — — — —
7 Jai Corp LimitedJAICORPLTD 25,608 ₹1,687 10.0 1.13 0.03× ₹0 Cr 11.3% 0.58% — Basic Materials
8 Sharda Cropchem LimitedSHARDACROP 25,491 ₹5,950 9.5 1.90 0.46× None 20.0% 2.07% — Basic Materials
9 Par Drugs and Chemicals LimitedPAR 25,446 ₹128 9.8 1.15 0.13× None 11.8% 0 — Healthcare
10 Eureka Forbes LimitedEUREKAFORB 25,423 ₹6,135 34.1 1.33 0.32× ₹29 Cr 3.9% 0 — Consumer Cyclical

Top 20

11 Infollion Research Services LimitedINFOLLION 25,194 ₹142 20.7 2.32 0.10× None — — — —
12 Majestic Auto LimitedMAJESAUT 25,060 ₹377 3.9 0.56 0.04× ₹15 Cr 14.5% 13.71% — Real Estate
13 Alfred Herbert (India) LimitedALFREDHE 25,015 ₹208 5.7 0.36 0.02× ₹0 Cr 6.4% 0.75% — Industrials
14 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
15 Saraswati Saree Depot LimitedSSDL 24,947 ₹237 10.0 1.22 0.32× ₹1 Cr 12.6% 4.49% — Consumer Cyclical
16 MOIL LimitedMOIL 24,909 ₹4,491 14.8 1.66 0.15× None 11.2% 6.01% — Basic Materials
17 Sreeleathers LimitedSREEL 24,890 ₹638 19.2 1.28 0.06× ₹2 Cr 6.7% 0.72% — Consumer Cyclical
18 Excelsoft Technologies LimitedEXCELSOFT 24,856 ₹889 17.5 1.54 0.15× ₹7 Cr 8.8% 0 — Technology
19 R K Swamy LimitedRKSWAMY 24,786 ₹410 18.1 1.55 0.38× ₹43 Cr 8.6% 2.29% — Communication Services
20 HeidelbergCement India LimitedHEIDELBERG 24,751 ₹2,786 23.9 2.03 0.44× ₹14 Cr 8.5% 5.63% — Basic Materials

Top 50

21 Rubfila International LimitedRUBFILA 24,719 ₹293 11.1 0.93 0.17× ₹1 Cr 8.4% 3.23% — Basic Materials
22 Federal-Mogul Goetze (India) LimitedFMGOETZE 24,694 ₹2,451 14.4 1.71 0.25× ₹1 Cr 11.9% 3.38% — Consumer Cyclical
23 Cravatex LimitedCRAVATEX 24,593 ₹85 9.9 0.71 0.18× ₹2 Cr 7.2% 3.76% — Consumer Cyclical
24 Hindustan Composites LimitedHINDCOMPOS 24,553 ₹579 22.7 0.51 0.09× ₹2 Cr 2.2% 0.47% ⚑ Consumer Cyclical
25 Go Fashion (India) LimitedGOCOLORS 24,496 ₹1,392 26.5 2.02 0.47× ₹532 Cr 7.8% 0 — Consumer Cyclical
26 MMTC LimitedMMTC 24,415 ₹7,809 17.5 3.68 0.24× ₹2 Cr 21.1% 0 — Industrials
27 Expleo Solutions LimitedEXPLEOSOL 24,394 ₹1,307 9.5 1.68 0.16× ₹8 Cr 17.7% 12.76% — Technology
28 Addi Industries LimitedADDIND 24,389 ₹82 34.0 1.01 0.03× None 2.9% 0 — Consumer Cyclical
29 Credo Brands Marketing LimitedMUFTI 24,359 ₹427 9.8 0.97 0.45× ₹228 Cr 9.9% 2.92% — Consumer Cyclical
30 Smartlink Holdings LimitedSMARTLINK 24,315 ₹214 13.0 1.02 0.31× ₹3 Cr 7.9% 0.78% — Technology
31 Honda India Power Products LimitedHONDAPOWER 24,294 ₹1,774 27.0 2.21 0.22× ₹1 Cr 8.2% 1.45% — Industrials
32 Tainwala Chemicals and Plastics (India) LimitedTAINWALCHM 24,275 ₹186 23.3 1.09 0.08× None 4.7% 1.37% — Basic Materials
33 CCME Global LimitedCCME 24,237 ₹143 Loss 3.59 0.12× None -1.7% 0 — Healthcare
34 Voith Paper Fabrics India LimitedVOITHPAPR 24,178 ₹604 14.6 1.43 0.10× ₹0 Cr 9.8% 0.73% — Basic Materials
35 Shilp Gravures LimitedSHILGRAVQ 24,146 ₹85 12.9 0.81 0.13× ₹0 Cr 6.4% 1.47% — Industrials
36 RailTel Corporation of India LimitedRAILTEL 24,140 ₹7,623 22.0 3.37 0.61× ₹64 Cr 16.2% 1.31% — Communication Services
37 Butterfly Gandhimathi Appliances LimitedBUTTERFLY 24,124 ₹1,020 21.2 2.74 0.33× ₹8 Cr 12.9% 0 — Consumer Cyclical
38 DIC India LimitedDICIND 24,121 ₹513 17.8 1.16 0.40× ₹4 Cr 6.5% 0.51% — Basic Materials
39 JSW Dulux LimitedJSWDULUX 24,100 ₹1,376 0.7 0.56 0.35× ₹79 Cr 80.0% 1.66% — Basic Materials
40 Vardhman Acrylics LimitedVARDHACRLC 24,052 ₹334 4.1 1.32 0.26× ₹0 Cr 32.1% 3.52% — Consumer Cyclical
41 FDC LimitedFDC 24,052 ₹5,542 18.9 2.23 0.15× ₹15 Cr 11.8% 2.91% — Healthcare
42 Automotive Axles LimitedAUTOAXLES 24,016 ₹2,376 13.6 2.16 0.28× ₹14 Cr 15.9% 2.00% — Consumer Cyclical
43 K&R Rail Engineering LimitedKRRAIL 24,007 ₹63 Loss 0.76 0.42× None -18.1% 0 — Industrials
44 Orkla India LimitedORKLAINDIA 23,991 ₹7,493 24.6 2.72 0.19× ₹63 Cr 11.0% 0 — Consumer Defensive
45 Vinati Organics LimitedVINATIORGA 23,972 ₹11,298 25.2 3.57 0.12× None 14.2% 0.75% — Basic Materials
46 InfoBeans Technologies LimitedINFOBEAN 23,966 ₹1,515 17.9 3.66 0.15× ₹15 Cr 20.5% 0.32% — Technology
47 Seshasayee Paper and Boards LimitedSESHAPAPER 23,922 ₹1,287 12.4 0.63 0.18× None 4.8% 0.90% — Basic Materials
48 Newgen Software Technologies LimitedNEWGEN 23,919 ₹6,725 21.6 3.78 0.27× ₹39 Cr 17.5% 1.34% — Technology
49 Nesco LimitedNESCO 23,887 ₹7,095 17.0 2.37 0.19× ₹272 Cr 13.9% 0.67% — Industrials
50 Likhitha Infrastructure LimitedLIKHITHA 23,862 ₹837 25.7 2.03 0.11× ₹0 Cr 8.0% 0 — Energy

Top 100

51 EIH Associated Hotels LimitedEIHAHOTELS 23,861 ₹1,754 20.0 2.91 0.17× ₹4 Cr 14.6% 1.20% — Consumer Cyclical
52 Relaxo Footwears LimitedRELAXO 23,859 ₹7,252 39.1 3.29 0.25× ₹233 Cr 8.4% 1.22% — Consumer Cyclical
53 Jocil LimitedJOCIL 23,853 ₹125 15.2 0.59 0.29× None 3.9% 2.43% — Basic Materials
54 Orosil Smiths India LimitedOROSMITHS 23,822 ₹26 1.1 1.03 0.15× ₹0 Cr 104.0% 0 — Consumer Cyclical
55 Quick Heal Technologies LimitedQUICKHEAL 23,815 ₹765 Loss 1.75 0.20× ₹0 Cr -2.5% 0 — Technology
56 Ambika Cotton Mills LimitedAMBIKCO 23,777 ₹837 10.3 0.88 0.14× None 8.5% 2.51% — Consumer Cyclical
57 Just Dial LimitedJUSTDIAL 23,774 ₹6,459 12.3 1.26 0.16× ₹85 Cr 10.3% 0 — Communication Services
58 Anuh Pharma LimitedANUHPHR 23,768 ₹790 17.9 2.24 0.37× ₹0 Cr 12.6% 1.83% — Healthcare
59 Goodyear India LimitedGOODYEAR 23,750 ₹1,556 28.9 2.57 0.52× ₹27 Cr 8.9% 3.92% — Consumer Cyclical
60 Aptech LimitedAPTECHT 23,724 ₹470 19.2 1.89 0.42× ₹13 Cr 9.8% 5.30% — Consumer Defensive
61 Indraprastha Medical Corporation LimitedINDRAMEDCO 23,699 ₹2,801 14.9 3.78 0.25× ₹37 Cr 25.4% 1.22% — Healthcare
62 Jyothy Labs LimitedJYOTHYLAB 23,681 ₹6,513 22.9 4.10 0.29× ₹52 Cr 17.9% 1.85% — Consumer Defensive
63 Zensar Technologies LimitedZENSARTECH 23,674 ₹11,375 14.9 2.41 0.22× ₹79 Cr 16.3% 3.13% — Technology
64 India Nippon Electricals LimitedINDNIPPON 23,671 ₹2,532 21.3 3.08 0.23× ₹2 Cr 14.5% 1.32% — Consumer Cyclical
65 Brightcom Group LimitedBCG 23,653 ₹1,766 1.7 0.17 0.12× None 9.6% 0 ⚑ Communication Services
66 BASF India LimitedBASF 23,643 ₹13,802 22.1 3.49 0.53× ₹133 Cr 15.8% 0.75% — Basic Materials
67 Kanchi Karpooram LimitedKANCHI 23,593 ₹163 21.3 0.76 0.05× ₹0 Cr 3.6% 0.27% — Basic Materials
68 Sun TV Network LimitedSUNTV 23,587 ₹23,656 15.5 1.87 0.09× ₹106 Cr 12.1% 3.15% — Communication Services
69 NIIT LimitedNIITLTD 23,544 ₹1,065 121.5 1.00 0.15× ₹7 Cr 0.8% 1.22% — Consumer Defensive
70 CG-VAK Software and Exports LimitedCGVAK 23,501 ₹69 8.0 0.84 0.12× ₹2 Cr 9.3% 0.77% — Technology
71 Rajdarshan Industries LimitedARENTERP 23,500 ₹10 Loss 0.49 0.01× None -0.3% 0 — Basic Materials
72 Shekhawati Industries LimitedSHEKHAWATI 23,462 ₹75 6.1 3.45 0.31× ₹1 Cr 56.1% 0 — Consumer Cyclical
73 V.S.T. Tillers Tractors LimitedVSTTILLERS 23,456 ₹3,470 32.0 3.17 0.19× ₹2 Cr 9.9% 0.59% — Industrials
74 Whirlpool of India LimitedWHIRLPOOL 23,409 ₹10,279 41.0 2.47 0.44× ₹359 Cr 6.0% 0.63% — Consumer Cyclical
75 NDR Auto Components LimitedNDRAUTO 23,350 ₹1,583 24.4 4.43 0.36× ₹62 Cr 18.1% 0.59% — Consumer Cyclical
76 RITES LimitedRITES 23,330 ₹9,424 22.6 3.51 0.53× ₹7 Cr 15.6% 5.54% — Industrials
77 Savita Oil Technologies LimitedSOTL 23,286 ₹4,860 11.7 2.68 0.33× ₹2 Cr 22.8% 0.65% — Basic Materials
78 DRC Systems India LimitedDRCSYSTEMS 23,281 ₹163 7.7 1.45 0.27× ₹0 Cr 18.9% 0 — Technology
79 Entertainment Network (India) LimitedENIL 23,276 ₹414 Loss 0.55 0.37× ₹171 Cr -1.1% 2.22% — Communication Services
80 Gujarat Narmada Valley Fertilizers & Chemicals LimitedGNFC 23,197 ₹7,539 7.3 0.83 0.20× ₹5 Cr 11.4% 3.54% — Basic Materials
81 Sharda Motor Industries LimitedSHARDAMOTR 23,187 ₹4,792 14.4 3.65 0.41× ₹49 Cr 25.3% 2.29% — Consumer Cyclical
82 Gandhi Special Tubes LimitedGANDHITUBE 23,167 ₹977 14.1 3.09 0.07× ₹0 Cr 23.6% 1.58% — Industrials
83 Country Condo's LimitedCOUNCODOS 23,136 ₹48 78.4 1.89 0.43× None 2.8% 0 — Real Estate
84 Sinclairs Hotels LimitedSINCLAIR 23,088 ₹370 34.4 3.06 0.28× ₹34 Cr 9.3% 1.07% — Consumer Cyclical
85 Vakrangee LimitedVAKRANGEE 23,079 ₹588 77.6 3.22 0.38× ₹4 Cr 3.3% 0 — Technology
86 C. E. Info Systems LimitedMAPMYINDIA 23,077 ₹4,740 34.6 5.24 0.13× ₹7 Cr 15.1% 0.40% — Technology
87 Sasken Technologies LimitedSASKEN 23,076 ₹2,608 37.7 2.97 0.29× ₹28 Cr 7.0% 1.66% — Technology
88 Container Corporation of India LimitedCONCOR 23,031 ₹32,338 25.9 2.50 0.14× ₹940 Cr 9.6% 1.95% — Industrials
89 Laxmi Dental LimitedLAXMIDENTL 23,027 ₹972 31.3 4.00 0.17× ₹13 Cr 12.8% 0 — Healthcare
90 Shaival Reality LimitedSHAIVAL 23,022 ₹38 6.1 1.75 0.05× None — — — —
91 Pearl Polymers LimitedPEARLPOLY 23,011 ₹27 Loss 0.95 0.20× None -18.4% 0 — Consumer Cyclical
92 Sundrop Brands LimitedSUNDROP 23,003 ₹2,358 85.1 1.59 0.19× ₹13 Cr 1.9% 0 — Consumer Defensive
93 Kaushalya Infrastructure Development Corporation LimitedKAUSHALYA 22,986 ₹28 Loss 0.37 0.03× None -0.7% 0 — Industrials
94 Evonile Pharma LimitedNOVARTIND 22,985 ₹4,159 42.5 5.09 0.16× ₹3 Cr 11.9% 0 — Healthcare
95 NOCIL LimitedNOCIL 22,966 ₹2,554 38.7 1.44 0.16× ₹8 Cr 3.7% 0.91% — Basic Materials
96 D-Link (India) LimitedDLINKINDIA 22,958 ₹1,418 13.2 2.81 0.38× ₹15 Cr 21.2% 6.29% — Technology
97 Speciality Restaurants LimitedSPECIALITY 22,937 ₹612 26.1 1.77 0.36× ₹140 Cr 6.8% 0.69% — Consumer Cyclical
98 Arrow Greentech LimitedARROWGREEN 22,819 ₹1,030 16.2 4.40 0.08× ₹2 Cr 27.2% 0.58% — Consumer Cyclical
99 Jenburkt Pharmaceuticals LimitedJENBURPH 22,807 ₹384 11.7 1.95 0.13× ₹2 Cr 16.7% 2.25% — Healthcare
100 Bayer CropScience LimitedBAYERCROP 22,792 ₹15,503 21.2 5.23 0.48× ₹82 Cr 24.7% 4.30% — Basic Materials

Debt free in other groups · India

All of IndiaSmall CapNano CapMicro CapMini CapMeso Cap

Debt free in other countries

United States

Questions

Which small cap companies in India have no debt?

The first five on PositoAI's list are Blue Pebble Limited (26,480), Coral India Finance and Housing Limited (25,756), Rajnish Retail Limited (25,728), Route Mobile Limited (25,699), Mindteck (India) Limited (25,617).

How many small cap companies in India report no debt?

226 of the 2,084 small 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?

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 counts as a small cap stock in India?

In India, large cap means the 100 largest companies by market value, mid cap the next 150 (101st to 250th) and small cap the rest — the same rank-based rule SEBI uses, applied to the companies on PositoAI.

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.