Debt-Free Companies in India (Sep 2026): Zero-Debt, High-Quality Stocks
Near-zero-debt Indian companies (D/E under 0.1) with Piotroski 7+ and an Altman Z-Score above 3 — the fortress balance sheets, ranked by Z-Score.
Debt free companies in India can offer investors a useful starting point for identifying businesses with limited balance-sheet leverage, but “debt-free” in this screen means a debt-to-equity ratio below 0.1, not necessarily absolute zero borrowings. As of 15 Sep 2026, these 7 companies also combine a Piotroski score of at least 7/9 with an Altman Z-Score above 3, placing them in the screen’s safe zone.
How This List Was Generated
Screened 7 stocks from the InvestSights screening dataset (6,000+ securities in the screening dataset).
Criteria: Near-zero debt (D/E <0.1), Piotroski ≥7, Altman Z-Score >3 (safe zone). These are the fortress balance sheets of the Indian market.
Screen these stocks yourself — investsights.in/screener
Summary: Debt Free Companies in India
The stocks remain in descending order of Altman Z-Score, from 30.33 for Oracle Financial Services Software to 3.77 for CIE Automotive India. “Screen pass” in the table refers only to the stated balance-sheet and financial-health criteria; it is not an investment recommendation.
| # | Stock | Market Cap | Key Metric | P/E | Piotroski | Verdict |
|---|---|---|---|---|---|---|
| 1 | Oracle Financial Services Software | ₹60,401.62 Cr | D/E 0.00; Z-Score 30.33 | 22.18x | 7/9 | Screen pass; highest Z-Score at 30.33 |
| 2 | APL Apollo Tubes | ₹61,818.44 Cr | D/E 0.09; Z-Score 12.77 | 44.69x | 7/9 | Screen pass; PAT growth 58.91% |
| 3 | HCL Technologies | ₹3,78,358.44 Cr | D/E 0.07; Z-Score 7.42 | 21.83x | 7/9 | Screen pass; FCF ₹19,778 Cr |
| 4 | Glenmark Pharmaceuticals | ₹60,371.22 Cr | D/E 0.06; Z-Score 6.70 | 44.17x | 7/9 | Screen pass; revenue growth 27.08% |
| 5 | Birlasoft | ₹10,868.14 Cr | D/E 0.03; Z-Score 6.16 | 17.94x | 7/9 | Screen pass; FCF ₹479.85 Cr |
| 6 | Tanla Platforms | ₹6,122.93 Cr | D/E 0.02; Z-Score 5.51 | 9.84x | 7/9 | Screen pass; ROCE 23.72% |
| 7 | CIE Automotive India | ₹18,361.14 Cr | D/E 0.06; Z-Score 3.77 | 19.45x | 7/9 | Screen pass; Z-Score above 3 |
1. Oracle Financial Services Software Limited (OFSS) — ₹60,401.62 Cr
Oracle Financial Services Software is a Technology-sector company focused on software for financial-services operations, with revenue growth of 12.05% YoY. It leads this list because its D/E is only 0.00, while its Altman Z-Score of 30.33 is the highest among the 7 screened companies; it also has a Piotroski score of 7/9. Operating quality is supported by ROCE of 40.06%, ROE of 33.72%, OPM of 44.47% and free cash flow of ₹2,834 Cr, alongside a dividend yield of 5.86%. Key diligence points are its P/E of 22.18x and management credibility score of 48/100, even as PAT grew 10.91% YoY.
2. APL Apollo Tubes Limited (APLAPOLLO) — ₹61,818.44 Cr
APL Apollo Tubes is a Basic Materials company associated with structural steel tubes, and it reported revenue growth of 15.42% YoY. Its D/E of 0.09 remains below the screen’s 0.1 ceiling, while a Piotroski score of 7/9 and Altman Z-Score of 12.77 provide the second-highest ranking in this list. PAT growth of 58.91% YoY, ROCE of 26.34%, ROE of 22.71% and free cash flow of ₹1,341.22 Cr strengthen its screen-level profile. The key trade-offs are a P/E of 44.69x, OPM of 6.81%, promoter ownership of 28.25% and a dividend yield of 0.3%.
3. HCL Technologies Limited (HCLTECH) — ₹3,78,358.44 Cr
HCL Technologies is a Technology-sector company providing IT services and technology solutions, with revenue growth of 10.07% YoY. It qualifies with D/E of 0.07, a Piotroski score of 7/9 and an Altman Z-Score of 7.42, while its market capitalisation of ₹3,78,358.44 Cr is the largest among the 7 companies. The company generated free cash flow of ₹19,778 Cr, with ROCE of 26.53%, ROE of 22.14%, OPM of 17.21% and a dividend yield of 4.02%. The principal earnings risk in the supplied data is PAT contraction of 4.56% YoY, despite revenue growth of 10.07%, while management credibility stands at 50/100.
4. Glenmark Pharmaceuticals Limited (GLENMARK) — ₹60,371.22 Cr
Glenmark Pharmaceuticals is a Healthcare-sector company that develops and markets pharmaceutical products, with revenue growth of 27.08% YoY. It passes the near-zero-debt screen with D/E of 0.06, supported by a Piotroski score of 7/9 and an Altman Z-Score of 6.70. PAT increased 30.06% YoY, while ROCE was 29.55%, OPM was 23.55% and free cash flow reached ₹1,941.45 Cr. Investors researching the company should weigh those operating figures against a P/E of 44.17x, ROE of 12.96% and dividend yield of only 0.23%.
5. Birlasoft Limited (BSOFT) — ₹10,868.14 Cr
Birlasoft is a Technology-sector company providing enterprise IT and digital services, but its revenue declined 1.21% YoY. Its balance-sheet screen remains strong, with D/E of 0.03, a Piotroski score of 7/9 and an Altman Z-Score of 6.16. The company reported free cash flow of ₹479.85 Cr, ROCE of 18.05%, ROE of 12.6%, OPM of 14.8% and a dividend yield of 1.94%; its P/E was 17.94x. The main operating concern is the combination of the 1.21% revenue decline and PAT growth of just 0.31% YoY, although the management credibility score is 62/100.
6. Tanla Platforms Limited (TANLA) — ₹6,122.93 Cr
Tanla Platforms is a Technology-sector company operating in cloud communications, with revenue growth of 9.68% YoY. It has D/E of only 0.02, alongside a Piotroski score of 7/9 and an Altman Z-Score of 5.51. Its profitability indicators include ROCE of 23.72%, ROE of 20.46% and OPM of 13.62%, while free cash flow was ₹563.32 Cr and dividend yield was 3.2%. The key earnings limitation is PAT growth of only 0.37% YoY, compared with revenue growth of 9.68%, while management credibility stands at 67/100.
7. CIE Automotive India Limited (CIEINDIA) — ₹18,361.14 Cr
CIE Automotive India is a Consumer Cyclical company manufacturing automotive components, with revenue growth of 4.94% YoY. It completes the list with D/E of 0.06, a Piotroski score of 7/9 and an Altman Z-Score of 3.77, which remains above the screen’s safe-zone threshold of 3. Free cash flow was ₹877.37 Cr, while ROCE stood at 12.22%, ROE at 11.1%, OPM at 10.68% and dividend yield at 1.64%. Its Z-Score of 3.77 is the lowest among these 7 companies, and PAT growth of 0.08% YoY indicates limited recent earnings expansion despite a management credibility score of 68/100.
What This List Doesn’t Tell You
This screen for debt free companies in India is based on financial data available as of 15 Sep 2026, so metrics such as revenue growth, PAT growth, free cash flow and returns on capital are backward-looking. It also does not make unlike sectors directly comparable: OPM ranges from 6.81% for APL Apollo Tubes to 44.47% for Oracle Financial Services Software, while market capitalisation ranges from ₹6,122.93 Cr for Tanla Platforms to ₹3,78,358.44 Cr for HCL Technologies.
The screen also does not capture every future change in demand, margins, regulation, capital allocation or valuation after 15 Sep 2026. Even within this list, P/E multiples range from 9.84x to 44.69x, showing why balance-sheet quality alone cannot provide a complete assessment.
How to Use This List
Treat these 7 debt free companies in India as a starting point for deeper research, not as a buy list. First confirm that D/E remains below 0.1, then review whether the Piotroski score remains at least 7/9 and the Altman Z-Score stays above 3 after subsequent financial updates.
Next, compare growth with cash generation: HCL Technologies reported FCF of ₹19,778 Cr but PAT declined 4.56% YoY, while APL Apollo Tubes generated FCF of ₹1,341.22 Cr alongside PAT growth of 58.91% YoY. Valuation also requires separate attention because the listed P/E ratios span 9.84x–44.69x, despite all 7 companies passing the same leverage and financial-health screen.
🔍 Screen stocks yourself — investsights.in/screener
🔬 Check forensic health — investsights.in/stock/SYMBOL?tab=forensic
🎙️ Read management commentary — investsights.in/stock/SYMBOL?tab=concall
Disclaimer
This list is for informational and educational purposes only. It does not constitute investment advice. Consult a SEBI-registered investment advisor before making investment decisions. Data as of the most recent screener refresh on InvestSights.
Related: All curated stock lists · Stock screener · Methodology & data sourcing
InvestSights is an analytics platform and is not SEBI-registered as a Research Analyst or Investment Adviser. All figures are educational, descriptive data — not investment advice. Consult a SEBI-registered adviser before investing.