India’s equity markets have seen growing interest in fundamentally strong companies with low or zero debt. Debt-free companies are often seen as financially stable, better positioned to manage risks, and more likely to deliver consistent growth.
Arrow Greentech Ltd
Arrow Greentech Ltd, established in 1992, is a pioneer in green packaging technology with a strong focus on innovation and environmental sustainability. The company introduced India’s first water-soluble film in the mid 1990s, setting a new standard in eco-friendly solutions. With a strong commitment to safety, efficiency, and high-quality service.
Arrow Greentech has grown into one of India’s most recognized players in sustainable technology. It offers specialized solutions across health, hygiene, packaging, printing, and security industries. Its innovation is backed by multiple global intellectual property filings, positioning Arrow as a potential global leader in green technologies.
With a market capitalization of Rs. 894 Crores, opened at Rs. 592 per equity per share, from its previous day’s closing price of Rs. 589.15 and made an intraday high of Rs. 599 per equity share.
Arrow Greentech Ltd, has a very low debt of Rs. 0.00 crore compared to its Q1FY26 revenue of Rs. 47 Crores. Its debt-to-equity ratio is 0, which means the company has almost no reliance on borrowed money. This shows strong financial health and stability. From a financial point of view, this reduces risk and interest costs, allowing the company to use its profits for growth and expansion instead of paying off debt.
Swaraj Engines Ltd
Swaraj Engines Limited established in 1985 in Mohali, Punjab, is a leading manufacturer of diesel engines, primarily supplying to the Swaraj Division of Mahindra & Mahindra Ltd. The company produces high-quality engines ranging from 22 HP to over 65 HP, designed for use in Swaraj tractors. Over the years, SEL has built a strong reputation for precision and reliability, having supplied more than 16 lakh engines so far.
With a turnover of Rs.1,419 crores and over 1,500 employees, SEL operates a modern facility equipped with the latest hi-tech machinery, including an ergonomically friendly material handling system and a 66 KVA substation to ensure uninterrupted power. The plant is capable of producing any model within the Swaraj product range, reinforcing its role as a key player in India’s agricultural machinery sector. With a market capitalization of Rs. 4,894 Crores, opened at Rs. 4,030 per equity share, from its previous day’s closing price of Rs. 4,032.40.
Swaraj Engines Limited, has a very low debt of Rs. 1.99 crore compared to its Q1FY26 revenue of Rs. 484 Crores. Its debt-to-equity ratio is 0, This means the company doesn’t depend on borrowed money, which shows it is financially strong and stable. Since it has little or no debt, it doesn’t have to spend money on interest payments.
Waaree Renewable Technologies Ltd
Waaree Renewable Technologies Limited is a leading renewable energy company under the Waaree Energies Group, specializing in solar energy solutions and EPC (Engineering, Procurement, and Construction) services. Headquartered in Mumbai, WRTL has successfully installed over 10,000 solar projects with a total operating capacity of 600+ MW.
with a market capitalization of Rs.10,633 Crores, opened at Rs.1,033 per equity share, from its previous day’s closing price of Rs. 1,037.50. and made an intraday high of Rs.1,039 per equity share.
Waaree Renewable Technologies Ltd, has a very low debt of Rs. 27.4 crore compared to its Q1FY26 revenue of Rs. 603 Crores. Its debt-to-equity ratio is 0.06, This means the company doesn’t depend on borrowed money, which shows it is financially strong and stable. Since it has little or no debt, it doesn’t have to spend money on interest payments.
Written by: Sudeep Kumbar.
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