India’s equity markets have seen growing interest in financially 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. When such companies also provide strong revenue guidance, they become even more attractive to investors.
1. 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. The company 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.1,137 Crores, opened at Rs.799.05 per equity per share, from its previous day’s closing price of Rs. 788.00.and made an intraday high of Rs.804.80 per equity share.
Arrow Greentech Ltd, has a very low debt of Rs. 0.67 crore compared to its Q1FY26 revenue of Rs. 57 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.
2. 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.4,881 Crores, opened at Rs.4,184.65 per equity share, from its previous day’s closing price of Rs. 4,193.10. 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.
3. Ganesh Housing Corporation Ltd
Ganesh Housing Corporation Limited is one of Gujarat’s leading real estate developers, with a strong presence in and around Ahmedabad. Founded in 1965 by Late Shri Govindbhai C. Patel. The company has built a reputation for trust and reliability by delivering some of the region’s most iconic residential and commercial landmarks.
Incorporated as a Public Limited Company in 1991, GHCL has successfully developed and sold over 22 million sq. ft. of real estate space, with 35 million sq. ft. currently under development. Known for its commitment to innovation, quality, and continuous improvement, the company focuses on creating modern living spaces while also contributing to various social causes.
with a market capitalization of Rs.7,313 Crores, opened at Rs.945.80 per equity share, from its previous day’s closing price of Rs. 893.95.
Ganesh Housing Corporation Limited, has a very low debt of Rs. 27.4 crore compared to its Q1FY26 revenue of Rs. 151 Crores. Its debt-to-equity ratio is 0.01, 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.
4. 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 vision to lead the global energy transition to net-zero emissions and a mission to be a global leader in sustainable energy solutions, WRTL is committed to innovation, excellence, and environmental responsibility.
with a market capitalization of Rs.10,896 Crores, opened at Rs.1,049.30 per equity share, from its previous day’s closing price of Rs.1,047.35. and made an intraday high of Rs.1,062.35 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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