TCS, Infosys, HUL and more – here is the list of Nifty 50 debt-free companies

  • TCS, Infosys and HUL lead the pack when it comes to debt-free companies in India.
  • Together, these seven Nifty 50 companies have a market capitalization of over ₹31 lakh crore.
  • With interest rates rising all over the world, financial risk has also increased as high interest charges eat away at corporate profits.

The low interest rate regime is over, with the Reserve Bank of India showing its determination to control inflation and deprioritize short-term growth. While this poses challenges for highly leveraged companies, those with little or no leverage are better positioned to move forward, without the burden and risk of excessive leverage.

But with analysts predicting slowflation or even stagflation, the days of strong growth are over for now. This means businesses won’t just have to settle for low growth and rising costs, and high interest rates will only make things worse.

In such a scenario, debt-free businesses remain a lucrative investment option. Here are the seven zero-debt companies in the Nifty 50 benchmark:

Tata Consulting Services

Indian IT giant TCS is the largest publicly traded company without any debt on its books. It has a market capitalization of nearly ₹12 crore lakh, with over $26 billion in revenue in FY22 and a net profit of over $5 billion.


Infosys, another IT giant, is closely following in the footsteps of TCS with a market capitalization of over 6 lakh crore. Its revenue in FY22 was more than $16 billion and its net income was nearly $3 billion.

Hindustan Unilever

HUL, India’s largest FMCG company, has a market capitalization of over ₹5,000,000,000. Its revenue in FY22 was nearly $6.5 billion, while its profit was $2.4 billion, driven by its 44 brands across 14 categories.


The paper tobacco giant now has a market capitalization of over ₹3 lakh crore. Through its presence in paper, tobacco, hotels, software and more, the company’s fiscal 22 revenue was $8.4 billion, while net income reached nearly $2 billion. It has managed to remain debt-free despite its presence in the high-capex hotel sector.

Maruti Suzuki India

Maruti Suzuki, India’s largest automaker, has weathered the post-pandemic storm and is now in a comfortable position with no debt on its books. Its closest rival, Tata Motors, is one of the most indebted companies in the country. With a market capitalization of ₹2.6 lakh crore, Maruti Suzuki recorded over $11 billion in revenue in FY22, but profit stood at $497 million.

SBI life insurance

The insurance subsidiary of India’s largest bank has a market capitalization of ₹1.08 lakh crore. Its FY22 revenue was $10.6 billion, while its net profit was $193 million.

Divi Laboratories

Divi’s Laboratories is the only debt-free pharma company on the list with a market capitalization of just over ₹96,000 crore. The generics and nutraceuticals maker’s annual revenue was $1.2 billion, while net profit was $378 million.

Company Industry mcap
CDS THIS ₹11,95,449,000
Infosys THIS ₹6.15.112 billion
HUL FMCG ₹5 24,100,000
ICC FMCG ₹3 37,041,000
Maruti Suzuki India Auto ₹2 55,884,000
SBI life insurance Financial services ₹1,08,212,000
Divi Laboratories Health care ₹96,376,000

Source: NSE, as of June 30, 2022


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John A. Bogar