Debt-free companies with high ROCE
Companies earning 25% or more on their capital without borrowing. Change any filter below to make it your own.
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Companies that pass
130
as of 2026-11-01
Typical ROCE
31.9%
companies other than banks and insurers ₹1,000 Cr+: 14.9%
Typical P/E
29.3
companies other than banks and insurers ₹1,000 Cr+: 28.2
Sectors
- Industrials 36
- Consumer Discretionary 29
- Information Technology 14
- Healthcare 13
- Others 38
130 results
· data as of 2026-11-011 / 3
| Industry | ROCE, last 5 years | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS Tata Consultancy Services Limited | Computers - Software & Consulting | 9,05,941 Cr | 17.55 | 7.61 | 43.2% | 4.4% | 0.0005 | 58.6% | ||
| HINDUNILVR Hindustan Unilever Limited | Diversified FMCG | 4,38,181 Cr | 29.09 | 8.97 | 30.7% | 2.2% | 0.0003 | 38.7% | ||
| HCLTECH HCL Technologies Limited | Computers - Software & Consulting | 3,87,729 Cr | 21.16 | 5.10 | 24.1% | 4.2% | 0.01 | 31.8% | ||
| ITC ITC Limited | Diversified FMCG | 3,32,502 Cr | 16.76 | 4.59 | 27.7% | 5.5% | 0.03 | 35.8% | ||
| HAL Hindustan Aeronautics Limited | Aerospace & Defense | 3,24,604 Cr | 34.82 | 7.91 | 22.7% | 1.0% | 0.0002 | 30.3% | ||
| BEL Bharat Electronics Limited | Aerospace & Defense | 2,70,390 Cr | 42.26 | 10.30 | 24.4% | 0.8% | 0.0059 | 32.5% | ||
| NESTLEIND Nestle India Limited | Packaged Foods | 2,25,034 Cr | 55.19 | 38.95 | 70.6% | 1.0% | 0.0044 | 94.7% | ||
| EICHERMOT Eicher Motors Limited | 2/3 Wheelers | 1,98,111 Cr | 34.32 | 7.89 | 23.0% | 1.0% | 0.01 | 29.6% | ||
| TRENT Trent Limited | Speciality Retail | 1,60,882 Cr | 84.86 | 20.71 | 24.2% | 0.1% | 0.06 | 32.0% | ||
| HYUNDAI Hyundai Motor India Limited | Passenger Cars & Utility Vehicles | 1,55,277 Cr | 33.94 | 7.62 | 22.5% | 1.1% | 0.03 | 29.7% | ||
| PIDILITIND Pidilite Industries Limited | Specialty Chemicals | 1,48,864 Cr | 55.46 | 13.28 | 23.8% | 1.0% | 0.0045 | 32.2% | ||
| ABB ABB India Limited | Heavy Electrical Equipment | 1,35,891 Cr | 45.48 | 14.55 | 32.0% | 0.7% | 0.0005 | 40.5% | ||
| LTM LTM Limited | Computers - Software & Consulting | 1,25,312 Cr | 23.97 | 4.84 | 20.0% | 1.8% | 0.10 | 28.2% | ||
| CUMMINSIND Cummins India Limited | Compressors, Pumps & Diesel Engines | 1,23,429 Cr | 52.14 | 14.56 | 27.9% | 1.2% | 0.0002 | 36.6% | ||
| JSWDULUX JSW Dulux Limited | Paints | 1,20,377 Cr | 61.34 | 49.12 | 80.0% | 0.7% | 0.07 | 96.8% | ||
| GROWW Billionbrains Garage Ventures Limited | Stockbroking & Allied | 1,19,549 Cr | 44.38 | 10.33 | 23.1% | — | 0.0018 | 31.6% | ||
| SIEMENS Siemens Limited | Heavy Electrical Equipment | 1,17,587 Cr | 35.90 | 8.50 | 23.7% | 0.4% | 0.0000 | 29.7% | ||
| POLYCAB Polycab India Limited | Cables - Electricals | 1,17,344 Cr | 37.18 | 8.96 | 24.2% | 0.6% | 0.0085 | 34.3% | ||
| MARICO Marico Limited | Edible Oil | 1,03,704 Cr | 54.93 | 24.70 | 43.4% | 1.0% | 0.08 | 51.0% | ||
| HEROMOTOCO Hero MotoCorp Limited | 2/3 Wheelers | 1,03,418 Cr | 17.23 | 4.42 | 25.5% | 3.4% | 0.03 | 32.6% | ||
| GVT&D GE Vernova T&D India Limited | Heavy Electrical Equipment | 1,02,932 Cr | 71.63 | 31.24 | 43.6% | 0.1% | 0.0032 | 58.9% | ||
| PERSISTENT Persistent Systems Limited | Computers - Software & Consulting | 1,00,296 Cr | 52.91 | 11.11 | 21.0% | 0.6% | 0.05 | 28.2% | ||
| INDUSTOWER Indus Towers Limited | Telecom - Infrastructure | 99,799 Cr | 14.04 | 2.53 | 18.0% | 3.0% | 0.03 | 28.2% | ||
| ENRIN Siemens Energy India Limited | Heavy Electrical Equipment | 99,787 Cr | 67.06 | 20.75 | 30.9% | 0.1% | 0.00 | 42.0% | ||
| UNITDSPR United Spirits Limited | Breweries & Distilleries | 96,693 Cr | 52.34 | 10.67 | 20.4% | 1.3% | 0.0004 | 28.0% | ||
| OFSS Oracle Financial Services Software Limited | Software Products | 87,156 Cr | 24.42 | 11.34 | 46.4% | 4.0% | 0.00 | 63.6% | ||
| MAZDOCK Mazagon Dock Shipbuilders Limited | Ship Building & Allied Services | 68,788 Cr | 28.02 | 6.58 | 22.9% | 1.1% | 0.08 | 28.3% | ||
| GLENMARK Glenmark Pharmaceuticals Limited | Pharmaceuticals | 64,880 Cr | 36.09 | 6.17 | 17.1% | 0.2% | 0.09 | 26.0% | ||
| WELCORP Welspun Corp Limited | Iron & Steel Products | 61,771 Cr | 26.09 | 5.81 | 21.7% | 0.2% | 0.09 | 26.6% | ||
| NATIONALUM National Aluminium Company Limited | Aluminium | 57,753 Cr | 8.56 | 2.67 | 31.2% | 3.5% | 0.0070 | 42.2% | ||
| SCHAEFFLER Schaeffler India Limited | Auto Components & Equipments | 55,862 Cr | 42.54 | 9.08 | 21.4% | 0.8% | 0.0090 | 29.1% | ||
| RADICO Radico Khaitan Limited | Breweries & Distilleries | 54,755 Cr | 68.76 | 14.92 | 21.7% | 0.1% | 0.07 | 28.4% | ||
| KALYANKJIL Kalyan Jewellers India Limited | Gems, Jewellery And Watches | 51,371 Cr | 35.80 | 8.14 | 22.7% | 0.3% | 0.08 | 34.4% | ||
| CPPLUS Aditya Infotech Limited | Industrial Products | 46,739 Cr | 94.08 | 23.92 | 25.4% | 0.0% | 0.06 | 33.3% | ||
| ANTHEM Anthem Biosciences Limited | Biotechnology | 46,670 Cr | 81.03 | 15.30 | 18.9% | — | 0.02 | 25.5% | ||
| SUZLON Suzlon Energy Limited | Heavy Electrical Equipment | 46,635 Cr | 20.64 | 4.54 | 22.0% | — | 0.03 | 26.5% | ||
| LTTS L&T Technology Services Limited | IT Enabled Services | 45,370 Cr | 29.47 | 6.41 | 21.7% | 1.3% | 0.0095 | 29.8% | ||
| AJANTPHARM Ajanta Pharma Limited | Pharmaceuticals | 43,983 Cr | 34.83 | 9.05 | 26.0% | 0.8% | 0.02 | 34.3% | ||
| PETRONET Petronet LNG Limited | LPG/CNG/PNG/LNG Supplier | 43,430 Cr | 10.32 | 1.95 | 18.9% | 3.5% | 0.0017 | 26.2% | ||
| COLPAL Colgate Palmolive (India) Limited | Personal Care | 43,425 Cr | 31.89 | 26.84 | 84.2% | 3.2% | 0.05 | 113.5% | ||
| GLAXO GlaxoSmithKline Pharmaceuticals Limited | Pharmaceuticals | 42,257 Cr | 39.56 | 18.64 | 46.8% | 1.7% | 0.0000 | 63.6% | ||
| HINDCOPPER Hindustan Copper Limited | Copper | 38,804 Cr | 34.14 | 11.61 | 34.0% | 0.6% | 0.03 | 44.3% | ||
| PAGEIND Page Industries Limited | Garments & Apparels | 38,481 Cr | 50.91 | 25.61 | 50.3% | 1.7% | 0.0079 | 70.2% | ||
| ANANDRATHI Anand Rathi Wealth Limited | Financial Products Distributor | 37,392 Cr | 82.25 | 29.14 | 35.1% | 0.3% | 0.01 | 46.7% | ||
| IRCTC Indian Railway Catering And Tourism Corporation Limited | Tour, Travel Related Services | 34,871 Cr | 25.03 | 8.10 | 32.3% | 2.2% | 0.00 | 43.9% | ||
| CRISIL Crisil Limited | Other Financial Services | 33,016 Cr | 36.86 | 10.10 | 27.4% | 1.3% | 0.10 | 37.2% | ||
| ACUTAAS Acutaas Chemicals Limited | Pharmaceuticals | 32,778 Cr | 74.64 | 17.65 | 22.8% | 0.1% | 0.0032 | 31.4% | ||
| 3MINDIA 3M India Limited | Diversified | 32,657 Cr | 56.53 | 18.47 | 32.7% | 1.8% | 0.10 | 51.7% | ||
| LALPATHLAB Dr. Lal Path Labs Ltd. | Healthcare Service Provider | 31,836 Cr | 58.75 | 12.70 | 21.5% | 0.7% | 0.02 | 29.2% | ||
| HEXT Hexaware Technologies Limited | Computers - Software & Consulting | 30,610 Cr | 21.80 | 4.56 | 20.9% | 2.3% | 0.02 | 28.3% |
- TCSComputers - Software & ConsultingTata Consultancy Services Limited
- Mcap
- 9,05,941 Cr
- P/E
- 17.55
- P/B
- 7.61
- ROE
- 43.2%
- Div yield
- 4.4%
- D/E
- 0.0005
- ROCE
- 58.6%
- HINDUNILVRDiversified FMCGHindustan Unilever Limited
- Mcap
- 4,38,181 Cr
- P/E
- 29.09
- P/B
- 8.97
- ROE
- 30.7%
- Div yield
- 2.2%
- D/E
- 0.0003
- ROCE
- 38.7%
- HCLTECHComputers - Software & ConsultingHCL Technologies Limited
- Mcap
- 3,87,729 Cr
- P/E
- 21.16
- P/B
- 5.10
- ROE
- 24.1%
- Div yield
- 4.2%
- D/E
- 0.01
- ROCE
- 31.8%
- ITCDiversified FMCGITC Limited
- Mcap
- 3,32,502 Cr
- P/E
- 16.76
- P/B
- 4.59
- ROE
- 27.7%
- Div yield
- 5.5%
- D/E
- 0.03
- ROCE
- 35.8%
- HALAerospace & DefenseHindustan Aeronautics Limited
- Mcap
- 3,24,604 Cr
- P/E
- 34.82
- P/B
- 7.91
- ROE
- 22.7%
- Div yield
- 1.0%
- D/E
- 0.0002
- ROCE
- 30.3%
- BELAerospace & DefenseBharat Electronics Limited
- Mcap
- 2,70,390 Cr
- P/E
- 42.26
- P/B
- 10.30
- ROE
- 24.4%
- Div yield
- 0.8%
- D/E
- 0.0059
- ROCE
- 32.5%
- NESTLEINDPackaged FoodsNestle India Limited
- Mcap
- 2,25,034 Cr
- P/E
- 55.19
- P/B
- 38.95
- ROE
- 70.6%
- Div yield
- 1.0%
- D/E
- 0.0044
- ROCE
- 94.7%
- EICHERMOT2/3 WheelersEicher Motors Limited
- Mcap
- 1,98,111 Cr
- P/E
- 34.32
- P/B
- 7.89
- ROE
- 23.0%
- Div yield
- 1.0%
- D/E
- 0.01
- ROCE
- 29.6%
- TRENTSpeciality RetailTrent Limited
- Mcap
- 1,60,882 Cr
- P/E
- 84.86
- P/B
- 20.71
- ROE
- 24.2%
- Div yield
- 0.1%
- D/E
- 0.06
- ROCE
- 32.0%
- HYUNDAIPassenger Cars & Utility VehiclesHyundai Motor India Limited
- Mcap
- 1,55,277 Cr
- P/E
- 33.94
- P/B
- 7.62
- ROE
- 22.5%
- Div yield
- 1.1%
- D/E
- 0.03
- ROCE
- 29.7%
- PIDILITINDSpecialty ChemicalsPidilite Industries Limited
- Mcap
- 1,48,864 Cr
- P/E
- 55.46
- P/B
- 13.28
- ROE
- 23.8%
- Div yield
- 1.0%
- D/E
- 0.0045
- ROCE
- 32.2%
- ABBHeavy Electrical EquipmentABB India Limited
- Mcap
- 1,35,891 Cr
- P/E
- 45.48
- P/B
- 14.55
- ROE
- 32.0%
- Div yield
- 0.7%
- D/E
- 0.0005
- ROCE
- 40.5%
- LTMComputers - Software & ConsultingLTM Limited
- Mcap
- 1,25,312 Cr
- P/E
- 23.97
- P/B
- 4.84
- ROE
- 20.0%
- Div yield
- 1.8%
- D/E
- 0.10
- ROCE
- 28.2%
- CUMMINSINDCompressors, Pumps & Diesel EnginesCummins India Limited
- Mcap
- 1,23,429 Cr
- P/E
- 52.14
- P/B
- 14.56
- ROE
- 27.9%
- Div yield
- 1.2%
- D/E
- 0.0002
- ROCE
- 36.6%
- JSWDULUXPaintsJSW Dulux Limited
- Mcap
- 1,20,377 Cr
- P/E
- 61.34
- P/B
- 49.12
- ROE
- 80.0%
- Div yield
- 0.7%
- D/E
- 0.07
- ROCE
- 96.8%
- GROWWStockbroking & AlliedBillionbrains Garage Ventures Limited
- Mcap
- 1,19,549 Cr
- P/E
- 44.38
- P/B
- 10.33
- ROE
- 23.1%
- Div yield
- —
- D/E
- 0.0018
- ROCE
- 31.6%
- SIEMENSHeavy Electrical EquipmentSiemens Limited
- Mcap
- 1,17,587 Cr
- P/E
- 35.90
- P/B
- 8.50
- ROE
- 23.7%
- Div yield
- 0.4%
- D/E
- 0.0000
- ROCE
- 29.7%
- POLYCABCables - ElectricalsPolycab India Limited
- Mcap
- 1,17,344 Cr
- P/E
- 37.18
- P/B
- 8.96
- ROE
- 24.2%
- Div yield
- 0.6%
- D/E
- 0.0085
- ROCE
- 34.3%
- MARICOEdible OilMarico Limited
- Mcap
- 1,03,704 Cr
- P/E
- 54.93
- P/B
- 24.70
- ROE
- 43.4%
- Div yield
- 1.0%
- D/E
- 0.08
- ROCE
- 51.0%
- HEROMOTOCO2/3 WheelersHero MotoCorp Limited
- Mcap
- 1,03,418 Cr
- P/E
- 17.23
- P/B
- 4.42
- ROE
- 25.5%
- Div yield
- 3.4%
- D/E
- 0.03
- ROCE
- 32.6%
- GVT&DHeavy Electrical EquipmentGE Vernova T&D India Limited
- Mcap
- 1,02,932 Cr
- P/E
- 71.63
- P/B
- 31.24
- ROE
- 43.6%
- Div yield
- 0.1%
- D/E
- 0.0032
- ROCE
- 58.9%
- PERSISTENTComputers - Software & ConsultingPersistent Systems Limited
- Mcap
- 1,00,296 Cr
- P/E
- 52.91
- P/B
- 11.11
- ROE
- 21.0%
- Div yield
- 0.6%
- D/E
- 0.05
- ROCE
- 28.2%
- INDUSTOWERTelecom - InfrastructureIndus Towers Limited
- Mcap
- 99,799 Cr
- P/E
- 14.04
- P/B
- 2.53
- ROE
- 18.0%
- Div yield
- 3.0%
- D/E
- 0.03
- ROCE
- 28.2%
- ENRINHeavy Electrical EquipmentSiemens Energy India Limited
- Mcap
- 99,787 Cr
- P/E
- 67.06
- P/B
- 20.75
- ROE
- 30.9%
- Div yield
- 0.1%
- D/E
- 0.00
- ROCE
- 42.0%
- UNITDSPRBreweries & DistilleriesUnited Spirits Limited
- Mcap
- 96,693 Cr
- P/E
- 52.34
- P/B
- 10.67
- ROE
- 20.4%
- Div yield
- 1.3%
- D/E
- 0.0004
- ROCE
- 28.0%
- OFSSSoftware ProductsOracle Financial Services Software Limited
- Mcap
- 87,156 Cr
- P/E
- 24.42
- P/B
- 11.34
- ROE
- 46.4%
- Div yield
- 4.0%
- D/E
- 0.00
- ROCE
- 63.6%
- MAZDOCKShip Building & Allied ServicesMazagon Dock Shipbuilders Limited
- Mcap
- 68,788 Cr
- P/E
- 28.02
- P/B
- 6.58
- ROE
- 22.9%
- Div yield
- 1.1%
- D/E
- 0.08
- ROCE
- 28.3%
- GLENMARKPharmaceuticalsGlenmark Pharmaceuticals Limited
- Mcap
- 64,880 Cr
- P/E
- 36.09
- P/B
- 6.17
- ROE
- 17.1%
- Div yield
- 0.2%
- D/E
- 0.09
- ROCE
- 26.0%
- WELCORPIron & Steel ProductsWelspun Corp Limited
- Mcap
- 61,771 Cr
- P/E
- 26.09
- P/B
- 5.81
- ROE
- 21.7%
- Div yield
- 0.2%
- D/E
- 0.09
- ROCE
- 26.6%
- NATIONALUMAluminiumNational Aluminium Company Limited
- Mcap
- 57,753 Cr
- P/E
- 8.56
- P/B
- 2.67
- ROE
- 31.2%
- Div yield
- 3.5%
- D/E
- 0.0070
- ROCE
- 42.2%
- SCHAEFFLERAuto Components & EquipmentsSchaeffler India Limited
- Mcap
- 55,862 Cr
- P/E
- 42.54
- P/B
- 9.08
- ROE
- 21.4%
- Div yield
- 0.8%
- D/E
- 0.0090
- ROCE
- 29.1%
- RADICOBreweries & DistilleriesRadico Khaitan Limited
- Mcap
- 54,755 Cr
- P/E
- 68.76
- P/B
- 14.92
- ROE
- 21.7%
- Div yield
- 0.1%
- D/E
- 0.07
- ROCE
- 28.4%
- KALYANKJILGems, Jewellery And WatchesKalyan Jewellers India Limited
- Mcap
- 51,371 Cr
- P/E
- 35.80
- P/B
- 8.14
- ROE
- 22.7%
- Div yield
- 0.3%
- D/E
- 0.08
- ROCE
- 34.4%
- CPPLUSIndustrial ProductsAditya Infotech Limited
- Mcap
- 46,739 Cr
- P/E
- 94.08
- P/B
- 23.92
- ROE
- 25.4%
- Div yield
- 0.0%
- D/E
- 0.06
- ROCE
- 33.3%
- ANTHEMBiotechnologyAnthem Biosciences Limited
- Mcap
- 46,670 Cr
- P/E
- 81.03
- P/B
- 15.30
- ROE
- 18.9%
- Div yield
- —
- D/E
- 0.02
- ROCE
- 25.5%
- SUZLONHeavy Electrical EquipmentSuzlon Energy Limited
- Mcap
- 46,635 Cr
- P/E
- 20.64
- P/B
- 4.54
- ROE
- 22.0%
- Div yield
- —
- D/E
- 0.03
- ROCE
- 26.5%
- LTTSIT Enabled ServicesL&T Technology Services Limited
- Mcap
- 45,370 Cr
- P/E
- 29.47
- P/B
- 6.41
- ROE
- 21.7%
- Div yield
- 1.3%
- D/E
- 0.0095
- ROCE
- 29.8%
- AJANTPHARMPharmaceuticalsAjanta Pharma Limited
- Mcap
- 43,983 Cr
- P/E
- 34.83
- P/B
- 9.05
- ROE
- 26.0%
- Div yield
- 0.8%
- D/E
- 0.02
- ROCE
- 34.3%
- PETRONETLPG/CNG/PNG/LNG SupplierPetronet LNG Limited
- Mcap
- 43,430 Cr
- P/E
- 10.32
- P/B
- 1.95
- ROE
- 18.9%
- Div yield
- 3.5%
- D/E
- 0.0017
- ROCE
- 26.2%
- COLPALPersonal CareColgate Palmolive (India) Limited
- Mcap
- 43,425 Cr
- P/E
- 31.89
- P/B
- 26.84
- ROE
- 84.2%
- Div yield
- 3.2%
- D/E
- 0.05
- ROCE
- 113.5%
- GLAXOPharmaceuticalsGlaxoSmithKline Pharmaceuticals Limited
- Mcap
- 42,257 Cr
- P/E
- 39.56
- P/B
- 18.64
- ROE
- 46.8%
- Div yield
- 1.7%
- D/E
- 0.0000
- ROCE
- 63.6%
- HINDCOPPERCopperHindustan Copper Limited
- Mcap
- 38,804 Cr
- P/E
- 34.14
- P/B
- 11.61
- ROE
- 34.0%
- Div yield
- 0.6%
- D/E
- 0.03
- ROCE
- 44.3%
- PAGEINDGarments & ApparelsPage Industries Limited
- Mcap
- 38,481 Cr
- P/E
- 50.91
- P/B
- 25.61
- ROE
- 50.3%
- Div yield
- 1.7%
- D/E
- 0.0079
- ROCE
- 70.2%
- ANANDRATHIFinancial Products DistributorAnand Rathi Wealth Limited
- Mcap
- 37,392 Cr
- P/E
- 82.25
- P/B
- 29.14
- ROE
- 35.1%
- Div yield
- 0.3%
- D/E
- 0.01
- ROCE
- 46.7%
- IRCTCTour, Travel Related ServicesIndian Railway Catering And Tourism Corporation Limited
- Mcap
- 34,871 Cr
- P/E
- 25.03
- P/B
- 8.10
- ROE
- 32.3%
- Div yield
- 2.2%
- D/E
- 0.00
- ROCE
- 43.9%
- CRISILOther Financial ServicesCrisil Limited
- Mcap
- 33,016 Cr
- P/E
- 36.86
- P/B
- 10.10
- ROE
- 27.4%
- Div yield
- 1.3%
- D/E
- 0.10
- ROCE
- 37.2%
- ACUTAASPharmaceuticalsAcutaas Chemicals Limited
- Mcap
- 32,778 Cr
- P/E
- 74.64
- P/B
- 17.65
- ROE
- 22.8%
- Div yield
- 0.1%
- D/E
- 0.0032
- ROCE
- 31.4%
- 3MINDIADiversified3M India Limited
- Mcap
- 32,657 Cr
- P/E
- 56.53
- P/B
- 18.47
- ROE
- 32.7%
- Div yield
- 1.8%
- D/E
- 0.10
- ROCE
- 51.7%
- LALPATHLABHealthcare Service ProviderDr. Lal Path Labs Ltd.
- Mcap
- 31,836 Cr
- P/E
- 58.75
- P/B
- 12.70
- ROE
- 21.5%
- Div yield
- 0.7%
- D/E
- 0.02
- ROCE
- 29.2%
- HEXTComputers - Software & ConsultingHexaware Technologies Limited
- Mcap
- 30,610 Cr
- P/E
- 21.80
- P/B
- 4.56
- ROE
- 20.9%
- Div yield
- 2.3%
- D/E
- 0.02
- ROCE
- 28.3%
About this screen: why it might work, and what it can miss
A company that earns a high return on its capital without borrowing is funding its growth from its own profits. Such businesses tend to come through downturns without needing to raise money.
- Debt to equity is from the latest balance sheet; a company can borrow and repay within a year.
- Banks and insurers are left out: borrowing is their raw material, so debt to equity does not apply.
A screen applies a rule to reported figures; it is not a recommendation to buy or sell.
Data as of 2026-11-01. Not investment advice.