Borrowings lower than a year ago
18 of the 100 NIFTY 100 names on this site meet the rule today: borrowings at the latest year-end balance sheet are below the year before. By market capitalisation. The figures are the same arithmetic on the same filings as each company's page, as of 23 September 2026.
| Company | Borrowings | Borrowings change, 1 year | Net debt to equity | ROE | Market cap |
|---|---|---|---|---|---|
| Bharti Airtel Ltd. BHARTIARTL | ₹1,21,671 cr | ₹-26,641 cr | 0.61 | 24.4% | ₹11,33,940 cr |
| HDFC Bank Ltd. HDFCBANK | ₹5,88,485 cr | ₹-46,121 cr | 0.48 | 13.9% | ₹9,86,054 cr |
| Larsen & Toubro Ltd. LT | ₹1,21,683 cr | ₹-7,876 cr | 0.92 | 18.0% | ₹5,27,149 cr |
| Hindustan Unilever Ltd. HINDUNILVR | ₹0 cr | ₹-1 cr | -0.07 | 30.7% | ₹4,54,364 cr |
| Kotak Mahindra Bank Ltd. KOTAKBANK | ₹95,394 cr | ₹-2,228 cr | -0.04 | 11.2% | ₹4,10,451 cr |
| UltraTech Cement Ltd. ULTRACEMCO | ₹22,781 cr | ₹-250 cr | 0.28 | 11.2% | ₹3,19,517 cr |
| Oil & Natural Gas Corporation Ltd. ONGC | ₹1,42,055 cr | ₹-11,501 cr | 0.30 | 12.0% | ₹2,97,058 cr |
| Nestle India Ltd. NESTLEIND | ₹24 cr | ₹-729 cr | -0.26 | 73.9% | ₹2,63,003 cr |
| Hindustan Zinc Ltd. HINDZINC | ₹8,252 cr | ₹-2,399 cr | 0.35 | 75.4% | ₹2,49,505 cr |
| Divi's Laboratories Ltd. DIVISLAB | ₹0 cr | ₹-2 cr | -0.20 | 17.5% | ₹2,48,266 cr |
| Tata Steel Ltd. TATASTEEL | ₹92,382 cr | ₹-2,419 cr | 0.81 | 11.0% | ₹2,29,822 cr |
| Indian Oil Corporation Ltd. IOC | ₹1,31,822 cr | ₹-20,448 cr | 0.58 | 16.3% | ₹1,94,591 cr |
| Samvardhana Motherson International Ltd. MOTHERSON | ₹15,895 cr | ₹-1,327 cr | 0.19 | 11.1% | ₹1,70,739 cr |
| DLF Ltd. DLF | ₹45 cr | ₹-4,058 cr | -0.17 | 9.8% | ₹1,65,722 cr |
| Pidilite Industries Ltd. PIDILITIND | ₹106 cr | ₹-41 cr | -0.02 | 24.7% | ₹1,60,066 cr |
| Bharat Petroleum Corporation Ltd. BPCL | ₹43,482 cr | ₹-7,579 cr | 0.26 | 17.1% | ₹1,36,056 cr |
| LTM Ltd. LTM | ₹0 cr | ₹-2 cr | -0.12 | 21.6% | ₹1,23,344 cr |
| Indian Hotels Co. Ltd. INDHOTEL | ₹51 cr | ₹-173 cr | -0.14 | 17.7% | ₹1,04,800 cr |
Borrowings: current plus non-current borrowings at the latest balance sheet. Borrowings change, one year: borrowings at the latest year-end balance sheet less the year before. Net borrowings to equity: borrowings less cash and bank balances, over owners' equity, at the latest balance sheet. Return on equity: net profit of the last four quarters over shareholders' equity at the latest balance sheet. Market capitalisation: price times shares outstanding (the latest filed count, or the diluted weighted count where a company with several share classes tags no single count; India from the shareholding pattern). A rule in words over filed numbers; the list says which names meet it and nothing about what to do. Write your own.