list of debt free companies in indian stock market

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Every investor dreams to have a future Infosys or Titan Industries in her portfolio. But choosing the right gems out of over 5, listed companies is no mean task. Take heart, ET Intelligence Group has done the job for you. Here's a list of Fastest Growing Small Companies that could be future giants.

It is the growth in revenues and profitability that validates the correctness of a business strategy or a robust business model. Better still, if this is achieved consistently over a period of time. Both large corporates and the smaller ones have their own set of growth stories. Still the limelight is never the same. Bigger companies are always the ones that are talked of more and corner the bigger share of attention.

After all, their growth into biggies has already confirmed their success. List of debt free companies in indian stock market, as they say, 'the great thing in the world is not so much where we stand, as in what direction we are moving.

They may be standing low on the ladder, if size were a criteria, but their consistent growth indicates that they are moving in the right direction. They hold the potential to become India Inc's poster boys in years to come.

While the ubiquitous disclaimer about future's uncertainties is definitely in order here, we recommend investors cherry pick companies from our list based on their individual research. Such investments could prove immensely fruitful over next the few years. Last one year has been bad for the stock market and in times like this small and mid-cap companies tend to suffer the most.

However, that was not the case with our last year's list of Fastest Growing Small Companies. One in every three companies gave a positive return during this period.

List of debt free companies in indian stock market is worth noting that this performance is calculated based on monthly average prices and not point-to-point comparison.

Only about half the contenders list of debt free companies in indian stock market last year could make it to the list this time. In a few cases this was on account of the company's inability to continue to perform well.

However, quite a few had to lose their rankings due to the raised bar. The list this year is topped by Ester Industries, maker of polyester film, which made a dashing entry into the list, thanks to the runaway prices of its final product.

Zydus Wellness, our last year's topper maintained its momentum to secure the second place. While National Peroxide and Mayur Uniquoters improved their last year's rankings to take third and fourth places, respectively. A brief analysis of our 10 toppers follows the main story for readers' easy reference. One of the key challenges in compiling this list was to weed out unsound and potentially dubious candidates. List of debt free companies in indian stock market is important because one can't worship growth just for the sake of it.

We tried to achieve this by putting strict parameters for companies vying to enter the list. Only companies list of debt free companies in indian stock market on all these accounts were considered for ranking.

As such, making it to the ranking is itself quite an achievement. The first thing considered was the debt-equity ratio? Any company with a reading of above 1. Similarly, interest coverage ratio, indicating the ability to service the debt, had to be above 5 for three consecutive years for the companies to make it to the list.

The next criterion considered was the return on capital employed RoCE. RoCE is a measure to figure out how efficiently a company utilises its capital invested in the business. Too low a return and the company list of debt free companies in indian stock market end up in a debt-trap. Additionally, companies unable to generate positive cashflows from operations for at least two of the past three years were removed.

Finally, the revenue benchmark list of debt free companies in indian stock market qualify as a small company was raised to 1, crore or below for the current financial year to accommodate the overall growth and inflation against 1, crore or below in the previous year. At the lower end, companies with a market capitalisation below crore were excluded.

FY11 saw the demand for polyester film? The prices soared as supply failed to keep pace, enabling companies to make a killing. This means the company is unlikely to maintain its feat next year. However, with its capacities more than doubling last list of debt free companies in indian stock market there will be a substantial volume growth.

Despite a subdued performance in the June quarter, the company's business continues to hold the promise of strong growth. EverYuth range of skin-care products enjoy their leadership position in the scrubs and peel-offs category despite competition from MNCs and other Indian players. However, the company is facing intense competition in the face-wash category.

Improvement in the prices of chemical hydrogen peroxide helped the industry leader National Peroxide in FY Even after commissioning the plant, the commercial production could begin only from September onwards. This is set to affect its numbers in the first half of FY However, the second half of FY12 onwards it will enjoy the full benefits of expanded capacity.

It has continued to grow well over last few years without leveraging its balance sheet and is one of the few companies giving quarterly dividends. The company has maintained its position in the Fastest Growing Small Companies list for second consecutive year and has proven a multibagger in last one year.

It appears well placed to continue its steady growth in coming years. The company's June quarter numbers were hit by Supreme Court's blanket ban on mining activity in Karnataka. This factor is likely to weigh on its overall performance of FY12 like other mining companies and could make it difficult to maintain its position in the list next year. Lumax Auto Technologies is an auto-component maker supplying transmission and steering components, body and chassis and electrical components.

Growing production of automobiles by both Indian and foreign players, a buoyant replacement market and rising costs have benefited Lumax. It is a debt-free, cashrich company and is planning to add two more plants to the existing six facilities in Maharashtra. Its entry into infrastructure lighting, although small at present, could safeguard it from cyclicality of the auto industry in the future.

A significant revival in Indian commercial vehicles industry, thanks to investments in development of road and infrastructure, enabled it to post a strong revenue growth. As investments in roads grow with more and more private participation, the long-term growth trajectory will remain strong for the commercial vehicle segment. However, in the shortterm, cyclicality in the commercial vehicle market and rising raw material costs could be a concern.

Mumbai-based KPO operator eClerx has benefited from the buoyancy in the demand from the global financial market. This has helped in offsetting the impact of higher taxes due to minimum alternate tax on SEZ income. The company offers critical back-end services to the financial sector, which are not affected by the movement of business cycles. This should keep the company going during tough times. Hawkins Cookers is seeing a huge demand for its products but was unable to meet it because of labour issues at its plants.

The profit declined due to higher raw material prices. But now most of the labour issues have been resolved and input prices have come down from their peak. Hence the company will be able to run its plants more efficiently and higher growth can be expected. Besides, the company is financially sound with high return ratios, strong cash flows and low debt. Education services provider Everonn Education has reported strong buoyancy over the past three years backed by sound return and liquidity ratios.

The company has appointed new leadership and has ensured the soundness of its business fundamentals. In the past one month, its stock has recovered from the lows of to the current level of Its performance under the new leadership in the next few quarters will be crucial to restore the investor confidence.

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