3 weeks ago
India's Fastest-Growing Low-Debt Companies: Are Any Still Cheap?
This article looks at companies in India that grew really fast without borrowing too much money.
Growing fast is exciting, but borrowing lots of money can be risky if business slows down.
The writer searched for companies that grew their sales by more than 20% every year for seven years and kept their debt very low.
She found five such companies.
One builds solar power plants, one delivers food and groceries, one helps people book train and flight tickets, one makes phones and electronics, and one sells insurance online.
All five grew big while staying almost debt-free.
But the story also warns that low debt does not always mean a company is a great deal, and some of these stocks are quite expensive.
So investors should study each company carefully before spending their money.
The screen covered Indian companies with market capitalisation above Rs 5,000 crore, annual sales above Rs 100 crore, a seven-year sales CAGR above 20% and debt-to-equity below 0.25 times.
Waaree Renewable Technologies posted the highest seven-year sales CAGR at 152.9%, with Q1 FY27 revenue rising 53.2% to Rs 924.3 crore.
Eternal, formerly Zomato, led Q1 FY27 revenue growth at 182% to Rs 20,211 crore, driven by Blinkit's quick-commerce scale-up.
Dixon Technologies' reported profit rose 195%, but adjusted profit fell 3% after excluding a Rs 519-crore fair-value gain on its Aditya Infotech stake.
Several stocks trade well above peer valuation medians, and the article cautions that low debt does not make every stock cheap or growth durable.
- Who
- Financial Express author Ekta Sonecha Desai, profiling five Indian companies: Waaree Renewable Technologies, Eternal (formerly Zomato), Le Travenues Technology (ixigo), Dixon Technologies and PB Fintech (Policybazaar).
- What
- An analysis naming India's fastest-growing low-debt companies — those with seven-year sales CAGR above 20% and debt-to-equity below 0.25 — and assessing whether their stocks are still cheap.
- Where
- India.
- When
- Published after Q1 FY27 results; data includes balance sheets as of March 2026.
- Why
- To find established businesses that expanded without excessive borrowing and to check whether their growth is reflected in reasonable valuations.
Key facts
- Companies screened
- 5
- Screening criteria
- Market cap above Rs 5,000 crore; annual sales above Rs 100 crore; 7-year sales CAGR above 20%; debt-to-equity below 0.25
- Highest 7-year sales CAGR
- Waaree Renewable Technologies (152.9%)
- Fastest Q1 FY27 revenue growth
- Eternal (182% YoY to Rs 20,211 crore)
- Lowest debt-to-equity
- Le Travenues Technology (0.02); highest among the five is Dixon Technologies (0.21)
- Most expensive valuation
- Eternal at 99.3 times EV/EBITDA vs peer median of 15 times
- Biggest one-year share-price gain
- Eternal, up 5.9%; the other four fell between 11.7% and 22.6%
- Data source
- Screener.in, Q1 FY27 company results and earnings-call transcripts











