Investors looking for quality companies with strong fundamentals often prefer stocks with virtually no debt and consistent long-term returns. Debt-free or low-debt businesses are better positioned to navigate market cycles, reinvest in growth, and sustain profitability.
Here, we look at a set of leading Indian companies across defence, engineering, power, and electronics that combine financial strength with impressive multi-year returns, making them standout candidates for long-term portfolios.
Mazagon Dock Shipbuilders Ltd
Mazagon Dock Shipbuilders Limited is engaged in shipbuilding and submarine construction for both domestic and international markets. The company operates through shipbuilding, submarine, and heavy engineering segments, offering naval platforms such as destroyers, frigates, missile boats, and corvettes, as well as merchant vessels including cargo ships, dredgers, tankers, and offshore supply vessels.
It also develops offshore platforms and rigs for the oil sector, along with advanced coast guard ships. In addition, the company has expanded into AI-enabled products, such as remotely operated vehicles and ultrasonic testing systems. Founded in 1774, it is headquartered in Mumbai.
The company has a market cap of Rs. 1,16,246.05 crore and a current market price of Rs. 2,881.80. Its total debt stands at Rs. 20.33 crore, with a debt-equity ratio of zero. Over the last five years, the stock has delivered extraordinary returns of 3,329.49 percent.
Cummins India Ltd
Cummins India Limited designs, manufactures, distributes, and services engines, generators, and related technologies across India, Nepal, and Bhutan. Its business spans two segments, engines and lubricants offering diesel, natural gas, and hydrogen-powered engines, as well as integrated generator systems, alternators, transfer switches, and digital solutions.
The company also provides engine components, emission systems, and drivetrain products while catering to industries ranging from infrastructure and data centers to defence, mining, oil and gas, and hospitality. Exports to markets such as the United States, Europe, China, and the Middle East strengthen its international footprint.
The company has a market cap of Rs. 1,08,855.05 crore and trades at a current market price of Rs. 3,926.95. It carries total debt of Rs. 29.66 crore, maintaining a debt-equity ratio of zero. Over the past five years, Cummins India has generated impressive shareholder returns of 776.45 percent.
CG Power and Industrial Solutions Ltd
CG Power and Industrial Solutions Limited provides a wide range of power systems and industrial solutions in India and abroad. Its power systems segment includes transformers, switchgears, circuit breakers, and turnkey substation projects, while the industrial systems segment delivers traction motors, automation solutions, fans, pumps, and electronics for diverse sectors.
The company also has a presence in semiconductors and offers adhesive tapes and labels under its other segment. It caters to industries such as cement, textiles, defence, pharmaceuticals, and renewable energy, with a legacy dating back to 1937 and headquarters in Mumbai.
The company has a market cap of Rs. 1,17,858.18 crore and a current market price of Rs. 748.45. With total debt of Rs. 40.97 crore, it maintains a very low debt-equity ratio of 0.01. CG Power has delivered remarkable 5-year returns of 2,973.72 percent.
Hindustan Aeronautics Ltd
Hindustan Aeronautics Limited (HAL) is India’s premier aerospace and defence company, engaged in the design, manufacture, and servicing of aircraft, helicopters, engines, avionics, and aerospace structures. Its product line spans basic trainers, fighter jets, combat and transport helicopters, as well as turbofan and turboshaft engines.
The company also produces avionics, flight systems, radar equipment, and cryogenic engines, while supporting MRO activities. HAL serves both the defence and civil sectors, contributing to India’s space programs and aeronautical advancements. Established in 1940, HAL is headquartered in Bengaluru.
The company has a market cap of Rs. 3,25,887.37 crore and trades at a current market price of Rs. 4,872.90. Its total debt stands at Rs. 51.44 crore, with a debt-equity ratio of zero. Over the last five years, the stock has rewarded investors with strong gains of 1,119.81 percent.
Bharat Electronics Ltd
Bharat Electronics Limited (BEL) is a leading defence electronics manufacturer that designs and supplies advanced systems for both defence and civilian applications. Its portfolio includes communication systems, radars, naval equipment, avionics, electro-optics, unmanned systems, and electronic warfare solutions.
The company also serves non-defence markets with e-governance, homeland security, traffic management, solar power solutions, and EV charging stations. BEL provides electronic manufacturing services, cybersecurity products, and consulting, while exporting to countries such as the United States, France, and Israel. Founded in 1954, the company is headquartered in Bengaluru.
The company has a market cap of Rs. 3,01,601.47 crore and a current market price of Rs. 412.60. With debt of Rs. 61.23 crore and a debt-equity ratio of zero, BEL has consistently demonstrated financial strength. Over five years, the stock has delivered strong returns of 1,187.36 percent.
Dixon Technologies Ltd
Dixon Technologies (India) Limited is a leading electronics manufacturing services company that produces a wide range of consumer electronics, lighting solutions, home appliances, and communication devices. Its portfolio includes LED and smart TVs, washing machines, refrigerators, mobile phones, laptops, and networking equipment, alongside professional and smart lighting products.
Dixon also provides R&D, prototyping, repair, and refurbishment services. Incorporated in 1993 and headquartered in Noida, the company has established itself as a trusted manufacturing partner for global and domestic brands while exporting to international markets.
The company has a market cap of Rs. 3,01,601.47 crore and a current market price of Rs. 412.60. With debt of Rs. 61.23 crore and a debt-equity ratio of zero, BEL has consistently demonstrated financial strength. Over five years, the stock has delivered strong returns of 1,187.36 percent.
Written by Manan Gangwar
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