India Inc has become slightly more indebted in the six months to September 2025. Corporate net debt has risen to Rs 42.16 lakh crore as of September 30, an increase of nearly 7% over March 31, for a universe of 3,596 companies. Much of this debt –of about 77%–is accounted for by 429 companies belonging to the BSE 500 Index.
The cash and bank balances with these companies have come off slightly to Rs 14.19 lakh crore at the end of September, down 2.5% over the levels in March.
As many as 32 companies turned debt-free in the six months to September. This compares with 45 companies becoming debt-free between September 2024 and March 2025. Currently, a total of 173 companies are debt-free. Among the top borrowers are NTPC, Vodafone Idea, Reliance Industries, Grasim and Bharti Airtel.
The rise in net debt, experts say, could be due to higher borrowings taken on by the firms either for capital expenditure or working capital or perhaps to fund an acquisition.
The gross debt for this sample of 3,596 companies stood at Rs 56.35 lakh crore on September 30, up by just 8% over March 31. In September 2024, the gross debt for the same universe of companies was Rs 52.28 lakh crore.