ROE and ROCE above 18% with debt-to-equity below 0.5

ROE and ROCE both measure how much profit a company earns on the money put into it. This page lists companies where both are above 18% while borrowings stay below half of shareholders' equity, using the latest annual figures.

Return on equity (ROE) above 18%
Return on capital employed (ROCE) above 18%
Debt-to-equity below 0.5
Market cap above ₹500 crore

Each card is a saved set of tests on public data, not a stock pick or recommendation. Results change daily.

Tests A company must pass every one.

Quality
ROE
above 18 %
Quality
ROCE
above 18 %
Quality
Debt / equity
below 0.5 x
Valuation
Market cap
above 500 ₹ Cr

Showing companies with Return on equity (ROE) above 18%, Return on capital employed (ROCE) above 18%, Debt-to-equity below 0.5 and Market cap above ₹500 crore.

211 companies pass every test · data as of 2 Nov 2026

Listed alphabetically by company name, which says nothing about size, quality or price.

Company	ROE	ROCE	Debt / equity
3MINDIA 3M India Limited	29.54%	48.38%	0.10x
ACE Action Construction Equipment Limited · Capital Goods	22.90%	28.78%	0.00x
ACUTAAS Acutaas Chemicals Limited · Healthcare	24.05%	28.93%	0.02x
BIRLAMONEY Aditya Birla Money Limited	19.48%	53.94%	0.33x
ABSLAMC Aditya Birla Sun Life AMC Limited · Financial Services	25.10%	31.44%	0.00x
CPPLUS Aditya Infotech Limited · Capital Goods	19.69%	26.28%	0.06x
ADVAIT Advait Energy Transitions Limited	18.60%	25.30%	0.32x
AJANTPHARM Ajanta Pharma Limited · Healthcare	25.39%	29.41%	0.05x
ALLDIGI Alldigi Tech Limited	32.76%	41.88%	0.00x
ANANDRATHI Anand Rathi Wealth Limited · Financial Services	47.35%	54.34%	0.02x
ANTHEM Anthem Biosciences Limited · Healthcare	19.45%	26.87%	0.02x
APARINDS Apar Industries Limited · Capital Goods	19.74%	28.02%	0.16x
APLAPOLLO APL Apollo Tubes Limited · Capital Goods	25.31%	29.27%	0.09x
ARROWGREEN Arrow Greentech Limited	20.20%	27.88%	0.00x
ASHOKA Ashoka Buildcon Limited	38.76%	50.05%	0.23x
ASIANPAINT Asian Paints Limited · Consumer Durables	21.22%	25.49%	0.11x
ASTRAZEN AstraZeneca Pharma India Limited	21.49%	29.41%	0.00x
ATLANTAELE Atlanta Electricals Limited	21.71%	34.10%	0.05x
AVANTIFEED Avanti Feeds Limited · Fast Moving Consumer Goods	19.91%	26.79%	0.00x
BANCOINDIA Banco Products (I) Limited	35.39%	31.57%	0.25x
BEL Bharat Electronics Limited · Capital Goods	27.58%	33.60%	0.00x
BPCL Bharat Petroleum Corporation Limited · Oil Gas & Consumable Fuels	28.47%	25.22%	0.43x
BHARATSE Bharat Seats Limited	18.39%	24.21%	0.22x
BHARTIHEXA Bharti Hexacom Limited · Telecommunication	26.47%	29.08%	0.38x
GROWW Billionbrains Garage Ventures Limited · Financial Services	21.58%	29.06%	0.02x
BLS BLS International Services Limited · Consumer Services	32.74%	30.45%	0.09x
BLUEJET Blue Jet Healthcare Limited	18.22%	24.91%	0.00x
BORANA Borana Weaves Limited	22.95%	23.33%	0.25x
BOSCHLTD Bosch Limited · Automobile and Auto Components	19.35%	24.71%	0.00x
BRITANNIA Britannia Industries Limited · Fast Moving Consumer Goods	53.55%	53.09%	0.27x
BSE BSE Limited · Financial Services	45.00%	48.46%	0.00x
CRAMC Canara Robeco Asset Management Company Limited	27.33%	37.09%	0.00x
CANTABIL Cantabil Retail India Limited	20.03%	36.43%	0.00x
CAPLIPOINT Caplin Point Laboratories Limited · Healthcare	19.92%	22.40%	0.00x
CARERATING CARE Ratings Limited	18.36%	25.51%	0.00x
CARRARO Carraro India Limited	23.12%	27.23%	0.25x
CEINSYS Ceinsys Tech Limited	19.82%	20.91%	0.07x
CEMPRO Cemindia Projects Limited · Construction	28.24%	31.61%	0.36x
CDSL Central Depository Services (India) Limited · Financial Services	24.52%	31.29%	0.00x
CMPDI Central Mine Planning & Design Institute Limited · Services	26.86%	36.08%	0.00x
CGPOWER CG Power and Industrial Solutions Limited · Capital Goods	21.96%	20.56%	0.00x
CHAMBLFERT Chambal Fertilizers & Chemicals Limited · Chemicals	20.42%	21.43%	0.10x
CHENNPETRO Chennai Petroleum Corporation Limited · Oil Gas & Consumable Fuels	32.13%	32.25%	0.18x
COALINDIA Coal India Limited · Oil Gas & Consumable Fuels	28.50%	31.88%	0.12x
COFORGE Coforge Limited · Information Technology	19.68%	21.15%	0.04x
COLPAL Colgate Palmolive (India) Limited · Fast Moving Consumer Goods	81.59%	112.86%	0.00x
CAMS Computer Age Management Services Limited · Financial Services	39.03%	48.15%	0.00x
CORONA CORONA Remedies Limited	24.79%	27.81%	0.19x
CRIZAC Crizac Limited	37.48%	49.07%	0.00x
CUMMINSIND Cummins India Limited · Capital Goods	29.45%	33.42%	0.00x
CUPID Cupid Limited · Fast Moving Consumer Goods	27.30%	28.95%	0.11x
DLINKINDIA D-Link (India) Limited	20.58%	27.96%	0.00x
DPABHUSHAN D. P. Abhushan Limited	33.49%	32.49%	0.45x
DDEVPLSTIK Ddev Plastiks Industries Limited	19.92%	28.39%	0.05x
DIXON Dixon Technologies (India) Limited · Consumer Durables	37.43%	42.51%	0.10x
DOMS DOMS Industries Limited · Fast Moving Consumer Goods	20.71%	25.44%	0.07x
LALPATHLAB Dr. Lal Path Labs Ltd. · Healthcare	21.57%	27.59%	0.00x
DSSL Dynacons Systems & Solutions Limited	26.89%	34.60%	0.26x
DYCL Dynamic Cables Limited	18.47%	25.03%	0.09x
ECLERX eClerx Services Limited · Services	29.02%	38.15%	0.00x
ECOSMOBLTY Ecos (India) Mobility & Hospitality Limited	21.73%	29.11%	0.00x
EFCIL EFC (I) Limited	28.68%	32.76%	0.38x
EICHERMOT Eicher Motors Limited · Automobile and Auto Components	23.77%	25.08%	0.01x
ELGIEQUIP Elgi Equipments Limited · Capital Goods	21.00%	22.61%	0.18x
EMAMILTD Emami Limited · Fast Moving Consumer Goods	27.60%	28.27%	0.04x
EMCURE Emcure Pharmaceuticals Limited · Healthcare	19.68%	23.25%	0.24x
EMMVEE Emmvee Photovoltaic Power Limited · Capital Goods	29.27%	38.54%	0.05x
ENGINERSIN Engineers India Limited · Construction	23.79%	27.00%	0.00x
ESABINDIA Esab India Limited	48.14%	64.30%	0.00x
EUROPRATIK Euro Pratik Sales Limited	24.87%	33.30%	0.04x
EVEREADY Eveready Industries India Limited	27.54%	23.16%	0.29x
EXPLEOSOL Expleo Solutions Limited	18.09%	21.23%	0.00x
FIEMIND Fiem Industries Limited	21.04%	28.33%	0.00x
FORCEMOT FORCE MOTORS LTD · Automobile and Auto Components	33.53%	36.21%	0.00x
UTLSOLAR Fujiyama Power Systems Limited	23.88%	26.03%	0.36x
GABRIEL Gabriel India Limited · Automobile and Auto Components	19.77%	23.10%	0.11x
GANDHITUBE Gandhi Special Tubes Limited	21.64%	28.82%	0.00x
GRSE Garden Reach Shipbuilders & Engineers Limited · Capital Goods	31.79%	38.87%	0.00x
GARUDA Garuda Construction and Engineering Limited	26.96%	35.77%	0.03x
GILLETTE Gillette India Limited · Fast Moving Consumer Goods	66.44%	94.29%	0.00x
GLAXO GlaxoSmithKline Pharmaceuticals Limited · Healthcare	49.11%	62.13%	0.00x
GLOBAL Global Education Limited	20.17%	25.92%	0.00x
GODFRYPHLP Godfrey Phillips India Limited · Fast Moving Consumer Goods	26.64%	26.45%	0.02x
GOKULAGRO Gokul Agro Resources Limited	26.01%	33.08%	0.40x
GULFOILLUB Gulf Oil Lubricants India Limited	22.63%	25.34%	0.33x
HAVELLS Havells India Limited · Consumer Durables	19.02%	23.45%	0.00x
HBLENGINE HBL Engineering Limited · Capital Goods	44.08%	48.27%	0.02x
HCLTECH HCL Technologies Limited · Information Technology	22.98%	30.50%	0.00x
HDFCAMC HDFC Asset Management Company Limited · Financial Services	32.93%	40.34%	0.00x
HEROMOTOCO Hero MotoCorp Limited · Automobile and Auto Components	28.09%	32.24%	0.02x
HAL Hindustan Aeronautics Limited · Capital Goods	23.98%	29.52%	0.00x
HINDCOPPER Hindustan Copper Limited · Metals & Mining	30.60%	35.85%	0.03x
HINDUNILVR Hindustan Unilever Limited · Fast Moving Consumer Goods	30.65%	29.21%	0.00x
POWERINDIA Hitachi Energy India Limited · Capital Goods	21.04%	25.77%	0.00x
HYUNDAI Hyundai Motor India Limited · Automobile and Auto Components	29.92%	34.98%	0.05x
ICICIAMC ICICI Prudential Asset Management Company Limited · Financial Services	79.07%	106.08%	0.00x
IIFLCAPS IIFL Capital Services Limited	18.31%	22.61%	0.39x
ITDC India Tourism Development Corporation Limited	20.11%	26.99%	0.00x
INDIAMART Indiamart Intermesh Limited · Consumer Services	20.70%	29.40%	0.00x
IEX Indian Energy Exchange Limited · Financial Services	39.42%	46.03%	0.00x
INDOTECH Indo Tech Transformers Limited	24.82%	33.23%	0.01x
WAAREEINDO Indosolar Limited	85.92%	82.07%	0.00x
INDRAMEDCO Indraprastha Medical Corporation Limited	24.80%	34.04%	0.00x
INDUSTOWER Indus Towers Limited · Telecommunication	19.81%	28.33%	0.02x
INFOBEAN InfoBeans Technologies Limited	20.96%	27.51%	0.00x
INFY Infosys Limited · Information Technology	31.21%	43.52%	0.00x
INGERRAND Ingersoll Rand (India) Limited	41.58%	56.01%	0.00x
INOXINDIA INOX India Limited · Capital Goods	25.90%	29.58%	0.06x
IGIL International Gemological Institute Limited · Services	47.80%	65.93%	0.00x
IKS Inventurus Knowledge Solutions Limited · Information Technology	31.44%	28.61%	0.23x
ITC ITC Limited · Fast Moving Consumer Goods	29.03%	37.14%	0.03x
JAMNAAUTO Jamna Auto Industries Limited	20.14%	29.02%	0.00x
JAYKAY Jaykay Enterprises Limited	35.76%	32.75%	0.01x
JSLL Jeena Sikho Lifecare Limited	47.50%	66.35%	0.00x
JPOLYINVST Jindal Poly Investment and Finance Company Limited	53.43%	63.63%	0.01x
JSWDULUX JSW Dulux Limited	80.51%	96.98%	0.00x
JUBLCPL Jubilant Agri and Consumer Products Limited	27.80%	36.65%	0.06x
JYOTHYLAB Jyothy Labs Limited	20.97%	28.72%	0.00x
JYOTICNC Jyoti CNC Automation Limited · Capital Goods	18.22%	18.84%	0.42x
KALYANKJIL Kalyan Jewellers India Limited · Consumer Durables	24.30%	32.71%	0.08x
KAMDHENU Kamdhenu Limited	19.77%	26.82%	0.00x
KARURVYSYA Karur Vysya Bank Limited · Financial Services	19.28%	19.84%	0.19x
KIRIINDUS Kiri Industries Limited	86.49%	89.39%	0.01x
KIRLPNU Kirloskar Pneumatic Company Limited	20.51%	27.09%	0.00x
KOTHARIPET Kothari Petrochemicals Limited	19.47%	26.19%	0.00x
KPITTECH KPIT Technologies Limited · Information Technology	19.75%	24.56%	0.13x
KRISHNADEF Krishna Defence And Allied Industries Limited	21.35%	26.17%	0.01x
LTTS L&T Technology Services Limited · Information Technology	20.38%	26.86%	0.00x
LGEINDIA LG Electronics India Limited · Consumer Durables	21.98%	30.53%	0.00x
LTM LTM Limited · Information Technology	21.48%	29.42%	0.00x
LUPIN Lupin Limited · Healthcare	26.90%	25.77%	0.26x
MACPOWER Macpower CNC Machines Limited	19.33%	26.67%	0.00x
MARICO Marico Limited · Fast Moving Consumer Goods	43.05%	51.04%	0.08x
MARSONS Marsons Limited	21.29%	19.98%	0.00x
MAZDOCK Mazagon Dock Shipbuilders Limited · Capital Goods	29.20%	32.45%	0.05x
METROBRAND Metro Brands Limited	20.63%	33.15%	0.00x
MMTC MMTC Limited · Services	20.27%	21.88%	0.00x
MODIS Modis Navnirman Limited	18.63%	23.45%	0.04x
MSUMI Motherson Sumi Wiring India Limited · Automobile and Auto Components	32.39%	35.41%	0.11x
MPHASIS MphasiS Limited · Information Technology	18.29%	21.64%	0.17x
NAVINFLUOR Navin Fluorine International Limited · Chemicals	20.11%	19.05%	0.31x
NBCC NBCC (India) Limited · Construction	26.20%	32.85%	0.00x
NETWEB Netweb Technologies India Limited · Information Technology	32.84%	29.09%	0.38x
NEULANDLAB Neuland Laboratories Limited · Healthcare	21.42%	24.77%	0.10x
NINSYS NINtec Systems Limited	34.93%	46.12%	0.02x
NAM-INDIA Nippon Life India Asset Management Limited · Financial Services	34.48%	42.47%	0.00x
NMDC NMDC Limited · Metals & Mining	23.41%	25.72%	0.17x
NUVAMA Nuvama Wealth Management Limited · Financial Services	27.36%	45.83%	0.24x
OFSS Oracle Financial Services Software Limited · Information Technology	32.61%	47.05%	0.00x
PAGEIND Page Industries Limited · Textiles	52.50%	70.99%	0.01x
PGIL Pearl Global Industries Limited	19.02%	19.22%	0.47x
PERSISTENT Persistent Systems Limited · Information Technology	26.35%	31.69%	0.00x
PIDILITIND Pidilite Industries Limited · Chemicals	23.79%	30.87%	0.01x
POLYCAB Polycab India Limited · Capital Goods	24.48%	31.76%	0.01x
PRECWIRE Precision Wires India Limited	20.10%	30.15%	0.21x
PREMIERPOL Premier Polyfilm Limited	21.66%	29.63%	0.00x
PGHL Procter & Gamble Health Limited	62.32%	85.87%	0.00x
PGHH Procter & Gamble Hygiene and Health Care Limited	113.67%	156.09%	0.00x
PRUDENT Prudent Corporate Advisory Services Limited	25.16%	34.29%	0.00x
QPOWER Quality Power Electrical Equipments Limited	22.39%	38.65%	0.07x
QUESS Quess Corp Limited	19.00%	23.92%	0.00x
RRKABEL R R Kabel Limited · Capital Goods	20.83%	25.97%	0.09x
RADICO Radico Khaitan Limited · Fast Moving Consumer Goods	19.92%	23.68%	0.10x
REDTAPE Redtape Limited	23.55%	27.88%	0.38x
RPGLIFE RPG Life Sciences Limited	19.02%	24.80%	0.03x
RUBICON Rubicon Research Limited · Healthcare	19.14%	23.43%	0.20x
SJS S.J.S. Enterprises Limited	19.67%	26.72%	0.01x
SANDUMA Sandur Manganese & Iron Ores Limited	20.18%	24.47%	0.31x
SEDEMAC SEDEMAC Mechatronics Limited	23.06%	31.75%	0.11x
BUILDPRO Shankara Buildpro Limited	23.41%	35.62%	0.11x
SHANTIGOLD Shanti Gold International Limited	23.42%	25.21%	0.34x
SHARDACROP Sharda Cropchem Limited	21.71%	27.33%	0.00x
SHARDAMOTR Sharda Motor Industries Limited	26.31%	34.99%	0.00x
SHILCTECH Shilchar Technologies Limited	32.22%	43.28%	0.00x
SBCL Shivalik Bimetal Controls Limited	19.91%	23.72%	0.12x
SHREEJISPG Shreeji Shipping Global Limited	19.86%	21.02%	0.34x
SIEMENS Siemens Limited · Capital Goods	21.03%	22.31%	0.00x
SILVERTUC Silver Touch Technologies Limited	21.06%	27.12%	0.19x
SKFINDIA SKF India Limited	20.00%	32.64%	0.00x
SKMEGGPROD SKM Egg Products Export (India) Limited	26.28%	27.52%	0.36x
SOLARINDS Solar Industries India Limited · Chemicals	31.46%	32.26%	0.23x
SONATSOFTW Sonata Software Limited	24.38%	27.45%	0.30x
STEELCAS Steelcast Limited	21.99%	29.55%	0.00x
STYLAMIND Stylam Industries Limited	18.57%	24.73%	0.04x
SUDEEPPHRM Sudeep Pharma Limited	19.57%	22.84%	0.17x
SPARC Sun Pharma Advanced Research Company Limited	116.20%	83.76%	0.42x
SUZLON Suzlon Energy Limited · Capital Goods	40.64%	29.65%	0.03x
SWARAJENG Swaraj Engines Limited	40.15%	53.99%	0.00x
TAJGVK Taj GVK Hotels & Resorts Limited	40.06%	39.47%	0.07x
TANLA Tanla Platforms Limited	20.46%	25.68%	0.00x
TCS Tata Consultancy Services Limited · Information Technology	48.72%	62.21%	0.00x
TATAELXSI Tata Elxsi Limited · Information Technology	21.30%	27.66%	0.00x
TMCV Tata Motors Limited · Capital Goods	23.96%	30.59%	0.38x
TENNIND Tenneco Clean Air India Limited · Automobile and Auto Components	50.41%	70.91%	0.00x
THYROCARE Thyrocare Technologies Limited	27.85%	36.60%	0.00x
TIPSMUSIC Tips Music Limited	83.38%	112.36%	0.00x
TRAVELFOOD Travel Food Services Limited	30.57%	41.10%	0.00x
TRENT Trent Limited · Consumer Services	27.63%	32.08%	0.07x
TRITURBINE Triveni Turbine Limited · Capital Goods	26.27%	32.99%	0.00x
UNIPARTS Uniparts India Limited	18.19%	22.45%	0.11x
UNITDSPR United Spirits Limited · Fast Moving Consumer Goods	21.55%	26.61%	0.00x
VADILALIND Vadilal Industries Limited	20.00%	23.54%	0.11x
MANYAVAR Vedant Fashions Limited	19.12%	28.12%	0.00x
VIJAYA Vijaya Diagnostic Centre Limited · Healthcare	19.74%	27.78%	0.00x
VRLLOG VRL Logistics Limited	20.73%	25.83%	0.40x
VSTIND VST Industries Limited	20.22%	26.98%	0.00x
WAAREEENER Waaree Energies Limited · Capital Goods	30.89%	31.50%	0.17x
WEALTH Wealth First Portfolio Managers Limited	25.69%	34.37%	0.00x
WEBELSOLAR Websol Energy System Limited	48.04%	50.15%	0.19x
ZUARI Zuari Agro Chemicals Limited	44.03%	39.65%	0.31x
ZYDUSLIFE Zydus Lifesciences Limited · Healthcare	19.74%	18.16%	0.43x

How to read this list

ROE can be raised by borrowing more, which is why it is read alongside ROCE and debt. When both are high and debt is modest, the return is coming mostly from the business itself.

Return figures come from the latest annual results and can be flattered by a single unusual year. Look at several years of results on a company's page before reading much into one number.

Limits to keep in mind

Figures come from the latest annual results and can be months old.
One-off gains can lift ROE and ROCE for a year.
Banks and finance companies are measured differently and rarely appear here.

Keep exploring

Fundamentals, explained When the numbers seem to disagree

Educational list only: not investment advice, research or a recommendation to buy, sell or hold any security. Past performance does not indicate future results. Read the Disclaimer.