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IPOs with the least debt against earnings

Which companies coming to the market carried the least net debt for their operating profit, or more cash than debt?

163 IPOs newboard has studied give this figure in their offer documents. The median net debt / EBITDA is 1.6×, and the middle half run from 0.9× to 2.5×. Quality Enviro Engineers (SME) is first, at -0.3× (ROCE, latest year 19.2%).

Ranked on 4 Oct 2026; the first 50 of 163 are shown. The list moves as studies are added.

#IssueBoardStageNet debt / EBITDAROCE, latest year
1Quality Enviro Engineers SMESMEDRHP filed-0.3×19.2%
2Abakkus Asset ManagerMainboardDRHP filed-0.1×-
3Aragen Life SciencesMainboardDRHP filed0×18.2%
4Rays Power InfraMainboardDRHP filed0.1×-
5Sbipl Projects SMESMEDRHP filed0.1×47.2%
6Technopaints And ChemicalsMainboardDRHP filed0.1×31%
7Oswal EnergiesMainboardDRHP filed0.2×82.4%
8Pride HotelsMainboardDRHP filed0.2×19.2%
9R.K. Fashion Accessories SMESMEUpcoming0.2×57.7%
10Suntek Axpress India SMESMEDRHP filed0.2×38.3%
11ACE Furnaces SMESMEDRHP filed0.3×50.3%
12Black Opal Consultants SMESMEClosed0.3×40.1%
13Ideas Electricals & Engineers SMESMEDRHP filed0.3×28.2%
14Nityas Gems and JewelleryMainboardLive0.3×42.9%
15Pentacle Consultants (I)MainboardDRHP filed0.3×33.6%
16Peshwa Wheat SMESMEClosed0.3×-
17Rodec PharmaMainboardDRHP filed0.3×-
18Rotomag EnertecMainboardDRHP filed0.3×28.2%
19Vans Electroengineerings SMESMEClosed0.3×64%
20Access Computech SMESMEDRHP filed0.4×27.5%
21Jio PlatformsMainboardDRHP filed0.4×10.8%
22Panchratan Steels SMESMEDRHP filed0.4×26%
23Steelbuild Infra Projects SMESMEDRHP filed0.4×53.1%
24Himalaya Nutravedics India SMESMEClosed0.5×36.4%
25Pes InstallationsMainboardDRHP filed0.5×36.8%
26Srit IndiaMainboardClosed0.5×28.8%
27Harekrishna Rubber Industries SMESMEDRHP filed0.6×53.2%
28ISSPL SMESMEDRHP filed0.6×18.4%
29Liqvd Digital India SMESMEClosed0.6×44.1%
30Neolite Zkw LightingsMainboardDRHP filed0.6×-
31Pioneer FabricatorsMainboardDRHP filed0.6×29.9%
32Shree Balajee Tapes And Packaging SMESMEDRHP filed0.6×42.2%
33SJP Ultrasonics SMESMELive0.6×38.5%
34Axiom Gas Engineering SMESMEClosed0.7×28.9%
35Roopa Screen SMESMEClosed0.7×39.3%
36Swid Renewables SMESMEDRHP filed0.7×-
37Vardaan BiotechMainboardDRHP filed0.7×-
38Eventions SMESMELive0.8×48.8%
39Hotel Polo TowersMainboardDRHP filed0.8×15.9%
40Laser Technologies SMESMEDRHP filed0.8×40.1%
41Rsb Retail IndiaMainboardDRHP filed0.8×29%
42Best Engineering Aids & Consultancies SMESMEDRHP filed0.9×24.4%
43Bvg IndiaMainboardDRHP filed0.9×-
44G. SurgiwearMainboardDRHP filed0.9×29.7%
45Hi Tech Flow SolutionsMainboardDRHP filed0.9×35.6%
46Himalayan Solar SMESMEClosed0.9×35.8%
47Iris Global ServicesMainboardDRHP filed0.9×23.7%
48Sahajanand Medical TechnologiesMainboardDRHP filed0.9×10.4%
49AITMC VenturesMainboardUDRHP filed1×23.8%
50Madhavaa Crafts SMESMEDRHP filed1×31%

How this list is ranked

Borrowings less cash and bank balances at the end of the latest year, over that year's EBITDA, from each offer document. Below zero means more cash than debt. Debt is often repaid from the issue's proceeds, so the figure is before the IPO. A list ranks the issues by one figure from each offer document. It places them; it says nothing about whether any of the shares is worth owning.

Every issue, with other conditions added, in the screener

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