9 Stocks Where Operating Cash Flow Turned From Red to Green to Keep on Your Radar
Operating cash flow is an important indicator of a company’s ability to generate cash from its core business operations. A sustained improvement from negative to positive operating cash flow can signal better working-capital management, stronger collections, improved profitability, or greater operational efficiency. This shift can also provide greater financial flexibility for businesses.
In this article, we look at 9 stocks where operating cash flow turned from red to green, highlighting companies that moved from cash outflows to positive cash generation. The list covers businesses across defence, telecom, electronics, railways, energy and financial services, based on their reported operating cash flows across recent financial years.
Here are nine stocks where operating cash flow turned from red to green
Astra Microwave Products Limited
With a market capitalization of Rs. 15,713.40 crore, the shares of Astra Microwave Products Limited closed at Rs. 1655 per equity share, rising nearly 4.08 percent from its previous day’s closing price of Rs. 1,590.15 per equity share.
Astra Microwave Products Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 182 crore in FY24 to negative Rs. 90 crore in FY25, before surging to positive Rs. 387 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Astra Microwave Products Limited (AMPL) was incorporated in 1991 and is a technology-driven defence and aerospace company specializing in high-end RF, microwave and digital electronics. Its solutions cater to defence, space, meteorology, homeland security, systems integration, antenna technology, GNSS and unmanned systems.
Tejas Networks Limited
With a market capitalization of Rs. 8,717.88 crore, the shares of Tejas Networks Limited closed at Rs. 489.50 per equity share, down nearly 0.19 percent from its previous day’s closing price of Rs. 490.45 per equity share.
Tejas Networks Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 2,036 crore in FY24 to negative Rs. 491 crore in FY25, before turning positive at Rs. 135 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Tejas Networks Limited was founded in 2000 and is headquartered in Bengaluru and is an R&D and intellectual-property-driven telecom and networking products company. It designs and manufactures wireless and wireline products for high-speed fixed and mobile networks, serving telecom operators, utilities, defence and government customers across more than 75 countries.
Cyient DLM Limited
With a market capitalization of Rs. 7,382.65 crore, the shares of Cyient DLM Limited closed at Rs. 930 per equity share, rising nearly 1.50 percent from its previous day’s closing price of Rs. 916.25 per equity share.
Cyient DLM Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 71 crore in FY24 to negative Rs. 62 crore in FY25, before turning positive at Rs. 54 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Cyient DLM Limited is an electronics manufacturing services and systems company providing Design Led Manufacturing solutions. The company supports customers across the product lifecycle, including design, manufacturing, testing and certification, with a focus on complex and safety-critical electronics for highly regulated industries.
Bharat Heavy Electricals Limited
With a market capitalization of Rs. 1,43,948.50 crore, the shares of Bharat Heavy Electricals Limited closed at Rs. 413.40 per equity share, rising nearly 0.34 percent from its previous day’s closing price of Rs. 412.00 per equity share.
Bharat Heavy Electricals Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY25 and further strengthening in FY26. Cash from operations improved from negative Rs. 741 crore in FY23 to negative Rs. 3,713 crore in FY24, before turning positive at Rs. 2,192 crore in FY25 and rising to positive Rs. 5,837 crore in FY26, indicating substantially stronger cash generation.
Bharat Heavy Electricals Limited is a major Indian engineering and manufacturing company operating across the energy, infrastructure and industrial sectors. Its businesses span power generation, transmission, transportation, defence, aerospace, oil and gas, as well as emerging areas such as battery energy storage and electric vehicle chargers.
Syrma SGS Technology Limited
With a market capitalization of Rs. 32,651.02 crore, the shares of Syrma SGS Technology Limited closed at Rs. 1,693.25 per equity share, down nearly 3 percent from its previous day’s closing price of Rs. 1,745.55 per equity share.
Syrma SGS Technology Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY25 and further strengthening in FY26. Cash from operations improved from negative Rs. 70 crore in FY23 to negative Rs. 109 crore in FY24, before turning positive at Rs. 176 crore in FY25 and rising to positive Rs. 290 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Syrma SGS Technology Limited is an electronics design and manufacturing company with more than four decades of experience. It provides electronics manufacturing and technology solutions across sectors including automotive, healthcare, industrial, consumer products, IT and railways, with manufacturing and R&D capabilities in India and overseas.
Netweb Technologies Limited
With a market capitalization of Rs. 27,480.82 crore, the shares of Netweb Technologies Limited closed at Rs. 4,622.70 per equity share, rising nearly 1.32 percent from its previous day’s closing price of Rs. 4,562.70 per equity share.
Netweb Technologies Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 13 crore in FY25 to positive Rs. 790 crore in FY26, indicating a substantial improvement in cash generation and reflecting stronger operational efficiency.
Netweb Technologies India Limited is an Indian high-end computing solutions provider with integrated design and manufacturing capabilities. Its portfolio includes high-performance computing, AI systems, private cloud and HCI, high-performance storage, data-centre servers and enterprise workstations, serving businesses, government institutions, research organizations and other customers.
Titagarh Rail Systems Limited
With a market capitalization of Rs. 11,035.84 crore, the shares of Titagarh Rail Systems Limited closed at Rs. 819.45 per equity share, rising nearly 0.05 percent from its previous day’s closing price of Rs. 819.05 per equity share.
Titagarh Rail Systems Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 101 crore in FY25 to positive Rs. 311 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Titagarh Rail Systems Limited is a railway rolling-stock and mobility solutions company headquartered in Kolkata. Its operations cover freight wagons, passenger coaches, metros, semi-high-speed trains, propulsion systems and related railway components, with manufacturing facilities in India and a presence in international markets.
Data Patterns (India) Limited
With a market capitalization of Rs. 23,635.03 crore, the shares of Data Patterns (India) Limited closed at Rs. 4,221.75 per equity share, down nearly 1.33 percent from its previous day’s closing price of Rs. 4,278.70 per equity share.
Data Patterns (India) Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 90 crore in FY25 to positive Rs. 80 crore in FY26, indicating stronger cash generation and improved operational efficiency.
Data Patterns (India) Limited is a vertically integrated defence and aerospace electronics company focused on the design, development and manufacture of high-reliability electronic systems. Its capabilities cover areas including radar, electronic warfare, avionics, communications, space electronics, RF and microwave systems and automatic test equipment.
PB Fintech Limited
With a market capitalization of Rs. 50,167.03 crore, the shares of PB Fintech Limited closed at Rs. 1,084.10 per equity share, down nearly 5.89 percent from its previous day’s closing price of Rs. 1,151.90 per equity share.
PB Fintech Limited delivered a significant improvement in operating cash flow, turning from negative to positive in FY26. Cash from operations improved from negative Rs. 183 crore in FY25 to positive Rs. 41 crore in FY26, indicating stronger cash generation and improved operational efficiency.
PB Fintech Limited is a technology-led financial services platform operating primarily through its Policybazaar and Paisabazaar brands. The company provides digital platforms for insurance and lending products, using technology, data, and analytics to connect consumers with insurers and lending partners. Its asset-light model does not involve underwriting insurance or retaining credit risk on its books.