Top 7 Stocks Where Reserves Rose and Borrowings Fell Over 10 Years
Over the past decade, a company’s balance sheet can reveal significant changes in its financial strength and capital structure. Stocks that have steadily increased their reserves while simultaneously reducing borrowings from FY16 to FY26 may indicate a shift toward stronger internal financial resources and lower dependence on debt.
This comparison highlights stocks that grew reserves and reduced borrowings over the 10-year period, offering investors a quick view of how their balance sheets have evolved.
KEI Industries Ltd
KEI Industries is an established wire and cable manufacturing company in India, having products available in the category of extra high voltage cables, high voltage cables, low voltage cables, and special cables. This company is active in the infrastructure segment, power segment, real estate segment, industrial segment and consumer segment.
The company has shown a significant strengthening in its balance sheet over the 10-year period from FY16 to FY26. Its reserves increased from Rs. 352 crore to Rs. 6,646 crore, marking a 1,788% rise, while borrowings declined from Rs. 498 crore to Rs. 253 crore, indicating substantially higher net worth alongside lower debt.
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APL Apollo Tubes Ltd
Apollo Tubes Ltd is a renowned manufacturer of structural steel tubes in India. Apollo Tubes manufactures various kinds of hollow sections and steel pipes. Apollo Tubes products have uses in construction, engineering, automobiles, and industrial sectors. Apollo Tubes Ltd has several manufacturing units in India.
The company has witnessed strong growth in its reserves over the past decade, rising from Rs. 544 crore in FY16 to Rs. 5,241 crore in FY26, an increase of 863%. During the same period, borrowings declined from Rs. 651 crore to Rs. 498 crore, reflecting growth in reserves alongside lower debt levels.
United Spirits Ltd
United Spirits is one of India’s largest alcoholic beverage companies and a major player in the premium spirits segment. The company manufactures and markets a broad portfolio of whisky, vodka, rum, brandy and other spirits under several well-known brands, serving consumers through a large distribution and retail network.
The company has significantly strengthened its financial position over the last decade, with reserves rising from Rs. 1,489 crore in FY16 to Rs. 8,808 crore in FY26, representing a 492% increase. At the same time, borrowings fell sharply from Rs. 4,242 crore to Rs. 413 crore, marking a substantial reduction in debt.
Indian Hotels Ltd
Indian Hotels Company Ltd (IHCL) is a leading hospitality company in India, operating hotels, resorts and other hospitality businesses across brands such as Taj, SeleQtions, Vivanta and Ginger. Its portfolio spans luxury, upscale and other hospitality segments across India and international markets.
The company has recorded considerable growth in reserves between FY16 and FY26, increasing from Rs. 2,481 crore to Rs. 12,910 crore, a rise of 420%. Over the same period, borrowings declined from Rs. 4,526 crore to Rs. 2,837 crore. This reflects a significant expansion in reserves while the company also reduced its borrowing burden.
Maruti Suzuki India Ltd
Maruti Suzuki India is the largest manufacturer of passenger cars in India in terms of total production, providing a wide variety of hatchback, sedan, SUV, MPV, and many other types of vehicles. It has a comprehensive manufacturing, sales, and service network in India and even exports cars to other countries.
The company's reserves rose substantially over the 10-year period, from Rs. 30,465 crore in FY16 to Rs. 1,06,999 crore in FY26, a 251% increase. Meanwhile, borrowings declined from Rs. 231 crore to Rs. 102 crore, highlighting a large expansion in reserves alongside very low borrowing levels.
Cipla Limited
Cipla is an Indian pharmaceutical firm that deals with the development, production, and marketing of drugs in various fields such as respiratory diseases, cardiovascular disorders, infections, urology, and others. The firm operates in India and abroad and offers branded generic drugs, complex formulations, and consumer healthcare products.
The company has strengthened its reserves considerably over the decade, with reserves increasing from Rs. 11,356 crore in FY16 to Rs. 34,270 crore in FY26, a rise of 202%. During the same period, borrowings fell sharply from Rs. 5,202 crore to Rs. 614 crore, indicating significant growth in reserves accompanied by a substantial reduction in debt.
Glenmark Pharmaceuticals Ltd
Glenmark Pharmaceuticals is a research-led, innovation-focused pharmaceutical company with businesses spanning branded, specialty, generic and consumer products. Its key therapeutic focus areas include respiratory, dermatology and oncology, while its portfolio in India also covers cardiology, diabetes and anti-infectives.
The company recorded strong growth in reserves between FY16 and FY26, increasing from Rs. 3,601 crore to Rs. 10,484 crore, representing a 191% rise. Over the same period, borrowings declined from Rs. 3,988 crore to Rs. 594 crore, showing a significant increase in reserves while the company substantially reduced its borrowing levels.