This is essentially a stock-screening requirement:

(1) annual operating cash flow ≥ ₹50 crore,

(2) zero (or near-zero) debt,

(3) P/E < 10.

A static list will keep changing, so the practical way is to run a live screen and then short‑list. Here’s how to do it and some examples.

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1. How to screen these companies on Screener.in

On Screener.in, create a new screen and paste a query like:

```text

Cash from operations last year > 50

AND Debt to equity = 0

AND Price to earning < 10

```

This will give you all Indian listed companies where:

- Last reported “Cash from operations” > ₹50 crore (numbers on Screener are in ₹ crore by default),

- Debt-to-equity is zero (effectively debt‑free),

- Current TTM P/E is under 10.

You can refine further, for example, adding quality filters:

```text

Cash from operations last year > 50

AND Debt to equity = 0

AND Price to earning < 10

AND Return on equity 5Years > 12

AND Sales growth 5Years > 8

```

Screener’s own examples and community screens use exactly this kind of syntax, including `Cash from operations last year` and `Price to earning`, so this format will work. (forum.valuepickr.com)

If you want to save and reuse the screen, log in and use the “Save screen” option on Screener.

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2. Other Indian screeners you can use

If you prefer GUI-based filters instead of writing queries:

1. Equitymaster – Debt Free Companies

- Use their “Debt Free Stocks in India” screener.

- Then add filters for P/E < 10 and a minimum size (sales or profits). (equitymaster.com)

2. Economic Times – “Zero Debt” live screener

- Start from the “Zero Debt” prebuilt screen (Debt/Equity ≈ 0).

- Add a P/E filter (< 10), and add a filter on net profit or operating cash flow (if available on that UI). (economictimes.indiatimes.com)

3. Tickertape – Debt Free Stocks Screener

- There is a ready “Debt Free Stocks” screen (Total Debt ≈ 0).

- Add `PE Ratio ≤ 10` and then add “Operating cash flow” or “Net profit” ≥ ₹50 crore as an extra filter. (tickertape.in)

Use whichever platform you are comfortable with; all of them source from the same underlying financial statements.

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3. Example Indian names that fit “zero debt + P/E < 10”

As of late November 2025, 5paisa highlighted several debt‑free Indian stocks with single‑digit P/E. Examples include: (5paisa.com)

- General Insurance Corporation of India (GIC Re) – PE ~7.2, Debt/Equity 0

- National Aluminium Company Ltd (NALCO) – PE ~7.7, Debt/Equity 0

- Maharashtra Seamless Ltd – PE ~9.9, Debt/Equity 0

- Vardhman Holdings Ltd – single‑digit PE, debt‑free

- Alembic Ltd, Oswal Agro Mills, Wim Plast, Consolidated Finvest & Holding, etc., also appear on that list.

Given their scale, names like GIC Re, NALCO, Maharashtra Seamless almost certainly generate well above ₹50 crore of annual operating cash flow, so they broadly satisfy your “₹50 crore cash + zero debt + P/E < 10” filter. You should still:

- Open each company’s latest annual report or cash‑flow statement,

- Confirm “Cash from operations” (or “Net cash from operating activities”) is ≥ ₹50 crore,

- Re‑check current P/E and debt on your screener on the day you’re making a decision, because these values move with price and new results.

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4. What to check beyond your three filters

Once you get the list from a screener, do a quick second‑level filter:

- Return ratios: ROE / ROCE over 5 years (preferably > 12–15%).

- Cash conversion: Cumulative 5‑year operating cash flow vs. cumulative PAT.

- Business quality: Cyclical vs. steady (metals, commodities can look cheap on P/E in peak cycles).

- Promoter & governance: Promoter holding, pledging, related‑party transactions.

- One‑offs: Ensure low P/E is not due to one‑time gains or temporarily high earnings.

Treat your criteria as a first cut; final selection still needs business analysis. The above names and process are only illustrative examples, not investment advice or recommendations.

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