India's top firms hold cash reserves of over $200B
What's the story
India's leading corporations are sitting on a massive cash reserve of ₹18.7 lakh crore (over $200 billion) for fiscal 2026, a 12% increase from last year. The rise comes as businesses have been cautious with spending and reduced dividend payouts, opting to save more amid global uncertainties and sluggish demand. Over the last three years, cash reserves have grown at an impressive annual rate of 13%.
Corporate leaders
Reliance tops list, followed by L&T and Coal India
Reliance Industries leads the pack with a whopping ₹2.43 lakh crore in cash. Other major players like Larsen & Toubro and Coal India also have huge cash reserves. Together, these three companies account for nearly one-fifth of the total cash reserves held by all sample companies. Other firms with significant cash balances include Wipro, Mahindra & Mahindra, Tata Motors, Hindustan Aeronautics Limited, and Tata Consultancy Services (TCS).
Debt increase
Companies are focusing more on financial stability
While companies have increased their debt by 7%, they have also grown their cash reserves at a faster rate. This is evident from dividend payouts dropping to 29% of profits from nearly 40% in FY23. The trend shows that firms are focusing more on staying financially strong in the face of global uncertainties and slow demand.