Indian companies hold 18.7L/cr cash in fiscal 2026, up 12%
India's top companies are sitting on ₹18.7 lakh crore (over $200 billion) in cash as of fiscal 2026, a 12% jump from last year.
This surge comes as businesses played it safe with their spending and cut back on dividends, choosing to save more amid global uncertainty and slow demand.
Over the past three years, cash reserves have grown at a solid 13% annual rate.
Reliance Industries leads with 2.43L/cr cash
Reliance Industries leads the pack with ₹2.43 lakh crore in cash, while Larsen & Toubro, Coal India and Reliance Industries together hold nearly one-fifth of the sample companies' total cash reserves.
Big names like Wipro, Mahindra & Mahindra, and Tata Motors also have hefty balances between ₹46,000 crore and ₹54,000 crore each.
Meanwhile, companies boosted their debt by 7%, but grew their cash even faster: dividend payouts dropped to 29% of profits from 40% three years ago as firms focused on staying financially strong.