As of March 2026, the total cash and cash equivalents held by Nifty 500 companies (excluding financial and insurance sectors) reached ₹18.7 lakh crore, as per Bloomberg data. The cash reserves of 373 non-financial companies amounted to ₹16.7 lakh crore at the close of FY25, up from ₹14.2 lakh crore a year prior, showing an annual growth rate of 13% over the last three years.
Cash and cash equivalents refer to cash assets and highly liquid securities that can be quickly converted into cash without significant loss in value.
A continued emphasis on cost efficiency and a cautious stance toward capacity expansion in light of uncertain demand has allowed corporate India to considerably bolster its cash reserves in recent years.
Market analysts suggest that the accumulation of cash reflects a hesitation to invest significantly, with companies opting to maintain liquidity instead of committing funds to expansion due to demand uncertainties.
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Leading the companies with substantial cash reserves, Reliance Industries reported cash and cash equivalents of ₹2.43 lakh crore as of March 2026. Following are Larsen & Toubro and Coal India, with these three firms collectively holding almost one-fifth of the total cash reserves of the sampled companies.
While Reliance Industries, the most valuable firm in India by market capitalization, noted a 16% rise in net profit to ₹80,775 crore in FY26, Larsen & Toubro experienced a 7% increase in net profit to ₹16,084 crore. Conversely, Coal India saw a 12% decrease in net profit, reporting ₹31,094 crore.
Other companies with notable cash reserves include Wipro, Mahindra & Mahindra, InterGlobe Aviation, Tata Motors, Hindustan Aeronautics, and Tata Consultancy Services, each maintaining cash and equivalents between ₹46,000 crore and ₹54,000 crore.
In contrast, corporate debt has continued to rise. The overall gross debt of the sampled companies grew by 7% year-on-year to ₹48.9 lakh crore in FY26. However, the annual growth rate of debt over the last three years was recorded at 6.5%, significantly lower than the more than 13% increase in cash balances during the same timeframe.
The total revenue of the sampled companies increased by 6% from FY24 to FY26, reaching ₹120 lakh crore.
An analysis by CNBC-TV18 indicates that Nifty 500 companies dispensed nearly ₹5 lakh crore as dividends in FY26, representing 29% of their profits. This marks a significant decline from FY23, when companies distributed almost 40% of their earnings to shareholders in dividends.
