Cash machines

profits that turn into cash

Positive free cash flow, cash from operations above profit, ROCE above 15%.

Updated 7 Nov 2026, 3:34 am IST

On 6 Nov 2026, the Cash machines screen finds 257 companies on NSE and BSE. To pass, a company needs: Free cash flow last year above ₹0 Cr; CFO to PAT 3Years above 1; Return on capital employed above 15%; and 1 more condition. The largest industry groups are Automobile and Auto Components (36) and Capital Goods (34) out of 257 companies, with a median market cap of ₹12,896 Cr and a median P/E of 25.8×. Sorted by CFO to PAT 3Years (highest first), the first three are ESDS Software Solution, Arvind Fashions and Asian Hotels (West); 1,003 other companies could not be tested because data was missing.

As of 6 Nov 2026Screens run on the latest refresh; prices are delayed about 15 minutes.How we calculate this

Profit is an opinion, cash is a fact. These companies turned more than all of their reported profit into operating cash over three years, produced positive free cash flow last year, and earn more than 15% on capital employed.

257 companies pass

1003 excluded for missing data, of which 132 are banks, NBFCs or insurers where a metric doesn’t apply


1ESDSESDS Software Solution	1,115.50	13,075	1,242	8.40	28.1%	10.5	96.2
2ARVINDFASNArvind Fashions	342.85	4,585	295	8.16	19.6%	15.5	34.7
3AHLWESTAsian Hotels (West)	501.30	584	149	4.47	31.0%	3.9	8.2
4BHARTIARTLBharti Airtel	2,107.20	13,15,371	75,515	4.42	16.7%	17.4	41.5
5JUBLFOODJubilant Foodworks	457.20	30,069	884	4.39	16.2%	34.0	81.9
6BFUTILITIEBF Utilities	440.75	1,660	525	4.08	26.4%	3.2	12.1
7TMCVTata Motors	425.50	1,56,704	12,733	3.81	25.5%	12.3	24.8
8NYKAAFSN E-Commerce Ventures	353.00	1,01,158	490	3.73	24.0%	206.3	315.2
9WHEELSWheels India	2,314.60	6,218	201	3.67	22.4%	31.0	29.5
10RMLRane (Madras)	1,256.40	3,472	28	3.63	21.9%	123.9	29.3
11GVPILGE Power India	599.75	4,032	467	3.63	57.2%	8.6	11.8
12BHARTIHEXABharti Hexacom	1,664.40	83,220	2,981	3.37	21.1%	27.9	42.3
13HATSUNHatsun Agro Product	1,068.10	23,792	1,118	3.25	20.2%	21.3	66.0
14VRLLOGVRL Logistics	339.05	5,931	356	3.21	18.8%	16.7	18.5
15VEDLVedanta	261.75	1,02,208	18,623	3.13	21.3%	5.5	9.2
16GMRP&UIGMR Power and Urban Infra	92.21	7,202	1,022	3.02	18.1%	7.0	–
17BLUEDARTBlue Dart Express	4,541.30	10,776	496	2.99	16.9%	21.7	37.5
18JAYBARMARUJay Bharat Maruti	122.06	1,321	47	2.85	15.4%	28.0	8.7
19TATACOMMTata Communications	1,704.80	48,601	2,046	2.78	15.3%	23.8	44.1
20ARIESAries Agro	504.85	657	37	2.77	19.7%	17.5	13.7
21AWLAWL Agri Business	167.00	21,573	3,095	2.64	15.3%	7.0	18.7
22KOLTEPATILKolte - Patil Developers	457.85	4,060	224	2.61	23.9%	18.1	32.6
23BHARATSEBharat Seats	209.29	1,314	56	2.60	20.4%	23.6	25.5
24GLENMARKGlenmark Pharmaceuticals	2,590.00	73,096	2,087	2.59	16.2%	35.0	50.4
25ZEALZeal Global Services	69.45	876	31	2.58	33.8%	28.0	–
26CHALETChalet Hotels	810.70	17,754	729	2.54	16.6%	24.4	30.1
27CEATLTDCeat	3,545.80	14,294	639	2.54	17.7%	22.4	27.7
28IFBINDIFB Industries	1,102.00	4,465	190	2.45	17.0%	23.5	30.2
29VARROCVarroc Engineering	792.85	12,115	68	2.35	20.8%	177.8	71.6
30GODREJAGROGodrej Agrovet	601.60	11,575	984	2.32	23.1%	11.8	25.9
31GODREJCPGodrej Consumer Products	851.00	87,097	1,919	2.26	21.3%	45.4	44.0
32ENRINSiemens Energy India	2,809.00	1,00,034	3,454	2.25	29.2%	29.0	67.2
33MCXMulti Commodity Exchange of India	3,528.00	89,793	2,962	2.24	39.0%	30.3	60.9
34BBTCThe Bombay Burmah Trading Corporation	1,284.30	8,961	2,186	2.20	34.8%	4.1	6.9
35EPLEPL	221.31	7,101	241	2.19	16.7%	29.4	18.1
36MANIKAManika Plastech	48.38	564	25	2.19	22.2%	22.2	25.2
37GULPOLYGulshan Polyols	159.36	991	181	2.11	21.3%	5.5	6.7
38ARVINDArvind	494.75	12,969	344	2.11	15.4%	37.6	28.4
39QUESSQuess Corp	320.10	4,725	221	2.09	17.5%	21.3	17.4
40CANTABILCantabil Retail India	256.35	2,144	133	2.07	17.5%	16.2	22.0
41MRPLMangalore Refinery & Petrochemicals	175.67	30,788	1,119	2.05	19.0%	27.5	7.0
42LAURUSLABSLaurus Labs	2,340.00	1,26,433	554	2.05	19.5%	228.4	94.4
43GANESHCPGanesh Consumer Products	187.65	758	36	2.05	17.1%	21.2	16.6
44HPLHPL Electric & Power	265.96	1,710	10	2.04	17.8%	165.9	18.8
45INDUSTOWERIndus Towers	383.10	1,01,061	7,058	2.03	18.4%	14.3	14.2
46POWERINDIAHitachi Energy India	27,800.00	1,23,911	735	1.95	24.9%	168.6	107.7
47PRIVISCLPrivi Speciality Chemicals	3,365.20	13,145	230	1.95	25.1%	57.1	35.2
48DRAGARWQDr Agarwals Eye Hospital	5,380.00	2,600	47	1.92	16.1%	55.6	33.9
49FERMENTAFermenta Biotech	446.40	1,282	62	1.90	24.2%	20.5	21.5
50TCPLPACKTCPL Packaging	4,431.10	4,024	118	1.88	18.3%	34.2	34.9
Median of 257	–	12,896	288	1.34	21.0%	32.3	25.8

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257 companies pass

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