Growth without dilution
growing without slicing the pie
Sales growing above 10% a year and ROCE above 10%, with almost no new shares issued.
As of 6 Nov 2026, 629 listed companies pass the Growth without dilution screen. The screen requires: Change in shares 3Years at most 3%; Sales growth 3Years above 10%; Average return on capital employed all years above 10%; and 1 more condition. Capital Goods is the most common industry among them (134 of 629), followed by Healthcare (68), with a median market cap of ₹2,033 Cr. Sorted by Sales growth 3Years (highest first), the first three are Jindal Photo, Kartik Investments Trust and Nisus Finance Services Co; 1,064 other companies could not be tested because data was missing.
Growth funded by issuing new shares shrinks each existing shareholder’s slice. These companies grew sales by more than 10% a year over three years and averaged a return on capital employed above 10%, while the share count rose by 3% or less.
Share counts are adjusted for the latest bonus issue or split, so a 1:1 bonus does not count as dilution.
629 companies pass
| 30 days | |||||||
|---|---|---|---|---|---|---|---|
| 1,105.00 | 0.0% | 915.7% | 10.3% | 1,138 | – | ||
| 7,956.30 | 0.0% | 536.8% | 15.5% | 194 | – | ||
| 177.75 | 0.0% | 339.6% | 46.4% | 424 | 186.1% | ||
| 380.30 | 0.0% | 276.1% | 15.4% | 380 | 222.8% | ||
| 362.00 | −0.1% | 248.8% | 35.8% | 827 | 314.2% | ||
| 50.00 | 0.0% | 231.8% | 22.6% | 191 | −0.2% | ||
| 418.75 | 0.0% | 208.8% | 31.8% | 733 | 114.6% | ||
| 49.48 | 0.0% | 182.0% | 21.2% | 114 | – | ||
| 201.85 | +1.0% | 176.4% | 11.6% | 1,034 | 14.4% | ||
| 144.00 | 0.0% | 176.0% | 34.8% | 127 | 320.3% | ||
| 29.06 | 0.0% | 167.7% | 18.0% | 141 | – | ||
| 1,161.00 | 0.0% | 159.0% | 12.9% | 5,347 | 139.1% | ||
| 99.95 | 0.0% | 143.9% | 55.4% | 230 | 545.8% | ||
| 88.98 | 0.0% | 136.3% | 30.2% | 177 | 79.5% | ||
| 141.87 | 0.0% | 127.2% | 10.9% | 193 | 152.9% | ||
| 329.00 | 0.0% | 126.2% | 40.2% | 238 | 162.3% | ||
| 285.00 | 0.0% | 121.7% | 33.7% | 1,425 | 123.7% | ||
| 733.35 | +0.3% | 111.7% | 63.4% | 7,655 | 105.1% | ||
| 67.02 | 0.0% | 110.2% | 34.3% | 126 | 187.1% | ||
| 170.70 | 0.0% | 107.4% | 72.1% | 385 | 362.9% | ||
| 261.15 | 0.0% | 103.3% | 46.1% | 606 | 132.4% | ||
| 251.31 | 0.0% | 102.7% | 17.3% | 17,399 | 394.4% | ||
| 826.80 | 0.0% | 98.8% | 32.5% | 1,489 | 176.7% | ||
| 1,196.90 | 0.0% | 97.4% | 10.2% | 3,350 | 832.2% | ||
| 358.60 | 0.0% | 95.5% | 45.2% | 4,558 | 322.1% | ||
| 26.37 | 0.0% | 94.5% | 14.0% | 184 | −38.0% | ||
| 243.79 | 0.0% | 91.1% | 23.2% | 7,536 | 88.8% | ||
| 182.29 | 0.0% | 87.3% | 35.1% | 332 | 99.8% | ||
| 203.85 | 0.0% | 82.3% | 32.5% | 791 | 289.4% | ||
| 99.55 | 0.0% | 81.8% | 63.9% | 2,019 | 172.6% | ||
| 108.97 | 0.0% | 80.9% | 48.8% | 944 | 101.0% | ||
| 215.55 | −25.0% | 78.1% | 10.4% | 336 | 90.0% | ||
| 229.29 | 0.0% | 76.7% | 58.2% | 2,614 | 122.4% | ||
34BSEBSE | 3,800.00 | +0.4% | 76.5% | 25.8% | 1,54,329 | 124.5% | |
| 890.00 | +1.0% | 76.2% | 21.7% | 40,317 | – | ||
| 200.00 | 0.0% | 75.5% | 39.6% | 196 | 87.6% | ||
| 973.30 | 0.0% | 74.0% | 47.5% | 1,808 | 79.3% | ||
| 438.50 | 0.0% | 73.9% | 34.9% | 297 | 368.9% | ||
| 54.95 | 0.0% | 72.9% | 18.3% | 9,672 | 14.3% | ||
| 232.80 | 0.0% | 71.5% | 44.3% | 486 | 113.2% | ||
| 433.95 | 0.0% | 70.6% | 58.2% | 561 | 104.6% | ||
| 3,771.40 | +1.6% | 70.4% | 38.3% | 22,420 | 63.7% | ||
| 163.00 | 0.0% | 68.5% | 17.9% | 152 | – | ||
| 58.00 | 0.0% | 68.5% | 30.5% | 104 | 42.6% | ||
| 439.90 | 0.0% | 67.9% | 25.9% | 253 | – | ||
| 3,528.00 | 0.0% | 67.8% | 19.2% | 89,793 | 107.5% | ||
| 233.82 | 0.0% | 66.4% | 38.8% | 11,427 | 142.4% | ||
| 149.81 | −0.2% | 66.3% | 17.2% | 2,719 | 44.9% | ||
| 1,339.30 | 0.0% | 63.7% | 13.9% | 15,434 | – | ||
| 710.90 | 0.0% | 62.1% | 26.7% | 1,759 | 127.8% | ||
| Median of 629 | – | 0.0% | 19.8% | 22.0% | 2,033 | 29.1% |
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