For investors tracking balance-sheet strength, a rise in reserves alongside a decline in borrowings can indicate a shift in a company’s financial position. Several small-cap companies across financial services, automobiles, real estate, shipping, engineering, refining and fertilisers have shown this trend over the last three years. This list looks at 10 such companies and the changes in their reserves and borrowings during the period.
KFin Technologies Ltd
KFin Technologies is an IT-enabled solution provider for financial technology and investor services to asset management companies, mutual funds, AIFs, pension funds, wealth managers and corporates. It offers solutions in the areas of transactions, channel management, compliance, analytics and digitization and has its presence both in India and internationally.
The borrowing of this company reduced from Rs. 160 Crores in 2023 to Rs. 55 Crores in 2026 whereas reserves increased to Rs. 1,501 Crores in 2026 from Rs. 701 Crores in 2023
GE Shipping
Great Eastern Shipping Company is an Indian shipping company that specializes in shipping crude oil, petroleum products, gas, and dry bulk cargoes. The business activities of the company depend on the world shipping market and world shipping freight rates; their fleet of ships constitutes the very heart of the business of the company.
The borrowing of this company reduced from Rs. 3,649 Crores in 2023 to Rs. 1,087 Crores in 2026 whereas reserves increased to Rs. 16,820 Crores in 2026 from Rs. 10,133 Crores in 2023
CAMS
Computer Age Management Services, Inc. (CAMS) is an information technology-based financial services provider that works within the mutual funds industry. Its products include registrar services, transfer agency services, transaction processing, investor services, information management and other technology solutions. The firm also has its presence in alternative investment funds, insurance and other financial services sectors.
The borrowing of this company reduced from Rs. 76 Crores in 2023 to Rs. 54 Crores in 2026 whereas reserves increased to Rs. 1,159 Crores in 2026 from Rs. 679 Crores in 2023
Force Motors Ltd
Force Motors is an integrated auto manufacturer which is engaged in the design, engineering and manufacture of automobiles, automotive parts and assemblies. The range of products offered by Force Motors includes vans, utility vehicles, light commercial vehicles and specialty vehicles. Force Motors also possesses manufacturing units and R&D setups for its automotive operations.
The borrowing of this company reduced from Rs. 955 Crores in 2023 to Rs. 0 or nil in 2026 whereas reserves increased to Rs. 4,181 Crores in 2026 from Rs. 1,862 Crores in 2023
Anant Raj Ltd
Anant Raj is a real estate firm that specializes in both residential and commercial projects, as well as hospitality and data centre infrastructure. The firm has mainly undertaken projects in the NCR-Delhi area and has been expanding its footprint in the real estate sector, with land being an integral component of its projects.
The borrowing of this company reduced from Rs. 1,079 Crores in 2023 to Rs. 681 Crores in 2026 whereas reserves increased to Rs. 5,717Crores in 2026 from Rs. 1,079 Crores in 2023
CIE Automotive
CIE Automotive India is a company that manufactures automotive parts to supply its products to various car manufacturers and automotive components companies. The company works with different technologies and different products such as forgings, casting, machining, and other added value automotive components. CIE Automotive India is a part of the global group of CIE Automotive.
The borrowing of this company reduced from Rs. 855 Crores in 2023 to Rs. 513 Crores in 2026 whereas reserves increased to Rs. 7,384 Crores in 2026 from Rs. 5,609 Crores in 2023
Kalpataru Projects International Ltd
Kalpataru Projects International is an engineering, procurement and construction firm that operates in the areas of power transmission & distribution, buildings & factories, railways, water, oil and gas and infrastructure. It undertakes projects both in India and overseas and has built up a diversified range of EPC projects in more than 30 countries.
The borrowing of this company reduced from Rs. 3,786 Crores in 2023 to Rs. 3,543 Crores in 2026 whereas reserves increased to Rs. 7,742 Crores in 2026 from Rs. 4,688 Crores in 2023
Chennai Petroleum Corporation Ltd
The Chennai Petroleum Corporation Limited (CPCL) is a petroleum refinery firm and a member of the Indian Oil Corporation group. The company runs several refineries in Tamil Nadu and manufactures petroleum products such as fuel and various refining products. The core business of the firm is mainly associated with crude processing and refining margins among others.
The borrowing of this company reduced from Rs. 4,260 Crores in 2023 to Rs. 1,964 Crores in 2026 whereas reserves increased to Rs. 10,960 Crores in 2026 from Rs. 6,326 Crores in 2023
Sobha Ltd
Sobha is a real estate developer that specializes in the development of both residential and commercial projects, operating in various Indian cities. This organization adopts the integrated model of development in design, construction and implementation of the project. It owns residential estates, apartments, and villas among others through the ability to construct.
The borrowing of this company reduced from Rs. 2,027 Crores in 2023 to Rs. 1,057 Crores in 2026 whereas reserves increased to Rs. 4,613 Crores in 2026 from Rs. 2,400 Crores in 2023
The borrowing of this company reduced from Rs. xx Crores in 2023 to Rs. xx Crores in 2026 whereas reserves increased to Rs. xx Crores in 2026 from Rs. xx Crores in 2023
Chambal Fertilisers & Chemicals Ltd
Chambal Fertilisers and Chemicals is an important Indian firm that mainly engages in the manufacture and selling of urea. The plants of this company are based in Gadepan, Rajasthan. In addition to this, the company is also active in agri-inputs and many other similar industries through its fertiliser and agricultural produce distribution network.
The borrowing of this company reduced from Rs. 3,358 Crores in 2023 to Rs. 1,068 Crores in 2026 whereas reserves increased to Rs. 10,007 Crores in 2026 from Rs. 6,652 Crores in 2023.