Newsroom, November 20, 2025: Non-financial corporate debt in India climbed 7% to Rs 100 lakh crore in FY25, the fastest pace in a decade, driven by aggressive capital expenditure in manufacturing and infrastructure, according to a Crisil report.
Large firms led the surge with 9% growth, while mid-sized companies grew 5%, fueled by government incentives and private investments. Leverage remained comfortable at 0.8 times net debt-to-EBITDA, down from 1.2 times in FY21, thanks to strong earnings and moderated interest costs.
The increase reflects confidence in economic recovery, with sectors like metals, power, and telecom borrowing heavily. Interest coverage improved to 6.5 times from 4.2 times pre-pandemic.
