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Net debt
Borrowings minus cash and liquid investments, from the year-end balance sheet. A negative figure is net cash.
Example
Borrowings ₹500 crore, cash ₹200 crore and mutual funds ₹100 crore give net debt of ₹200 crore.
Worth knowing
A company listed after its last year end shows it from its first half-year balance sheet after listing. That filing has no lease figure, so leases are left out.