Introduction
India’s private credit markets saw heavy borrowing activity in 2025, led not by startups but by large, mature listed corporations. These companies leveraged debt to fund lending books, infrastructure expansion, energy projects, and balance-sheet restructuring.
Based on MCA charge filings, this report highlights the top 10 listed Indian companies with the highest loan borrowings in 2025, offering a snapshot of where private capital demand was strongest.
Top 10 Borrowers Among Listed Companies
Key Takeaways
- NBFCs dominate the list, highlighting strong credit demand and balance-sheet expansion in retail and MSME lending.
- Consumer and diversified finance alone account for over half of total borrowings among the top 10.
- Infrastructure and energy players like L&T, BPCL, and ACME reflect capital-intensive growth cycles.
- Large Listed firms continue to prefer debt over equity, preserving promoter control while scaling operations.
Conclusion
The 2025 borrowing landscape shows that India’s listed giants are quietly driving the debt cycle. While public markets grab headlines, these private heavyweights are raising massive capital through structured loans and institutional credit, signaling confidence in long-term growth across finance, energy, and infrastructure.
From funding trends to corporate charges, PrivateCircle streamlines India’s private market intelligence.
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