Six large companies with market caps above ₹5,000 crore have more than tripled their net block in three years, according to a recent stock screen analysis. The companies include InterGlobe Aviation with assets growing from ₹1,143 crore in FY23 to ₹11,124 crore in FY26 (9.7x increase), Bajaj Auto expanding from ₹2,792 crore to ₹13,313 crore (4.8x increase), and Torrent Pharma growing from ₹7,716 crore to ₹28,711 crore (3.7x increase). Other notable performers include PCBL Chemical (3.4x increase), KIMS (3.3x increase), and GMR Power (3x increase).
According to the analysis, InterGlobe Aviation's dramatic asset growth from ₹1,111 crore to ₹11,087 crore appears to be primarily due to a change in aircraft financing strategy rather than genuine operating capacity expansion. The company has shifted from operating leases and sale-and-leaseback deals to more owned and finance-leased aircraft, pushing assets into property, plant and equipment (PPE) without proportionate new capacity. While the fleet expanded from 304 to 441 aircraft and FY26 capacity rose 9.5%, the total asset base actually grew only about 2.3 times when including right-of-use assets and capital work in progress.
The analysis reveals that Bajaj Auto's consolidated asset expansion of ₹2,792 crore to ₹13,313 crore was primarily driven by the acquisition of KTM, which was consolidated from an associate to a subsidiary in FY26. The KTM acquisition brought in ₹4,207 crore of PPE, CWIP and right-of-use assets, along with ₹9,338 crore of borrowings. While the company's core business showed strong performance with standalone FY26 revenue rising 17% to ₹58,732 crore and profit after tax advancing 21% to ₹9,825 crore, the success of converting KTM from a stressed global premium-motorcycle business into a profitable platform remains the key operating question.
According to the analysis, PCBL Chemical's asset expansion from ₹1,890 crore to ₹6,332 crore resulted from both acquisition and capacity building initiatives. The company acquired Aquapharm to diversify into water-treatment chemicals and specialty applications, while adding carbon black and specialty black capacity through capex. However, the FY26 results showed consolidated revenue declining 3% to ₹8,190 crore with profit after tax sliding sharply to ₹198 crore. Despite carbon black volumes reaching an all-time high of 6.2 lakh tonnes, margins remained weak, and Aquapharm struggled with revenue of ₹1,443 crore and fourth-quarter EBITDA of only ₹29 crore.
