Do Indian companies' debt structures reflect debt specialisation?

Nivya Unni and S. Santhosh Kumar

Afro-Asian Journal of Finance and Accounting, 2026, vol. 16, issue 2, 143-155

Abstract: This study seeks to examine the debt composition of non-financial companies in India. The study conducts a panel data analysis of 1,915 non-financial firms listed on the National Stock Exchange (NSE) from 2010 to 2023. Debt specialisation is measured using the Herfindahl-Hirschman Index (HHI), Excl 90, cluster analysis, threshold analysis and conditional debt structure. The data are collected from the ProwessIQ-Centre for Monitoring Indian Economy (CMIE) database and the companies' annual reports. The study finds clear evidence of debt specialisation among Indian firms; most companies focus their borrowing on a single type of debt. Cluster analysis results reported that 89% of the sample firms primarily specialise in one kind of debt.

Keywords: debt structure; debt specialisation; Herfindahl-Hirschman Index; HHI; cluster analysis. (search for similar items in EconPapers)
Date: 2026
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