Ashoka Buildcon and 4 other small cap stocks with cash equal to over 25% of market cap

Synopsis: There​‍​‌‍​‍‌​‍​‌‍​‍‌ are a few small-cap stocks which have their cash more than 25% of their market capitalisation. Among them, Ircon, RITES, Great Eastern Shipping, Rajesh Exports, and Ashoka Buildcon are the most prominent ​‍​‌‍​‍‌​‍​‌‍​‍‌ones.

When​‍​‌‍​‍‌​‍​‌‍​‍‌ markets are unstable, a strong balance sheet is usually a safe escape that is not very much noticed. A few small-cap companies might have a sizeable cash reserve compared to their market value, which can be a source of protection against losses as well as a means of financial flexibility. In this article, we will dive into four such smallcaps that have their cash balances (cash equivalent) over 25 percent of their market cap.

Great Eastern Shipping Company

Great​‍​‌‍​‍‌​‍​‌‍​‍‌ Eastern Shipping Company Ltd is a major player in the Indian shipping and offshore services industry. The company has two segments: the shipping segment, which carries crude oil, petroleum products, gas, and dry bulk commodities; and the offshore services segment, which provides oil exploration and production support through the subsidiary Greatship (India) Ltd. The company has a total of 38 vessels in its fleet, out of which 26 are tankers, and 12 are dry bulk ​‍​‌‍​‍‌​‍​‌‍​‍‌carriers.

With a market capitalisation of Rs 15,804 crore, the shares of the company are currently trading at Rs 1,107 per share. As of September 2025, the company reported cash equivalents of Rs 5,438 crore, which is over 34 percent of its market capitalisation.

Ircon International

Ircon International Limited offers a variety of construction and infrastructure services, primarily in the rail sector. It constructs new railway tracks, renovates existing ones, and undertakes electrification, signalling, and telecommunication projects. It also builds roads, highways, bridges, airports, and other commercial and residential structures. Additionally, it provides turnkey project solutions, design, supply, and commissioning, and is engaged in renewable energy, electrification, leasing, and maintenance of locomotives.

With a market capitalisation of Rs 16,022 crore, the shares of the company are currently trading at Rs 170 per share. As of September 2025, the company reported cash equivalents of Rs 4,588 crore, which is nearly 29 percent of its market capitalisation.

Rites

RITES​‍​‌‍​‍‌​‍​‌‍​‍‌ Limited is an engineering and consultancy company that offers project management and turnkey solutions services throughout the infrastructure sectors like railways, roads, airports, urban transport, and renewable energy. The company provides its services to the government and private clients in India and abroad and provides the complete package of services such as consultancy, leasing, exports, and project ​‍​‌‍​‍‌​‍​‌‍​‍‌execution.

With a market capitalisation of Rs 11,657 crore, the shares of the company are currently trading at Rs 243 per share. As of September 2025, the company reported cash equivalents of Rs 3,093 crore, which is nearly 27 percent of its market capitalisation.

Rajesh Exports

Rajesh​‍​‌‍​‍‌​‍​‌‍​‍‌ Exports Limited was established in 1989 and is based in Bengaluru. It is a leader in the gold business, with operations going from the refining stage to retailing. With state-of-the-art manufacturing and R&D facilities in India and a large refining unit in Switzerland, it is one of the largest gold processors in the world, and one of the biggest exporter of gold jewellery from India. The company presents a wide range of designs and offers production at competitive ​‍​‌‍​‍‌​‍​‌‍​‍‌prices.

With a market capitalisation of Rs 6,603 crore, the shares of the company are currently trading at Rs 223 per share. As of September 2025, the company reported cash equivalents of Rs 2,592 crore, which is over 39 percent of its market capitalisation.

Ashoka Buildcon

Established​‍​‌‍​‍‌​‍​‌‍​‍‌ in 1976, Ashoka Buildcon Limited is among the top developers of highways in India and a Fortune India 500 company. Being an integrated EPC, BOT, and HAM player, the company is known for its numerous complex infrastructure projects that it has completed not only in India but also in foreign countries. It has a deep-rooted engineering strength and a great execution ability, which makes it capable of handling projects of any ​‍​‌‍​‍‌​‍​‌‍​‍‌size.

With a market capitalisation of Rs 4,847 crore, the shares of the company are currently trading at Rs 173 per share. As of September 2025, the company reported cash equivalents of Rs 1,372 crore, which is over 28 percent of its market capitalisation.

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