Data from CMIE indicates that unlisted Indian companies have reached a 35-year low in their debt burden, with the debt-to-equity ratio falling to 1.13 in FY23 and continuing to decrease. Concurrently, the interest-coverage ratio has risen to a 35-year high of 2.78 in FY25, surpassing the previous peak from FY07. These trends suggest reduced leverage and improved ability for these companies to meet interest payments.