Net debt

Total borrowings minus cash and liquid investments. It is the figure used in an enterprise value bridge and the honest answer to how much the company really owes.

Subtract ₹400 crore of cash from ₹1,420 crore of debt and you are left with ₹1,020 crore of net debt.

Netting assumes the cash is available and unrestricted, and you should verify that instead of assuming it. Cash trapped in a subsidiary the parent part-owns, or pledged as margin, or held offshore where repatriation carries a tax cost, doesn't reduce the obligation in the way a straight subtraction implies.

Where net debt is negative, the company has more cash than borrowings, and enterprise value falls below market capitalisation.

Check the restricted-cash disclosure before netting anything.