From Coca-Cola to Apple Inc, here are India's best unlisted companies

A ranking of the country’s best unlisted companies is dominated by subsidiaries of some of the world’s top multinationals, such as Coca-Cola Company, Microsoft, Kia, Hyundai Motors, FIAT, Apple Inc., Amazon and Pernod Ricard, among others.

In all, 18 out of the best 30 unlisted companies in the 2021 league table are local subsidiaries of global multinationals. This is no surprise. Like their listed peers, Indian subsidiaries of global MNCs are mostly market leaders, with superior profitability, well-capitalised balance sheets and minimal debt on their books.

However, many unlisted companies had yet to declare their audited financials for the financial year 2020-21 (FY21). Given this, our analysis is based on companies’ latest reported numbers, which is FY20 in many cases, including those in the top 30.

The home-grown pharma manufacturer Mankind Pharma, however, tops the charts this year. Its revenues were up 27.4 per cent year-on-year (Y-o-Y) in FY20, while net profit was up 86.4 per cent during the fiscal. It had minimal debt on its books in FY20, and reported 28.5 per cent return on net worth (RoNW), among the best in the pharma space.

It is followed by Bunge India Pvt Ltd, among the top food traders and marketers in the country. Its revenues were up 19.1 per cent Y-o-Y in FY21, while net profit was up nearly 5x. 

The country’s top vaccine maker, Serum Institute of India, is ranked third this year. The company’s revenues were up 48.2 per cent Y-o-Y to Rs 8,851 crore during the year ended March 2021. This makes it the 73rd-biggest unlisted firm in the country in terms of revenues. Its net profit was up 72.9 per cent Y-o-Y to Rs 3,891 crore, and RoNW was 16.2 per cent in FY21.

It is followed by JCB India, Pernod Ricard India and Gemini Edibles & Fats India, Apple India, Kia India and Cloudtail India.

Some of the other companies that made it to the top-30 list include Deloitte Consulting India, Tractors & Farm Equipment (TAFE), USV, Macleods Pharmaceuticals, DHL Logistics, LG Electronics India, Hindustan Coca-Cola Beverages, Ashirvad Pipes, Parle Biscuits and Allanasons, among others.

Short-listing the best

We started with a universe of the top 300 companies in terms of their latest annual revenues. They were first ranked on the relative size of their revenues and profits, then according to their revenue and profit growth in the latest fiscal year, and lastly on their RoNW and gross debt-to-equity ratio. The final ranking is based on a company’s composite ranking on all these parameters.