Unlisted Gems 2026: Reliance Retail leads as top 100 firms earn ₹8.9 trn

India's top 100 unlisted firms generated Rs 8.9 trn in revenue in 2025, led by Reliance Retail, with Tata Electronics and other fast-growing firms signalling a strong pipeline of IPO-ready companies

Reliance Retail ranked as India’s largest unlisted company by revenue in the Unlisted Gems 2026 list released by JM Financial, in collaboration with Hurun India. Flipkart secured the second spot with revenues of ₹83,000 crore, while Malabar Gold and Diamonds ranked third at ₹66,000 crore.

 

The country’s top private companies collectively generated ₹8.9 trillion in revenue in 2025, according to the report. It featured 100 major privately held firms with annual revenues exceeding ₹1,000 crore, underscoring the expanding scale and profitability of India’s unlisted corporate sector and signalling a robust pipeline of prospective IPO candidates. 

Among the fastest-growing companies by revenue were Tata Electronics, which posted a staggering 3,173 per cent compounded annual growth rate(CAGR), followed by Tata Passenger Electric Mobility at 904 per cent, and JSW One Platforms at 522 per cent. The sharp rise of these companies signals the momentum in sectors such as electronics manufacturing, electric vehicles and digital business-to-business (B2B) commerce. 

 

In profitability terms, Reliance Retail also led the pack with the highest Ebitda at ₹22,573 crore, followed by Adani Properties at ₹11,332 crore and Zerodha Broking at ₹5,664 crore. Together, the 100 companies delivered a combined Ebitda of ₹1.03 trillion. 

Commenting on the findings, Vishal Kampani, vice chairman and managing director (MD) of JM Financial, said the list underscored the significance of a powerful yet often under-represented engine of India’s growth story.

 

“These 100 unlisted enterprises exemplify scale, resilience and value creation, standing as the epitome of excellence in Indian entrepreneurship, built with depth and discipline across the economy. Collectively, they reflect the growing strength and maturity of India’s institutional business ecosystem,” he said.

 

According to the report, the 100 companies together saw net profits rise sharply from about ₹13,000 crore in 2023 to ₹35,900 crore in 2025, pointing to improving operational efficiency and demand momentum.

 

Their combined valuation stands at ₹28.5 trillion, with the firms employing roughly 1.2 million people, highlighting their importance to the broader economy. Balance sheets remain largely stable, with 65 per cent of companies maintaining debt-to-equity ratios below 1x, though a handful of highly leveraged firms lift the overall average.

 

The list also featured fast-growing startups and digital-first businesses such as DeHaat, reflecting the widening mix of traditional and new-economy players achieving large scale, while remaining privately held. The list, which includes companies spanning retail, manufacturing, technology platforms, logistics and financial services, indicates the increasing depth of India’s private enterprise ecosystem.

 

Anas Rahman Junaid, founder and chief researcher, Hurun India, said, “What stands out this year is how dramatically India's industrial ambitions have compressed timelines... The ‘Make in India’ thesis is no longer aspirational; it is showing up in the financials."