Shadow titans: India's top 100 unlisted gems worth more than Finland's GDP

The Reliance Retail Reign: Leading a New Breed of ₹1,000 Crore Unlisted Powerhouses

 

With revenue of ₹2.71 lakh crore and a 5% year-on-year growth, Reliance Retail sits firmly at the top of India’s unlisted corporate ladder, anchoring the JM Financial Hurun India Unlisted Gems 2026 ranking of the country’s largest privately held enterprises.  The inaugural JM Financial Hurun India Unlisted Gems 2026 has pulled back the curtain on a "parallel economy" worth  ₹28.5 lakh crore—more than the entire GDP of Finland. At the heart of this list are ten behemoths that aren't just big; they are operating at a scale that rivals, and often surpasses, India's most famous blue-chip stocks.

 

Leading the charge is Reliance Retail, an unlisted titan with a revenue of ₹2.7 lakh crore—nearly triple the size of its closest competitor. Following it is the e-commerce giant Flipkart (₹83,105 crore) and the global jewelry powerhouse Malabar Gold and Diamonds (₹66,872 crore). But it's not just legacy retail; the list highlights a high-velocity shift into high-tech manufacturing, with Tata Electronics clocking 1,652% YoY revenue surge. Together, these top 10 companies represent a new breed of "IPO-ready" giants.  Top ten companies by revenue 

Reliance Retail Tops Unlisted Gems with ₹2.7 Lakh Cr Revenue

 

 

Velocity of Growth: The Hardware & Tech Boom

The 2026 list highlights a significant compression in industrial timelines. Leading the charge in growth velocity are the Tata Group's newest ventures:

 

Tata Electronics: Recorded a breathtaking 3-year revenue CAGR of 3,173%. This reflects India's aggressive move into semiconductor manufacturing.

 

Tata Passenger Electric Mobility: At just four years old, it posted a 904% CAGR, signaling a rapid shift in the automotive landscape.

 

JSW One Platforms: Rounded off the top three with a 522% CAGR, highlighting the momentum in B2B digital software and services

 

Efficiency and Financial Discipline

Perhaps the most striking finding of the Hurun India report is the fiscal conservatism of these high-growth firms. Contrary to the "burn-to-grow" startup stereotype, 65 of the 100 companies maintain a debt-to-equity ratio below 1.0x.

 

Zero-Debt Leaders:

 

IFFCO eBazar

 

Altimetrik

 

Echjay Industries

 

Zerodha Broking

 

In terms of operational efficiency, Porter leads with an asset turnover ratio of 7.8x, generating ₹7.8 in revenue for every ₹1 of assets held—nearly double the industry standard for traditional logistics. Meanwhile, Patna-based DeHaat delivers the list's highest Return on Capital Employed (ROCE) at a massive 71%, dwarfing the Nifty 50 median of 15–18%.

 

The Social and Economic Footprint

These 100 "Unlisted Gems" are pivotal to India’s broader socio-economic goals. They collectively employ 1.2 million people, bridging the gap between legacy industries and new-age ventures.

 

Redrawing the Enterprise Map

While Mumbai (18 companies) and Bengaluru (17) remain the primary anchors, the list proves that India’s growth is no longer a big-city duopoly.

 

Tier-1 Metros: 77% of the list.

 

Tier-2 & Tier-3 Cities: 23% of the list, featuring companies from Kozhikode (Malabar Gold), Patna (DeHaat), Hoshiarpur (International Tractors), and Bhavnagar (Madhu Silica).

 

A Milestone for Inclusive Leadership

In a historic first for Hurun India rankings, women lead 30% of the companies on the list. Firms like Indo Autotech stand out for board diversity, with 7 women directors out of 16, setting a new benchmark for inclusive leadership in the private sector.

 

Generational Range: From 187 Years to 4

The list captures a unique convergence of India’s historical legacy and its futuristic ambition. The age gap is striking: Bennett, Coleman & Co. (187 years old) shares space with Tata Passenger Electric Mobility (4 years old). The average age of the 100 companies is 34 years, proving that the unlisted space is a healthy mix of family-run enterprises (50%) and professionally managed or new-age ventures (50%).

 

"These companies are strengthening India’s productive capacity and broadening participation in growth. Their presence across metros and emerging cities highlights a more inclusive and decentralized development model," said Vishal Kampani, Vice Chairman & Managing Director of JM Financial.  Top companies by net profit 

Consumer-driven businesses such as Malabar Gold and Diamonds recorded strong profit momentum with 83% growth, alongside notable gains from Shahi Exports, Bennett, Coleman & Co., and USV, collectively

 

Key highlights of the report: 

The 100 companies on the list clocked a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, a 15.2% CAGR in just two years.

 

In terms of revenue, Tata Electronics (3,173% CAGR) and Tata Passenger Electric Mobility (904%) are the two fastest-growing companies on the list, with JSW One Platforms (522%)

rounding off the top three.

 

Cumulatively valued at Rs 28.5 lakh crore, the JM Financial Hurun India Unlisted Gems 2026 are worth more than Finland's GDP!

 

Amongst the JM Financial Hurun India Unlisted Gems 2026, Reliance Retail posts the highest EBITDA at Rs 22,573 crore, followed by Adani Properties (Rs 11,332 crore) and Zerodha Broking (Rs 5,664 crore). The Unlisted Gems delivered a combined EBITDA of Rs 1.03 lakh crore.

 

EBITDA margin CAGR leaders: Mahansaria Tyres (62.86%), Sanmar Shipping (52.14%), Walkaroo International (44.43%).

 

65 companies have a debt-to-equity ratio below 1.0x. IFFCO eBazar, Altimetrik, Echjay Industries, and Zerodha Broking are debt-free, while USV stands at just 0.01x.

 

The average debt-to-equity ratio is 6.57. Companies with highest total debt: Reliance Retail (₹57,269 crore), Greenko Group (₹44,210 crore), Adani Properties (₹40,521 crore).

 

Highest asset turnover ratios: Porter (7.8x) and JSW One Platforms (7.2x).

 

Strongest current ratios: ARISTO Pharmaceuticals (12.2x), Cybage Software (11.9x), Devi Sea Foods (10.2x).

 

Highest ROCE: DeHaat (71%), followed by Bisleri (37%) and Zerodha (32%). Nifty 50 median ROCE: ~15–18%.

 

Highest ROE: CavinKare (46%), Meril Life Sciences (38%), Vysyaraju Jewellers (37%). Nifty 50 median ROE: ~17%.

 

Sector representation: Consumer Goods (19 companies), Construction & Engineering (12), Financial Services (11).

 

Total direct tax contribution: ₹17,229 crore. Reliance Retail leads with ₹3,356 crore in tax payments.

 

Highest paid-up capital: NKC Projects (₹20,651 crore), Sonovision Electronics (₹8,987 crore), Sandhya Aqua Exports (₹8,200 crore). Ninjacart has paid-up capital of ₹1 lakh.

 

Combined employment: 1.2 million people.

 

Geographic spread: Tier-1 metros account for 77% (Mumbai 18, Bengaluru 17); Tier-2 cities contribute 11%; Tier-3 towns account for 12%.

 

Age spectrum: Tata Passenger Electric Mobility (4 years old) to Bennett, Coleman & Co. (187 years old). Average company age: 34 years.

 

Ownership structure: 50% family-run enterprises; 50% professionally managed firms and new-age ventures.