Masters of the unlisted universe: Indian units of global giants shine

The large share local subsidiaries of global MNCs have in the league table shows the role foreign companies and capital play in the Indian economy

The list of India’s best unlisted companies continues to be dominated by the subsidiaries of global multinationals. Of the 30 best unlisted companies in terms of growth and financial performance in 2023-24 (FY24), 21 are Indian units of global majors.

 

Sany Heavy Industry India, a subsidiary of the Chinese construction equipment major, is the top-ranked unlisted multinational company (MNC) in the league table. The company’s net sales increased 26.6 per cent year-on-year in FY24 to ₹6,151 crore, while its net profit more than tripled to ₹340 crore. It also reported a healthy return on net worth (RoNW) of 40.4 per