Reliance Retail, Flipkart, and Malabar Gold and Diamonds have claimed the top three positions in the inaugural JM Financial Hurun India Unlisted Gems 2026 list, which ranks 100 high-potential unlisted companies in India. The list highlights firms demonstrating scale, strong performance, and characteristics suited for eventual public market entry.
Leaders by Revenue
Reliance Retail leads the list with revenue of Rs 2.7 lakh crore, making it India’s largest unlisted company by sales. Flipkart follows at Rs 83,000 crore, while Malabar Gold and Diamonds takes the third spot at Rs 66,000 crore. All companies on the list report a minimum revenue of Rs 1,000 crore, with consistent revenue and EBITDA growth over several years, although none have publicly announced IPO plans yet.
Growth Across the Unlisted Sector
The 100 unlisted companies collectively generated Rs 8.9 lakh crore in revenue in 2025, up from Rs 6.7 lakh crore in 2023, reflecting a strong 15.2% CAGR in just two years. Fast-growing companies include Tata Electronics (3,173% CAGR), Tata Passenger Electric Mobility (904%), and JSW One Platforms (522%), highlighting momentum in electronics manufacturing, electric vehicles, and digital B2B commerce.
Valuation and Profitability
The combined valuation of these 100 unlisted gems is Rs 28.5 lakh crore ($328 billion), surpassing the GDP of Finland, underlining their economic significance. In terms of profitability, Reliance Retail also leads with the highest EBITDA at Rs 22,573 crore, followed by Adani Properties (Rs 11,332 crore) and Zerodha Broking (Rs 5,664 crore). Together, the firms delivered a total EBITDA of Rs 1.03 lakh crore.
Diversity and Business Models
Half of the companies are family-run, while the rest are professionally managed or new-age ventures. Traditional businesses make up two-thirds of the list, with the remaining third representing digital-first and innovation-led disruptors, reflecting both India’s industrial legacy and growing start-up ecosystem.
Insights from JM Financial
Vishal Kampani, Vice Chairman and Managing Director of JM Financial, said the list highlights a powerful yet often under-recognized driver of India’s economic growth. “These 100 unlisted enterprises exemplify scale, resilience, and value creation, representing excellence in Indian entrepreneurship. They reflect the increasing strength and maturity of India’s institutional business ecosystem,” he said.
