Unlisted Companies Emerge as Hidden Gems in 2026: Report

JM Financial Hurun India Unlisted Gems 2026 List Released

Key Findings:

• Reliance Retail tops the inaugural list as India's largest unlisted company by revenue at Rs 2.7 lakh crore.
• Flipkart secures the second spot with revenues of Rs 83,000 crore, while Malabar Gold and Diamonds ranks third at Rs 66,000 crore.
• The list comprises 100 high-potential companies with a minimum revenue of Rs 1,000 crore, demonstrating consistent revenue and EBITDA growth over multiple years.

Revenue Growth:

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• The 100 companies on the list collectively generated Rs 8.9 lakh crore in revenue in 2025, up from Rs 6.7 lakh crore in 2023, representing a 15.2% compound annual growth rate (CAGR) in just two years.
• The list showcases strong growth in sectors such as electronics manufacturing, electric vehicles, and digital B2B commerce, with companies like Tata Electronics posting a staggering 3,173% CAGR, followed by Tata Passenger Electric Mobility at 904%, and JSW One Platforms at 522%.

Valuation and Profitability:

• The 100 unlisted gems are cumulatively valued at Rs 28.5 lakh crore (approximately $328 billion), surpassing the GDP of Finland.
• In profitability terms, Reliance Retail leads the pack with the highest EBITDA at Rs 22,573 crore, followed by Adani Properties at Rs 11,332 crore and Zerodha Broking at Rs 5,664 crore.
• Together, the 100 companies delivered a combined EBITDA of Rs 1.03 lakh crore.

Industry Insights:

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• Half of the list comprises family-run businesses, while the remaining half includes professionally managed firms and new-age ventures.
• Traditional businesses account for two-thirds of the companies, with the remaining third made up of digital-first and innovation-led disruptors.
• The findings highlight the significance of unlisted companies as a powerful engine of India's growth story.