Reliance Retail, Flipkart, Malabar Gold among top unlisted gems in 2026: JM Financial, Hurun India

These 100 companies generated a combined revenue of Rs 8.9 lakh crore in 2025.

• Reliance Retail tops list of India's largest unlisted companies
• Flipkart and Malabar Gold and Diamonds rank second and third
• 100 firms generated Rs 8.9 lakh crore revenue in 2025

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Reliance Retail, Flipkart, and Malabar Gold and Diamonds are among the top three of 100 unlisted companies, as per a list compiled by JM Financial and Hurun India. The list comprises 100 high-potential companies with the scale and performance characteristics aligned with public market entry.

Reliance Retail has topped the inaugural JM Financial Hurun India Unlisted Gems 2026 list, emerging as the country’s largest unlisted company by revenue at Rs 2.7 lakh crore. Flipkart secured the second spot with revenues of Rs 83,000 crore, while Malabar Gold and Diamonds ranked third at Rs 66,000 crore.

The list showcases companies with a minimum revenue of Rs 1,000 crore, demonstrating

consistent revenue, and EBITDA growth over multiple years. These firms have not publicly disclosed any IPO plans as of yet.

Collectively, the 100 companies on the list generated RTs 8.9 lakh crore in revenue in 2025, up from Rs 6.7 lakh crore in 2023, which is a strong 15.2% compound annual growth rate (CAGR) in just two years. The numbers reflect how India’s unlisted space is expanding rapidly, both in scale and operational depth.

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

The 100 unlisted gems are cumulatively valued at Rs 28.5 lakh crore (approximately $328 billion), a figure that surpasses the GDP of Finland. The comparison underscores the sheer economic weight these privately held enterprises now command.

In profitability terms, Reliance Retail also led the pack with the highest EBITDA at Rs 22,573 crore. It was 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.

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 — reflecting both India’s legacy industrial base and its rising start-up ecosystem.

Commenting on the findings, Vishal Kampani, Vice Chairman and Managing Director of JM Financial, said the list underscores 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.

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