Unlisted stocks see sharp falls in MSEI, Apollo Green; NCDEX, Goodluck Defence gain in 2025

markets

• Unlisted stocks had uneven returns in 2025, reflecting small- and mid-cap stress.
• MSEI, Apollo Green Energy, and B9 Beverages were among the biggest losers
• NCDEX surged 130 percent, leading gains among unlisted stocks

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Popular unlisted stocks delivered uneven returns in 2025, closely reflecting the stress seen across listed small- and mid-cap stocks beyond the headline indices.

Among the biggest losers in the unlisted space was Metropolitan Stock Exchange (MSEI), which fell more than 80 percent so far in 2025. Apollo Green Energy and B9 Beverages also recorded sharp declines, losing 71 percent and 69 percent, respectively.

Other notable losers included Hero Fincorp, which declined 39 percent, and API Holdings, which fell 27 percent. HDFC Securities and Carrier Airconditioning & Refrigeration also ended the year lower, slipping 14 percent and 8 percent, respectively.

Only a limited number of unlisted stocks posted gains during the year. NCDEX emerged as the top performer, surging 130 percent. Goodluck Defence & Aerospace and Indofil Industries followed with gains of 28 percent and 18 percent, respectively. ESDS Software Solutions rose 17 percent, while the unlisted NSE stock gained 15 percent. Chennai Super Kings Cricket advanced 10 percent during the year.

Several stocks delivered mixed or subdued returns. Orbis Financial Corp and Cochin International Airport declined 6 percent and 3 percent, respectively. Incred Holdings gained 5 percent, while Oyo slipped 2 percent and India Potash fell 1 percent. SBI Funds Management recorded a marginal gain of 0.6 percent.

Manan Doshi, co-founder of UnlistedArena.com, said several weak listings were the result of FOMO-driven buying at unsustainable valuations, while stocks such as NSE, NCDEX and Indofil reflected disciplined entry at reasonable valuations.

In the listed market, benchmark indices Sensex and Nifty gained nearly 10 percent each during the period, while the BSE mid-cap index posted a return of about 1 percent. The BSE small-cap index declined by nearly 8 percent.

Experts said the uneven performance of unlisted stocks during the year reflected a realignment of assigned valuation multiples and sentiment across sectors. They said HDFC Securities, as a broking company, saw a correction in line with other listed brokerage firms, as trading volumes remained tepid amid weak market sentiment and regulatory tightening in the futures and options segment.

Experts added that after subdued listing performances despite heavy subscription, valuations in the unlisted market were readjusted following corrections seen in stocks such as HDB Financial Services and Tata Capital at the time of listing.

Experts also said that the Carrier Airconditioning & Refrigeration unlisted stock declined during the year as the summer season remained muted due to an extended and early monsoon, which hurt sales of cooling products such as air conditioners, refrigerators, coolers and fans, impacting performance across the segment.

Rising commodity prices led to higher trading volumes at commodity exchanges, resulting in a re-rating of valuation multiples for NCDEX and a rise in its unlisted stock price. Goodluck Defence & Aerospace also saw positive movement as the company undertook capacity expansion and was expected to report healthy earnings growth, supporting its performance in the unlisted market, experts added.