Reliance Retail, Adani Properties, Flipkart, Zerodha among India's top-100 unlisted gems

JM Financial and Hurun India have collaborated to release their inaugural 'Hurun India Unlisted Gems 2026 report' which features a curated list of 100 high-potential Indian companies. Reliance Retail, the retail arm of Reliance Industries Ltd, leads the maiden report with a revenue of Rs 2.7 lakh crore.

It is followed by Flipkart, which holds the second position on the list with revenue of Rs 83,000 crore, while Malabar Gold and Diamonds occupies third place at Rs 66,000 crore. Together, the 100 companies achieved a combined revenue of Rs 8.9 lakh crore in 2025, up sharply from Rs 6.7 lakh crore in 2023, reflecting a compound annual growth rate of 15.2 per cent over two years.

According to JM Financial, these firms were selected for their substantial scale, consistent revenue growth, and performance characteristics that align with public market entry, yet none have filed a DRHP or disclosed IPO plans as yet. The report has curated a list of high-potential companies with the scale and performance characteristics aligned with public market entry.

The list showcases companies with a minimum revenue of Rs 1,000 crore, demonstrating consistent revenue and Ebitda growth over multiple years. To the best of our knowledge, these companies have not filed a DRHP with the stock exchanges nor publicly disclosed any IPO plans as of the date of publication.

The report 2026 underscores the significance of a powerful and 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, said Vishal Kampani, Vice Chairman & Managing Director, JM Financial.

What makes this cohort truly significant is the role it plays in helping propel the vision of Viksit Bharat. By supporting employment creation, driving innovation across sectors, and expanding economic activity beyond traditional centres, these companies are strengthening India’s productive capacity and broadening participation in growth, he said.

Tata Electronics posted the highest revenue growth rate on the list, with a 3,173 per cent CAGR, followed by Tata Passenger Electric Mobility at 904 per cent and JSW One Platforms at 522 per cent, highlighting the emergence of new-age sectors within India's unlisted corporate space, as said the report by JM Financial.

In aggregate, the firms featured in the JM Financial Hurun India report are valued at Rs 28.5 lakh crore ($328 billion), a figure that exceeds the GDP of Finland, underlining the scale of these unlisted players according to the report. Mahansaria Tyres (62.86 per cent), Sanmar Shipping (52.14 per cent),and Walkaroo International (44.43 per cent) lead in Ebitda margin CAGR.

Operationally, Reliance Retail leads in Ebitda with Rs 22,573 crore, trailed by Adani Properties with Rs 11,332 crore and Zerodha Broking at Rs 5,664 crore. The combined Ebitda generated by the 100 companies is Rs 1.03 lakh crore in the latest financial year. 65 out of 100 companies have a debt-to-equity ratio below 1 times, with IFFCO eBazar, Altimetrik, Echjay Industries, and Zerodha Broking being entirely debt-free.

The report identifies an impressive diversity in financial health, with ARISTO Pharmaceuticals, Cybage Software, and Devi Sea Foods topping current ratios. Sectorally, the consumer goods segment dominates with 19 companies on the list, trailed by the construction & engineering and financial services sector.

The report reveals a parallel economy hiding in plain sight. The numbers  speak not just to scale, but to the quality of their growth. They collectively employ 1.2 million people. This is not a fringe economy; it is a formidable engine operating at institutional scale, largely away from the glare of public markets, said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

"What stands out this year is how dramatically India's industrial ambitions have compressed timelines," he added. These are not incremental stories; they signal that India is building real hardware capacity in semiconductors and electric mobility at a velocity we have not seen before. The Make in India thesis is no longer aspirational; it is showing up in the financials."
 

Why NSE and Reliance Jio Platforms not included?
The report does not include names like Reliance's Jio Platforms and National Stock Exchange of India (NSE). According to the report, both companies were left out not due to financial or operational concerns, but because they are already in advanced IPO conversations, which goes against the list’s objective of identifying lesser-known unlisted prospects.