When you reach for a pack of namkeen or a bottle of packaged water, you’re probably interacting with not just some of the most popular household grocery names but also companies that are financially powerful. In fact, the inaugural JM Financial Hurun India Unlisted Gems 2026 list puts the spotlight on 100 companies, collectively valued at Rs 28.5 lakh crore, an economic heft larger than the GDP of Finland.
A parallel economy, hiding in plain sight
The JM Financial Hurun India Unlisted Gems 2026 report describes this cohort as a “parallel economy” operating largely outside the glare of public markets.
The 100 companies together delivered Rs 1.03 lakh crore in EBITDA in 2025. Combined net profit nearly tripled in two years, from Rs 13,000 crore in 2023 to Rs 35,900 crore in 2025, while the combined revenuegrew at an annual rate of 15.2% over the same period, on a compounded basis.
Sixty-five of the 100 companies carry a debt-to-equity ratio below 1.0x, with some operating debt-free, as per the report. The median current ratio of 1.6x points to healthy short-term liquidity across the cohort.
Household names, institutional scale
What stands out is how many of these companies are everyday brands.
Snack major Haldiram Snacks Food reported revenue of around Rs 14,000 crore (based on 2024 filings), placing it among the country’s largest unlisted consumer goods players. Beverage company Hindustan Coca-Cola Beverages posted a revenue of Rs 12,864 crore in 2025
Jewellery retailer Malabar Gold and Diamonds clocked Rs 66,872 crore in revenue in 2025, making it the third-largest company on the list by topline.
Beyond metros, beyond start-ups
While Mumbai and Bengaluru account for a significant share of companies on the list, nearly a quarter come from tier-2 and tier-3 cities. From Kozhikode-based Malabar Gold and Diamonds to Patna’s DeHaat, the geography of scale is widening.
Consumer goods is the single largest sector represented, with 19 companies, followed by construction and engineering (12) and financial services (11), the report added.
The age profile is equally diverse. The oldest company on the list, Bennett, Coleman & Co., is 187 years old, while Tata Passenger Electric Mobility is just four years old. Half the cohort comprises family-run enterprises, with the other half professionally managed or new-age ventures, according to the report.
IPO-ready, but not yet listed
Be it Haldiram Snacks Food, Bisleri International, Hindustan Coca-Cola Beverages, Bikanervala Foods, and Balaji Wafer. You may encounter these companies every day on supermarket shelves, in jewellery showrooms or through advertisements without realising how large they have become. They employ millions, generate lakhs of crores in revenue and operate with financial discipline comparable to listed peers. Yet they remain privately held, largely out of public market scrutiny.