India’s top 100 unlisted companies generated a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, marking an annual 15.2% growth on a compounded basis over the past two years. This is according to the inaugural JM Financial Hurun India Unlisted Gems 2026 report.

Reliance Retail topped the ranking with revenue of Rs 2.71 lakh crore in 2025, followed by Flipkart at Rs 83,105 crore and Malabar Gold and Diamonds at Rs 66,872 crore. Tata Electronics reported revenue of Rs 66,601 crore, while Tata Digital posted Rs 32,188 crore. Adani Properties and Tata Passenger Electric Mobility also featured among the top 10 companies by revenue.

The listidentifies 100 privately held companies with a minimum revenue of Rs 1,000 crore and consistent multi-year growth in revenue and EBITDA, while excluding firms that have filed a draft red herring prospectus or formally announced listing plans.

Rs 35,900 crore in net profit across 100 companies

According to the report, the combined net profit for the 100 companies experienced a 176% increase to Rs 35,900 crore in 2025 from Rs 13,000 crore in 2023. Aggregate EBITDA stood at Rs 1.03 lakh crore.

The report stated that Reliance Retail reported the highest EBITDA at Rs 22,573 crore. Adani Properties came second with  EBITDA of Rs 11,332 crore in 2025. Zerodha Broking has been ranked third.

Newer companies lead the way

The report also highlighted rapid revenue expansion among newer companies. Tata Electronics posted a three-year revenue CAGR of 3,173%, while Tata Passenger Electric Mobility recorded 904%. JSW One Platforms, Spinny and CRED were among the other fastest-growing companies by three-year revenue CAGR.

The 100 companies are cumulatively valued at Rs 28.5 lakh crore and together employ 1.2 million people. They contributed Rs 17,229 crore in direct taxes, with Reliance Retail paying Rs 3,356 crore, the highest among the cohort.

Consumer goods accounted for 19 companies on the list, followed by construction and engineering with 12 and financial services with 11. 

No longer a Mumbai-Bengaluru duopoly

What’s particularly interesting about this list of unlisted gems is that it is no longer just a Mumbai-Bengaluru story. Though Maharashtra led with 27 companies, while Mumbai accounted for 20 firms and Bengaluru 17, Anas Rahman Junaid, Founder and Chief Researcher, Hurun India pointed out that “While these two cities anchor nearly a third of the list, tier-two and tier-three cities contribute close to a quarter, from Kozhikode’s Malabar Gold and Diamonds to Patna’s DeHaat, Hoshiarpur’s International Tractors, and Bhavnagar’s Madhu Silica. Visakhapatnam alone contributes three companies across seafood processing and jewellery, a quiet signal of enterprise cluster formation on India’s eastern coastline.”