Biggest Unlisted Companies in India

Investors focus on primary and secondary markets but there is a lesser-known space called the pre-primary market where unlisted companies operate. These are companies that have not gone public yet but are part of the broader stock market ecosystem. Many companies go public to raise funds for growth or visibility but some choose to remain private. Some of these private companies grow into big players not just in India but globally. Depending on size and stage of growth, unlisted companies can be exciting opportunities for investors. Let’s take a look at some of the biggest unlisted companies in India.

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#1 National Stock Exchange of India (NSE) – Most Valuable Unlisted Company in India

In recent times, the volumes of derivatives and stock trading have witnessed significant expansion, especially in the wake of the COVID-19 pandemic. This surge in trading activities has resulted in a substantial increase in revenues. The National Stock Exchange (NSE) business model is designed to offer revenue predictability and impressive return ratios. These factors contribute to NSE’s status as one of the biggest unlisted companies in India. In contrast, the Bombay Stock Exchange (BSE) is already a publicly listed entity. It is plausible that, given these dynamics, the NSE might also make its way out of the unlisted companies category in the coming years.

The NSE is expected to launch its long-awaited IPO by Q4 FY26 (January–March 2026), following a proposed INR 1,388 crore settlement with SEBI to resolve co-location and dark fibre cases. If approved, NSE could file its DRHP by late 2025, paving the way for listing.

Value – INR 4,70,250 crore (up 201% y/y)*
Revenue – INR 19,177 crore (FY 2025)
Net Income – INR 12,188 crore
ROE – 45%
Total Listed Companies on NSE – 2,644

#2 Serum Institute of India (SII)

The Serum Institute of India, led by Adar Poonawalla is the largest vaccine manufacturer in the world and the biggest unlisted public company in India. SII makes vaccines for Polio, Diphtheria, Tetanus and COVID-19 and its vaccines are given to 65% of children globally.

In 2024, Serum Institute of India (SII) strengthened its global health role by joining CEPI with a USD 30 million investment to boost affordable outbreak vaccine production. SII supported the 100 Days Mission and responded to the Sudan Ebola outbreak in 80 days. It also signed an exclusive deal with Valneva to make a chikungunya vaccine for India and Asia where over 12,000 cases occur every year.

As of June 2025, Serum Institute of India (SII) partnered with DNDi to advance a dengue monoclonal antibody (VIS513) in Phase 3 trials in India, Brazil and Southeast Asia.

Value – INR 2,11,610 crore (up 10% y/y)*
Revenue – INR 9,549 crore
Net Income – INR 4,279 crore
ROE – (0.96)%

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#3 Zoho Corporation – A Leading Force Among India’s Top Unlisted Companies in India

Zoho is an Indian multinational technology company that makes software and web applications. It got famous with its flagship product Zoho Office Suite which was launched in 2005. Founded in 1996 by Sridhar Vembu and Tony Thomas, the company has its global headquarters in Chennai, Tamil Nadu and has an office in Del Valle, Texas.

In March 2023, Zoho partnered with Payoneer, a financial technology company that simplifies transactions for businesses. In April, it launched Trident, a new collaboration platform that lets you communicate across multiple channels – email, messaging and audio/video calls. In 2024, Zoho’s valuation jumped 58% to INR 1,03,760 crore, making it the second-largest bootstrapped company in India after Serum Institute. Strong quarterly performance has also led to a rise in Zoho unlisted share price, reflecting growing investor confidence.

Zoho Corporation has partnered with NVIDIA to develop business-focused LLMs using NeMo, investing USD 20 million in AI technology. Simultaneously, Zoho acquired Asimov Robotics and opened a 250-seat R&D campus in Kerala, enhancing AI and robotics research. Over 7,00,000 customers will benefit from these advanced, privacy-conscious AI solutions.

Zoho Valuation – INR 1,03,760 crore (up 58% y/y)*
Revenue – INR 8,703 crore
Net Income – INR 2,836 crore
Products – 55+
Employee – 15,000+

#4 Zerodha

Zerodha was founded in 2010 by Nithan and Nikhil. It has 120 partner offices and branches across India. Zerodha is a trading platform for NSE, BSE and MCX across equity, currency and commodity segments. It has more than 120 partner offices and branches all over India.

Zerodha serves its customers through various mobile apps like Zerodha Kite, Zerodha Coin and Zerodha Varsity. Zerodha Kite app allows seamless trading from anywhere, so you can make informed decisions on the go.

Zerodha Valuation – INR 87,750 crore (up 50% y/y)*
Revenue – INR 9,372 crore
Net Income – INR 4,700 crore
Active Clients – 78,88,964

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#5 Megha Engineering and Infrastructure – Biggest Unlisted Companies in India

Megha Engineering & Infrastructures Limited (MEIL) was incorporated in 1989 in Hyderabad, India. Over the years, it has grown into a global entity executing many iconic projects that reflect modern trends and celebrate economic and cultural growth. MEIL is committed to improving the quality of life for communities through infrastructure projects worldwide.

MEIL operates in water management, engineering, construction and defence sectors with a strong focus on indigenous technological innovation. Present in 24 states in India and 24 countries worldwide, 80% of its revenue comes from its core EPC (Engineering, Procurement and Construction) business.

As of Jan 2025, Telangana signed 3 MoUs with MEIL worth INR 15,000 Cr for a 2,160 MW Pumped Storage Project (INR 11,000 Cr), a 1,000 MWh Battery Energy Storage (INR 3,000 Cr) and an INR 1,000 Cr luxury wellness resort. Separately, MEIL has committed INR 200 Cr to Telangana’s Young India Skills University.

Value – INR 77,860 crore (up 15% y/y)*
Revenue – INR 35,000 crore
Net Income – INR 3,047 crore

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#6 Parle Products

Parle Products is a prominent player in the Fast-Moving Consumer Goods (FMCG) sector and ranks among the top unlisted companies in India. Interestingly, it also holds the distinction of being one of the earliest companies on the list of the largest unlisted companies. Established in 1929, the company started as a bakery and then became a biscuit manufacturer, initially serving the British Army. Parle-G, the biscuit brand, was the world’s number 1 selling biscuit brand in 2020, as per Nielsen.

IBM on 12th Sep 2024 announced the expansion of its partnership with Parle Products, the biscuit brand in India, to help the company in its digital transformation journey. By deploying cloud and Artificial Intelligence (AI) for business solutions through the engagement, Parle has been able to reduce sourcing costs, improve sales forecast accuracy and reduce costs to serve and optimize overall IT infrastructure.

Value – INR 68,640 crore (up 16% y/y)*
Revenue – INR 14,349 crore
Product – 150+

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#7 Intas Pharmaceuticals – Driving Growth as One of India’s Largest Unlisted Companies

Intas Pharma is an unlisted pharma companies in India, a prominent global player in formulation development, manufacturing, and marketing, and stands as a significant healthcare contender among the top 10 unlisted companies in India. It is noteworthy for being the largest privately-owned Indian generic pharmaceutical enterprise and has achieved an impressive revenue growth rate of over 25% in the past five years.

Besides India, Intas Pharma has manufacturing facilities in the UK and Mexico. To leverage international opportunities, the company has a growth strategy with Accord Healthcare. With groundbreaking innovations, Intas Pharmaceuticals is among the top 100 unlisted companies in India and a leader in the industry.

Value – INR 68,150 crore (up 10% y/y)*
Revenue – INR 28,088 crore
Net Income – INR 2,502 crore
Funding/Investment raised so far – INR 1,500 crore

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#8 Dream11 – Only Sports Venture Among the Largest Unlisted Companies in India

Dream11 is a fantasy sports gaming platform where users can play fantasy leagues across various sports like cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football and baseball. Users can create their fantasy teams based on real match data. Since its inception, Dream11 has grown big and achieved a milestone by becoming the first Indian fantasy sports company to become a unicorn in April 2019.

As one of the unlisted public company in India, Dream11 continues to thrive in the competitive sports gaming industry. Recently, it launched the Guru Home feature to connect users with expert ‘Gurus’ for team-building strategies, further enhancing the user experience. The platform boasts over 22 – 26 crore users engaged in various fantasy sports activities, solidifying its position as a leader in the market.

Value – INR 67,860 crore (up 13% y/y)*
Active Users – 20 crore+
Revenue – INR 6,384 crore
ROCE – 6.08%

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#9 Razorpay

As the shift to online services and commerce gains momentum, new players are entering the payment processing space and Razorpay is well-positioned to lead this charge. One of the few full-stack payment solution providers in India, Razorpay enables businesses to accept, process and disburse payments across various methods – credit and debit cards, UPI and popular mobile wallets.

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razorpay has grown rapidly with backing from GIC, Sequoia Capital, Tiger Global and Y Combinator. Valued at over USD 7.5 billion, the company is innovating with products like Payment Gateway 3.0 and AI assistant Ray and is one of the top 100 unlisted companies in India.

Razorpay plans to go public in India by 2026 and is aligning its IPO strategy with a legal domicile shift from the US to India. This will boost investor trust, market alignment and regulatory ease and is a big milestone for fintech’s growth and commitment to the Indian market.

Value – INR 63,620 crore (up 11% y/y)*
Revenue – INR 2,501 crore
ROE – 2.77%

#10 Amalgamations Group

Amalgamations Group, based in Chennai, India, is a large light engineering conglomerate with diverse business interests, including manufacturing tractors, automobile ancillaries, plantations, trading, and services. The group has over 47 companies and 50 manufacturing plants. Some of its most notable companies are Tractors and Farm Equipment Limited (TAFE), Simpsons & Company, Bimetal Bearings, India Pistons, T. Stanes & Co, Amco Batteries, and Addisons Paint. The Amalgamations Group was formerly known as the Simpson Group.

Value – INR 56,660 crore (up 68% y/y)*
Revenue – INR 201 crore
Net Income – INR 1.23 crore

* All valuation data for top unlisted companies in India is sourced from the Hurun 2024 study.

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