Biggest Unlisted Companies in India


Last updated on June 8, 2024

While the primary and secondary markets typically command the primary focus of investors, unlisted enterprises represent what can be described as the pre-primary market within the stock market’s terminology. Generally, companies eventually consider going public for various reasons, such as raising growth capital or increasing their visibility, though there are exceptions to this. Some private entities become notable unlisted corporations, not only in India but also on a global scale. Depending on their size and stage of development, unlisted firms can offer substantial opportunities. In this context, we examine the biggest unlisted companies in India.

Biggest Unlisted Companies in India

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#1 Serum Institute of India (SII) – Most Valuable Unlisted Company in India

Serum Institute of India

The Serum Institute of India, led by Adar Poonawalla, currently holds the distinction of being the world’s largest vaccine manufacturer and the most significant unlisted corporation in India. The institute is responsible for the production and distribution of a wide range of vaccines, including Polio, Diphtheria, Tetanus, Pertussis, Hib, BCG, r-hepatitis B, Measles, Mumps, Rubella, as well as Pneumococcal and COVID-19 vaccines.

According to certain assessments, vaccines produced by SII are administered to at least 65% of children globally, contributing significantly to the preservation of countless lives around the world. The institute’s vaccines have played a pivotal role in achieving this feat. Given its impressive track record, it is entirely justified for the Serum Institute of India to claim the title of the biggest unlisted company in India.

As of January 2024, the Serum Institute of India joins the CEPI global network to boost the production of affordable outbreak vaccines.

Value – INR 1,92,300 crore (down 12.5% y/y)*
Revenue – INR 10,190 crore
Net Income – INR 4,187 crore
ROE – 15.93%

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#2 National Stock Exchange of India (NSE)

NSE 2023

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.

Value – INR 1,56,000 crore (up 12% y/y)*
Revenue – INR 14,780 crore
Net Income – INR 8,306 crore
ROE – 51%
Total Listed Companies on NSE in March 2024 – 2,379

#3 Megha Engineering and Infrastructure – Biggest unlisted companies in India

Megha Engineering and Infrastructure

Incorporated in 1989, Megha Engineering & Infrastructures (MEIL) is a major infrastructure company headquartered in Hyderabad, India. It has emerged as a rapidly expanding global entity, completing numerous iconic projects reflecting evolving trends and celebrating economic and cultural progress. MEIL has undertaken significant infrastructure endeavors worldwide to enhance people’s lives and communities.

MEIL operates across several key business sectors, including water management, engineering, construction, manufacturing, transportation, hydrocarbons, power, process industries, and defense. The company is committed to leveraging indigenous technological innovations for the collective benefit of all segments of society. MEIL has a presence in more than 24 states in India, and 24 countries across the world. The company derives ~80% of its revenue from the EPC segment.

Value – INR 67,500 crore (up 22.1% y/y)*
Revenue – INR 31,766 crore
Net Income – INR 2,797 crore

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#4 Zoho Corporation

Zoho Corporation

Zoho Corporation is an Indian multinational technology company renowned for its creation of computer software and web-based business tools. It gained prominence through its flagship product, the Zoho Office Suite, an online office suite. Established in 1996 by Sridhar Vembu and Tony Thomas, the company maintains a presence in seven locations, with its global headquarters situated in Chennai, Tamil Nadu. Additionally, it has corporate headquarters outside Austin in Del Valle, Texas.

In March 2023, Zoho partnered with Payoneer, a financial technology company that simplifies transactions for businesses. In April, Zoho introduced Trident, a new collaboration platform facilitating communication across various channels including email, messages, and audio/video calls. Additionally, in November 2023, Zoho announced a partnership with StartupSouth aimed at empowering startups.

Value – INR 65,700 crore (up 34.40% y/y)*
Revenue – INR 8,703 crore
Net Income – INR 2,836 crore
Products – 55+
Employee – 15,000+

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#5 Swiggy

Swiggy 2023

Swiggy, based in Bangalore, is counted among the largest privately-held companies in India. It operates as a major player in the online food ordering and delivery industry within the Indian market, where it competes with Zomato. Founded in 2014, the company has substantially grown its footprint, offering its services in over 500 cities. Swiggy is backed by prominent venture capital firms, including Naspers, Accel India, SAIF Partners, and Norwest Venture Partners.

Value – INR 65,400 crore (down 26.20% y/y)*
Revenue – INR 8,264.6 crore
Net income – INR -4,179.3
Employees – 10,000+

#6 Intas Pharmaceuticals

Intas 2023

Intas Pharma, a prominent global player in formulation development, manufacturing, and marketing, stands as a significant healthcare contender among the top 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.

In addition to its operations in India, Intas Pharma maintains manufacturing facilities in the United Kingdom and Mexico. To optimize opportunities in international markets, the company has formulated a growth strategy in collaboration with Accord Healthcare.

Value – INR 61,900 crore (up 4.40% y/y)*
Revenue – INR 15,065 crore (9M FY 2024)
Net Income – INR 2,271 crore (9M FY 2024)
Funding/Investment raised so far – INR 1,500 crore
CAGR – ~22%

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#7 Dream11 – Only Sports Venture Among Top Unlisted Companies

Dream11 2023

Dream11 operates as a fantasy sports gaming platform, allowing users to participate in fantasy leagues based on various sports such as cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football, and baseball. Users can create their fantasy teams using real-world match data. In the world of sports gaming, Dream11 has experienced substantial growth and made a noteworthy achievement by becoming the first Indian fantasy sports company to achieve unicorn status in April 2019.

Value – INR 59,700 crore (down 9.80% y/y)*
Active Users – 15 crore+
Revenue – INR 6,384 crore
ROCE – 6.08%

#8 Parle Products

Parle Products 2023

Parle Products is a prominent player in the Fast-Moving Consumer Goods (FMCG) sector and ranks among the largest 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. Founded in 1929, the company’s journey evolved from being a bakery to becoming a leading biscuit manufacturer, initially serving the needs of the British Army. Notably, its biscuit brand, Parle-G, achieved the distinction of being the world’s top-selling biscuit brand in 2020, as reported by Nielsen.

Value – INR 59,400 crore (down 5.10% y/y)*
Revenue – INR 17,200 crore
Product – 150+

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#9 Zerodha


Zerodha was established in 2010 in Bangalore by Nithin Kamath and Nikhil Kamath. It provides trading services in the NSE, BSE, and MCX exchanges across equity, currency, and commodity segments. The company operates more than 120 partner offices and branches throughout India.

Zerodha serves its customers through a variety of innovative mobile apps, such as Zerodha Kite, Zerodha Coin, and Zerodha Varsity. The Zerodha Kite app facilitates seamless trading from anywhere, empowering users to make informed decisions while on the move.

Value – INR 58,500 crore (up 97% y/y)*
Revenue – INR 6,875 crore
Net Income – INR 2,900 crore
Active Clients – 6,598,363

#10 Razorpay

Razorpay 2024

In the wake of the transition towards online service and commerce channels, it’s natural for new contenders to emerge in the payment processing sector. Razorpay perfectly fits this role, positioned as one of the few comprehensive payment solution companies in India. Its platform empowers businesses to effortlessly accept, process, and disburse payments through a wide array of methods, including credit and debit cards, UPI, and popular mobile wallets.

Founded by Harshil Mathur and Shashank Kumar, and backed by investments from notable entities like GIC, Sequoia, Tiger Global, and Y Combinator, among others, RazorPay has experienced substantial revenue growth in recent times. Like several other players among the largest unlisted companies, RazorPay is planning to launch its IPO in the coming years.

Value – INR 56,800 crore (down 8.50% y/y)*
Revenue – INR 2,279 crore
ROE – 2.77%
Users – 50 lakh+

* All valuation data for top unlisted companies is sourced from the Hurun 2023 study.

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Biggest Unlisted Company FAQs

Which is India’s most valuable unlisted company?

The vaccine manufacturer Serum Institute of India (SII) holds the top position among the most valuable unlisted companies in India. According to a Hurun study, its latest valuation has surged to INR 1,92,300 crore.

How are unlisted companies valued?

Valuation of unlisted companies takes into account various factors, including the total addressable market size, growth rates, profit margins, and intangible assets.

Who are the investors in unlisted firms?

Even though unlisted companies are not publicly traded on stock exchanges, they frequently attract investments from private equity investors, venture capital firms, and large family offices.


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