Biggest Unlisted Companies in India

January 30, 2026

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 continued their record-breaking trajectory, fueled by a massive increase in retail participation and a shift in household savings toward financial assets. This sustained surge in trading activities has resulted in robust revenue growth and industry-leading margins. The National Stock Exchange (NSE) business model is designed to offer high revenue predictability and exceptional return ratios, solidifying its status as India’s most valuable unlisted entity with a near-monopoly in the equity derivatives segment.

NSE is on the final stretch toward its highly anticipated listing. Following an INR 1,388 crore settlement with SEBI to resolve legacy co-location cases, the regulator indicated in early January 2026 that it is in the advanced stages of issuing a No Objection Certificate (NOC). With this clearance, the exchange is expected to launch its mega-IPO by Q4 FY26 (January–March 2026).

Value – INR 5,20,987 crore
Revenue – INR 19,177 crore (FY 2025)
Net Income – INR 12,188 crore
H1 FY26 Income – INR 8,320 crore
ROE – 45%
Total Listed Companies on NSE – 2,230 in Equity, 532 in SME; Total: 2,762

#2 Serum Institute of India (SII) – Runner Up in Biggest Unlisted Companies in India

The Serum Institute of India, led by Adar Poonawalla, is the largest vaccine manufacturer in the world and remains one of the largest unlisted companies in India. SII produces life-saving vaccines for Polio, Diphtheria, Tetanus, and Hepatitis, and its products are administered to approximately 65% of children globally.

In recent times, SII has shifted its focus toward global pandemic preparedness and emerging viral threats. In late 2025, the company strengthened its partnership with CEPI to develop a rapid-response vaccine for H5N1 (Bird Flu) and established the world’s first investigational reserve for the Nipah virus. These initiatives support the “100 Days Mission,” aiming to authorize new vaccines within 100 days of a pathogen’s identification. Additionally, the company continues to expand its reach in Asia and Africa through exclusive licensing deals for affordable outbreak vaccines.

Serum Institute of India has made significant strides in specialized medicine, entering Phase 3 trials for a high-efficacy dengue monoclonal antibody. Furthermore, the company has diversified its interests beyond healthcare; in early January 2026, CEO Adar Poonawalla signaled a strategic intent to enter the sports arena with a potential multi-billion dollar bid for the Royal Challengers Bengaluru (RCB) IPL franchise.

Value – INR 2,11,610 crore (based on Hurun Report)
Revenue – INR 9,549 crore
Net Income – INR 4,279 crore
ROE – (0.96)%

#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.

Zoho is the second-largest bootstrapped company in India after Serum Institute. In recent times, Zoho has aggressively focused on becoming an AI-first organization. The company has successfully integrated its proprietary Zia LLM (Large Language Model) across its suite of 55+ products. This was made possible through a strategic partnership with NVIDIA and Dell Technologies, involving an investment of over USD 20 million in high-performance GPU infrastructure to build privacy-conscious, business-specific AI tools. Unlike generic AI, Zoho’s models are designed to process enterprise data securely without training on customer information.

Zoho has further expanded its research capabilities by opening a new 250-seat R&D campus in Kottarakkara, Kerala, focused entirely on AI and robotics. This follows the July 2025 acquisition of Asimov Robotics, a deep-tech startup specializing in industrial and healthcare robotic solutions. Furthermore, in January 2026, Zoho launched its indigenous Made-in-India ERP solution to help local businesses achieve “tech sovereignty.” Despite mounting pressure from the market, CEO Sridhar Vembu has officially ruled out an IPO for 2026, stating that the company prefers to remain private to prioritise long-term R&D over quarterly earnings.

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.

In recent times, Zerodha has navigated a significant transition in its business model following the implementation of SEBI’s “True-to-Label” circular in late 2024 and 2025, which ended the practice of exchanges giving volume-based brokerage rebates. While this led to a projected revenue dip of 10% to 15% across the industry, Zerodha utilized its massive cash reserves—exceeding INR 22,000 crore—to diversify its income streams. The company has focused heavily on the Zerodha Fund House (AMC), launching several passive investment products that have seen rapid adoption among its core user base.

Despite the rise of aggressive competitors, Zerodha has maintained a loyal user base of over 7.6 million active clients. The company remains staunchly bootstrapped, with the founders repeatedly stating that they have no intention of pursuing an IPO in 2026, preferring to maintain their “customer-first” philosophy without the pressure of quarterly reporting to external shareholders.

Zerodha Valuation – INR 87,750 crore (up 50% y/y)*
Revenue – INR 8,847 crore
Net Income – INR 4,237 crore
Active Clients – 76,05,240

#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.

In recent times, MEIL has strategically pivoted toward the green energy and electric mobility sectors. Following the landmark ₹15,000 crore MoUs signed with the Telangana government in 2025, the company has successfully commenced construction on the 2,160 MW Pumped Storage Project and the 1,000 MWh Battery Energy Storage System (BESS). As of 30 January 2026, MEIL boasts one of the most robust standalone order books in the industry, currently valued at over INR 2,65,000 crore

Value – INR 77,860 crore (up 15% y/y)*
Revenue – INR 32,579 crore
Net Income – INR 2,683 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 15,568 crore
Net Income – 979.5
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. In April 2025, the company acquired the Udenyca brand from US-based Coherus BioSciences for approximately USD 483.4 million. Furthermore, in October 2025, Intas, through its subsidiary Accord Healthcare, acquired the Netherlands-based Prothya Biosolutions for an enterprise value of EUR 230 million

Value – INR 68,150 crore (up 10% y/y)*
Revenue – INR 20,855.5 crore
Net Income – INR 1,528 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 most valuable unlisted company in India, Dream11 continues to thrive in the competitive sports gaming industry. In recent times, Dream11 has navigated a significant regulatory shift following the introduction of the Promotion and Regulation of Online Gaming Act (PROGA) 2025. In response to these legislative changes, the company has successfully transitioned its business model toward a broader “second-screen” engagement ecosystem. Dream11 has reached a staggering milestone of over 25 crore registered users, maintaining its position as the largest fantasy sports community in the world. Despite the high 28% GST on entry fees and the shift away from real-money gaming in certain segments.

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. The company is controlling over 55% of India’s online payment gateway market. 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 has completed its “reverse flip,” shifting its legal domicile from the US back to India, which involved a one-time tax outgo of approximately USD 150 million. The company is in the final stages of its IPO preparations, and already invited bids from major merchant bankers . Razorpay aims to raise up to INR 4,500 crore through IPO, which is targeted for launch in late 2026.

Value – INR 63,620 crore (up 11% y/y)*
Revenue – INR 3,783 crore
Net Income – INR 1,209 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 17,300 crore
TAFE Turnover – INR 13,700 crore
Net Income – INR 1.23 crore

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

Latest Content From IPO Central

Biggest Unlisted Company FAQs

Which is India’s most valuable unlisted company?

With its dominance in derivatives and stock trading, the NSE stands tall as one of India’s most valuable unlisted companies. A recent Hurun study reveals its latest valuation has skyrocketed to an astonishing INR 5,20,987 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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