Top 10 highest-revenue unlisted Indian companies in 2026

India’s unlisted corporate sector has demonstrated remarkable scale and profitability, reinforcing the nation’s position as a global economic powerhouse. The JM Financial-Hurun Unlisted Gems 2026 report unveils an impressive list of companies with annual revenues exceeding ₹1,000 crore, collectively generating ₹8.9 lakh crore in revenue during 2025.

This comprehensive report highlights the extraordinary growth trajectory of India’s private enterprises, particularly in retail and consumer-focused sectors, which now account for approximately 50% of the top 10 rankings. These companies are poised to reshape the Indian capital markets through a robust IPO pipeline in the coming years.

India’s Top 10 Highest-Revenue Unlisted Companies 2026

1. Reliance Retail – ₹2.71 Lakh Crore

• Industry: Retail
• Headquarters: Mumbai
• YoY Growth: +5%

Reliance Retail emerges as the undisputed leader in the unlisted corporate sector, commanding a revenue of ₹2.71 lakh crore. Operating an extensive network of physical and digital retail channels, Reliance Retail serves millions of customers across diverse product categories including apparel, electronics, and fast-moving consumer goods (FMCG). The company’s steady 5% year-on-year growth reflects its dominant market position and operational efficiency in an increasingly competitive retail landscape.

2. Flipkart – ₹83,105 Crore

• Industry: Retail & E-commerce
• Headquarters: Bengaluru
• YoY Growth: +17%

Flipkart’s impressive 17% year-on-year growth demonstrates the accelerating momentum in India’s e-commerce sector. As one of the country’s largest e-commerce platforms, Flipkart has revolutionized online shopping with its logistics infrastructure and customer-centric approach. The platform’s strong growth trajectory reflects increasing digital adoption and the expanding middle class seeking convenient online shopping alternatives.

3. Malabar Gold and Diamonds – ₹66,872 Crore

• Industry: Consumer Goods & Jewelry
• Headquarters: Kozhikode, Kerala
• YoY Growth: +38%

With a remarkable 38% year-on-year growth rate, Malabar Gold and Diamonds has become a powerhouse in India’s jewelry sector. Based in Kozhikode, Kerala, this company showcases the potential of regional enterprises to scale nationally. The extraordinary growth reflects rising consumer demand for jewelry, particularly in tier-2 and tier-3 cities, and the company’s successful omnichannel retail expansion strategy.

4. Tata Electronics – ₹66,601 Crore

• Industry: Semiconductors & Electronics Manufacturing
• Headquarters: Mumbai
• YoY Growth: +1,652% (Sharpest Growth)

Tata Electronics records the sharpest revenue growth among all unlisted companies at an astounding 1,652%. This explosive growth is driven by aggressive expansion in semiconductor manufacturing, capitalizing on India’s push for self-reliance in critical electronics. The company’s strategic investments in fabrication units and advanced manufacturing capabilities position it at the forefront of India’s semiconductor revolution.

5. Tata Digital – ₹32,188 Crore

• Industry: Retail & Digital Commerce
• Headquarters: Mumbai
• YoY Growth: +5%

Tata Digital operates as the digital commerce arm of the Tata conglomerate, encompassing diverse online retail and digital services. With a revenue of ₹32,188 crore, the company demonstrates the integration of traditional business expertise with digital-first strategies, serving millions of customers through its multiple platforms.

6. Adani Properties – ₹22,726 Crore

• Industry: Real Estate & Infrastructure
• Headquarters: Ahmedabad
• YoY Growth: +70%

Adani Properties’ robust 70% year-on-year growth underscores the booming real estate sector driven by urbanization and infrastructure development. The company’s capital-intensive projects span residential, commercial, and industrial segments, contributing significantly to India’s urban development agenda.

7. OfBusiness – ₹22,499 Crore

• Industry: B2B Services & Business Solutions
• Headquarters: Gurugram
• YoY Growth: +15%

OfBusiness, headquartered in Gurugram, operates a comprehensive B2B services platform offering business solutions to millions of small and medium enterprises (SMEs). The company’s 15% growth reflects the increasing digitalization of India’s SME sector and rising demand for integrated business services.

8. Tata Passenger Electric Mobility – ₹15,247 Crore

• Industry: Automobile & Auto Components (Electric Vehicles)
• Headquarters: Mumbai
• YoY Growth: +47%

With a 47% year-on-year growth rate, Tata Passenger Electric Mobility capitalizes on India’s transition toward sustainable transportation. The company’s focus on electric vehicles aligns with global decarbonization trends and India’s commitment to environmental sustainability, positioning it as a leader in the green mobility revolution.

9. SBI General Insurance – ₹14,140 Crore

• Industry: Financial Services & Insurance
• Headquarters: Mumbai
• YoY Growth: +11%

SBI General Insurance, backed by the State Bank of India, provides comprehensive insurance solutions across diverse segments. The company’s steady 11% growth reflects the expanding insurance penetration in India as consumers increasingly seek financial protection and risk mitigation strategies.

10. Haldiram Snacks Food – ₹14,000 Crore

• Industry: Consumer Goods & Food Manufacturing
• Headquarters: Noida, Uttar Pradesh
• YoY Growth: Data Based on 2024 Filings

Haldiram Snacks Food completes the top 10 list, representing the strong performance of India’s food and snacks industry. The company’s presence in the premium snacks segment and its extensive distribution network across India and international markets reflect the global appeal of Indian food products.

Key Insights from the Report

Sectoral Distribution

Retail and consumer-focused businesses dominate the top 10 rankings, accounting for approximately 50% of the list. This highlights the robust consumer demand in India and the successful scaling of both traditional and digital retail formats.

Geographic Concentration

Mumbai and Bengaluru, India’s primary business centers, are home to most of these companies. However, the presence of Malabar Gold and Diamonds from Kozhikode and DeHaat from Patna demonstrates that tier-two and tier-three cities now contribute nearly one-quarter of the unlisted corporate revenue.

Growth Drivers

The exceptional growth rates reflect:

• Consumer Spending: Rising disposable incomes driving retail expansion
• Technological Integration: Digital transformation across sectors
• Infrastructure Development: Real estate and logistics expansion
• Semiconductor Focus: Government support for electronics manufacturing
• Sustainability: Green energy and electric vehicle adoption

IPO Pipeline

The collective revenue of ₹8.9 lakh crore generated by unlisted companies with revenue exceeding ₹1,000 crore signals an unprecedented IPO pipeline. These companies represent significant investment opportunities and are expected to transform India’s capital markets in the coming years.

Multiple Choice Questions (MCQs)

Question 1: Which company topped the list of highest-revenue unlisted Indian companies in 2026?

A) Flipkart
B) Reliance Retail
C) Malabar Gold and Diamonds
D) Tata Electronics

Answer: B) Reliance Retail
Explanation: Reliance Retail emerged as the largest unlisted company in India by revenue at ₹2.71 lakh crore, reporting 5% year-on-year growth in 2025.

Question 2: What was the total collective revenue of these top 10 companies in 2025?

A) ₹5.5 lakh crore
B) ₹8.9 lakh crore
C) ₹12.3 lakh crore
D) ₹15.8 lakh crore

Answer: B) ₹8.9 lakh crore
Explanation: These companies collectively generated ₹8.9 lakh crore in revenue in 2025, according to the JM Financial-Hurun Unlisted Gems 2026 report.

Question 3: Which company recorded the sharpest revenue growth among all unlisted companies?

A) Malabar Gold and Diamonds
B) Adani Properties
C) Tata Electronics
D) Tata Passenger Electric Mobility

Answer: C) Tata Electronics
Explanation: Tata Electronics recorded the sharpest revenue growth at 1,652%, driven by aggressive semiconductor expansion.

Question 4: What percentage of the top 10 rankings is accounted for by retail and consumer-focused businesses?

A) 25%
B) 35%
C) 50%
D) 65%

Answer: C) 50%
Explanation: Retail and consumer-focused businesses account for half of this year’s top 10 rankings.

Question 5: Which company is headquartered in Kozhikode?

A) Flipkart
B) Tata Digital
C) Malabar Gold and Diamonds
D) OfBusiness

Answer: C) Malabar Gold and Diamonds
Explanation: Malabar Gold and Diamonds, placed third with a 38% revenue rise, is headquartered in Kozhikode, Kerala.

Question 6: What is Flipkart’s year-on-year revenue growth rate?

A) 5%
B) 17%
C) 38%
D) 70%

Answer: B) 17%
Explanation: Flipkart ranked second with a revenue of ₹83,105 crore, up 17% year-on-year.

Question 7: What is the primary growth driver for Tata Electronics?

A) Retail expansion
B) Semiconductor manufacturing
C) E-commerce operations
D) Insurance services

Answer: B) Semiconductor manufacturing
Explanation: Tata Electronics’ sharpest revenue growth is driven by aggressive semiconductor expansion.

Question 8: Which Indian cities are home to nearly all of the top 10 unlisted companies?

A) Delhi and Hyderabad
B) Mumbai and Bengaluru
C) Pune and Chennai
D) Ahmedabad and Jaipur

Answer: B) Mumbai and Bengaluru
Explanation: Mumbai and Bengaluru, India’s key business centers, are home to nearly all of these companies.

Question 9: What percentage does tier-two and tier-three cities contribute to the unlisted corporate sector?

A) Approximately 10%
B) Approximately 15%
C) Approximately 25%
D) Approximately 40%

Answer: C) Approximately 25%
Explanation: Tier-two and tier-three cities contribute close to a quarter of the unlisted corporate revenue.

Question 10: Adani Properties’ revenue growth rate of 70% primarily reflects growth in which sector?

A) Retail and e-commerce
B) Capital-intensive real estate and infrastructure
C) Electronics manufacturing
D) Food and snacks industry

Answer: B) Capital-intensive real estate and infrastructure
Explanation: Adani Properties’ 70% revenue growth indicates strong growth initiatives in capital-intensive businesses, particularly real estate and infrastructure development.