India’s unlisted firms triple profits in two years; earnings jump to ₹35,900 crore: JM Financial–Hurun

India’s large privately held companies have improved profitability over the past two years, with cumulative net profits of 100 major unlisted firms rising nearly threefold to ₹35,900 crore in 2025 from about ₹13,000 crore in 2023, according to the latest Unlisted Gems ranking released by JM Financial in partnership with Hurun India.

The report, which profiles sizeable unlisted companies with annual revenue above ₹1,000 crore, points to strengthening operational efficiency, demand recovery and maturing business models across sectors ranging from retail and manufacturing to technology platforms and logistics.

Profitability expands alongside scale

The companies together generated ₹8.9 lakh crore in revenue and ₹1.03 lakh crore in EBITDA, indicating that India’s unlisted corporate sector is not only expanding in size but also improving margins.

Industry observers say the sharp rise in profits reflects a combination of factors, including better cost controls after the pandemic years, improved supply-chain stability and a growing focus on profitability among venture-backed and family-owned businesses alike.

Among the biggest contributors is Reliance Retail, which continues to dominate the ranking by scale and earnings, reporting the highest revenue and net profit in the list. Other large unlisted players such as Flipkart, Malabar Gold and Diamonds, and Tata Electronics also feature prominently, reflecting the breadth of sectors where private firms are achieving remarkable financial strength.

The list also includes high-margin new-age firms such as Zerodha Broking, known for its strong profitability ratios, highlighting how digital-first and capital-light business models are contributing meaningfully to the sector’s overall earnings growth.

Balance sheets remain stable

Despite the rapid growth in revenue and profits, leverage levels across the cohort remain broadly contained. About 65% of the companies maintain debt-to-equity ratios below 1x, indicating relatively conservative balance sheets even as businesses scale up operations.

This combination of rising profitability and moderate leverage suggests many unlisted firms are entering a phase of financial consolidation, strengthening their fundamentals before considering capital market listings or large expansion plans.

The companies together employ roughly 1.2 million people, stressing their growing role in India’s broader economic ecosystem beyond the listed corporate universe.

IPO pipeline and market implications

The study excludes companies that have already filed draft IPO papers or formally announced listing plans, positioning the ranking as a snapshot of firms that could form the next wave of public market entrants.

Analysts note that the surge in profitability could make these firms more attractive to investors if and when they tap the public markets, as stronger earnings visibility typically supports higher valuations and smoother listings.