Reliance Retail tops JM Financial–Hurun Unlisted Gems list; firms post combined revenue worth ₹8.9 lakh crore in 2025

Reliance Retail has emerged as the country’s largest unlisted company by revenue, topping the Unlisted Gems 2026 ranking released by JM Financial in partnership with Hurun India, which said India’s leading private firms together generated ₹8.9 lakh crore in revenue in 2025.

The report profiles 100 sizable privately held companies with annual revenue above ₹1,000 crore, highlighting the growing scale and profitability of India’s unlisted corporate sector and indicating a strong pipeline of potential future IPOs.

Reliance Retail leads, new-age and manufacturing firms feature

Reliance Retail, the country’s largest organised retailer, secured the top spot with a revenue of ₹2.7 lakh crore in 2025.

Other prominent companies in the ranking include e-commerce major Flipkart (₹83,105 crore), jewellery retailer Malabar Gold and Diamonds (₹66,872 crore), semiconductor-focused Tata Electronics (₹66,601 crore), and electric vehicle arm Tata Passenger Electric Mobility (₹15,247 crore). 

The list also features fast-growing startups and digital-first businesses such as DeHaat, reflecting the widening mix of traditional and new-economy players achieving large scale while remaining privately held.

This list that presents companies spanning retail, manufacturing, technology platforms, logistics and financial services indicates the increasing depth of India’s private enterprise ecosystem.

Profitability strengthens across unlisted sector

According to the report, the 100 companies together recorded ₹1.03 lakh crore in EBITDA, while net profits rose sharply from about ₹13,000 crore in 2023 to ₹35,900 crore in 2025, pointing to improving operational efficiency and demand momentum.

Their combined valuation stands at ₹28.5 lakh crore, with the firms employing roughly 1.2 million people, highlighting their importance to the broader economy.

Balance sheets remain largely stable, with 65% of companies maintaining debt-to-equity ratios below 1x, though a handful of highly leveraged firms lift the overall average.

Strong IPO pipeline ahead

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

With major hubs such as Mumbai and Bengaluru hosting a large share of these companies, the report highlights how private capital has enabled Indian businesses to grow substantially before tapping public markets.

Beyond the IPO outlook, the findings also tell how large unlisted firms are becoming a key engine of growth, employment and innovation in India.