Top 10 highest-revenue unlisted Indian companies in 2026: Reliance Retail leads; Tata Electronics logs 1,652% YoY growth

Hurun India Unlisted Gems List 2026: Retail and consumer-focused businesses accounted for half of this year’s top 10 rankings on the JM Financial-Hurun Unlisted Gems 2026 list.

2 min readNew DelhiUpdated: Feb 26, 2026 05:47 AM IST

Hurun India Unlisted Gems List 2026 Top 10 highest-revenue unlisted. (Source: Canva)

Hurun India Unlisted Gems List 2026: India’s unlisted corporate sector is highlighting notable scale and profitability, fuelling a strong pipeline of potential IPOs.

The JM Financial-Hurun Unlisted Gems 2026 list features companies with an annual revenue above Rs 1,000 crore.

These companies have collectively generated Rs 8.9 lakh crore in revenue in 2025, according to the report released on Tuesday.

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Reliance Retail emerged as the largest unlisted company in India by revenue at Rs 2.7 lakh crore, reporting 5 per cent year-on-year growth in 2025.

Flipkart ranked second with a revenue of Rs 83,105 crore, up 17 per cent year-on-year, while Malabar Gold and Diamonds placed third, reporting a 38 per cent rise in revenue to Rs 66,872 crore.

Retail and consumer-focused businesses accounted for half of this year’s top 10 rankings.

Tata Electronics recorded the sharpest revenue growth, up 1,652 per cent to Rs 66,601 crore, driven by aggressive semiconductor expansion.

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Adani Properties’ revenue rose 70 per cent to Rs 22,726 crore, indicating strong growth initiatives in capital-intensive businesses.

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Mumbai and Bengaluru, India’s key business centres, are home to nearly all of these companies.

Additionally, tier-two and tier-three cities contribute close to a quarter, like Malabar Gold and Diamonds from Kozhikode, DeHaat from Patna, and so on.

The report further highlights how private capital has enabled Indian businesses to scale up significantly before entering public markets.

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Top 10 Highest-Revenue Unlisted Indian Companies in 2026:

Reliance Retail

₹2.71 Lakh Cr

+5%

Industry

Retail

Headquarters

Mumbai

Flipkart

₹83,105 Cr

+17%

Industry

Retail

Headquarters

Bengaluru

Malabar Gold and Diamonds

₹66,872 Cr

+38%

Industry

Consumer Goods

Headquarters

Kozhikode

Tata Electronics

₹66,601 Cr

+1,652%

Industry

Semiconductors

Headquarters

Mumbai

Tata Digital

₹32,188 Cr

+5%

Industry

Retail

Headquarters

Mumbai

Adani Properties

₹22,726 Cr

+70%

Industry

Real Estate

Headquarters

Ahmedabad

OfBusiness

₹22,499 Cr

+15%

Industry

Services

Headquarters

Gurugram

Tata Passenger Electric Mobility

₹15,247 Cr

+47%

Industry

Automobile & Auto Components

Headquarters

Mumbai

SBI General Insurance

₹14,140 Cr

+11%

Industry

Financial Services

Headquarters

Mumbai

#10

Haldiram Snacks Food

₹14,000 Cr*

N/A

Industry

Consumer Goods

Headquarters

Noida

Source: Hurun Research Institute; JM Financial Hurun India Unlisted Gems 2026 | *Based on 2024 filings

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Cherry Gupta

Cherry Gupta is an Assistant Manager – Content at The Indian Express. She leads the Top 10 section, curating list-based features on key national and international developments, and manages daily news content. She also produces SEO-driven articles and collaborates with the Lifestyle team to conduct interviews with notable artists and write workplace culture features. ... Read More

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