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.

Hurun India Unlisted Gems List 2026 Top 10 highest-revenue unlistedHurun India Unlisted Gems List 2026 Top 10 highest-revenue unlisted. (Source: Canva)
Written by: Cherry Gupta
2 min readNew DelhiFeb 26, 2026 05:47 AM IST First published on: Feb 25, 2026 at 12:37 PM IST

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.

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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.

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Cherry Gupta
Cherry Gupta

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