Editor’s Note
This article highlights a new report identifying India’s 100 most valuable unlisted companies, such as Reliance Retail and Flipkart. These ‘gems’ represent significant private capital and growth, offering a glimpse into the powerhouse enterprises operating outside the public markets.
JM Financial and Hurun India have presented a report titled ‘Unlisted Gems 2026’, covering 100 large companies. These companies are strong and have high valuations, but they have chosen to remain distant from the stock market.
India’s list of these 100 large unlisted companies includes Reliance Retail, Flipkart, and Malabar Gold.
Topping this ‘Unlisted Gems 2026’ list is Reliance Retail, which had a revenue of nearly ₹2.7 lakh crore in 2025…
When looking for the largest companies in any country, people often turn to that country’s stock market. However, in our country, there are several large companies that have still maintained their distance from the stock market. This list includes big names like Reliance Retail, Flipkart, and Malabar Gold. JM Financial and Hurun India have presented a report titled ‘Unlisted Gems 2026’ covering exactly 100 such large companies. The business, profit, and valuation of these companies exceed the GDP of several countries.