A recent report from Hurun India has revealed that India's most prominent unlisted companies have reached a staggering Rs 28.5 lakh crore valuation, highlighting the sheer strength of India's domestic market, even outside the public equity markets.
According to the newly released JM Financial Hurun India Unlisted Gems report, e-commerce behemoth Flipkart and infrastructure giant Adani Properties are among the leading entities driving this massive valuation.
The report adds that India's private firms together generated Rs 8.9 lakh crore in revenue in 2025 while employing 1.2 million people across the country. Reliance Retail emerged as the country's largest unlisted company, securing the top spot with a revenue of Rs 2.7 lakh crore.
The study profiles some of the largest privately held companies with annual revenues above Rs 1,000 crore. While the list is led by Reliance Retail, which is home to Reliance Smart and JioMart, there are other prominent companies as well, including Flipkart, with Rs 83,105 crore in revenue and major jewellery retailer Malabar Gold and Diamonds at Rs 66,872 crore.
The comprehensive study profiles 100 sizable privately held companies with annual revenues above Rs 1,000 crore, highlighting a vibrant parallel economy of corporate wealth and strong underlying profitability.
Following Reliance Retail, other prominent companies anchoring the ranking include e-commerce major Flipkart with Rs 83,105 crore in revenue, and major jewellery retailer Malabar Gold and Diamonds at Rs 66,872 crore.
The list also includes Adani Properties, which houses the flagship Adani Realty that manages some of the most attractive projects in Mumbai, Pune, Ahmedabad, and Gurugram.
The newly unveiled list also highlights the rapid rise of new-age manufacturing and technology-focused firms. Semiconductor-focused Tata Electronics posted revenues of Rs 66,601 crore, while the conglomerate's dedicated electric vehicle arm, Tata Passenger Electric Mobility, recorded Rs 15,247 crore.
Fast-growing, digital-first businesses such as DeHaat and the legacy insurance arm of SBI, SBI General Insurance, are also part of the list, which ends with Haldiram Snacks Food, arguably one of the most recognisable consumer food brands in India.
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