Tata Electronics Pvt., the semiconductor arm of the Tata Group, is the fastest growing Indian company in terms of revenue in the unlisted space and Zerodha Broking Ltd. leads in net profit margin, according to report.
The JM Financial Hurun India Unlisted Gems 2026 is a curated list of high-potential companies with the scale and performance characteristics aligned with public market entry. The list showcases companies with a minimum revenue of Rs 1,000 crore, demonstrating consistent revenue and Ebitda growth over multiple years.
Tata Electronics' revenue has a compounded annual growth rate of 3,173% on a three-year basis. Tata Passenger Electric Mobility Ltd. is the second ranked (904%) on the list, with JSW One Platforms Ltd. (522%), the B2B e-commerce arm of the JSW Group, rounding off the top three.
In terms of net profit margin, Bengaluru-based Zerodha Broking leads with an exceptional 48%, showcasing the efficiency of its asset-light fintech model, the report said. The Kamath brothers-founded company trails only renewable energy major Greenko Group in terms of Ebitda margin.
Adani Properties Pvt. had a 34% profit margin, affirming resilience in real estate profitability.
The 100 companies on the list clocked a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, a 15% CAGR in just two years, the report said.
Reliance Retail Ventures Ltd., part of Reliance Industries Ltd., led the Hurun list with a revenue of Rs 2.7 lakh crore, followed by Walmart Inc.-owned Flipkart Internet Ventures Pvt. at Rs 83,105 crore and Malabar Gold and Diamonds Ltd. at Rs 66,872 crore.
These companies have not filed a any draft offer prospectus with the stock exchanges nor publicly disclosed any IPO plans so far. Reliance Retail will reportedly hit the street in 2028
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