Tata Electronics To Adani Properties: Top Unlisted Gems Showing IPO Readiness

India’s largest unlisted companies are showing scale, profitability and capital efficiency metrics typically associated with initial public offering (IPO)-ready businesses.

The Unlisted Gems 2026 ranking released by JM Financial, in collaboration with Hurun India, shows that several high-potential private companies are already operating at a scale comparable to listed peers, even though none have yet filed draft IPO papers or disclosed listing timelines.

The ranking covers 100 large private companies with annual revenue above ₹1,000 crore and consistent multi-year revenue and earnings before interest, taxes, depreciation and amortisation (EBITDA) growth.

Together, these firms reflect how India’s unlisted ecosystem has matured into a pool of businesses with institutional-grade financial profiles across retail, infrastructure, technology, and manufacturing.

Which Unlisted Giants Are Scaling Fastest?

The companies at the top of the revenue table show just how big some unlisted players have become. In many cases, the scale already matches listed peers.

Reliance Retail is the clear outlier. Sales stand at ₹2.7 lakh crore. EBITDA came in at ₹22,573 crore. No other company in the list comes close on operating size.

In e-commerce, Flipkart remains the leader. Revenue was ₹83,105 crore. Malabar Gold and Diamonds reported ₹66,872 crore in revenue, up 38% over the year.

The other biggest jump came from Tata Electronics. Revenue rose 1,652% to ₹66,601 crore. This followed rapid expansion into semiconductor-related manufacturing. Adani Properties also posted strong numbers. Revenue increased 70% to ₹22,726 crore, with EBITDA at ₹11,332 crore.

Growth rates tell a separate story. Tata Electronics recorded the highest three-year revenue CAGR in the ranking at 3,173%. Tata Passenger Electric Mobility followed with 904%. JSW One Platforms came next at 522%.

On profitability, Reliance Retail again led the pack. Zerodha Broking reported EBITDA of ₹5,664 crore. Taken together, the 100 companies reported revenue of ₹8.9 lakh crore in 2025, compared with ₹6.7 lakh crore in 2023. That works out to a 15.2% compound annual growth rate over just two years.

How Strong Are Balance Sheets And Capital Efficiency?

A defining feature of many unlisted heavyweights is their ability to scale without excessive leverage. As many as 65 of the 100 companies have debt-to-equity ratios below 1.0x.

Debt Position

• Companies like IFFCO eBazar, Altimetrik, Echjay Industries and Zerodha Broking are debt-free.
• Reliance Retail carries total debt of ₹57,269 crore, while Adani Properties has ₹40,521 crore.

Capital Efficiency

• Patna-based DeHaat posted the return on capital employed (ROCE) of 71%, far above listed-market medians range of 15–18%.
• CavinKare delivered a return on equity (ROE) of 46%, compared with listed-market medians of ~17%. Operating Metrics
• Porter reported an asset turnover of 7.8 times, reflecting high operational intensity.
• ARISTO Pharmaceuticals posted a current ratio of 12.2 times, indicating strong short-term liquidity buffers. Sectorally, consumer goods dominates the list with 19 companies, followed by construction and engineering with 12 and financial services with 11.

Key Investor Takeaway

India’s unlisted leaders are already demonstrating IPO-scale revenues, EBITDA and capital efficiency, with some delivering triple-digit growth and ROCE far above listed benchmarks.

While no formal listing plans exist, the financial profiles suggest a growing pipeline of potential public-market entrants. Will the current growth momentum among unlisted companies translate into sustained value creation if and when they eventually enter the public markets?

Sources:

Economic Times
CNBC