Most Valuable Unlisted Companies in India

Disclaimer

This blog is for educational purposes only. Any companies mentioned are not suggestions or recommendations. Kindly do your due diligence before making any investment decisions.

You may have heard of well-known Indian companies that aren't listed on the stock exchange. While their shares aren't publicly traded, these unlisted companies play a key role in driving growth and innovation and creating significant value.

India’s unlisted companies demonstrate significant value and influence, often standing alongside major publicly listed firms. This category includes well-known names like HDB Financial Services, Tata Capital, and the National Stock Exchange (NSE).

This blog presents a ranking of India’s most valuable unlisted companies based on their market capitalization as of December 17, 2024, providing a clear view of the country’s unlisted market landscape.

Let’s explore!

Top 12 Valuable Unlisted Companies in India

Unlisted companies in India are private businesses that are not listed on the stock exchange. Although these companies are not listed on the stock market, they still publish financial reports. Based on their market capitalization as of 17 December 2024, here are some of the top unlisted companies.  

1. National Stock Exchange (NSE)
   

The NSE is India’s largest stock exchange and has held the title of the world’s largest derivatives exchange for four consecutive years. It is also the third largest stock exchange globally. As of FY23, NSE commands a market share of approximately 93.6% in the cash segment and 98.5% in the derivatives segment. The exchange primarily focuses on three product categories: equity, derivatives, and fixed income.

For FY24, the turnover in the Cash Market reached ₹201 lakh crore, reflecting a Compound Annual Growth Rate (CAGR) of 17.44%. In the Equity Derivative Market, turnover surged to ₹79,927.67 lakh crore, with a CAGR of 87.54%. The Equity Commodity Market saw its turnover rise to ₹201 thousand crores, marking a tenfold increase over the past three years.

• Market Cap: ₹497,227.50 Cr
  

2. Tata Capital
   

Tata Capital is a leading Non-Banking Financial Company (NBFC) that offers various financial services, including loans, investment management, and advisory services. 

For FY24, Tata Capital reported significant growth, with a loan book reaching ₹1,57,761 crore, reflecting a 35% year-on-year growth. The company achieved profits after tax of ₹3,150 crore, up by 37% YoY (excluding one-time items). Plus, Tata Capital crossed the INR 1 lakh crore mark in yearly disbursals, emphasizing its robust operational performance.

• Market Cap: ₹310,977.56 Cr
  

3. Nayara Energy
   

Nayara Energy, a leading downstream and petrochemical company, operates India’s second-largest refinery in Dwarka, Gujarat, with a capacity of 20 MMT (405,000 bpd). One of the most modern and complex global refineries began commercial production on May 1, 2008, contributing 8% to India’s refining output. 

Nayara manages 58 supply locations and supports over 50,000 forecourt salesmen. Key achievements include completing a 200 KT coal yard and 98.3% completion of Phase-1 in its petrochemical project. The Company has around 6,600 operational outlets and around 1,600 outlets at various stages of completion. 

(Source: Financial reports)

• Market Cap: ₹164,110.78 Cr
  

4. SBI Fund Management
   

SBI Fund Management, a joint venture between the State Bank of India and AMUNDI (a French asset management company), was incorporated on February 7, 1992, under The Companies Act 1956. Approved by SEBI, it acts as the investment manager of SBI Mutual Fund, provides Portfolio Management Services (PMS) to domestic and international clients, and offers Alternative Investment products through Alternative Investment Funds to high-net-worth individuals and businesses. It is the largest player in the market since Q4FY20.

With investors of over 12.5 million 270+ branches, the company collaborates with over 1 lakh empanelled distributors, has a presence in 285 locations across India, and has one overseas Point of Presence in Dubai. In June 2024, its Average Assets Under Management (AUM) surpassed INR 10 lakhs, making it India's first mutual fund house to achieve this milestone.

(Source: Financial reports)

• Market Cap: ₹139,829.03 Cr
  

5. HDB Financial Services
   

HDB Financial Services Ltd (HDBFS), established in June 2007, is a non-banking finance company (NBFC) and a subsidiary of HDFC Bank Ltd. HDBFS operates in two primary segments: Lending and BPO services. Lending accounts for 86% of its business, including consumer loans, enterprise loans, asset finance, and micro-lending. 

The remaining 14% comes from BPO services, offering collection services and back-office sales support. With a robust presence, HDBFS serves 15.5 million customers through 1,682 branches, positioning itself as a significant player in India's financial services sector.

(Source: Financial reports)

• Market Cap: ₹96,805.84 Cr
  

6. Capgemini
   

Capgemini is a global leader in consulting, technology services, and digital transformation, with a strong presence in India. It provides IT consulting and outsourcing solutions across finance, healthcare, and manufacturing industries, helping clients manage their digital transitions.

For the fiscal year 2023-24, Capgemini faced some challenges in revenue growth but remained focused on operational efficiency. In the first nine months of FY24, the company reported revenues of €16,515 million, marking a 2.3% decline at constant exchange rates compared to the previous year. 

As a result, Capgemini lowered its full-year revenue growth target to a range of -2.0% to -2.4%. In Q3 FY24, revenues were €5,377 million, down 1.6% at constant exchange rates from Q3 FY23. The revenue decline was consistent across all quarters, with similar reductions seen in Q1 and Q2.

(Source: Financial reports)

• Market Cap: ₹85,617.39 Cr
  

7. Oravel Stays (OYO Rooms)
   

The company was incorporated as 'Oravel Stays Private Limited' in New Delhi as a private limited company. It was founded in 2012 by Ritesh Agarwal.

The company provides a new-age technology platform that empowers small entrepreneurs and owners to efficiently manage and operate their hotels and homes by providing full-stack technology products and services to ease operations, bringing easy-to-book, affordable accommodation to customers. Here are its key highlights: 

• Its gross booking value increased from Rs 8100 Cr (FY 2021-22) to Rs 9559.1 Cr (FY 2022-23)

• It has over 1.74 lakhs plus hotels globally

• Presence across 35+ countries & 800+ cities

• Over 1.3k+ employees

• With over 100 mn downloads, the OYO App was the 3rd most-downloaded travel app in 2020

• OYO Wizard, OYO’s loyalty program, has 9.2 million members and is the second-largest loyalty program run by a travel or food brand in India by subscriber base.
  

(Source: Financial reports)

• Market Cap: ₹34,241.98 Cr
  

8. Hexaware Technologies
   

Hexaware Technologies is a leading global technology and business process services company that empowers enterprises to realize digital value. Its key facts include:

• 30 K Global employees.

• 50 offices worldwide.

• 34 years experience.

• 43.1 Average training hours/ employee.

• 106 Intellectual properties owned till 2023.

• 70% of Employees are trained in gen AI.

• 33% women workforce.

• In the fiscal year 2023, the total amount spent on CSR Projects was ₹ 13.51 Crore.
  

(Source: Financial reports)

• Market Cap: ₹32,674.59 Cr
  

9. Hero Fincorp
   

Hero Fincorp, incorporated as Hero Honda FinLease in December 1991, is an associate of Hero MotoCorp Limited & one of the leading Non-Banking Financial Companies engaged in consumer finance businesses and commercial lending. Company highlights:

• AUM: Rs 41497 Cr (includes Hero FinCorp and Hero Housing)

• 12000+ employees

• Strong Credit rating of AA++

• Impacted 10 million lives

• 4100+ touchpoints

• Network Rollout - 2000+ locations

• Per loan disbursal rate- 30 seconds

• Strong Relationship with 2000+ high-growth companies

• Disbursals worth Rs 27713 Cr (FY23)

• Launched EV financing in 2023
  

(Source: Financial reports)

• Market Cap: ₹25,792.67 Cr
  

10. Cochin International Airport
    

Cochin International Airport, owned and operated by Cochin International Airport Limited (CIAL), is India's first airport built under a Public-Private Partnership (PPP), commencing operations on May 25, 1999. Under the leadership of Sri K. Karunakaran, former Chief Minister of Kerala, the airport has seen steady growth in traffic and revenue. Serving Kochi, Kerala, the airport features three terminals with a peak hour capacity of 2,000 passengers. 

It connects to over 31 countries, hosts 24+ airlines, and has served over 100 million passengers. Notably, it is the world’s first fully solar-powered airport, generating 73 million units of clean energy annually. In FY24, the airport handled over one crore passengers, an 18% year-over-year increase, managing 63.50% of Kerala's total air passenger traffic, with 55.99 lakh domestic and 49.31 lakh international travelers.

(Source: Financial reports)

• Market Cap: ₹22,524.45 Cr
  

11. Imagine Marketing (boAt)
    

Incorporated in 2013 with its registered office in Mumbai, Maharashtra, the company is engaged in the selling of electronic handset products. The boat has established a strong online presence without needing physical branches or stores. 

It offers clients a wide range of high-quality, stylish, and comfortable products designed to enhance their experiences, allowing them to enjoy the beauty, excitement, and freedom of technology.

BoAt has partnered with an authorized e-waste recycler to ensure the proper disposal of electronic waste. They have also established collection centers in Raipur, Ahmedabad, Delhi, Faridabad, Chennai, and Thane.

(Source: Financial reports)

• Market Cap: ₹18,349.72 Cr
  

12. Care Health Insurance (Religare)
    

Care Health Insurance, part of Religare Enterprises Limited, offers health insurance products designed to meet the diverse healthcare needs of individuals and families. The company emphasizes customer experience through innovative health policies that provide comprehensive coverage options tailored to varying requirements.

In FY24, Care Health Insurance reported strong financial performance. The company achieved a record-high premium collection of ₹7,022 crore, reflecting significant growth compared to previous years. 

This increase highlights successful efforts to expand its customer base and improve product offerings. Profit Before Tax (PBT) also rose by 25%, reaching ₹410 crore, driven by better operational efficiency and effective cost management.

(Source: Financial reports)

• Market Cap: ₹18,274.42 Cr
  

Conclusion

India’s biggest unlisted companies are strong players across various sectors, from technology and healthcare to finance and many more.   

Looking ahead, as these companies are unlisted, the possibility of them launching an IPO presents opportunities for investors to benefit from their growth and expansion. However, it's important to note that not all IPOs are successful.

For those looking to explore the growth of India’s top unlisted companies, platforms like Precize provide access to exclusive investment opportunities. Through Precize, investors can explore private equity and credit options that help diversify their portfolios and offer exposure to high-potential businesses before they go public.

Don’t miss out on these exclusive opportunities—reserve your access to Precize today and explore the future of India’s most valuable unlisted companies!

Disclaimer

This information is for private use only and does not constitute investment advice. Recipients must assess risks and seek advice from financial, legal, and tax professionals. Private market investments carry risks, and there are no returns or capital protection guarantees. We are not liable for investment decisions.