None of the companies on the list have filed draft IPO papers or publicly disclosed listing plans.
In terms of the top 10 companies by revenue, that are showing the scale and performance characteristics of IPO-ready businesses, Reliance Retail tops the list with revenue of Rs 2.7 lakh crore, followed by Flipkart at Rs 83,105 crore and Malabar Gold and Diamonds at Rs 66,872 crore.
Tata Electronics delivered a 1,652% revenue surge to Rs 66,601 crore, driven by aggressive semiconductor expansion. Malabar Gold and Diamonds achieved 38% growth to reach Rs 66,872 crore, and Adani Properties climbed 70% to Rs 22,726 crore, signalling bold scaling strategies across capital-intensive industries.
Collectively, the 100 companies generated combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, reflecting a 15.2% CAGR in just two years. Their cumulative valuation stands at Rs 28.5 lakh crore, equivalent to roughly $328 billion.
In profitability terms, Reliance Retail also leads with the highest EBITDA of Rs 22,573 crore, followed by Adani Properties at Rs 11,332 crore and Zerodha Broking at Rs 5,664 crore. Together, the companies on the list delivered combined EBITDA of Rs 1.03 lakh crore.
Fastest growers and strongest marginsThe list highlights dramatic growth stories. Tata Electronics recorded a 3-year revenue CAGR of 3,173%, the highest on the list, followed by Tata Passenger Electric Mobility at 904%. JSW One Platforms rounded out the top three with 522% CAGR.
On the profitability side, Mahansaria Tyres led in 3-year EBITDA margin CAGR at 62.86%, followed by Sanmar Shipping at 52.14% and Walkaroo International at 44.43%.
The report also highlights operational efficiency. Porter posted an asset turnover ratio of 7.8x, followed closely by JSW One Platforms at 7.2x, indicating strong revenue generation relative to asset base. In terms of liquidity strength, ARISTO Pharmaceuticals reported a current ratio of 12.2x, followed by Cybage Software at 11.9x and Devi Sea Foods at 10.2x, suggesting comfortable short-term financial buffers.
High returns, disciplined leverage
The ranking shows that a large section of India’s unlisted majors are scaling without heavy reliance on debt. As many as 65 of the 100 companies have a debt-to-equity ratio below 1.0x. IFFCO eBazar, Altimetrik, Echjay Industries and Zerodha Broking are completely debt-free, while USV operates at a debt-to-equity ratio of just 0.01x.
At the same time, some large names carry substantial debt. Reliance Retail has total debt of Rs 57,269 crore, followed by Greenko Group at Rs 44,210 crore and Adani Properties at Rs 40,521 crore.
In terms of capital efficiency, Patna-based DeHaat posted the highest return on capital employed (ROCE) at 71%, far above the Nifty 50 median range of 15–18%. Bisleri at 37% and Zerodha at 32% also reported strong returns.
On return on equity, CavinKare led the list at 46%, ahead of Meril Life Sciences at 38% and Vysyaraju Jewellers at 37%, again significantly above the Nifty 50 median ROE of around 17%.
Consumer goods and diversified footprint
Sector-wise, consumer goods dominates the list with 19 companies, followed by construction and engineering with 12 and financial services with 11, reflecting a diversified unlisted ecosystem spanning legacy and new-age industries.
These 100 companies together contributed Rs 17,229 crore in direct taxes, with Reliance Retail alone paying Rs 3,356 crore, making it the highest taxpayer among the unlisted gems.
In terms of paid-up capital, NKC Projects leads with Rs 20,651 crore, followed by Sonovision Electronics at Rs 8,987 crore and Sandhya Aqua Exports at Rs 8,200 crore. At the other end, Ninjacart has a paid-up capital of just Rs 1 lakh, underscoring the varied capital structures across the list.
Geographically, Tier-1 metros account for 77% of the companies, led by Mumbai with 20 companies and Bengaluru with 17. Tier-2 cities contribute 11%, while Tier-3 towns make up 12%. The average company age is 34 years. Tata Passenger Electric Mobility is just 4 years old, while Bennett, Coleman & Co, founded 187 years ago, is among the oldest.
Half the companies are family-run enterprises, while the rest are professionally managed firms and new-age ventures. Traditional businesses account for two-thirds of the list, with the remaining one-third comprising digital and innovation-led companies.
The report notes that founders of 63 companies on the list feature in the Hurun India Rich List 2025.