In the company’s FY25 annual report, Agrawal noted that over 1,300 unlisted companies in India posted annual profits of Rs 1 billion or more in FY24. He added that these firms collectively have the potential to unlock Rs 150 lakh crore in market value if listed, equivalent to half of listed India Inc’s current profits.
The unlisted universe holds immense potential
Calling the equity market “a magical place for wealth creation,” Agrawal urged more private companies to tap public markets to unlock value and raise growth capital.
“Every entrepreneur should aspire to be here. Which is why I’m surprised to find that there are still over 20,000 unlisted companies in India,” he said.
“The unlisted universe holds immense potential. According to one database, over 1,300 unlisted companies posted FY24 profits of Rs 1 billion or more. Their combined FY24 profit was Rs 7.5 trillion, which is 50% of listed India Inc’s profits. Assuming a P/E of 20x, this translates to Rs 150 trillion in incremental market capitalisation!”
Agrawal highlighted the wealth creation benefits of listing, saying it allows entrepreneurs to monetise equity without giving up control or impacting the company’s financial position.“Listing creates tradable wealth in the hands of entrepreneurs. They’re free to use it as they please—consumption, investing, even philanthropy – without losing control of the company or affecting the balance sheet. This is tantamount to eating the cake and having it too!”He further noted that raising equity enables capital expansion and employee incentives through ESOPs, while the costs of listing are “next to nothing—just compliance with a few Sebi and stock exchange norms.”
“Hence, I would urge all unlisted companies to go ahead and list themselves at the earliest.”
Market cap momentum and capital market opportunity
Tracing India’s market capitalisation journey, Agrawal noted that it has risen from Rs 7.5 lakh crore in March 2000 to Rs 414 lakh crore in March 2025, delivering a 17% CAGR over 25 years.
“At that pace, market cap will double in the next four years, adding Rs 400 trillion in value,” Agrawal said. “This opens up exponential opportunities in broking, asset management, wealth management, investment banking, and more.”
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)