The top 100 unlisted companies, led by Reliance Retail, Flipkart and Malabar Gold & Diamonds, collectively generated Rs 8.9 trillion in revenue in 2025 while their cumulative value was a staggering Rs 28.5 trillion.
Reliance Retail topped Hurun India's list of 100 unlisted gems 2026, with revenue of Rs 2.7 trillion, followed by the Walmart-owned Flipkart at Rs 83,000 crore and Malabar Gold & Diamonds, which raked in Rs 66,000 crore in 2025. The list showcases companies with a minimum revenue of Rs 1,000 crore.
The revenue collectively generated by the 100 companies on the list increased to Rs 8.9 trillion in 2025 from Rs 6.7 trillion in 2023, which is a 15.2% compounded annual growth rate, the report said.
In profitability terms, Reliance Retail again leads the pack with the highest operating profit of Rs 22,573 crore. It was followed by Adani Properties at Rs 11,332 crore and Zerodha Broking at Rs 5,664 crore. Together, these 100 companies delivered a combined operating profit of Rs 1.03 trillion.
Among the fastest-growing companies by revenue are Tata Electronics, which posted a staggering 3,173% Cagr, followed by Tata Passenger Electric Mobility at 904%, and JSW One Platforms (522%).
These 100 unlisted gems are cumulatively valued at Rs 28.5 trillion or $328 billion, which surpasses the GDP of Finland, the report said.
Half of the list comprises family-run businesses, while the remaining half includes professionally managed firms and new-age ventures. Traditional businesses account for two-thirds of them, with the remaining third making up of digital-first and innovation-led disruptors.