JM Financial Hurun India Lists Top 100 Unlisted Companies Led by Reliance Retail in 2026

The inaugural JM Financial Hurun India Unlisted Gems 2026 report ranks India's top 100 unlisted companies, which collectively generated Rs 8.9 lakh crore in revenue in 2025, up from Rs 6.7 lakh crore in 2023, reflecting a 15.2% CAGR. Reliance Retail leads with Rs 2.7 lakh crore revenue and highest EBITDA of Rs 22,573 crore, followed by Flipkart and Malabar Gold and Diamonds. Tata Electronics showed rapid growth with a 3,173% CAGR. The list highlights strong profitability and a growing pipeline of IPO-ready firms across sectors like electronics, retail, and real estate.