JM Financial Hurun India Unlisted Gems 2026 Lists Top 100 Private Companies by Revenue

The JM Financial Hurun India Unlisted Gems 2026 report ranks India's top 100 unlisted companies, collectively generating Rs 8.9 lakh crore in revenue in 2025, up from Rs 6.7 lakh crore in 2023. Reliance Retail leads with Rs 2.7 lakh crore revenue, followed by Flipkart and Malabar Gold and Diamonds. Tata Electronics showed exceptional growth with a 1,652% revenue surge. Around 25-30% of these firms are considered IPO-ready, though none have announced listing plans. The list highlights diverse sectors including retail, electronics, electric mobility, and financial services, reflecting a robust pipeline of large private enterprises poised for public markets.