Unlisted companies in India present exciting investment opportunities. As the Indian market is growing rapidly, these companies are likely to go public in the near future. Investors can gain access to companies, prior to their IPOs, in a diverse range of sectors, including technology, finance, retail, and consumer products.
This guide provides a selection of top 10 unlisted companies in India worth tracking in 2025, based on prominent investment providers, reviews, and market research. It contains relevant company information and identifies the company’s growth drivers, the macro-economic outlook of the sector, and factors to assess when investing in unlisted shares or pre-IPO equity.
This list, focused on the Unlisted Shares, will help direct investors in getting the required information about companies going to enter the public market. It will also serve first-time investors in India’s rapidly growing private-market sector.
What Are Unlisted Shares?
Unlisted shares are shares of companies that are not listed in major Indian stock exchanges like the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE). These companies organize their capital in private markets, and their shares are sold on specific unlisted share trading platforms, private placements, or pre-IPO agreements.
Focusing on the most unlisted shares of Indian companies and deciding to invest in them can create a window for the investor to invest in the company before it goes public.
Why Should You Track Unlisted Shares?
Gaining access to an unlisted company before its IPO can be a great opportunity, especially if the IPO is anticipated to grow fast. Gaining access to an unlisted IPO before its public issue can be a great opportunity, especially if it’s anticipated to grow fast and at a great price.
Unlisted companies tend to grow in value and can be a great positive portfolio addition when they go public or get bought. Private equity risks for a depleted equity portfolio are a useful tool to create an equilibrium in your portfolio.
As listed shares and unlisted shares have an increasing correlation, it’s important to manage your risk with adequate liquid assets, financial opacity, roughly specified exit times, and unlisted company shares.
How We Selected the Top Unlisted Shares in India for 2025
To pick the best unlisted shares in India, we paid attention to companies’ reputation, analyzed the fundamentals, the market landscape, and readiness for listing. Our team considered the foremost pre-IPO and private companies in India across multiple parameters and ranked the most trackable for 2025.
How we prepared the list:
- Tracked the Billion-dollar unicorn companies in the country, record unlisted share prices, and/unlisted market cap estimations have been tracked, researched, and analyzed in reliable investment platforms and market public disclosures.
- We prioritized companies in position pre-IPO for strong pre-listing momentum.
- Ranging across major market sectors in India Engineering, retail, technology, financial services, and consumer brands, and draping the list. We try to balance each and every sector in the list.
For better opportunity assessments, take note of companies’ latest estimations of market cap, unlisted share price records, and reliable sources stemming from previous works.
Top 10 Unlisted Shares in India
| S.no | Company | Sector | Recent News |
| 1 | National Stock Exchange of India | Market infrastructure / exchange | SEBI is said to be reviewing the draft papers for what is expected to become one of the biggest IPOs in India by late 2025 or early 2026. |
| 2 | MSEI (Metropolitan Stock Exchange) | Financial market / small exchange | Considering a possible merger and revitalization through planned strategic investments and technological upgrades. |
| 3 | HDFC Securities | Full-service brokerage / digital clients | HDFC Group merger is finished and analysts predict an IPO within 1-2 years as digital brokerage expands aggressively. |
| 4 | Goodluck Defence & Aerospace Ltd. | Aerospace / defence manufacturing | Targeting ₹500 crore for expansion of aerospace facilities and planning IPO for 2026. |
| 5 | Hella Infra Market (Infra.Market) | Construction-tech / B2B e-commerce | Planning IPO in 2025–26, expected to raise ~$500 million; DRHP filing likely post FY2025 audit. |
| 6 | OYO (Oravel Stays Ltd.) | Hospitality / tech-enabled | In early 2025, submitted the DRHP update to SEBI with a valuation target revision to approx. $3 billion driven by a focus on profitability. |
| 7 | PharmEasy (API Holdings) | E-pharmacy / healthcare network | Strategies to refile an IPO after receiving regulatory approval; prioritizing profit and the B2B segment in healthcare for the year 2025. |
| 8 | SBI Funds Management | Asset Management / mutual funds | SBI is looking at possibly selling part of its shares or going public with SBI Mutual Funds. They’re still assessing this and expect to wrap this up by mid-2025. |
| 9 | Nayara Energy Ltd. | Oil refining / retail energy distribution | Because of a strong performance in FY2024, IPO plans are coming back in mid-2025, and a draft red herring prospectus (DRHP) is expected by FY2026. |
| 10 | Hero FinCorp | NBFC / retail & SME lending | Expected IPO in FY2026, as per management; strategic pre-IPO placement discussions ongoing. |
Why Unlisted Shares of these companies stand out for 2025
NSE: Responsible for underpinning the overall market infrastructure for the capital market. Its unlisted share price grows nearly to ₹1800-₹1900, which makes the overall market capitalization equivalent to ₹5.8 lakh crore.
Metropolitan Stock Exchange of India (MSEI): MSEI may be small in size, but it plays a strategically important role which is why they are focused on revamping their trade volume. With the government’s and SEBI’s focus on smaller exchanges, MSEI turnaround potential in 2025 is nothing short of interesting.
HDFC Securities: Inclusive brokerage services, increased profitability, automation systems, and a nearly ₹17-19k crore market capitalization, make it the safest unlisted bet in the financial services. It is expected to be listed and has been growing with confidence.
Goodluck Defence & Aerospace: Goodluck Defence & Aerospace is one of the new competitors in India’s Defence & Aerospace manufacturing sectors. Being timely devoted to new campaigns like “Make in India” has opened new business opportunities for the company with India’s Defence Public Sector Undertakings.
Hella Infra Market (Infra.Market): Hella Infra.Market is an India construction-tech company changing how India architectures supply chains. The valuation of $2.5 billion shows how investors trust B2B tech and infrastructure platforms.
OYO: OYO is a high-risk, high-reward bet offered by a private company that is redefining itself after prior turbulence.
PharmEasy: Growth within digital health and medicine still carries strong potential, and opportunities for long growth exist within the supply chain, despite the recent obstacles.
SBI Funds Management: It is one of the highest pre-IPO attractions in this category. Growth in Assets Under Management, along with brand loyalty and a potential IPO, makes this a stable performer within unlisted financials in the industry.
Nayara Energy: Nayara Energy a top private oil refiner and fuel retailer, gains from firm refining margins and retail expansion. The online grocer, which is backed by investors worldwide, has resurrected IPO plans following a solid FY2024 showing.
Hero FinCorp: A Non-Banking Financial Company with strong parental holdings and positive sentiments in retail and SME lending. A probable IPO in the financial services sector.
Things to Check before Investing in Unlisted Shares
- Keep an eye on the latest share price quote in the unlisted market. Determine the implied market capitalization (to calculate the multiple outstanding shares by the price).
- Get proper insights about the lot size, minimum investment amount, and lock-in conditions for the unlisted shares.
- Before investing, ask questions like is there a concrete timeline for the IPO? Is the company in the active stages of a public offering?
- Inspect the unlisted company’s market value and compare it to listed peers based on relative comparisons using metrics such as revenue growth, profitability, margins, and debt with similar businesses in the sector.
- Evaluate the risk of liquidity. The unlisted market might mean you have to wait several years to realize value. The premium to illiquidity must be adequately compensated by the expected return.
- Confirm the risk of market structure. Unlisted transactions must comply with the transparency for unlisted transactions; this can be checked with brokers and other platforms.
- Take a moderate approach, as the risk is greater: Unlisted shares should generally comprise a limited proportion of your overall portfolio.
Final Words
The top unlisted shares in India for 2025 are worth for investors to take interest in. By following these high-performing unlisted companies, investors can get a first look at India’s unlisted companies, which are expected to go public soon.
Remember:
- Get the unlisted shares price and valuation from credible and recent documents.
- Evaluate the strategy for smooth exit and potential listing date.
- Carefully control liquidity as unlisted shares are difficult to sell.
By following the due diligence, these unlisted shares will most likely be among the best profits you can get, given the ongoing progress in India’s capital markets.
Disclaimer
This article is for informational purposes only and should not be considered investment advice. Prices and data of unlisted shares are based on publicly available sources and may vary. Investors are advised to conduct independent research or consult financial professionals before making investment decisions.
FAQs
Q1 – How can I check the price of unlisted shares in India?
Platforms such as Delisted Stocks are reputable sources for tracking unlisted shares price and market valuation. The websites provide regular updated information regarding unlisted shares.
Q2 – Which sectors look most promising for unlisted shares in 2025?
When it comes to unlisted shares in the Indian market, they remain strong across different domains including engineering, EV technology, retail and e-commerce.
Q3 – Are investors (retail) allowed to trade unlisted shares in India?
There is no doubt that investors (retail) are authorized to trade unlisted shares through registered brokers or licensed platforms for unlisted shares.
Q4 – How long should a person hold an unlisted share?
When it comes to unlisted or pre-IPO shares, the investment horizon is usually several years. Investors should anticipate holding unlisted or pre-IPO shares for 3-5 years for the best chance to realize value, as unlisted shares have lower liquidity.
