Tata Electronics to Reliance Retail: Top 100 unlisted companies that built a Rs 28.5 lakh crore empire
India’s top 100 unlisted companies generated a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, marking an annual 15.2% growth on a compounded basis over the past two years. This is according to the inaugural JM Financial Hurun India Unlisted Gems 2026 report.
Reliance Retail topped the ranking with revenue of Rs 2.71 lakh crore in 2025, followed by Flipkart at Rs 83,105 crore and Malabar Gold and Diamonds at Rs 66,872 crore. Tata Electronics reported revenue of Rs 66,601 crore, while Tata Digital posted Rs 32,188 crore. Adani Properties and Tata Passenger Electric Mobility also featured among the top 10 companies by revenue.
