Reliance Retail, Flipkart, Adani Properties Drive ₹28.5 Lakh Crore Unlisted Valuation: Hurun

India’s most prominent unlisted companies like Reliance Retail, Flipkart, and Adani Properties have achieved a combined valuation of ₹28.5 lakh crore, highlighting the growing strength of the country’s private sector outside public equity markets. 

The findings come from the JM Financial Hurun India Unlisted Gems report, which profiles 100 major privately held firms with annual revenues exceeding ₹1,000 crore. Collectively, these companies generated ₹8.9 lakh crore in revenue in 2025 and employed around 1.2 million people, underscoring the scale of India’s parallel corporate economy.

Reliance Retail Tops the Ranking

Reliance Retail secured the top position as India’s largest unlisted company, reporting ₹2.7 lakh crore in revenue. The retail giant, which operates Reliance Smart and JioMart, continues to dominate India’s consumer and grocery segments.

E-commerce major Flipkart followed with revenue of ₹83,105 crore, while Malabar Gold and Diamonds recorded ₹66,872 crore, reflecting strong performance in the jewellery retail space.

Adani Properties, which houses Adani Realty’s projects across Mumbai, Pune, Ahmedabad, and Gurugram, also ranks among the leading unlisted players.

Technology and Manufacturing Gain Momentum

The report highlights the growing role of advanced manufacturing and technology firms. Tata Electronics posted ₹66,601 crore in revenue, signaling momentum in semiconductor manufacturing. Meanwhile, Tata Passenger Electric Mobility recorded ₹15,247 crore, reflecting rising demand in the electric vehicle segment.

Diverse Sectors Power Growth

The list also includes digital agriculture platform DeHaat, SBI General Insurance, and Haldiram Snacks Food, demonstrating the diversity of India’s private corporate ecosystem.

Read more: ePlane Partners with NVIDIA to Build India’s First Electric Air Taxi.

Conclusion

The ₹28.5 lakh crore valuation of India’s unlisted giants — including Reliance Retail, Flipkart, and Adani Properties — reflects a vibrant and expanding private economy. From retail and infrastructure to semiconductors and EVs, these firms are shaping India’s next phase of economic growth beyond the stock exchanges.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.