India's Unlisted Gems: Potential IPO Powerhouses Revealed

Around 30% of India's leading unlisted companies have the potential for stock market listing, reveals Hurun India's report. Despite no formal IPO announcements, these firms across sectors are structurally poised for public market participation. Reliance Retail tops the revenue charts with other industry leaders following suit.


Devdiscourse News Desk | Mumbai | Updated: 24-02-2026 22:19 IST | Created: 24-02-2026 22:19 IST
India's Unlisted Gems: Potential IPO Powerhouses Revealed
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A recent report from Hurun India has identified significant IPO potential among India's top-100 unlisted companies, with about 30% boasting the right business models and growth trajectories for market listing. Despite no formal IPO plans, these firms are being highlighted for their structural readiness to engage with public markets.

Anas Rahman Junaid, founder and chief researcher at Hurun India, noted the diverse pipeline of IPO-ready companies spanning consumer goods, construction, engineering, and financial services. This diversity showcases a blend of consumption-driven and asset-heavy businesses preparing for potential public market access.

The 'JM Financial - Hurun India Unlisted Gems 2026' report underlines the prominent revenue and growth metrics of these enterprises. The list is led by Reliance Retail, Flipkart, and Malabar Gold and Diamonds, among others, highlighting their robust performance and strategic governance.

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