Top 8 Unlisted Companies by Valuation in India

Synopsis: The 2025 Burgundy Private Hurun India 500 Report ranks NSE, Serum Institute of India, Adani Properties, Haldiram Snacks, Zerodha, Megha Engineering & Infrastructure, Parle Products, and Razorpay as India’s top eight unlisted companies by valuation, highlighting their growth and contribution to the country’s economy.

India’s business world is growing fast, and many companies are creating huge value even before getting listed on the stock market. These companies are called unlisted companies because their shares are not available for public trading on stock exchanges. Even without being listed, many of them have become leaders in their industries.

The latest 2025 Burgundy Private Hurun India 500 Report shows that India’s top unlisted companies are worth lakhs of crores of rupees. These businesses are from different sectors such as finance, healthcare, real estate, food, infrastructure, and fintech. Their strong growth shows the confidence that investors have in their future.

One of the biggest highlights of the report is that the National Stock Exchange (NSE) remains India’s most valuable unlisted company. The exchange has kept its top position because of its strong market presence and continued business growth. It has also filed papers for its much-awaited Initial Public Offering (IPO), which is expected to be one of the biggest in India’s history.

The report also shows that companies like Serum Institute of India, Adani Properties, Haldiram Snacks, Zerodha, Megha Engineering & Infrastructure, Parle Products, and Razorpay have gained high valuations. These companies have built successful businesses in their respective sectors and continue to expand their operations.

Another important finding from the report is that the combined value of India’s top 500 non-state-owned companies has crossed $3.4 trillion. This reflects the strength of Indian businesses and their growing role in the global economy. Many of these companies are expected to continue growing in the coming years. Here are the India’s top eight unlisted companies by valuation in 2025 and understand what makes them so valuable.

1. National Stock Exchange of India (NSE)

The National Stock Exchange of India (NSE) is the country’s largest stock exchange and the most valuable unlisted company in India. Headquartered in Mumbai, it has a valuation of Rs. 4.86 lakh crore in 2025, showing a 3 percent increase over the previous year. The company is led by Ashishkumar Chauhan.

NSE provides a platform where investors can buy and sell shares, derivatives, and other financial products. It plays an important role in India’s financial system by ensuring smooth and transparent trading. The exchange is also preparing for its long-awaited IPO, which is expected to become one of the biggest public offerings in the country’s history.

2. Serum Institute of India

The Serum Institute of India is the second most valuable unlisted company in the country, with a valuation of Rs. 2.56 lakh crore. Based in Pune, the company recorded a 21 percent increase in value during 2025. It is led by Cyrus Poonawalla and is known worldwide for vaccine manufacturing.

The company supplies vaccines to many countries and has helped protect millions of people from various diseases. It gained global recognition during the COVID-19 pandemic for producing affordable vaccines. Today, the Serum Institute continues to invest in research and healthcare while strengthening its position as one of the world’s leading vaccine manufacturers.

3. Adani Properties

Adani Properties is the real estate arm of the Adani Group and ranks third among India’s most valuable unlisted companies. The Ahmedabad-based company has a valuation of Rs. 1.02 lakh crore and recorded a remarkable 301 percent increase in value in 2025. It is led by Gautam Adani.

The company develops residential, commercial, and mixed-use real estate projects across different cities in India. It focuses on modern infrastructure, quality construction, and sustainable development. Its rapid growth reflects the increasing demand for premium real estate and the company’s expanding presence in the property sector.

4. Haldiram Snacks

Haldiram Snacks is one of India’s leading food companies and one of the country’s most valuable unlisted businesses. Headquartered in Noida, the company has a valuation of Rs. 94,800 crore after recording an impressive 136 percent increase in value. It is led by Manohar Lal Agarwal and Shiv Kishan Agarwal.

The company is famous for its wide range of snacks, sweets, namkeens, frozen foods, and ready-to-eat products. Haldiram products are sold across India as well as in many international markets. Its focus on quality, taste, and innovation has helped the brand become a trusted name among consumers.

5. Zerodha

Zerodha is one of India’s leading fintech companies and the country’s largest online stockbroking platform. Based in Bengaluru, it has a valuation of Rs. 86,660 crore, although its value declined slightly by 1 percent in 2025. The company is led by brothers Nithin Kamath and Nikhil Kamath.

Zerodha has made investing easier by offering low-cost brokerage services and simple online trading platforms. It has encouraged millions of first-time investors to participate in the stock market. The company also provides educational resources and investment tools that help people make informed financial decisions.

6. Megha Engineering & Infrastructure

Megha Engineering & Infrastructure Limited (MEIL) is one of India’s leading engineering and infrastructure companies. Headquartered in Hyderabad, it has a valuation of Rs. 83,800 crore, with an 8 percent increase in value during 2025. The company is led by P.V. Krishna Reddy.

MEIL works on large projects such as roads, irrigation systems, pipelines, power plants, water supply, and oil and gas infrastructure. The company has completed many important projects that support India’s development. Its strong engineering expertise and project execution have helped it become a major infrastructure player.

7. Parle Products

Parle Products is one of India’s oldest and most trusted food companies. Based in Mumbai, it has a valuation of Rs. 75,420 crore, showing a 10 percent increase in 2025. The company is led by Vijay Kantilal Chauhan and has built a strong reputation over several decades.

The company is widely known for products like Parle-G, Monaco, KrackJack, Hide & Seek, and many other biscuits and snacks. Its products are affordable and available across the country. Parle continues to focus on quality and innovation while serving millions of customers every day.

8. Razorpay

Razorpay is one of India’s fastest-growing fintech companies, with a valuation of Rs. 71,100 crore after recording a 12 percent increase in value. The Bengaluru-based company is led by Shashank Kumar and Harshil Mathur. It has become a trusted digital payments company for businesses across India.

Razorpay offers payment gateways, business banking, payroll services, and other financial solutions for startups and enterprises. Its technology allows businesses to accept online payments safely and efficiently. By supporting digital transactions, Razorpay has played an important role in India’s growing digital economy.

Conclusion

The latest 2025 Burgundy Private Hurun India 500 Report highlights the growing strength of India’s unlisted companies. These businesses have achieved high valuations by building strong brands, expanding their operations, and introducing new ideas in their industries.

From financial services and healthcare to food, infrastructure, and fintech, these companies represent different sectors that are driving India’s economic growth. With several of them expected to expand further and some preparing for stock market listings, they are likely to play an even bigger role in India’s business future.

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