<p>Bengaluru: Bengaluru-headquartered <a href="https://www.deccanherald.com/tags/flipkart">Flipkart</a> has secured the second spot in the JM Financial Hurun India Unlisted Gems 2026 with revenue of Rs 83,105 crore. </p><p><a href="https://www.deccanherald.com/tags/reliance-retail">Reliance Retail</a> leads the Unlisted Gems 2026 list with a revenue of Rs 2.7 lakh crore. The 100 companies on the list clocked a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, a 15.2 per cent CAGR in just two years.</p><p>The list showcases companies with a minimum revenue of Rs 1,000 crore. Founders of 63 companies on the JM Financial Hurun India Unlisted Gems 2026 feature in the Hurun India Rich List 2025, 18 in Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025, 36 in the Hurun India 500 2024, and 12 in the Hurun India Cheetah-Gazelle-Unicorn Index 2025.</p>.Flipkart hires former Blinkit CFO for top finance role.<p>Vishal Kampani, Vice Chairman & Managing Director, JM Financial, said, “The JM Financial Hurun India Unlisted Gems 2026 underscores the significance of a powerful and often under-represented engine of India’s growth story. These 100 unlisted enterprises exemplify scale, resilience, and value creation, standing as the epitome of excellence in Indian entrepreneurship built with depth and discipline across the economy. Collectively, they reflect the growing strength and maturity of India’s institutional business ecosystem."</p><p>Bengaluru-headquartered Zerodha has secured third rank among top 10 companies by net profit. Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said the JM Financial Hurun India Unlisted Gems 2026 reveals a parallel economy hiding in plain sight. </p><p>Cumulatively valued at Rs 28.5 lakh crore, more than Finland's GDP, these 100 companies generated combined revenues of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore just two years prior, a 15.2 per cent CAGR. </p><p>They delivered a combined EBITDA of Rs 1.03 lakh crore, and their combined net profit has nearly tripled over the same period, from Rs 13,000 crore in 2023 to Rs 35,900 crore in 2025, a 176 per cent surge that speaks not just to scale but to the quality of their growth. </p><p>"They collectively employ 1.2 million people. This is not a fringe economy; it is a formidable engine operating at institutional scale, largely away from the glare of public markets," he said.</p>
<p>Bengaluru: Bengaluru-headquartered <a href="https://www.deccanherald.com/tags/flipkart">Flipkart</a> has secured the second spot in the JM Financial Hurun India Unlisted Gems 2026 with revenue of Rs 83,105 crore. </p><p><a href="https://www.deccanherald.com/tags/reliance-retail">Reliance Retail</a> leads the Unlisted Gems 2026 list with a revenue of Rs 2.7 lakh crore. The 100 companies on the list clocked a combined revenue of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore in 2023, a 15.2 per cent CAGR in just two years.</p><p>The list showcases companies with a minimum revenue of Rs 1,000 crore. Founders of 63 companies on the JM Financial Hurun India Unlisted Gems 2026 feature in the Hurun India Rich List 2025, 18 in Hurun India’s Top 200 Self-made Entrepreneurs of the Millennia 2025, 36 in the Hurun India 500 2024, and 12 in the Hurun India Cheetah-Gazelle-Unicorn Index 2025.</p>.Flipkart hires former Blinkit CFO for top finance role.<p>Vishal Kampani, Vice Chairman & Managing Director, JM Financial, said, “The JM Financial Hurun India Unlisted Gems 2026 underscores the significance of a powerful and often under-represented engine of India’s growth story. These 100 unlisted enterprises exemplify scale, resilience, and value creation, standing as the epitome of excellence in Indian entrepreneurship built with depth and discipline across the economy. Collectively, they reflect the growing strength and maturity of India’s institutional business ecosystem."</p><p>Bengaluru-headquartered Zerodha has secured third rank among top 10 companies by net profit. Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said the JM Financial Hurun India Unlisted Gems 2026 reveals a parallel economy hiding in plain sight. </p><p>Cumulatively valued at Rs 28.5 lakh crore, more than Finland's GDP, these 100 companies generated combined revenues of Rs 8.9 lakh crore in 2025, up from Rs 6.7 lakh crore just two years prior, a 15.2 per cent CAGR. </p><p>They delivered a combined EBITDA of Rs 1.03 lakh crore, and their combined net profit has nearly tripled over the same period, from Rs 13,000 crore in 2023 to Rs 35,900 crore in 2025, a 176 per cent surge that speaks not just to scale but to the quality of their growth. </p><p>"They collectively employ 1.2 million people. This is not a fringe economy; it is a formidable engine operating at institutional scale, largely away from the glare of public markets," he said.</p>