The National Stock Exchange has retained its position as India’s most valuable unlisted company with a valuation of Rs 4.86 lakh crore, according to the latest 2025 Burgundy Private Hurun India 500 report.
The country’s largest stock exchange continued to lead the ranking of unlisted firms, ahead of vaccine maker Serum Institute of India and real estate player Adani Properties, highlighting investor confidence in the bourse’s business model and growth prospects.
The Hurun report, by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, which ranks India’s 500 most valuable non-state-run companies, said several consumer, fintech and renewable energy firms also featured prominently among the country’s most valuable unlisted businesses.
Snack maker Haldiram, fintech company Razorpay and renewable energy firm Greenko were among the notable unlisted companies that secured a place in the ranking.
The strong showing by unlisted firms comes at a time when investors are increasingly assigning premium valuations to companies with dominant market positions and scalable business models, even before they tap public markets.
The National Stock Exchange’s (NSE) most valuable unlisted company tag comes at a time when the stock exchange last week filed preliminary papers with markets regulator Sebi for its much-awaited IPO, estimated at around Rs 30,000 crore, a share sale that is poised to become the largest public issue in Indian stock market history.
The filing marks a major milestone for NSE, whose listing plans had been stalled for nearly a decade due to regulatory hurdles, including the co-location controversy.
The public issue will be entirely an offer for sale (OFS) of 14.89 crore shares with existing shareholders collectively divesting nearly 6 per cent of the exchange’s stake, according to the draft red herring prospectus (DRHP).
Among the top-selling shareholders, State Bank of India will offload up to 2.48 crore shares, followed by MS Strategic (Mauritius) Limited with 1.60 crore shares.
Meanwhile, Life Insurance Corporation of India (LIC), the single largest shareholder in NSE, holding a 10.72 per cent stake, will not offload any shares.
Further, the report said that India Inc crosses USD 3.4 trillion in value, with the 500 companies collectively matching the scale of major global economies.
