India, with a small percentage of active participation in the stock market, often overlooks the vast potential residing in the unlisted domain. Also, the unlisted market landscape in India might be dominated by a few familiar names, but it holds a wealth of opportunities. From healthcare giants and aviation leaders to financial powerhouses, these unlisted companies boast remarkable growth potential. Unlisted shares also known as Pre-IPO shares, are those company shares not listed or traded on any recognized stock exchange. Explore our curated list of the best unlisted shares worth considering for investment.
Best Unlisted Shares/Stocks List in 2024
| Scrip Name | Type | Sector | Market Cap (in crores) |
| Serum Institute of India | Unlisted | Biotechnology/Healthcare | N/A (No data avaialble) |
| Chennai Super Kings Cricket Limited | Unlisted | Sports | 6639.94 |
| National Stock Exchange (NSE) | Unlisted | Stock Exchange | 212850 |
| Cochin International Airport Limited (CIAL) | Unlisted | Airport | 8990.51 |
| Care Health Insurance | Unlisted | Insurance | 17431.27 |
| Hero Fincorp Limited | Unlisted | Financial Services | 1847.46 |
| Reliance Retail | Unlisted | Retail | 1188917.04 |
| PayMate | Unlisted | Fintech Services | 6344.36 |
| Kannur International Airport Ltd (KIAL) | Unlisted | Airport | 1585.61 |
| Orbis | Unlisted | Custodian Services | 2685.3 |
| API Holding | Unlisted | HealthTech | 6142 |
Please note that information for Unlisted Shares are not readily available and the information has been calculated based on the latest annual reports (FY’23) and is subject to variation.
Let’s look at some of the top unlisted shares companies of India
1) Serum Institute of India (SII): Spearheading Healthcare Innovation
At the forefront stands the Serum Institute of India, under the leadership of Adar Poonawalla. Recognized as one of the pioneers in launching COVID-19 vaccines in the country, SII not only contributes significantly to public health but also holds a formidable position as India’s most valuable unlisted company.
Brief Financials (₹ crore):
- Total Operating Income: Noteworthy growth from ₹7,201.00 (2021) to ₹25,646.00 (2022) and a partial decline to ₹5,513.00 (H1FY23).
- PBILDT (Profit Before Interest, Taxes, Depreciation, and Amortisation): Substantial increase from ₹4,256.00 (2021) to ₹17,562.00 (2022) followed by a decrease to ₹2,595.00 (H1FY23).
- PAT (Profit After Tax): Significant growth from ₹3,890.00 (2021) to ₹11,116.00 (2022), with PAT for H1FY23 not available for comparison.
- Interest Coverage: A substantial increase from 98.98 (2021) to 254.52 (2022), followed by a decrease to 47.07 (H1FY23).
Buy or Sell Serum Institute of India Unlisted Shares
2) Chennai Super Kings Cricket Limited
Established as a subsidiary of India Cements, Chennai Super Kings Cricket Limited has transcended the boundaries of sports. Beyond the cricket field, it enjoys considerable popularity, primarily due to the success of the “Chennai Super Kings” in the Indian Premier League (IPL). Despite a nuanced decrease in net profit, the company’s robust revenue growth positions it as a compelling entity in the unlisted market.
Financial Highlights:
- Revenue increased by an impressive 37.7% YoY, with a commendable CAGR of 226.52%
- Net Profit experienced a dip of 20.3% YoY but showcased a resilient CAGR of 137.84%
- Operating Profit Margin stands at a noteworthy 14.48%
3) National Stock Exchange (NSE)
In the competitive realm of stock exchanges, the National Stock Exchange (NSE) emerges as a powerhouse. Benefiting significantly from the outperformance of Indian stocks during the COVID-19 pandemic, NSE’s dominance in stock derivatives and its exceptional operating margin of nearly 80% EBITDA make it a standout choice among unlisted shares.
Financial Highlights:
- Revenue Growth: Increased significantly from ₹8,873.79 cr to ₹12,765.36 cr, showcasing an impressive growth of 44%.
- Profit After Tax (PAT) Growth: PAT witnessed a commendable increase from ₹5,198.29 cr to ₹7,355.99 cr, reflecting a substantial growth of 41%.
- Earnings Per Share (EPS) Growth: The EPS experienced a healthy increase from ₹104.95 to ₹148.58, marking a growth of 42%.
- Operating Income Growth: Operating income surged from ₹8,313 cr to ₹11,856 cr, demonstrating a robust growth of 43%.
Buy or Sell National Stock Exchange of India Limited Unlisted Shares
4) Cochin International Airport Limited (CIAL)
Cochin International Airport Limited (CIAL) has not only solidified its position as a crucial gateway for travelers but has also etched its mark as a noteworthy entity in the unlisted market. The financial metrics for 2022 and 2023 paint a compelling picture of growth, resilience, and strategic vision.
Financial Highlights:
- Profit after Tax witnessed an astronomical surge of 922%
- Gross Revenue (Turnover) exhibited a robust growth of 84.1%
- Operating profit experienced an astonishing growth of 838.2%
Buy or Sell Cochin International Airport Limited (CIAL) Unlisted Shares
5) Care Health Insurance
In a sector gaining increasing prominence, Care Health Insurance emerges as a notable player, showcasing substantial growth and financial strength. It is part of the Religare Group and a direct subsidiary of Religare Enterprises.
Care Health Insurance’s financial performance demonstrates robust growth across various key metrics, indicating a strong position in the health insurance sector. The significant increase in gross premium, net profit, and total net worth showcases the company’s resilience, effective business strategies, and ability to capitalize on the growing demand for health insurance services in the market.
Financial Highlights:
- Gross direct premium increased by an impressive 32.5%, reaching ₹5,141.52 Cr in FY23
- Net profit skyrocketed by 2,042.5%, reaching ₹245.84 Cr in FY23
- Current share price: Rs. 150; Market capitalization: Approximately 14,000 Crores
Buy or Sell Care Health Insurance Ltd (CHIL) Unlisted Shares
6) Hero Fincorp Limited
Founded in 1991, Hero Fincorp Limited has emerged as a stalwart in the non-banking financial sector, providing loans to customers who are unable to obtain traditional banking services. Headquartered in New Delhi, India, the company has established a robust network with over 4000 retail financing touchpoints across the nation.
Hero Fincorp’s recent financial performance reflects a solid recovery, showcasing a net profit of INR 480 crores. This marks a substantial rebound from the previous year’s loss of INR 192 crores. The company’s performance metrics paint a picture of resilience and strategic growth.
Key Financials:
- Net Interest Income (NII): INR 3,546 crore, up 38% YoY
- Total Revenue: INR 6,448 crore, up 34% YoY
- Assets Under Management (AUM): INR 28,050 crore, up 27% YoY
- Loan Disbursements: INR 20,300 crore, up 25% YoY
Buy or Sell Hero FinCorp Limited Unlisted Shares
7) Reliance Retail
Reliance Retail is the retail initiative of Reliance Industries Limited which is the conglomerate in India and is central to the group’s consumer facing businesses. Reliance Retail has been at the forefront of bringing about organized retail revolution in India. Reliance Retail Ventures Limited, a subsidiary of RIL, is the holding company of Reliance Retail Limited which oversees the retail business.
Since its debut in 2006, Reliance Retail has grown to become India’s largest retailer delivering superior value to its customers, suppliers and shareholders.
Key Financials:
- In the fourth quarter of FY23, Reliance Retail reported a 12.9% increase in net profit, amounting to 2,415 crore INR.
- The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 33.1% to reach 4,769 crores INR.
- Reliance Retail experienced a remarkable 21.1% growth in total revenue during the fourth quarter, reaching 61,559 crores INR.
Buy Reliance Retail Unlisted Shares
8) PayMate
PayMate (incorporated in India) is a leading provider in B2B payments for Enterprise and SME’s. Paymate platform is an integrated platform which includes multiple payment categories, providing a fully integrated B2B payments stack (vendor payment, invoicing, GST, reconciliation) along with lending facilities to their customers.
PayMate has developed partnerships with banks and financial institutions like ICICI Bank Ltd, SBI Cards and other leading private bank in India that account for 50% of all credit cards issued in India.
It has strong presence with total customer & user base of 2,11,886 & dealt with total processing volume worth of INR 699,099.6 million
Key Financials:
- The market capitalization of Kannur International Airport Limited is currently valued at 1351.5 Cr.
- The Price/Sales (P/S) ratio stands at 30.15, indicating the market’s perception of the company’s revenue generation capability.
- The industry PE ratio is 86.05, indicating the market’s optimism about the growth potential of the aviation sector.
PayMate unlisted shares
9) Kannur International Airport Ltd (KIAL)
Kannur International Airport Ltd (KIAL) offers profit opportunities in various industries, including heavy industry, marine products, trade of fruits and other food items, and textile and handloom products. The airport’s strategic location and efficient operations make it an ideal hub for these industries, facilitating trade and business activities.
Key Financials:
- The market capitalization of Kannur International Airport Limited is currently valued at 1351.5 Cr.
- The Price/Sales (P/S) ratio stands at 30.15, indicating the market’s perception of the company’s revenue generation capability.
- The industry PE ratio is 86.05, indicating the market’s optimism about the growth potential of the aviation sector.
KIAL unlisted shares
10) Orbis Financial Corporation Limited
Orbis Financial Corporation Limited stands at the forefront of unlisted companies specializing in financial securities, with a distinct focus on investor servicing. Renowned for its excellence, Orbis Financial Corporation Limited offers an extensive range of security services catering to diverse investors, including Foreign Portfolio Investors (FPIs), insurance companies, and high-net-worth individuals.
Founded in 2005, the company swiftly gained prominence and secured registration with the Securities and Exchange Board of India (SEBI) as a clearing member across all market segments in the country.
Key Financials:
- Asset Under Custody (AUC): Increased from Rs 67,369 Cr in FY22 to Rs 81,160 Cr in FY23
- The Price/Sales (P/S) ratio stands at 30.15, indicating the market’s perception of the company’s revenue generation capability. Profit After Tax (PAT): Rose from Rs 47 Cr in FY22 to Rs 89.57 Cr in FY23.
- Earnings Per Share (EPS): Climbed from Rs 5.41 in FY22 to Rs 8.94 in FY23.
- Total Net Worth: Company’s net worth surged from Rs 223 Cr to Rs 429 Cr in FY23.
- PE Ratio: Currently (As of Jan’24) at 29.98 with a share price ranging Rs 250
Orbis unlisted shares
11) API Holdings Limited
API Holdings stands as India’s premier digital healthcare platform, boasting the title of the nation’s largest based on the Gross Merchandise Value (GMV) of products and services sold for the year ended March 31, 2021. Operating as an integrated, end-to-end business, API Holdings is dedicated to addressing the diverse healthcare needs of consumers through the seamless integration of technology and robust fulfillment capabilities.
As the parent company of esteemed brands such as PharmEasy, Docon, Thyrocare, and Retailio, API Holdings has established itself as a pioneering force in the healthcare industry. Notably, during the April to September period of 2023, API Holdings achieved an impressive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 60 crore, underscoring its commitment to excellence and innovation in the healthcare sector.
Key Financials:
- Consolidated Net Loss: Increased by 30% to Rs 5,212 crore in the financial year ended March.
- Operating Revenue Growth: Grew by 16% to Rs 6,644 crore.
- Net sales fluctuated over the years, with figures standing at Rs 676.07 crore (MAR 2020), Rs 50.45 crore (MAR 2021), Rs 871.81 crore (MAR 2022), and Rs 668.64 crore (MAR 2023).
- Net profit reflected negative values throughout the observed period: Rs -298.74 crore (MAR 2020), Rs -79.76 crore (MAR 2021), Rs -5,231.71 crore (MAR 2022), and Rs -5,324.60 crore (MAR 2023).
- Adjusted EPS (Earnings Per Share) followed a similar trend, with values of -9.96 (MAR 2020), -0.03 (MAR 2021), -0.77 (MAR 2022), and -0.85 (MAR 2023).
- Investments also varied, starting at Rs 9.01 crore (MAR 2020), rising significantly to Rs 1,958.60 crore (MAR 2021), reaching Rs 5,551.08 crore (MAR 2022), and then declining to Rs 3,380.49 crore (MAR 2023).
- The current ratio stands at 1.091 (as of 31st March 2023)
API Holdings unlisted shares
Please note: The financial information provided above is based on the available data and sources as of the specified periods. It is important to note that financial markets are dynamic, and the presented figures may vary due to market fluctuations, regulatory changes, or other unforeseen factors. Investors are strongly advised to exercise due diligence, conduct comprehensive research, and seek professional financial help before making any investment decisions.
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