India is home to many successful unlisted companies that are earning strong profits without being listed on the stock market. These companies operate in sectors such as retail, real estate, fintech, healthcare, manufacturing, and media. Their strong financial performance shows that they have built stable businesses and continue to grow year after year.
According to the JM Financial Hurun India Unlisted Gems 2026 report, several unlisted companies have reported impressive net profits in 2025. Some companies have also achieved strong year-on-year growth, reflecting better business performance and higher demand for their products and services.
The report highlights that Reliance Retail is the most profitable unlisted company in India, followed by Adani Properties and Zerodha Broking. Companies like International Tractors, ARISTO Pharmaceuticals, and Bennett, Coleman & Co. also feature among the top profitable unlisted businesses.
These companies belong to different industries, but all of them have shown strong financial discipline, efficient operations, and steady business growth. Their profits also reflect India’s growing economy and the increasing opportunities across different sectors. Here are the six most profitable unlisted companies in India based on their net profit in 2025.
1. Reliance Retail
Reliance Retail is the most profitable unlisted company in India, reporting a net profit of Rs. 9,973 crore in 2025, with a 12 percent year-on-year growth. The company is headquartered in Mumbai and is led by Venkatachalam Subramaniam, Whole-Time Director. Its valuation was not disclosed in the JM Financial Hurun India Unlisted Gems 2026 report.
Reliance Retail runs supermarkets, fashion stores, electronics outlets, and online shopping platforms across the country. Its strong customer base, wide product range, and expanding retail network have helped the company maintain steady growth. The business continues to strengthen its position as India’s leading retail company.
2. Adani Properties
Adani Properties ranks second with a net profit of Rs. 7,672 crore in 2025, recording an impressive 154 percent growth over the previous year. The Ahmedabad-based company is led by Jackbastiah K. Nazareth, CEO. According to the 2025 Burgundy Private Hurun India 500 Report, the company has a valuation of Rs. 1.02 lakh crore.
The company develops residential, commercial, and mixed-use real estate projects across India. Despite being part of the capital-intensive real estate sector, Adani Properties has maintained strong profitability through large-scale developments and growing demand for premium real estate projects.
3. Zerodha Broking
Zerodha Broking is India’s leading online stockbroking company and reported a net profit of Rs. 4,235 crore in 2025. Although its profit declined by 23 percent compared to the previous year, the company remains one of India’s most profitable fintech businesses. Led by Nithin Kamath, the Bengaluru-based company has a valuation of Rs. 86,660 crore, according to the 2025 Burgundy Private Hurun India 500 Report.
Zerodha has transformed stock market investing by offering low-cost brokerage services and easy-to-use trading platforms. Its asset-light business model allows it to operate efficiently with lower costs, helping the company maintain high profitability while serving millions of investors across India.
4. International Tractors
International Tractors reported a net profit of Rs. 1,781 crore in 2025, with a 2 percent increase over the previous year. The company is headquartered in Hoshiarpur, Punjab, and is led by Lachhman Dass Mittal, Founder and Chairman.
The company manufactures tractors and agricultural equipment under the Sonalika brand. Its products are sold across India and in several international markets. The company’s focus on innovation, product quality, and expanding exports has helped it maintain stable profits in the industrial products sector.
5. ARISTO Pharmaceuticals
ARISTO Pharmaceuticals earned a net profit of Rs. 1,701 crore in 2025, recording a 16 percent growth from the previous year. The Mumbai-based healthcare company is led by Umesh Sharma, Managing Director.
The company manufactures a wide range of medicines and healthcare products for domestic and international markets. Its strong presence in the pharmaceutical industry, focus on quality products, and continuous investment in healthcare have helped ARISTO become one of India’s most profitable unlisted healthcare companies.
6. Bennett, Coleman & Co.
Bennett, Coleman & Co., one of India’s leading media companies, reported a net profit of Rs. 1,595 crore in 2025. The company achieved a 53 percent increase in profit compared to the previous year. It is headquartered in Mumbai and is led by Vineet Jain, Managing Director.
The company owns several well-known newspapers, magazines, television channels, and digital media platforms. Its strong media presence, growing digital business, and diversified operations have helped it maintain healthy profits despite changes in the media industry.
Conclusion
The JM Financial Hurun India Unlisted Gems 2026 report shows that India’s unlisted companies continue to deliver strong financial performance across different industries. Retail, real estate, fintech, manufacturing, healthcare, and media companies have all reported healthy profits, reflecting efficient business operations and steady growth.
Reliance Retail, Adani Properties, Zerodha Broking, International Tractors, ARISTO Pharmaceuticals, and Bennett, Coleman & Co. demonstrate that unlisted companies can build profitable and successful businesses without being listed on the stock market. Their strong earnings highlight the growing strength of India’s private corporate sector and its contribution to the country’s economic growth.
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