Top 10 Unlisted Shares in India in 2026: Companies, Fundamentals & What Investors Should Know
Top 10 Unlisted Shares in India: An Overview
The Indian private market has companies from a diverse range of sectors, including financial-market infrastructure, defence, technology, healthcare, hospitality and financial services.
For investors hunting for unlisted shares in India, the challenge is not to find a company whose share price is likely to increase. The challenge is to understand the characteristics of that share: the business model, financial and valuation metrics, ownership structure, liquidity and potential developments.
This article looks at 10 unlisted companies that are worth researching in 2026:
Metropolitan Stock Exchange of India (MSEI)
Garuda Aerospace
OYO / Oravel Stays
Goodluck Defence & Aerospace
63SATS Cybertech
NCDEX
API Holdings / PharmEasy
ASK Investment Managers
Infobay AI
Hinduja Leyland Finance
This is a research watchlist, not an investment recommendation or ranking. Private-market prices are indicative, can vary between transactions, and may not represent an immediately executable price.
For readers who want to explore beyond these 10 names, Dhankirti Wealth maintains a broader all unlisted shares directory covering a wider range of companies.
What Makes an Unlisted Share Different?
An unlisted share is a share in a company that is not currently quoted on a recognised stock exchange in the same way as listed shares
This can have a huge bearing on the type of investment experience that you are about to embark on.
With a listed stock, there will be continuous exchange quoted price discovery during trading hours. An unlisted security may instead be transacted on private market terms where price, availability, quantity and liquidity will vary.
This is why looking at the quoted unlisted share price could give a misleading view.
Two companies can both be unlisted but operate within different sectors and have different financial and risk profiles.
1. MSEI – Metropolitan Stock Exchange of India
Sector: Financial Services / Exchange Infrastructure
Metropolitan Stock Exchange of India, or MSEI, is a national-level stock exchange in terms of equity, equity derivatives, currency derivatives, debt and its SME platform.
That makes MSEI very different from the other names on this list. Its business is connected more to India's financial-market infrastructure than to a typical consumer or manufacturing business.
Key fundamentals
Indicative price: ₹7.75
Market cap: ₹8,525 crore
P/B: 6.25x
Debt/Equity: 0
ROE: -1.89%
FY26 revenue: ₹3.4 crore
FY26 PAT: -₹25.8 crore
These figures show an interesting contrast: MSEI has a substantial private-market valuation while FY26 profitability remained negative.
What investors should watch
For MSEI, the question of trading activity, revenues, profitability, and market presence and the company’s ability to generate sustainable exchange profits is far more interesting than the analysis of its price in the private market.
The method of valuation is also relevant because the stock’s price is at a considerable multiple over the book value.
2. Garuda Aerospace
Sector: Drones, Defence & Technology
Garuda Aerospace works in various drone applications like agriculture, surveying, inspection as well as defence-related applications.
An interesting aspect about the company is that it derives revenues from two frontiers; sales of drones as products and the Drone-as-a-Service business. FY26 analysis this equals to ₹99.4 crore from product sales and ₹106.5 crore from Drone-as-a-Service sales.
This is significant as sales of such products are often driven by specific deals, whereas services offer steady recurring revenues.
Key fundamentals
Indicative price: ₹442
Market cap: ₹2,304 crore
P/E: 88.58x
P/B: 9.54x
Debt/Equity: 0.09
ROE: 10.85%
FY26 revenue: ₹206 crore
FY26 EBITDA: ₹39 crore
FY26 PAT: ₹26 crore
FY26 revenue increased to ₹206 crore, while PAT reached ₹26 crore.
What makes Garuda interesting?
The company operates at the intersection of drones, automation, agriculture, and defense.
However, the company’s P/E and P/B ratios are high, which implies that investors are paying for future growth and earnings, so the company’s ability to deliver on these expectations should be carefully considered.
3. OYO – Oravel Stays Limited
Sector: Hospitality & Travel Technology
OYO’s parent company is Oravel Stays Limited which owns an asset-light hospitality and travel technology platform.
The business has undergone significant transformations over time and currently focuses on operating hospitality and travel-related businesses. Its current operations comprise hotels, homes, and other associated businesses like the G6 Hospitality acquisition in the US.
Key fundamentals
Indicative price: ₹24
Market cap: ₹38,088 crore
P/E: 38.1x
P/B: 5.54x
Debt/Equity: 1.14
ROE: 14.45%
FY26 revenue: ₹9,358 crore
FY26 EBITDA: ₹2,509 crore
FY26 PAT: ₹994 crore
FY26 revenue increased about 50%, while EBITDA reached ₹2,509 crore. Operating cash flow was also reported at ₹2,511 crore. The company had filed an updated DRHP in June 2026.
Why does OYO attract attention?
OYO is a good example of why an investor should look beyond brand recognition.
The relevant questions include:
Is profitability sustainable?
How much debt does the business carry?
How strong is cash generation?
How does the G6 business perform?
What happens to valuation if public-market plans change?
The possibility of an IPO can add interest, but it should not be treated as a guaranteed exit.
4. Goodluck Defence & Aerospace
Sector: Defence Manufacturing
Goodluck Defence & Aerospace epitomizes India's burgeoning defence-manufacturing theme
The company was formed as a dedicated defence subsidiary and has developed manufacturing capabilities for artillery shell bodies. Its Sikandrabad unit was launched in 2025, with expansion plans in production capacity ahead.
Key fundamentals
Indicative price: ₹438
Market cap: ₹2,151 crore
P/E: 554.43x
P/B: 11.68x
Debt/Equity: 0.72
ROE: 2.23%
Book value: ₹37.49
The most noticeable point here is the valuation. A very high P/E means the market is pricing in substantial future earnings expectations.
What should investors watch?
The important factors include:
Production capacity
Defence orders
Certification
Revenue growth
Profitability
Execution
Capital requirements
Valuation
The defence theme itself is not enough. The company must demonstrate that manufacturing capacity translates into sustainable revenue and earnings.
5. 63SATS Cybertech
Sector: Cybersecurity & AI Technology
63SATS Cybertech is a cyber and network security company related to 63 moons technologies.
The company's activities include business cyber-security, governmental and critical infrastructure and consumer cyber-security as well as newer technology initiatives related to artificial intelligence and cyber-security operations.
Key fundamentals
Indicative price: ₹26.50
Market cap: ₹2,680 crore
P/B: 9.01x
Debt/Equity: 0.01
ROE: -1.69%
Book value: ₹2.94
FY26 revenue: ₹87.16 crore
FY26 EBITDA: -₹11.87 crore
FY26 PAT: -₹5.03 crore
One striking feature is the rapid increase in reported FY26 revenue, while the company remained loss-making at the EBITDA and PAT levels.
What makes this company worth researching?
Cybersecurity is becoming an increasingly important technology consideration for businesses and government organizations.
However, investors should differentiate between the expansion of the industry and profits of the company.
The key question is whether 63SATS will be able to transform its growing revenue base, products and customer relationships into profits for the company.
6. NCDEX – National Commodity & Derivatives Exchange
Sector: Commodity Exchange / Financial Services
NCDEX is an Indian exchange that specializes in agricultural commodity markets.
In contrast to an ordinary operating company, its business is conditioned by the fact that the activity and participation of traders directly affect the exchange’s potential to generate revenue.
Key fundamentals
Indicative price: ₹382
Market cap: ₹3,426 crore
P/B: 2.26x
Debt/Equity: 0
ROE: -3.05%
Book value: ₹169.21
FY26 revenue: ₹90.4 crore
FY26 PAT: -₹46 crore
reports FY26 revenue of ₹90.4 crore and a PAT loss of ₹46 crore.
What should investors monitor?
For NCDEX, useful indicators include:
Trading volumes
Product activity
Market share
Revenue growth
Operating costs
Profitability
Regulatory developments
The company illustrates an important point about unlisted shares: a recognised brand or market position does not necessarily translate into current profitability.
7. API Holdings – PharmEasy
Sector: Digital Healthcare
API Holdings is the parent company of PharmEasy and is engaged in healthcare distribution, digital healthcare, and diagnostics.
One of the key ways to value the company is to consider each segment on an individual basis rather than viewing them as an aggregated whole.
Key fundamentals
Indicative price: ₹9
Market cap: ₹6,691 crore
P/B: 2.15x
Debt/Equity: 0.43
ROE: -16.73%
FY26 revenue: ₹6,618.5 crore
FY26 EBITDA: ₹38 crore
FY26 PAT: -₹520 crore
Thyrocare contributed a significant share of EBITDA, while some other segments remained loss-making.
Why is the segment mix important?
A consolidated figure can sometimes hide where the economics of a business actually come from.
For API Holdings, investors may therefore want to examine:
PharmEasy's operating performance
B2B healthcare distribution
Thyrocare
Debt reduction
Cash requirements
Path to sustainable profitability
8. ASK Investment Managers
Sector: Asset & Wealth Management
ASK Investment Managers is active in asset management, wealth management, alternatives and related financial services.
Its business model is particularly interesting because a significant part of the revenue is derived from fees, as opposed to manufacturing or inventory-based sales.
Key fundamentals
Indicative price: ₹788
Market cap: ₹6,894 crore
P/E: 70.93x
P/B: 4.05x
Debt/Equity: 0.03
ROE: 5.72%
FY26 revenue: ₹869 crore
FY26 PAT: ₹97.2 crore
reports FY26 revenue of ₹869 crore and PAT of ₹97.2 crore, both lower than the previous year.
What should investors look at?
For an asset-management business, important questions include:
Assets under management
Fee income
Client growth
Product mix
Profitability
Distribution strength
Valuation
The low debt-to-equity ratio is one notable feature, but the high P/E means earnings growth remains important when considering the valuation.
9. Infobay AI
Sector: AI Training Data & Technology
Infobay AI is one of the more technology focused companies on this list.
The company describes itself as an AI training-data and infrastructure business, providing expert verified training data, annotation infrastructure and evaluation systems for AI and large language models.
Key fundamentals
Indicative price: ₹3,75,000
Market cap: ₹876 crore
P/E: 18.02x
P/B: 8.94x
ROE: 55.21%
Book value: ₹41,969.60
FY26 revenue: ₹107.8 crore
FY26 EBITDA: ₹63.4 crore
FY26 PAT: ₹48.6 crore
FY26 revenue increased to ₹107.8 crore, while PAT reached ₹48.6 crore.
Why is Infobay AI interesting?
AI is a rapidly developing sector, but the important part for investors is understanding the actual commercial model.
Questions worth asking include:
Who are the customers?
What kind of data does the company provide?
Is revenue recurring?
How scalable is the model?
How defensible is the technology?
Does current valuation already reflect substantial future growth?
The AI label alone should never be treated as a substitute for business analysis.
10. Hinduja Leyland Finance
Sector: NBFC / Vehicle Finance
For the purpose of this article, 'Hinduja' is better represented by the unlisted security known as Hinduja Leyland Finance, which is relevant to this list.
The company has an NBFC as its main line of business, one of the most significant being vehicle financing, and has exposure to loan-against-property and housing finance through its group companies.
Key fundamentals
Indicative price: ₹242
Market cap: ₹13,195 crore
P/E: 15.15x
P/B: 1.25x
ROE: 8.29%
FY26 PAT: ₹871 crore
Gross NPA: 3.61%
Net NPA: 1.96%
FY26 interest earned was reported at ₹6,681 crore, while PAT increased to ₹871 crore. Gross NPA and net NPA stood at 3.61% and 1.96%, respectively.
Why are NPAs important here?
For an NBFC, asset quality is one of the key indicators to monitor.
Revenue and profit alone do not tell the entire story. Investors should also understand:
Loan book growth
AUM
Gross NPA
Net NPA
Provisions
Cost of borrowing
Capital adequacy
Profitability
That makes Hinduja Leyland Finance quite different from technology or defence companies elsewhere in this list.
How Should You Compare These 10 Unlisted Shares?
There is no one metric that will apply to all the ten companies.
A stock exchange business like MSEI or NCDEX will have to be evaluated on market related and exchange related parameters.
A defence company like Garuda Aerospace or Goodluck Defence will have to be evaluated on orders, manufacturing process, capacities and execution.
A tech company like 63SATS or Infobay AI will have to be evaluated on a different set of parameters altogether.
An NBFC like Hinduja Leyland Finance will have to be evaluated on its asset quality and credit performance parameters.
So rather than asking, “Which metrics should be applied to evaluate these companies?” we have to think, “How do we evaluate these companies?”
“Which unlisted share is cheapest?”
a better question is:
“What am I actually paying for, and what business performance would justify that valuation?”
That is a much more useful way to approach private-market research.
Price Alone Doesn't Tell You Whether an Unlisted Share Is Attractive
It's particularly important in private markets.
An unlisted share trading at ₹20 is not necessarily cheaper than another trading at ₹500.
The number printed alongside the share is just the price per share.Price Alone Doesn't Tell You Whether an Unlisted Share Is Attractive
It's particularly important in private markets.
An unlisted share trading at ₹20 is not necessarily cheaper than another trading at ₹500.
The number printed alongside the share is just the price per share.
You also need to consider:
Total number of shares
Market capitalisation
Earnings
Book value
Debt
Growth
Profitability
Liquidity
Potential dilution
For example, a company with a ₹20 share price can have a much higher valuation than another company with a ₹500 share price if it has substantially more shares outstanding.
What About the Unlisted Share Price?
That distinction is important because:
Availability can change
Quantity can affect the transaction
Buyer and seller expectations can differ
Private transactions are less liquid
The actual executable price can differ from an indicative level
For readers specifically researching pricing, the related Dhankirti article Unlisted Share Price List India: Buy and Sell Pre-IPO Shares can provide additional context.
What Should You Check Before Buying an Unlisted Share?
Before making a transaction, consider these questions.
1. Do I understand the business?
If you cannot explain how the company makes money, spend more time researching it.
2. What does the financial picture look like?
Look at revenue, profitability, cash flow, debt and other sector-specific metrics.
3. How was the valuation arrived at?
Don't assume a private-market price is automatically fair simply because multiple people quote it.
4. How liquid is the security?
Consider how you could potentially exit.
5. Could future fundraising dilute ownership?
New share issuance can change your percentage ownership.
6. Is there actually an IPO process?
“Pre-IPO” should not be interpreted as “IPO guaranteed.”
7. Is the security itself verified?
Check the exact company, share class and relevant identification details.
8. Are the transaction terms clear?
Understand documentation, settlement, transfer and applicable charges before paying.
Buy and Sell Unlisted Shares: What Does the Process Look Like?
The process can vary depending on the security and transaction structure, but broadly it may involve:
Research the company
↓
Check the indicative price
↓
Confirm availability and quantity
↓
Complete applicable KYC/documentation
↓
Confirm transaction terms
↓
Payment and settlement
↓
Shares transferred to Demat
Investors should verify the transaction and intermediary rather than relying only on a message, advertisement or forwarded price.
Who Should Consider Researching Unlisted Shares?
Unlisted securities are generally more appropriate for investors who understand that private-market investing can involve:
Lower liquidity
Valuation uncertainty
Limited price discovery
Longer holding periods
Business risk
Exit uncertainty
A person searching for an asset, which can be quickly bought and sold on a stock exchange, may well find the private-market structure very different from what he or she is used to.
The decision should therefore be based on the investor's own financial situation, goals and risk tolerance.
Frequently Asked Questions
1. What are the top 10 unlisted shares in India in 2026?
This article covers MSEI, Garuda Aerospace, OYO, Goodluck Defence & Aerospace, 63SATS Cybertech, NCDEX, API Holdings, ASK Investment Managers, Infobay AI and Hinduja Leyland Finance as a research watchlist.
2. Are these the best unlisted shares to buy?
Not necessarily. “Top 10” in this article means notable companies worth researching, not a personalised ranking or recommendation.
3. What is an unlisted share?
An unlisted share is an equity security that is not currently listed for normal trading on a recognised stock exchange.
4. How is an unlisted share price determined?
Private-market pricing can be influenced by company fundamentals, valuation, demand and supply, recent transactions, share availability, liquidity and investor expectations.
5. Is an unlisted share price the same as an NSE price?
No. If the security is not listed on NSE, an indicative private-market price should not be described as an NSE market price.
6. Can I buy and sell unlisted shares?
Some unlisted securities can be transferred through private transactions, subject to the applicable requirements, documentation and characteristics of the security.
7. Are all unlisted shares pre-IPO shares?
No. A company can remain unlisted without having a confirmed IPO plan.
8. Is buying a pre-IPO share a guarantee of IPO profits?
No. An IPO can be delayed, changed or may not happen, and an eventual IPO price can differ from the private-market price.
9. Why is liquidity important for unlisted shares?
Because there may not be a continuous exchange market where you can immediately sell your shares at your preferred price.
10. Which fundamentals should I check?
At minimum, look at revenue, profitability, debt, valuation and cash flow where relevant. Sector-specific indicators can also matter—for example, NPAs for an NBFC.
11. Is a low share price a sign that an unlisted share is cheap?
No. The price per share does not tell you the company's overall valuation.
12. What is dilution?
Dilution happens when a company issues additional shares and an existing investor's percentage ownership falls if they do not participate proportionately.
13. Why can two platforms show different unlisted share prices?
Private-market pricing does not have the same continuous exchange-based price discovery as listed shares. Quantity, availability, timing and transaction terms can affect quotes.
14. Can unlisted shares be held in a Demat account?
Eligible securities can generally be held electronically in a Demat account, subject to the applicable security and transfer requirements.
15. What should I verify before buying?
Verify the company, exact security, available financial information, valuation, indicative price, transaction process, transfer mechanism, documentation and potential exit route.
16. Are unlisted shares riskier than listed shares?
They can involve additional risks, especially liquidity, valuation and exit risks. Investors should understand these risks before transacting.
17. Where can I find more unlisted companies?
You can explore Dhankirti Wealth's unlisted shares directory for a broader selection of companies beyond the ten discussed here.
18. Can an unlisted company eventually become listed?
Yes, an unlisted company can potentially pursue a public listing if it meets the applicable requirements and completes the relevant process. However, being unlisted does not mean that an IPO is guaranteed.
Final Takeaway
The private market has a much wider range of businesses than you can imagine with some top ten list.
MSEI and NCDEX are financial-market infrastructure, while Garuda Aerospace and Goodluck Defence & Aerospace represent exposure to defence and manufacturing themes. OYO represents hospitality and travel technology, while 63SATS and Infobay AI represent technology-oriented businesses. API Holdings is a digital healthcare company, ASK is an asset and wealth manager, and Hinduja Leyland Finance operates in the financial services space.
The important thing about them is not to treat them as interchangeable investments.
Each company needs to be evaluated in terms of its business model, financial performance, valuation, sector dynamics, liquidity and potential risks.
And, most importantly, it is essential to remember that a promising company does not necessarily make its unlisted share attractive at every price.
Before you buy or sell an unlisted share, know what you are doing, how the price is determined and what your potential exit could be.
To get a better sense of what opportunities exist, explore Dhankirti Wealth's all unlisted shares directory.
Disclaimer
This article is a general description for information/educational purposes only and does not constitute an offer or recommendation to buy or sell any security. Transactions in unlisted and pre-IPO securities involve substantial risks, including but not limited to market, valuation, business, regulatory, dilution and exit risks, and the indicated private-market prices may not be indicative of actual transaction prices. Investors are encouraged to conduct their own research and consult with their financial advisors before making any investment decision.
