India's unlisted market has emerged as a diversified investment opportunity space for inventors in recent years. In 2025, several well-known companies like NSDL, Tata Capital, and Groww finally made it to the stock exchanges and operate as publicly listed companies.
Now in 2026, the opportunity looks equally exciting. NSE is on the edge of filing its DRHP and is supposed to be India's largest-ever IPO. On the other side, Zepto is reportedly planning for an estimated ₹10,000 crores (approx. $ 1 billion) public listing, and several other high-potential companies are still available in the pre-IPO market.
But which unlisted shares are actually worth your attention in 2026? In this blog, we are going to explore the top 10 unlisted shares in India for 2026, so you can make a more informed decision before investing your money.
Reverse merger with NDL Ventures announced, subject to NCLT approval
No IPO Announced
Note: The above list of unlisted shares is based on factors like IPO potential, recent updates, sector growth, and investor interest and may vary depending on your investment goals and risk tolerance.
Let’s explore these in more detail.
National Stock Exchange (NSE)
The National Stock Exchange is the country's largest stock exchange by trading volume, but it is not listed on any exchange. As per reports, in January 2026, SEBI finally issued its long-awaited No Objection Certificate (NOC) for NSE's IPO.
The exchange appointed a large consortium of around 20 investment banks as advisors, including Kotak Mahindra Capital, Morgan Stanley, J.P. Morgan, and Axis Capital, and is expected to file its Draft Red Herring Prospectus (DRHP) by June 2026, and potential listing later this year. The exchange reported a consolidated net profit of ₹10,302 crore and annual revenue of ₹18,713 crore in the FY 2026.
Chennai Super Kings (CSK)
Chennai Super Kings Cricket Limited is one of the most popular IPL franchises and has been operating profitably for years, generating income through media rights, sponsorships, and merchandise. In recent years, it has also expanded internationally, owning the Joburg Super Kings in South Africa's SA20 league and the Texas Super Kings in Major League Cricket (USA).
As per reports, the RCB (₹16,660cr) and RR (₹15,300cr) franchise sales triggered a rise in CSK unlisted shares in Q1 2026. IPL franchise valuations have been rising consistently, and CSK's brand value is built on years of consistent performance and a massive loyal fanbase.
Metropolitan Stock Exchange of India (MSEI)
Metropolitan Stock Exchange of India (MSEI) is India's third national stock exchange, recognised by SEBI, and has been operational since 2008. It's significantly smaller than NSE and BSE. MSEI serves as a trading platform for various financial instruments like equity and derivatives. Initailaly it was MCX-SX and got rebranded as the Metropolitan Stock Exchange of India in 2014.
The exchange has been working to increase its market relevance. In January 2026, it introduced a Liquidity Enhancement Scheme (LES) aligned with SEBI guidelines to address one of its biggest challenges, low trading volumes in the equity segment. It also announced a mandatory upgrade to its trading software in early 2026, signalling continued investment in its infrastructure.
Maverick Simulation Solutions Limited
Maverick Simulation Solutions is an Indian company that designs and manufactures medical simulation products like AI-powered patient simulators, surgical trainers, anatomy dissection tables, and task trainers used in hospitals and medical colleges.
The company was founded in 2006 with the core business operations of 3D scanning and printing. It entered the healthcare simulation in 2019. It reported an annual revenue of approximately ₹138.8 crores and a net profit of ₹47.8 crores in FY25.
Hindon Mercantile Limited (HML)
Established in 1985 and registered as an NBFC with the Reserve Bank of India in 2002, Hindon Mercantile Limited is a company headquartered in New Delhi and focuses on MSME and individual borrower segments.
As per reports (March 2026), HML subscribed to convertible warrants worth ₹324 crore as part of a preferential equity issue by its subsidiary, Mufin Green Finance Limited. The company reported an annual revenue of ₹2019.69 lakhs, a net profit of ₹218.79 lakhs, with ₹9,436.16 lakhs of total equity and ₹ 1.48 earnings per share for FY2024. With the government pushing hard on EVs and renewables, Hindon Mercantile Group sees strong growth ahead in the green energy sector.
Greenzo Energy India Ltd.
Greenzo Energy India Ltd. was incorporated in 2022. The company was initially involved in EPC (Engineering, Procurement, and Construction) of solar energy projects. It uses domestically manufactured alkaline electrolysers to carry out its business operations for hydrogen production.
Green hydrogen is still in an early-stage segment, raising reasonable concerns for both opportunities and challenges on the part of investors. But with the government's National Green Hydrogen Mission followed by the company, Greenzo unlisted shares can turn out to be a meaningful investment for investors comfortable with higher-risk, higher-reward bets.
Lords Mark Industries Limited
Lords Mark Industries Limited has gone through a significant transformation over the past few years. Established in 1998, the company was initially involved in paper manufacturing and later diversified into product segments like Healthcare & Medtech, renewable energy solutions, printing and packaging.
For investors looking for a company actively reinventing itself in high-growth sectors, Lords Mark unlisted shares can be a suitable option. Though the company is focusing on ongoing progress and transformation, the execution risk is also considerable factor for investors.
Zepto limited
Zepto is probably India's most talked-about pre-IPO name right now. It was founded in 2020 as Kiranakart Technologies Pvt. Ltd. (Parent company) and was rebranded as Zepto Limited in 2021. Zepto operates 1100+ dark stores across 70+ cities. Over the years, Zepto has key investors like Y Combinator, General Catalyst, CalPERS, and others putting in over a significant amounts of investment in the company.
Zepto is not yet profitable at the PAT (Profit after tax) level. It reported a net loss of ₹1,248 crore in FY24, even as revenue was scaling rapidly around ₹4498.57 crores. As per reports (May 2026), the company has received SEBI’s approval on its confidential DRHP filed in December 2025 and is targeting a ₹10,000 crore IPO.
Polymatech Electronics Limited
Polymatech Electronics Limited was founded in 2007 as an Indian joint venture subsidiary of M/S Polymatech, Japan and Polymatech, Malaysia. The company was initially involved in the manufacturing and supply of keypads for mobile phones. It was later restructured as a semiconductor manufacturing firm headquartered in Oragadam, Tamil Nadu, Chennai. The company’s product cycle includes opto-semiconductor chips and related electronics. The company reported an annual revenue of ₹72,345.55 lakhs for FY 2025 with an estimated net profit of ₹9,547.15 lakhs for the same year.
Hinduja Leyland Finance Limited
Hinduja Leyland Finance (HLFL) is a Non-Banking Finance Company operating under the Hinduja Group. The company offers assistance in vehicle financing, including commercial vehicles, two-wheelers, tractors, and construction equipment. As per reports, a recent highlight indicates that a merger between HLF and NDL Ventures was announced, which could affect valuation and structure.
Financially, the company has performed well in the past few years; PAT grew from ₹636 crore in FY24 to ₹77,380 crore in FY25. EPS improved from ₹11.89 to ₹14.46. The company can turn out to be a good option for investors looking for a more stable, cash-generating unlisted company with a credible parent group behind it.
As the unlisted market continues to grow, the options are increasing over time. Beyond the above mentioned list, there are several other unlisted shares in India worth considering, like:
India's unlisted share market in 2026 offers a mix of near-IPO opportunities and high-growth early-stage investments. NSE and Zepto are the closest to listing, while companies like Greenzo Energy and Hindon Mercantile are progressing towards India's growing green energy initiatives.
Whether you are looking for the best unlisted shares to buy today or building a long-term portfolio, we have explored a few of the best options for investment in unlisted shares. The best choice depends on several factors like the amount of investment, risk-taking ability and the industry segment, which every investor must consider before taking any investment decisions.
Frequently Asked Questions
Where can I buy unlisted shares in India?
To buy unlisted shares in India, you can reach out to intermediaries, unlisted share platforms, and brokers who deal in pre-IPO investment opportunities.
Which are the best unlisted shares in India right now?
Although the top-performing unlisted shares are subject to change as per market updates, a few of the top unlisted shares in India are NSE, Zepto, CSK, and Polymatech Electronics, etc.
Can anyone buy unlisted shares in India?
Yes, any Indian resident with a valid PAN card and a Demat account can invest in unlisted shares in India.
How can I invest in unlisted shares in India?
Investing in unlisted shares involves finding a reliable platform, completing your KYC, selecting the company you want to invest in, and getting the shares credited to your Demat account after the transaction is complete.
Can I sell my unlisted shares anytime?
Selling unlisted shares depends on finding a willing buyer in the private market, which can take time, and thus, unlisted stocks are considered to have less liquidity as compared to listed stocks.
Disclaimer: This blog is for informational purposes only and does not constitute investment advice. Investing in unlisted shares involves risks. Always consult a professional before making any investment decisions.
Author: Komal Bhatt
Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.
She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.
Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.
amit@unlistedkraft.in
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amit@unlistedkraft.in