As investing becomes more dynamic, unlisted shares are grabbing the spotlight for investors wanting to explore high-growth opportunities. These companies are often rising stars in unique sectors or on the brink of big expansions, offering a chance for impressive returns. Here are 10 unlisted companies that could be major players in 2025, helping you make smarter choices in the private market.
1. Apollo Green
Apollo Green Energy Limited (AGEL), a subsidiary of Apollo International Group, is a leading EPC company focused on renewable energy solutions. With over two decades of experience, AGEL is playing a key role in India's clean energy transition.
The company plans to establish a Rs 10,000 crore project portfolio by 2025, with a current order book of Rs 3,500 crore and active solar projects worth Rs 2,500 crore across India. AGEL is also expecting for an IPO in 2025.
Following impressive revenue growth from Rs 324.83 crore in FY 2021-22 to Rs 1,174.77 crore in FY 2024, CEO Sanjay Gupta emphasized that the upcoming IPO will help scale operations and drive innovation in renewable technologies.
2. ESDS Software Solution
ESDS Software Solution Ltd, a provider of cloud, IT security, and managed services, plans to expand its capacity from 7 MW to 14-20 MW in the next 1-2 years. The company operates four data centers across India in Nasik, Mumbai, Bengaluru, and Mohali.
Driven by India’s digital transformation, the demand for high-performance data centers is rising. ICRA projects India’s data center capacity to more than double to 2,000-2,100 MW by FY27, requiring an investment of INR 50,000-55,000 crore.
ESDS offers colocation data centers, allowing businesses to scale IT resources and adapt to changing needs. CEO Piyush Somani highlights that emerging technologies like AI, ML, and IoT require high-performance compute, power, and cooling that only data centers can provide. ESDS serves clients primarily in Government, BFSI, and Enterprises sectors.
3. Greenzo Energy India
Greenzo Energy is a leading manufacturer of electrolyzers for green hydrogen and a full-value chain energy solutions provider.
Strengths include technical collaborations with international companies, a highly experienced team, over 500 MW of green hydrogen projects in the pipeline, and more than 20 completed solar projects and 51 DPRs.
Mission: To become the global leader in net-zero energy solutions, focusing on green hydrogen.
Vision: To reduce India’s CO2 emissions by 1 million tonnes annually by 2030.
4. Imagine Marketing (boAt)
Imagine Marketing, the parent company of boAt, has become a major player in the consumer electronics market since its inception in 2016. Known for offering stylish, high-quality, and affordable audio products like headphones, earphones, and speakers, boAt quickly gained popularity, particularly among young, tech-savvy consumers. Today, it is India’s No.1 audio brand and the world’s 2nd largest wearable brand (IDC Q3 2022).
BoAt’s success is fueled by its innovative technology, trendy designs, and a strong presence across e-commerce and retail platforms. To further accelerate growth, the company recently raised significant funding and is preparing for an IPO. This move will provide the financial resources to expand globally and diversify its product offerings, including smartwatches and wireless chargers.
With its IPO on the horizon, boAt is poised to continue its upward trajectory. The company’s focus on premium audio experiences and wearables, backed by its customer-first approach, positions it for further success in the global market.
5. Mohan Meakin
Mohan Meakin, a pioneering name in the Indian beverages industry, is best known for its iconic brands like Old Monk. Founded in 1855, the company has a rich legacy in the production of alcoholic beverages, as well as a strong presence in the brewing and bottling sectors. Over the years, Mohan Meakin has diversified its offerings to include a variety of spirits, wines, and soft drinks, making it a prominent player in the Indian market.
Financially, Mohan Meakin has seen steady growth, with its flagship brand, Old Monk, continuing to dominate the rum market in India. Though the company's revenue figures vary, it remains a leader in its category, with Old Monk holding a significant share of the Indian spirits market. The company’s continued success is largely driven by its legacy, loyal customer base, and strong brand recognition.
The company has made significant strides in modernizing its operations and expanding its product range. As the Indian spirits market continues to grow, Mohan Meakin is poised to maintain its leadership position, leveraging its strong brand equity and long-standing history in the industry.
6. National Commodity & Derivatives Exchange
The National Commodity & Derivatives Exchange (NCDEX) is one of India’s leading commodity exchanges, specializing in agricultural and non-agricultural commodities. Established in 2003, NCDEX has become a vital platform for trading in a wide range of products, including soybeans, cotton, spices, and metals. The exchange plays a crucial role in enhancing price discovery, ensuring transparency, and providing risk management solutions to farmers, traders, and industry players across India.
Financially, NCDEX has seen steady growth, driven by increased participation in commodity trading. The exchange has established itself as the leader in the agricultural commodity segment, holding a dominant market share. NCDEX controls approximately 90% of the market share in agricultural futures trading in India, reflecting its strong position and the trust it has built among its participants. This significant market share contributes to a steady stream of revenue through trading fees and other services.
The exchange continues to innovate, launching new products and expanding its range of futures contracts. As India's economy grows and the demand for commodity trading rises, NCDEX is well-positioned to strengthen its leadership role in the market, driving further growth and participation in the sector.
7. Oravel Stays (OYO)
OYO, founded in 2013 by Ritesh Agarwal, has grown into one of the world’s largest hotel chains, revolutionizing the hospitality sector with its affordable and standardized accommodations. The company partners with small and independent hotels to enhance their quality and boost occupancy rates. With a presence in over 80 countries, OYO has become a global leader, offering both budget-friendly rooms and premium services through its extensive technology-driven platform.
In the most recent financial update, OYO's parent company, Oravel Stays, reported a net profit of Rs 158 crore in Q2FY25, reflecting a 20% increase from the previous quarter. The company’s revenue for Q2 surged by 12%, reaching Rs 1,578 crore, up from Rs 1,413 crore in Q1. This marks a continued growth trend for the company, which had reported its first-ever profitable quarter in the same period last year, with a net profit of Rs 16 crore.
OYO has raised substantial funds over the years, including investments from SoftBank, Sequoia Capital, and Lightspeed Venture Partners. With increasing demand for budget-friendly and tech-enabled hotel options, OYO is preparing for an IPO, aiming to leverage its market leadership and expand its global reach. This upcoming IPO will play a crucial role in supporting the company’s long-term growth strategy and further strengthening its position in the competitive hospitality industry.
8. Orbis Financial Corporation
Orbis Financial Corporation, a leading global investment management firm, offers a range of asset management solutions, catering to both institutional and retail clients. Known for its research-driven approach, Orbis focuses on delivering long-term, superior returns while managing risks effectively.
For the financial year ending March 31, 2024, Orbis reported a revenue of INR 426.39 crore, up from INR 296.73 crore in FY23. The company’s profit before tax increased to INR 183.99 crore, compared to INR 120.06 crore in the previous year. Profit after tax for FY24 stood at INR 138.90 crore, a significant rise from INR 88.20 crore in FY23.
Orbis’s strong financial performance and consistent growth position it well for future opportunities, including potential expansion through strategic investments or an IPO.
9. Sterlite Power
Sterlite Power, a global leader in power transmission infrastructure, has shown strong financial growth with significant improvements in its revenue. For the fiscal year ending March 31, 2024, the company reported consolidated revenue from operations of INR 49,178.94 crore, up from INR 32,786.46 crore in FY23. This reflects the company's expanding market presence and successful execution of major transmission and infrastructure projects.
Sterlite Power's consolidated profit after tax for FY24 reached INR 2,301.27 crore, compared to INR 1,834.43 crore in the previous year. The company has maintained its focus on operational efficiency and effective cost management, which has contributed to this continued profitability.
Sterlite Power is exploring various fundraising options to support its growth. With a strong financial position and a growing pipeline of projects, the company is well-positioned to expand its leadership in the power transmission sector and possibly leverage future opportunities such as public offerings.
10. Urban Tots
Urban Tots, a leading brand in sustainable children's products, has shown impressive financial growth in the recent fiscal year. For the year ending March 31, 2024, the company reported a revenue of INR 7,882.36 lacs, a significant increase from INR 4,915.06 lacs in FY23. The brand’s focus on eco-friendly and stylish children’s products has clearly resonated with consumers, fueling this growth.
The company’s profit after tax (PAT) for FY24 stood at INR 710.30 lacs, compared to INR 418.43 lacs in the previous year, reflecting a solid improvement in profitability.
The company’s strong financial performance positions it well for future expansion, and expects to get its IPO by 2026. As the demand for sustainable products continues to rise, Urban Tots is on track to maintain its growth momentum and potentially explore further funding options in the future.
Why Should You Invest in Unlisted Companies?
Unlisted shares let you tap into future market leaders before they go public. Here’s why they’re worth considering:
· Higher Returns Potential: Emerging businesses can deliver big gains as they grow.
· Exciting Trends: Many unlisted companies lead in innovative industries like EVs and fintech.
· Portfolio Diversification: Adding unlisted shares can balance your investments.
Things to Keep in Mind:
· Risk Factor: Unlisted shares can be risky due to potential loss, limited data and liquidity.
· Do Your Homework: Always check a company’s growth plans, market position, and finances.
· Spread Your Investments: Don’t put all your money into one company or sector.
Final Thoughts:
Unlisted companies like offer exciting opportunities for investors looking to stay ahead of the curve. But remember, success in this market requires research and a thoughtful approach. For more tips and expert insights, visit Unlisted Capital.
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