Top 10 Unlisted Shares to Invest in 2026

1. National Stock Exchange

National Stock Exchange established in 1992, is India's Largest Stock Exchange and a Global leader in Market Capitalization. In 2025, NSE witnessed exponential growth in Trading Volumes and higher market participation by Investors, specifically in Equities and Derivatives.

For FY25 NSE presented Stellar Financials which when compared to their past performance indicates that Innovation clubbed to serve the country and generate wealth for their citizens can do wonders. Profit after tax of NSE has increased from Rs 3573.4 Cr in 2021 to Rs. 12187.69 Cr in 2025 having an impressive CAGR growth of 35.90% over the past 5 years.

2. Chennai Super Kings (CSK)

The Chennai Super Kings, which is one of the most recognized franchise in the Indian premier league has become one of the most professionally managed and economically strong sports organizations in India. By 2025, CSK had still exhibited business fundamentals that were solidified through a stable business performance, a highly loyal fan base, and a disciplined financial management.

On the case of FY25, CSK has been able to provide strong financial performance even though it was a tough year in IPL franchises, which reflects its stability and efficiency of operations. Its Profit after Tax (PAT) increased in 2021 to 181 crore in 2025, and it showed that it was able to control costs very well, diversify its income, and sustain its revenue model. The financial history of CSK serves as the illustration of how a professionally operated sports franchise with zero debts, high brand equity, and stable income can generate long term value to the shareholders.

3. SBI Mutual Fund

SBI mutual fund which was the largest and most reliable asset manager in India recorded a significant milestone in the industry sector as it became the first asset management company to pass 10 lakh crore in assets and this shows its unparalleled size and trust in the fund. The fund house posted a robust performance in equity, hybrid and passive portfolios that were driven by the increased SIP payments and retail participation countrywide. Its rigorous investment policy, strong track record over the long run, and extensive distribution system have entrenched the SBI MF leadership in the city and emerging markets.

On the financial front, the AMC still had strong growth in assets as AAUM increased 27% YoY to ₹9.14 lakh crore, compared with ₹7.17 lakh crore in FY23- equating to a staggering 26% five-year AAUM CAGR. SBI Mutual Fund is still resilient and profitable with the support of operational efficiency and high-level management-fee revenues. As India gains increasing momentum in the financialisation of household savings, and SIP culture rapidly becomes more and more embraced, SBI MF is arguably one of the most future-ready, strongest, and well-positioned players in the unlisted market with long-term growth in AUM and earnings being easy to compound.

4. Orbis Financial Services

Orbis Financial Corporation was established in 2005 in Gurugram and is a Custodian of Securities SEBI-registered clearing member that provides custody, fund accounting, derivatives and commodities clearing, FX execution, trusteeship and registrar services to clients of FPIs, PMS, and AIFs.

The company has demonstrated good financial momentum with its net sales growing by 66.6 crore to 556.2 crore in FY21 to FY25 and net profit growing by 15.9 crore to 204.6 crore respectively. The increase in shareholder funds was between 155 crore to 900 crore, and the increase in EPS was high by 1.28 to 16.47 between FY21 and FY25. Increased financial strength and execution strength was reflected in credit ratings being upgraded to A (long-term) and A1 (short-term).

As institutional activity in Indian capital markets increases, Orbis can easily grow to the next level, thus, it is a good choice to enter the unlisted financial-services market.

5. National Commodity and derivatives exchange

NCDEX is the leading agri-commodity derivatives exchange, having been established in 2003, which facilitates the discovery of prices and management of risks in the major agricultural markets in India in a transparent manner. It has a safe and technological trading platform supported by institutions such as LIC, NABARD and NSE among the farmers, FPOs and corporates.

The trading generated an estimated total revenue of approximately 122 crore in aggregate income in FY 25, with the profitability being affected by reduced trading in agri-derivatives. Nevertheless, NCDEX has been able to preserve its strong operating system and still holds a central position in the Indian commodity market system.

NCDEX stands a good chance of succeeding in the unlisted market through its strategic plans to diversify by venturing into equity and equity-derivatives, upgrade the digital infrastructure, and modernize the trading systems, thereby achieving higher long-term growth.

6. OYO

The OYO has provided a robust and consistent turnaround in the FY25, which has followed the momentum of the first profitable year(FY24). The company increased efficiency in its operations, maximized its costs, and increased its premium hotel services in India and major markets in the international markets. OYO has a strong recovery as in FY25, it generated a total revenue of 6,325 crore and a profit after tax stands at 244.82 crore.

Having better occupancy, better adoption of partners, and better quarters in FY24 and FY25, OYO has consolidated its business model. The asset-light business model, technological-based price generator, and annual expansion in Europe, the US and Southeast Asia make it a competitive force in the hospitality industry and a desirable target in the pre-IPO market.

7. Hindustan Power Exchange

HPX is already becoming one of the fastest-developing power exchanges in India, with the growing demand of the transparent and technologically advanced power trading. FY24 was a good year of growth, as there were rising expenditures by DISCOMs, renewable manufacturers, and industrial consumers in the short-term and green energy markets.

This momentum was reflected on the financial performance of the company, with total revenue increasing to 43.63 crore on the basis of operations revenue of 36.45 crore. With the cost controls decreasing to 26.90 crore, HPX had a sharp turnaround, its loss of 10.01 crore reduced to 14.93 crore profit in FY24. This enhancement underscores the strengthening size, effectiveness and increasing applicability of HPX in the Indian changing power market.

8. Goodluck Defence & Aerospace

Goodluck Defence and Aerospace Incorporated as the defence-based subsidiary of Goodluck India, Goodluck Defence and Aerospace is involved in the specialised manufacturing segments of defence, which include as follows: high-precision steel tubes, aerospace components, structural assemblies and defence-engineered products. The company which has modern facilities and industry specific certifications serves the major defence and aerospace OEMs, enhancing the indigenisation and import-substitution agenda in India.

It has registered an acute scale-up in the FY25 with a 56% net margin as revenues increased by 6.99 crore and PAT by 3.88 crore. The balance sheet is also solid and has very negligible leverage (D/E 0.03%), doubling asset base, and positive cash flows- representing effectiveness in its operations and financial discipline.

With such strategic successes as its BrahMos partnership and 155mm artillery shell production license, Goodluck Defence is now in a well position to take advantage of the growing pace of the Indian defence procurement cycle. As the company continues to grow, by expansion of its capacity and increased localisation requirements, it is now poised to grow in the long term, hence, making it a bright player in the unlisted defence manufacturing industry.

9. National E‑Repository Limited

NeRL is a digital platform of electronic Negotiable Warehouse Receipts (e-NWRs) in India that is regulated by WDRA and established in 2017. Last year, it enhanced its leadership with market share standing at 87% and was in a position to lend 3293 crore against e-NWRS and managing 13.8 lakh MT of deposits, a robust 40% YoY growth.

NCDEX, NABARD, SBI and ICICI bank support, NeRL now links 11, 800+ users, 84 lenders and 1, 300+ warehouses. The small FY25 decline notwithstanding, NeRL is a promising unlisted firm in the Indian agri-tech development narrative due to its growing ecosystem, increasing demand of agri-financing, and robust institutional support.

10. PolicyX

PolicyX is a Fast-Growing Digital Insurance Aggregator in India. PolicyX is an IRDAI-licensed online insurance aggregator web insurance business headquartered in Gurugram that is incorporated and founded in 2013 by providing comparative and advisory-led purchase of life, health, motor, and investment insurance products. PolicyX has also gained a reliable digital insurance distributor to serve retail clients in India with a highly tech-driven platform and an effective insurer relationship.

The financial momentum of the company is also noteworthy with the growth in revenue of 7.63 crore to 11.69 crore in FY23 and FY24 respectively and is anticipated to increase to 18 crore in FY25, which is 54 % year-on-year. The profitability has improved significantly- PAT improved to 1.80 crore as compared to 0.14 crore in FY24 and is projected to 1.95 crore in FY25. The growth in margins was also very high with EBITDA margin improving to 21.3% as compared to 3.87% in a span of a year and the ROE rising to 24.43% as compared to 2.55% in the same time and indicated good operating leverage and good cost management.

PolicyX is in a strong position to scale with the increasing insurance penetration, digital-first customer behaviour, and its strong capital-light business model in the next few years. The attractiveness of PolicyX as an unlisted insurtech in the high growth visibility, expanding margins, and improving balance-sheet strength is due to the fact that it is a new player in the industry.