Unlisted shares continue gaining investor attention as companies show strong financial performance before entering the public markets. Based on 2025 trends, these five unlisted stocks stand out as compelling opportunities for 2026.
NSE (National Stock Exchange of India)
NSE remains one of the strongest and most stable unlisted companies in India, backed by dominant market leadership in equity and derivatives trading. The exchange handles more than 60% of cash market volumes and nearly all index derivative volumes, making its revenue base highly predictable.
In 2025, NSE’s unlisted share price climbed from roughly Rs 1,200 to Rs 1,950, reflecting increased investor confidence after SEBI indicated that regulatory hurdles for the IPO had been cleared. With profits estimated to be above Rs 5,500 crore and a strong balance sheet, NSE is positioned for a likely IPO in 2026, making it one of the safest long-term value picks in the unlisted space.
SBI Mutual Fund (SBIFML)
SBI Mutual Fund continues to deliver impressive financial performance, with AUM crossing Rs 10.67 lakh crore in FY25 and profit after tax rising to around Rs 2,540 crore. Its unlisted share price has surged from approximately Rs 1,100 in 2023 to nearly Rs 2,730 in 2025, showcasing a 2.5x gain within three years.
The company is preparing for a 2026 IPO, as SBI and Amundi plan to divest close to 10% of their holdings. Strong retail inflows, industry leadership and consistent profitability make SBI MF one of the most attractive upcoming listings in India.
PXIL (Power Exchange India Limited)
PXIL is emerging as one of the most promising unlisted companies due to regulatory reforms such as market coupling, which could significantly increase its available trading volume. Financial performance in FY25 was strong, with revenue rising to Rs 92.9 crore and PAT hitting Rs 34.5 crore.
Its unlisted share price experienced rapid growth in 2025, starting at Rs 330, moving to Rs 480 by June, then to Rs 600 by July, and currently around Rs 660. Investors anticipate further value unlocking once market coupling is fully implemented and REC and carbon trading markets expand.
NERL (National E-Repository Limited)
NERL plays a crucial role in India’s agricultural ecosystem by digitising warehouse receipts and enabling secure commodity financing. Despite weak profitability and operational losses in recent years, the company holds strong strategic value due to its role in agri-fintech infrastructure and backing from institutions like NSE and the government.
The unlisted share price of NERL has stayed relatively steady around the Rs 60 to Rs 70 range, reflecting cautious investor sentiment. However, as commodity digitisation expands and regulatory reforms deepen, NERL could gradually rerate in valuation, making it a long-term structural opportunity.
Parag Parikh Financial Services
The Parag Parikh brand, known through PPFAS Mutual Fund, has gained rapid traction in India’s asset management industry with its value-investing approach. The group’s unlisted entity has attracted investor interest due to rising AUM, improved profitability, and strong brand trust built around long-term investing discipline.
While unlisted share price data is more private, the company has witnessed premium demand in private markets, currently trading at Rs 1,6748, now commanding higher valuations due to increased inflows and stronger financial performance. The AMC industry continues to grow at double-digit rates, enhancing prospects for Parag Parikh’s long-term expansion.