Top 5 largest private companies

Newbie traders and investors mostly consider publicly-traded companies. It’s understandable — their shares are listed on stock exchanges, can be bought and sold easily, and have stricter regulations. 

However, they don’t know that there are unlisted shares that can also be purchased and sold. This fact creates many uncertainties on how to track them. Such stocks can be followed via pink sheets or on the Over-The-Counter market. The sheets are called “pink” due to the color of the paper on which price quotes used to be written. Today, trades are electronic, but the name is still used.

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Read on to discover the unique features of unlisted shares and to find out about the largest Indian private companies.   

Unique features of unlisted stocks

When considering unlisted stocks, keep in mind the following points:   

  1. Shares of private firms are mostly owned by private investors, including a company’s founders and employees as well as their families and peers.
  2. Share are illiquid because there is no openly available market for them.
  3. There is no clear stock price.
  4. Private companies have less strict regulatory rules compared to publicly-traded firms.

Let’s move to the five Indian firms that may become a promising investment despite being unlisted. 

1. National Stock Exchange (NSE) 

Surprisingly, the National Stock Exchange (NSE) is a private company with unlisted shares. It was launched in 1992. Today, it’s the largest stock exchange in India, the world’s largest derivatives exchange, and the world’s second-largest derivatives exchange in terms of currency futures.

It’s worth saying that its NIFTY 50 index is used as a barometer of the country’s capital market. The exchange has demonstrated significant sales and net profit growth over the past years. NSE shares have a premium market valuation equivalent to technology stocks. 

Total income 2020-2021: 6,202 Rs in crores

2. Studds Accessories

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Studds Accessories was founded in 1983 and is the world’s largest manufacturer of two-wheeler and motorcycle helmets. Today, the corporation sells products in 40 countries, producing over 6 million helmets per year.  

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Studds is expected to grow soon due to government norms that allow only BIS-certified helmets to be produced and sold in India. Also, the growing demand for helmets caused by strict traffic norms and an increase in sales of premium vehicles are expected to boost the company’s growth. Studds Accessories owns over 25% of the market share and has a large distribution network of exclusive brand outlets. 

Total income 2020-2021: 484 Rs in crores

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3. Martin and Harris Laboratories

Martin and Harris Laboratories, incorporated in 1996, is a manufacturing division of the leading pharmaceutical company Walter Bushnell. It produces drugs and medicine for Parkinson’s disease, antibacterial medicine, antispasmodic drugs, fertilization, etc. The corporation owns top pharmaceutical brands, including Bilalife, Drotin, Uriliser, Ovagen, and Microgest. 

In 2018, Martin and Harris Laboratories received Pharma Excellence awards from the Ministry of Health and Family Welfare. It’s one of the fastest-growing companies in the pharmaceutical industry. Also, its debt-to-equity ratio was 0.01 for the 2019/2020 fiscal year.

Total income 2020-2021: 335.62 Rs in crores

4. Elofic Industries Ltd

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Founded in 1951, Elofic Industries Ltd is the largest exporter and original equipment manufacturer of automotive filters, lubes, and automotive coolants. It cooperates with famous brands like Tata Motors, Renault Nissan, and Maruti Suzuki. Elofic has demonstrated constant sales and net profit growth over the past five years. As a result, it has almost zero debt. Elofic Industries has a diversified business and raises its export turnover yearly. The corporation aims to triple its turnover in the upcoming years. 

Total income 2020-2021: 262.46 Rs in crores

5. Chennai Super Kings Cricket Ltd (CSK) 

Chennai Super Kings Cricket Limited is the India Premier League’s cricket franchise team. The company is quite young; it was founded in 2015. Chennai Super Kings brand is ranked second in brand valuation. The company may become the first listed cricket firm on BSE/NSE.

Total income 2020-2021: 253.69 Rs in crores


When considering the largest private companies, check whether the information is valid. It’s a common situation when private firms apply for an IPO and enter the large stock market.

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