Top shares for investment in 2025
Top unlisted shares for investment in India feature established market leaders, scale-ready consumer brands, and infrastructure champions with clear catalysts such as IPO filings, deleveraging, capacity expansions, and recurring cash flows. These unlisted counters are best suited for buy-and-sell participation via regulated off‑market transfers, offering exposure ahead of potential listings and corporate milestones that can unlock value.
What makes unlisted shares special
- Investors can access pre‑IPO value creation in high‑quality businesses before broader price discovery at listing.
- Off‑market trades, KYC norms, and DIS-based transfers provide a compliant route for secondary transactions in unlisted equity.
- Risk‑adjusted returns can benefit from company‑specific catalysts such as DRHP filings, profitability turnarounds, rating upgrades, or capacity expansions.
How buy and sell works
- Unlisted share transactions occur off‑exchange through a SEBI‑registered intermediary using a Delivery Instruction Slip to transfer shares to a demat account post KYC checks.
- Settlement conventions, lot sizes, and lock‑in rules (for pre‑IPO holdings) differ from listed markets; professional facilitation helps ensure smooth, compliant execution.
Key tax note
- Long‑term capital gains taxation for unlisted shares was rationalized in 2024 with a revised rate structure under the Union Budget framework, impacting post-holding period outcomes for investors.
OYO
OYO is preparing a fresh DRHP filing targeting a multi‑billion‑dollar IPO, supported by sustained EBITDA‑positive quarters and improving profitability metrics. FY25 adjusted EBITDA reached about ₹1,132 crore with 10 consecutive EBITDA‑positive quarters, and commentary points to further gains from recent acquisitions. Management and independent trackers indicate PAT profitability in FY25 and stronger EBITDA potential in FY26, positioning OYO as a scaled hospitality platform with multiple growth levers.
Why it’s special: Pre‑IPO scale in hospitality, consistent EBITDA, and a visible listing catalyst support buy‑sell interest in OYO’s unlisted equity.
Sterlite Electric (formerly Sterlite Power)
Sterlite Electric has filed DRHP with SEBI for an IPO of roughly ₹1,500 crore, earmarked to repay debt and fund capex, signaling a sharper balance sheet and growth runway. The filing outlines a mix of fresh issue and OFS, with the company operating across power conductors, cables, OPGW, and turnkey T&D solutions. Prior rating improvements and continued international presence underscore execution strengths across 70+ countries.
Why it’s special: A live IPO pipeline, deleveraging intent, and diversified T&D product‑services mix create multi‑year visibility for value unlocking.
Nayara Energy
Nayara runs a 20 MMTPA complex refinery (≈8% of India’s capacity) with high heavy‑crude processing and strong distillate yields, driving robust operating metrics. FY24 showed double‑digit revenue growth with improved EBITDA and PAT, supported by throughput and product slate optimization at the Vadinar refinery. The latest annual disclosures highlight record volumes and continued scale advantages that sustain cash generation and optionality.
Why it’s special: Scale, complexity, retail footprint, and consistent throughput above nameplate capacity support returns through cycles in the energy value chain.
boAt (Imagine Marketing)
boAt returned to profitability in FY25 with over ₹60 crore PAT and ~₹142 crore EBITDA on ~₹3,100 crore consolidated revenue, reversing two years of losses. Public updates indicate renewed IPO intent via confidential filings after an earlier pause, backed by leadership in personal audio and expansion in wearables. Category innovation and premiumization (e.g., Nirvana range) underpin margin recovery and brand resilience at scale.
Why it’s special: A turnaround to profits ahead of a prospective listing and category leadership make its unlisted shares attractive for buy‑sell participation.
Vikram Solar
Vikram Solar completed a sizeable IPO in August 2025, supported by rising revenues and improving profitability across FY24–FY25 as disclosed in offer documents and exchanges. Pre‑listing financials indicated strong EBITDA and ROCE trends alongside capacity expansion plans and recognized PV module scale strengths. The company’s filings and site disclosures reinforced growth visibility from manufacturing upgrades and domestic policy tailwinds for solar.
Why it’s special: Pre‑IPO momentum, scale manufacturing, and post‑listing traction highlight how unlisted exposure, when timed, can capture re‑rating events.
Chennai Super Kings (CSK)
CSK’s FY24 performance saw a surge in revenue and profitability on the back of central media rights and effective cost management at the franchise level. Independent platforms track active secondary interest in CSK unlisted shares, supported by brand valuation momentum and limited investable IPL equity float. Public financial snapshots and marketplace data reflect steady investor appetite tied to recurring tournament economics and sponsorships.
Why it’s special: Scarce IPL franchise exposure, brand scale, and recurring cash flows create durable secondary market interest in its unlisted equity.
Bharat Nidhi
Bharat Nidhi historically distributed Bennett Coleman & Co. content and now holds a meaningful stake in BCCL, anchoring its intrinsic value for secondary buyers. Multiple trackers note its delisting history and subsequent presence on dissemination boards, with pricing in the unlisted market reflecting BCCL exposure. Current marketplace snapshots track live quotes and liquidity conditions typical for concentrated holding companies in private markets.
Why it’s special: Underlying ownership in BCCL/Times Group assets makes it a sought‑after holding‑structure play in the unlisted space.
PNB Finance and Industries
PNB Finance & Industries functions as a holding/financial entity with monitored secondary activity in the unlisted market, including standardized settlement flows and risk disclosures for buyers. Public trackers and marketplaces highlight that these shares carry liquidity, regulatory, and information‑availability risks typical of unlisted investments, warranting professional facilitation. Investor resources emphasize risk factors such as volatility and listing uncertainty that should be evaluated before participation.
Why it’s special: Historically followed by value investors for portfolio holdings exposure, with unlisted liquidity managed through recognized intermediaries.
Versuni India (Philips Domestic Appliances India)
Versuni India (formerly Philips Domestic Appliances India) operates across kitchen, garment care, air, and floor care categories with steady profitability in recent years. Company filings and trackers show consistent income and dividend actions over FY22–FY24 alongside brand investments under Philips and Preethi. Secondary platforms consolidate multi‑year financials and corporate actions, aiding price discovery in the unlisted market.
Why it’s special: Consumer durables scale with well‑known brands and stable profits makes it a defensive yet growth‑linked unlisted exposure.
Hero Motors (Hero Motors Company group)
Hero Motors, part of the Hero ecosystem, has refiled DRHPs with an expanded issue size, indicating listing preparedness and growth capital needs. Multiple investor resources track its unlisted pricing, lot sizes, and sector positioning in auto components and mobility solutions. Sector linkages to premiumization and export content, plus visible IPO milestones, support secondary activity in its unlisted shares.
Why it’s special: Clear IPO signalling and ecosystem advantages in auto components offer a tangible pre‑listing value‑creation pathway.
NSE (National Stock Exchange)
NSE remains India’s largest exchange with FY25 profitability and a recommended final dividend of ₹35 per share, underlining robust cash generation and shareholder payouts. Management commentary and public trackers indicate sustained dominance with FY25 PAT near ₹12,188 crore and continued momentum into Q1 FY26. Moreover, the CEO has outlined a path to DRHP filing post-SEBI NOC, pointing to a credible listing timeline within months of regulatory clearance.
Why it’s special: Market leadership, strong earnings visibility, dividend capacity, and a stated IPO path support compelling pre‑IPO buy‑sell opportunities.
NSDL (National Securities Depository Ltd)
NSDL completed its IPO in August 2025 with a ₹760–₹800 price band via a pure offer for sale that was subscribed over 41 times across categories, followed by listing on BSE and NSE. Ahead of the IPO, the company enforced lock‑in norms on off‑market transfers of pre‑IPO shares, aligning with SEBI rules and reinforcing orderly price discovery. The listing outcome and strong subscription reflect confidence in India’s capital market infrastructure and NSDL’s entrenched role.
Why it’s special: A blue‑chip market utility with completed listing and proven investor demand, making pre‑listing buy‑sell allocations a valuable liquidity event case study.
NCDEX (National Commodity & Derivatives Exchange)
NCDEX’s FY25 and FY24 disclosures highlight active treasury management, stake monetization in associates, and balance sheet resilience, including proceeds from a PXIL stake sale noted in recent filings. The exchange has published FY25 annual materials and regulatory extracts, signaling transparency and ongoing governance updates for stakeholders. Additionally, financial ratio improvements and cash flow normalization in FY25 underline operational discipline despite trading-cycle fluctuations.
Why it’s special: A core commodity exchange with identifiable catalysts from asset actions and financial housekeeping offers cyclicality‑aware exposure in unlisted form.
MSE (Metropolitan Stock Exchange of India)
MSE has undertaken capital raises, including a ₹1,000 crore round in 2025, to strengthen operations and pursue revival initiatives in a competitive exchange landscape. Public trackers note continued operating losses through FY25 but also outline the turnaround agenda and optionality from a future listing if performance stabilizes. The exchange continues to operate market segments and provides investor process clarity for compliant secondary transfers in unlisted markets.
Why it’s special: Turnaround potential and funding-led runway can create higher-torque outcomes if execution improves, suiting informed buy‑sell participation.
Power Exchange India (PXIL)
PXIL has recorded multi-year growth in revenue, EBITDA, and PAT through FY22–FY24, supported by deeper electricity market participation and product adoption. FY25 financial disclosures show strong operating profit before tax and healthy cash positions, reinforcing business quality and balance sheet strength. Company databases and investor trackers corroborate growth trends and improving profitability metrics at the exchange level.
Why it’s special: A clean power-market exposure with improving metrics and cash generative operations offers a solid unlisted buy‑sell case.
Tata Capital
Tata Capital’s October 2025 listing follows a marquee IPO with fresh issue and OFS components exceeding ₹15,000 crore, positioning it as one of the year’s largest financial services debuts. FY25 snapshots indicate strong top‑line growth, robust AUM, AAA credit ratings, and disciplined risk controls, reinforcing franchise strength across retail, SME, and corporate lending. The near‑term listing timeline has made pre‑IPO allocations and secondary trading particularly active through 2025.
Why it’s special: A flagship Tata NBFC with scale, ratings, and digital distribution made pre‑listing buy‑sell flows highly attractive before public market price discovery.
Sterlite Grid and Electric
Sterlite Electric (formerly Sterlite Power) filed DRHP in October 2025 targeting debt reduction and growth investments across conductors, cables, OPGW, and turnkey T&D, while Sterlite Grid assets continue as regulated transmission platforms. Investor trackers note the Grid arm’s project portfolio and long‑term contracted visibility, including notable wins in green energy evacuation corridors. Exchange-side data and unlisted platforms document operational performance, asset uptime, and pipeline breadth across India and select international markets.
Why it’s special: A dual-track story of regulated grid cash flows and upcoming listing for the broader electric business underpins multi‑year value unlocking in private markets.
Philips India (Private)
Philips India (Private) maintains sizeable India operations with FY23–FY24 income around ₹5,800 crore and PAT near ₹260 crore, despite supply-chain pressures affecting segment profitability in prior periods. Public trackers indicate dividends, healthy book value, and continued brand investments, while unlisted price discovery reflects fundamentals and consumer appliance demand cycles. Additional financial data points from market databases show steady revenue lines and normalized profitability through FY24.
Why it’s special: A branded consumer-health and appliance franchise with resilient India demand offers a defensive‑plus profile for unlisted buy‑sell strategies.
Why these names strengthen a buy‑sell portfolio
- Visible catalysts: DRHP filings, listings, and fundraising events accelerate price discovery and exit optionality in private markets.
- Recurring cash flows: Exchanges and depositories monetize volumes and services consistently, supporting defensive allocations alongside growth.
- Operating momentum: Energy platforms and NBFCs show earnings visibility from scale, ratings, and regulated/contracted models.
How Arms Securities can help
- End‑to‑end execution: KYC, pricing, and compliant off‑market settlements for smooth delivery to demat.
- Liquidity access: Curated inventory and buyer networks across these marquee unlisted counters to optimize buy‑sell execution windows.
Additional investor safeguards
- Liquidity, price discovery, and regulatory risks are inherent in unlisted markets and should be evaluated alongside company‑specific fundamentals.
- Use a regulated intermediary, ensure complete KYC, and verify demat transfers for secure settlement and recordkeeping.
FAQs
Q: Are these unlisted shares suitable for both buying and selling?
A: Yes—these counters see active secondary market interest via compliant off‑market transfers, and many have clear catalysts like DRHP filings, profitability turnarounds, and capacity expansions that support buy‑sell participation.
Q: What enhances return potential in unlisted stocks?
A: Pre‑IPO re‑rating, balance sheet deleveraging, throughput/capacity gains, brand monetization, and recurring cash flows are common drivers across these names.
Q: What risks should be monitored?
A: Liquidity constraints, valuation opacity, regulatory shifts, and listing uncertainty mean unlisted shares suit investors comfortable with private‑market dynamics.
Q: How do taxes apply?
A: Long‑term capital gains rules for unlisted shares were rationalized in 2024, and investors should confirm current slabs and holding period definitions before transacting.
Disclaimer: All investing involves risk; investors should evaluate suitability, consult advisors, and rely on official company disclosures and audited financials where available.
