Top 5 unlisted shares of 2024

Today, everyone’s looking for that golden investment opportunity – a chance to grow their wealth and secure their financial future. The Indian stock market offers many options, but unlisted shares can be a hidden gem for those seeking high-growth potential.

Unlisted companies, though not yet trading on major exchanges, often represent exciting new ventures or established players in burgeoning sectors. This lack of public listing can translate to attractive entry points for investors. This article explores five such companies that have the potential to be hot IPO picks in 2024.

1) National Stock Exchange (NSE)

The NSE is India’s leading stock exchange and one of India’s biggest financial institutions. The total market capitalization of NSE is approximately USD 3.26 trillion, putting it in 9th place on the list of the largest stock exchanges in the world.

NSE acts as the forum for trading equities, derivatives, and other financial instruments. Its revenue streams include:

  1. Transaction charges: These account for the majority of NSE’s revenue (around 75%) and are levied based on the value of trades conducted on the platform.
  2. Listing fees: Companies pay NSE to list their shares on the exchange.
  3. Data feed subscriptions: Investors and institutions pay for real-time market data feeds.
  4. Other services: These include clearing and settlement services, book building fees, services to corporates, and training and support.

Sectoral analysis

The Indian stock market is booming, driven by the rising disposable income. As India’s economy grows, individuals have more money to invest. Especially, with the advent of smartphones has given rise to fintech apps. This, in turn, is helping the government to make schemes for financial inclusion and ease of doing business attracting more investors. These factors are expected to increase trading volumes and demand for NSE’s services.

Financials of NSE

Revenue (In Cr.)5,6248,31311,85610,155
EBITDA Margin83.40%88.31%87.93%81.50%
NP Margin63.52%62.53%62.05%52%
Current Ratio1.511.712.14——
Return on Net Worth30.71%33.72%35.92%——


NSE controls over 80% of the Indian stock exchange market. Given this and advancements of the exchange, NSE’s net assets have increased by Rs. 6,400 crores in the last 2 years.

IPO Status:  The DHRP of NSE is under process.  There are high chances you can expect an upcoming IPO in 2024. You can use Stockify to buy early and secure your investment.

2)HDB Financial Services

HDB Financial Services (HDBFS) is a subsidiary of HDFC Bank, catering to the growing needs of both retail and commercial clients in India. Its market capitalization is INR 77,161 crores.

It gives out loans and other financial instruments for its business. A breakdown of its offerings:

Loan Products (as of April 2024):

  • Personal loans (e.g., salaried, doctor’s loans)
  • Two-wheeler loans
  • Auto loans
  • Gold loans
  • Loan against property (LAP)
  • Business loans
  • Construction equipment loans
  • Tractor loans
  • Consumer durables loans

Other than this, it also leads several co-lending programs with fintech companies.

Sectoral analysis of HDBFS

The NBFC sector has a lot of potential in India as the GDP hit the INR 3.42 lakh crore mark in 2022. This shows that people’s income is increasing, giving a chance for the Indian population to inject more money into the economy, which in turn helps the financial sector. However, the NBFC sector has a lot of players and the competition is stiff. Given that, the following financials could really help you.

Financials of HDBFS

  1. Estimated Asset Under Management (AUM): INR 80,000 Crore (as of March 2024
  2. Estimated Revenue Growth: 10-12% CAGR (Compound Annual Growth Rate) over the past 3 years 
  3. Here’s a table with some estimated financial metrics: 
Revenue (Cr)109,448113,063124,029
Expenses (Cr)64,53465,34361,517
EBITDA (Cr)44,91447,72062,512
Other Costs (Cr)39,90734,24436,238
PBT (Cr)5,00713,47626,274
Tax Expense (Cr)1,0923,3626,681
PAT (Cr)3,91510,11419,594
Other Income/Expense (Cr)-135137106
Net Income (Cr)3,78010,25119,699
Outstanding Shares (Cr)788788791
EPS (₹)5.012.824.8


IPO Status

There’s no official DRHP filed for HDB Financial Services IPO. However, considering its growth potential and strong parentage, a potential public offering could be a significant event in the future.

3)Capgemini Technologies

Capgemini Technology Services India Ltd. is the Indian arm of the global IT giant Capgemini. It provides a comprehensive suite of business technology solutions to its clients, including:

  • Cloud Computing: Services to help businesses migrate applications and data to the cloud, manage cloud infrastructure, and develop cloud-native applications.
  • Data & Artificial Intelligence (AI): Data analytics, machine learning, artificial intelligence solutions to help businesses gain insights from data and automate tasks.
  • Cybersecurity: Services to protect businesses from cyberattacks, including risk assessment, security solutions, and incident response.
  • Enterprise Management: Services to help businesses manage their IT infrastructure, applications, and processes efficiently.
  • Other Services: Application development, testing, maintenance, and business process outsourcing.

Sectoral analysis 

India has a large pool of skilled IT professionals, making it a hub for global IT services companies. This makes the Indian IT sector highly desirable and sought after. 

The Indian IT sector contributed 7.4% to India’s GDP in 2022. This is around INR 25,000 crore of revenue in 2022. No wonder, India is known as an IT outsourcing hub of the world, especially in Europe and North America. 

Financials of Capgemini technologies:

Capgemini’s revenue has been increasing steadily, with a constant growth rate of 4% to 7% year-on-year. Not just that, Capgemini’s unlisted shares are undervalued by 21%, implying a potentially strong profit margin.

Revenue (Cr)180,458230,650283,853
Expenses (Cr)145,024189,332233,724
EBITDA (Cr)31,45936,95650,129
Other Costs (Cr)9,3119,51410,396
PBT (Cr)26,12331,80439,733
Tax Expense (Cr)9,2408,7347,985
PAT (Cr)16,88323,07031,748


IPO Status

There’s no DRHP filed for IPO for Capgemini Technology Services India Ltd. However, it might be a strong candidate for a future IPO.


Swiggy is a leading Indian online food delivery platform connecting restaurants and users through its mobile application and website.  Here’s a breakdown of its offerings:

  • Food Delivery: Ordering and delivering meals from a wide range of restaurants.
  • Swiggy Instamart: Delivering groceries and other essentials within minutes.
  • Swiggy Genie: Pick-up and drop-off services for various needs.
  • Subscription Services: Loyalty programs offering discounts and benefits (

Sectoral analysis of Swiggy

According to Research and Markets, the Indian online food delivery sector is worth INR 581.86 billion (as of 2022). Further, it is projected to reach INR 3,059.25 billion by 2028. From this, we get a compounded annual growth rate (CAGR) of 30.52% between 2023 to 2028

The sector has been booming ever since the pandemic hit, which is reflected in Swiggy’s financials.

Financials of Swiggy:

Swiggy’s revenue and order volume have grown steadily, indicating a strong market position. Swiggy is yet to achieve profitability but its focus on growth and market share is like never before.

Key Metrics: 

  1. Book Value per Share: ₹551.1
  2. Debt-to-Equity Ratio: 0.2 (considered healthy)
  3. Accounting info:
Revenue (Cr)26,75961,19853,613
Expenses (Cr)38,45693,56087,302
EBITDA (Cr)-11,697-32,362-33,689
Other Costs (Cr)4,4193,9173,887
PBT (Cr)-16,116-36,279-37,576
Tax Expense (Cr)000
PAT (Cr)-16,116-36,279-37,576
Other Income/Expense (Cr)-53-10-139
Net Income (Cr)-16,169-36,289-37,715
EPS (₹)-161,690.0-220.7-211.0
Outstanding Shares (Cr)0.1164178


IPO Status

There’s no official DRHP for a Swiggy IPO. However, considering its growth trajectory and the booming food delivery market, a potential IPO is highly anticipated.

5) Tata Capital

Tata Capital Limited (Tata Capital) is a non-banking financial company (NBFC) in India, offering a diverse range of financial services to individuals and businesses. Here’s a breakdown of its core segments:

  • Wholesale Banking: Provides loans and other financial solutions to corporate and institutional clients.
  • Retail Banking: Offers a wide range of products like personal loans, car loans, two-wheeler loans, home loans, and credit cards to individual customers.
  • Wealth Management: Manages investment portfolios for high-net-worth individuals.
  • Investment Banking: Provides advisory services for mergers and acquisitions, and assists companies in raising capital.

Sectoral Analysis of Tata Capital

The Indian NBFC sector is witnessing significant growth, driven by the demand for credit products like loans and investment services. It is predicted that the market shall grow at a compound CAGR of 18.5% from 2021 to 2026. 

Even the government initiatives are promoting financial inclusion, bringing more people into the formal financial system. This benefits NBFCs like Tata Capital which cater to a wider customer base. Even this has led to the growth of fintech apps that can help streamline processes and making financial services more accessible.

Financials of Tata Capital:

Here’s a table outlining estimated financials:

Revenue (Cr)99,877102,527136,370
Expenses (Cr)282,580274,000302,032
EBITDA (Cr)71,61975,126106,167
Other Costs (Cr)55,46951,64966,798
PBT (Cr)16,15023,47739,369
Tax Expense (Cr)3,7035,4699,908
PAT (Cr)12,44618,00829,461
Other Income/Expense (Cr)-1,188-1,52618,000
Net Income (Cr)11,25816,48247,461
Outstanding Shares (Cr)3,5163,5163,517
EPS (₹)


IPO Status

There’s no official confirmation regarding a Tata Capital IPO filing (Draft Herring Prospectus – DRHP). However, considering the growth potential of the NBFC sector and Tata Capital’s brand recognition, a future IPO is a possibility.

How can you gain by investing in the unlisted shares?

The companies mentioned above – National Stock Exchange (NSE), HDB Financial Services (HDBFS), Capgemini Technology Services India Ltd., Swiggy, and Tata Capital – represent strong contenders in their respective sectors. While IPO confirmations are awaited, rumors suggest they might be heading public soon. 

This gives you a big opportunity to multiply your investment quickly, and this could be the perfect time to acquire them at lower valuations compared to their listed counterparts. So, don’t wait, and invest today using Stockify. 

Stockify can give you access to valuable information and analysis on unlisted companies. With their seamless UI, they even make the trading process simple and easy. This is the biggest reason why it is India’s one of the most trusted investing platforms. So, don’t wait! Invest today!

Table of Contents

Many shares are currently floating in the grey unlisted market. While evaluating all these shares it is important to evaluate their industry, financials, and IPO status to understand the companies comprehensively and make an informed investing decision. Here we present an in-depth analysis of the top 5 unlisted shares that may be a worthy investment for you in 2024.


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Piyush Jhunjhunwala
Piyush Jhunjhunwala
CA, CPA, Ex. PepsiCo, Reckitt, Coty
CEO & Founder
Dubai, UAE.
Rahul Khatuwala
Rahul Khatuwala
Ex. Wipro & Finaco Founder
Bangalore, India.