Investing in unlisted shares gives investors a unique opportunity to build wealth before listing. An early mover advantage over other investors for tapping wealth opportunities.
What is unlisted share in India?
Unlisted shares are a type of shares that are not listed on any recognized stock exchange, such as the BSE or the NSE. Also called Pre-IPO Shares, these are traded privately in the unregulated unlisted market between buyers, sellers, and brokers.
Many HNI investors are searching for the best unlisted shares to buy in 2026. Several unlisted companies are promising healthy shareholder growth. Let's have a look at the Top 10 unlisted shares you must look in 2026:
1)National Stock Exchange (NSE)
Established in 1992, the National Stock Exchange (NSE) is India's first and biggest stock exchange. The exchange brings all investors to a single platform to trade equity, investment assets, securities, and debt instruments.
NSE's latest Q1 FY27 results showed a 13% YoY jump in revenue from operations, reaching Rs 4,560 crores for the quarter. Not just this, PAT has also grown by 6.7% YoY, reaching Rs 3,120 crore this quarter. The same applies to their EPS.
The overall market share remains extremely high across segments. Cash at 92%, futures at 99.8%, currency at 100 %. Even with volume fluctuations, India has no parallel exchange in terms of liquidity and depth compared to the NSE.
The NSE has not moved much until mid-2026, trading around Rs 2070 per share until June 26. But the financial growth and market domination of this exchange have made it one of the most demanded unlisted share in India.
2) OYO
Oyo is a leading global hospitality chain. The company has 157,000+ hotels and homes across 35 countries, such as India, China, Malaysia, Nepal, Indonesia, and the UAE.
With an asset-light business model, Oyo has recently expanded its operations in Europe & USA.
Here are some key highlights:
The company’s consolidated EBITDA has doubled from Rs 953 cr. in FY 25 to Rs 2,127 cr. in just 9 months of FY26.
PAT has tripled from Rs 245 crore in FY25 to Rs 748 in first 9 months of FY26/
Growth across Europe, the US, and the Middle East. Adding 700 hotels, crossing the initial target of 200 hotels.
Operating cash flow jumped 5 times from Rs 321cr in FY 25 to Rs 1,594 cr in FY 24.
The recent strategic acquisitions in the UK, USA, and Dubai signal a global expansion. If interested in buying opportunities, then explore here.
3)NCDEX
NCDEX is the primary commodity exchange in India and is run by a board of independent directors functioning under the rules and regulations laid by the SEBI. It competes with different commodity exchanges, primarily MCX. Despite a restricted commodity environment and low agri trading activity, NCDEX has shown financial resilience.
NCDEX grew its revenue by 15% in FY26, reaching Rs 153 crore, but the exchange incurred losses in FY26. This year reported a loss of Rs 46 crore as compared to Rs 236 profits in FY25
Although the current financials may reflect stagnation or decline, NCDEX is taking new business initiatives beyond its agri trading activities, like entering into mutual funds (NCDEX Nidhi), equity cash markets, and the derivatives segment.
Till July 26, the NCDEX Unlisted Share has remained stable around Rs 400. The new exchange initiatives can bring back investor hope. Check here.
4)Power Exchange India Limited (PXIL)
Power Exchange Limited (PXIL) is a platform for trading electricity. It acts as an intermediary between electricity buyers and sellers.
The exchange came out in 2008 from a public-private partnership. Since then, PXIL has improved the efficiency in power market trading by connecting stakeholders in this sector.
Companies like NSE, NCDEX, and Power Finance Corporation are key investors in this company.
In FY26, PXIL's operating revenue grew by 12% YoY to Rs 86 crores, and PAT grew by 7.25% YoY to Rs 37 crore.
Holding around 15-20% market share in India’s power exchange industry, PXIL competes with Indian Energy Exchange as its main competitor.
Although PXIL unlisted share price has reduced by 20% in the last one year and is trading around Rs 500 in June 26. The total power traded (MU) has jumped 30% in FY26, attracting significant investor attention.
5)Indian Gas Exchange (IGX)
Indian Gas Exchange Limited (IGX) is India's first and only government-approved national gas trading exchange. It is a marketplace that helps users buy and sell gas by creating trade agreements with a physical delivery system.
IGX's revenue from operations has grown 174% in the last 3 years, from Rs 35 crores in Fy24 to Rs 61 crores in FY26.
Profit after tax (PAT) followed a similar trend, growing by almost 2x in the last 3 years, from Rs 23 crore in FY24 to Rs 42 crore in FY25.
Not just financials, but IGX has shown growth in operations also. In July 26, the IGX traded gas volume grew 180% year-on-year to 11.64 million MMBtu.
These developments can attract heavy investment sentiment in IGX Unlisted shares, which has mostly remained stable from May to July 2026, trading around Rs 440 per share. Explore here.
6)Metropolitan Stock Exchange (MSE)
MSEI is a SEBI-approved stock exchange. In the beginning of 2008, this exchange began its operations in currency derivatives. Today, it's an electronic platform to trade equities, equity derivatives, currency derivatives, and debt securities.
MSE struggled operationally for many years. In the last 2 years, the exchange raised around Rs 1200 crore in funding to restart operations.
In Jan 2026, the exchange revived its equity trading operations with around 130 listed securities and the Liquidity Enhancement Scheme (LES).
In FY 25-26, revenue from operations declined by 21%, but total income rose by 240% to Rs 59 crores.
As of Jan 26, the MSEI Unlisted share has delivered 3.5X returns over 3 years, keeping significant investor interest in 2026.
7)Apollo Green Energy
Apollo Green is a leading player in the renewable energy sector. The company is involved in solving problems like:
-End-to-end green energy business solutions.
-Energy procurement and construction (EPC).
-Electronic goods trading.
In 2025, the company announced its planned entry into green hydrogen, battery systems, and EV infrastructure.
Although revenue and PAT of Apollo Green Energy have declined in Fy25-26, the company has set an ambitious target to secure a 1 GW EPC order book in 2026.
As the renewable sector expands, Apollo Green Energy will grow in operations, financials, and its unlisted share price. Explore here.
8)Onix Renewable
This is another company growing in India's renewable energy sector. Onix Renewable generates business across segments such as Solar EPC, independent power production, BESS, and solar module manufacturing.
Onix's revenue has grown 10-fold from Rs 100 crore in FY22 to Rs 1,012 crore in FY26.
EBITDA grew 50 times in the same period, reaching Rs 167 cr in FY26.
The increase in operations and financials has given a 38X growth in EPS for its shareholders over 5 years.
Explore Onix renewable unlisted shares here.
9)Parag Parikh Financial Advisory Services (PPFAS)
PPFAS is India's leading SEBI-registered portfolio management firm and manages an AUM of around Rs 1.47 lakh crore (as of March 2026). The company has seen a major jump in investment interest due to the following reasons:
Revenue from operations and EBITDA have grown by almost 40% in FY25-26. In FY26, EBITDA reached 467crore with a whopping 77% EBITDA margin.
EPS also presented the same trend, reaching Rs 448 per share in FY26 (39% annual growth).
Assets under management (AUM) grew 39%, from Rs 1.06 lakh crore in March 25 to Rs 1.47 lakh crore in March 26.
This increase in operations and financials has led to a massive 51% jump in PPFAS unlisted share price, from Rs 13,850 per share in Aug 25 to Rs 21,112 per share in Aug 26. Explore here.
10)GH2 Solar
GH2 Solar is primarily an EPC company manufacturing solar PV modules. Also, the company produces green hydrogen and electrolyzers. They help heavy industries decarbonize by creating on-site and off-site renewable energy solutions.
In the last 12 years, GH2 has delivered over 650 solar projects for over 325 clients in India.
The company saw a major jump in business and financials in FY25-26, with revenue, EBITDA, and EPS increasing 3x, 5x, and 3x, respectively.
GH2's EBITDA margin also grew from 8.5% in FY 25 to 14.2% in FY 26.
All these developments show that GH2 solar is in its growth phase and attracting high investor attention. Explore GH2 Solar unlisted shares here.
How can you gain by investing in unlisted shares?
Buying early is the key to maximising profits when it comes to Unlisted Pre-IPO shares. These are always available at a lower cost than listed peers. So, by investing early in Unlisted Pre-IPO shares of a company, you stand a chance of multiplying your returns significantly once the company is officially listed on the stock exchange (NSE/BSE).
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