Frequently asked questions

An ordinary equity share of a company that is not listed on a stock exchange. It carries the same rights as a listed share — dividends, voting, bonus and rights entitlements — but it cannot be traded on an exchange.

Yes. Unlisted shares of public companies are held in dematerialised form, and the transfer happens between demat accounts through an off-market delivery instruction.

Dealers quote a two-way price based on where recent blocks have changed hands, the company's results, and how much stock is available. Because there is no central order book, quotes can differ between dealers on the same day.

It depends on the lot size and price of the share. A counter with a lot of 100 shares priced at ₹2,000 needs at least ₹2,00,000. The minimum ticket is shown on every company page.

Typically two to five working days from payment, depending on the counter and how quickly the seller submits the delivery instruction.

Yes, if you are on the register of members on the record date. Corporate actions apply to unlisted shareholders in the same way.

Your shares become tradable after listing, subject to lock-in. For non-promoter pre-IPO holders the lock-in is generally six months from the date of listing.

You remain a shareholder and your exit depends on finding a buyer in the off-market. That can take time, and the price may be well below what you paid.

The structure mirrors audited annual filings made with the Registrar of Companies. Figures are compiled from open databases, company disclosures and public reports; where a line item has been reconstructed from reported totals the company page says so. We do not certify accuracy — verify against the filings before acting.

No. Nothing on this site is a recommendation to buy or sell any security. Unlisted shares are illiquid and carry the risk of total loss of capital.

No. We are not a SEBI-registered intermediary, investment adviser or research analyst. This site is purely for education: it compiles company information from open databases and public sources and shows indicative dealer rates. We do not certify the accuracy of any data, and you should verify independently and take professional advice before any transaction.

Shares are transferred off-market from existing holders into your demat account. Dealers usually quote a lot of 1,000 shares at the ₹1 face value; settlement takes about three working days after funds are received.

No DRHP has been filed and no timeline has been announced. 63 moons has described 63SATS as a material subsidiary that it intends to scale first; a listing would need board and parent approval.

The business is young and still loss-making, and the informal-market price (about ₹27) is around 2.4 times the ₹11–12 per share implied by the February 2026 round, so the valuation already assumes the FY27 targets are met.

Pre-IPO shares are bought through unlisted-share dealers in lots of about 100 shares and transferred off-market to your demat account. With the IPO opening on 24 September 2026, retail investors can also apply directly in the issue at ₹385–405 in lots of 37 shares.

Shares bought in the unlisted market before the IPO are locked in for six months from the date of allotment in the IPO under SEBI ICDR rules, so they can only be sold on the exchange after that period.

Debt. Borrowings of about ₹1,011 Cr against equity of ₹863 Cr make earnings very sensitive to steel prices and interest rates; PAT fell to ₹7.7 Cr in FY25 before recovering. The IPO debt repayment reduces but does not remove this risk.

Through unlisted-share dealers, who transfer shares off-market to your NSDL or CDSL demat account. Lots are typically 100 shares; with only about 16 lakh shares outstanding, availability is limited.

No. The company is a small subsidiary of listed Abans Financial Services and there is no announced plan to list it separately. Investors get exposure to the group through the listed parent as well.

Scale. With PMS AUM of roughly ₹135 Cr and revenue under ₹10 Cr, the ₹250 Cr implied valuation prices in substantial growth in AUM and fee income that has yet to be demonstrated.

Through unlisted-share dealers who transfer the ₹2 face-value shares off-market to your demat account. Lots are usually 500 to 1,000 shares.

No IPO has been announced. The company remains a closely held public limited company registered in Delhi.

Limited disclosure and thin trading. Prices quoted by different dealers have ranged from about ₹60 to ₹180 within a year, and audited numbers are only available through RoC filings.

Through unlisted-share dealers in lots of about 500 shares, transferred off-market to your demat account. Availability is low and quotes can be stale.

No. SEBI approved its exit in 2018. It now holds its Ambawadi building and investments; the shares are a claim on those assets.

Value may never be unlocked. Without a property sale, buyback or distribution, returns depend on modest rental and interest income and on illiquid secondary trades.

Through unlisted-share dealers in lots of about 100 shares. Supply is very limited because the parent holds about 99% and only legacy SKOL/SABMiller minority holders sell.

The predecessor SKOL Breweries was delisted in 2006 after SABMiller's delisting offer. The remaining minority shares are what trade in the unlisted market; no relisting is planned.

Regulation and illiquidity. State excise and pricing policies drive margins, and with a ~1% public float the parent controls all corporate decisions, including any future squeeze-out.

Through unlisted-share dealers in lots of about 100 shares, transferred off-market to your demat account. Trades are infrequent, so expect wide bid-ask spreads.

No IPO has been announced; the company remains promoter-controlled.

Cyclicality of oil and gas and process-industry capex, plus energy and scrap-steel cost swings that squeeze foundry margins.

The peak reflects a private round struck in 2021. Subsequent down rounds and rights issues reset the per-share price and diluted earlier investors.

Through unlisted-share dealers in lots of about 500 shares, transferred off-market to your demat account.

The company has publicly signalled a listing and is treated as pre-IPO by dealers, but investors should confirm whether a DRHP has been filed with SEBI before relying on a timetable.

Execution and margins in solar EPC, plus the working-capital drag of the legacy trading business; the unlisted price already discounts a successful IPO.

Through unlisted-share dealers in lots of about 100 shares, transferred off-market to your demat account. Shares mostly originate from ESOP holders and early investors.

Arohan filed a DRHP in 2021 that lapsed. Management and investors have indicated a listing remains an option once microfinance asset quality stabilises, but no fresh filing has been made.

Credit cycles in microfinance. Unsecured lending to low-income borrowers is vulnerable to over-leverage, natural calamities and political interference, as FY25 showed across the sector.

Through unlisted-share dealers in lots of about 100 shares; shares are transferred off-market to your demat account. Supply comes mainly from employee and early-investor holdings.

Blackstone has been reported to be preparing the company for a listing, but no DRHP has been filed and no timetable is public.

Market dependence. Fee revenue moves with equity AUM, so a prolonged market correction or PMS outflows would cut earnings and the unlisted valuation.

Through unlisted-share dealers in lots of about 100 shares, transferred off-market to your demat account. Availability is limited because the JV partners hold almost all the equity.

No. Axles India is a joint venture of Sundaram Finance, Wheels India and Dana and there are no announced listing plans.

Cyclicality. Revenue depends on medium and heavy commercial-vehicle production, which can fall 30–40% in a downturn, and on a few OEM customers.

Unlisted prices reprice sharply when funding rounds happen at lower valuations. Persistent losses and dilution from new rounds both weigh on the per-share price.

Few sellers are quoting the stock, so filling an order may take longer and the spread between bid and ask is wider.

Through unlisted-share dealers in lots of about 100 shares; shares are transferred off-market to your NSDL or CDSL demat account.

No. It filed a DRHP in September 2018 and received SEBI observations, but the issue was never launched and the approval lapsed. No fresh filing has been announced.

Leverage. Borrowings well above ₹1,000 Cr against a net worth of roughly ₹1,100 Cr make earnings sensitive to interest rates and hotel demand, though the owned real estate provides asset backing.

Shares are bought off-market through a dealer: agree the price and quantity, transfer funds, and the shares are moved to your demat account (NSDL or CDSL) within about three working days. The usual dealer lot is 100 shares, though some quote 400-share lots.

The DRHP was filed in October 2025 and SEBI issued its observations on 23 January 2026. The company can launch the issue within a year of approval; dates and the price band had not been announced as of September 2026. Pre-IPO shareholders face a six-month lock-in from listing.

BVG is a labour-heavy contractor whose margins are around 11% at the EBITDA level. Wage inflation, delayed payments from government clients and a possible IPO price below current unlisted quotes are the key risks.

Through an unlisted-share dealer: shares are transferred off-market to your NSDL or CDSL demat account after payment, usually within three working days. Dealers quote lots of 100 shares.

Both are possible. The exchange filed a voluntary exit application in February 2025, but in June 2026 the West Bengal government announced support for a revival and the board asked SEBI to pause the exit. SEBI has not yet ruled either way.

The business has no live trading platform and depends on treasury income. If SEBI approves the exit rather than a revival, shareholders would receive whatever remains after winding-down costs, which may differ sharply from the current dealer price.

The company has very few shares outstanding relative to its size, so each share carries a large slice of earnings. High absolute price does not by itself mean expensive — compare the P/E instead.

The quoted lot size is five shares, so the smallest order a dealer typically accepts is five shares.

Reported profit for a growing insurer is depressed by new-business strain — the cost of writing a policy hits upfront while premium is earned over the year. Investors usually look at premium growth and embedded value alongside earnings.

Through an unlisted-share dealer with off-market transfer to your demat account; lots of 100 shares are standard and settlement takes about three working days.

There is no announced plan. The parent holds over 90% and the residual public float is small, so a buyback or delisting of the remaining shares is more likely than an IPO.

Minority investors depend entirely on the parent's decisions on dividends, royalties and any exit price; there is no exchange-traded liquidity.

Dealers quote lots of 2,500 shares (about ₹42,000 at the current price) with off-market transfer to your NSDL or CDSL demat account.

Nothing has been announced. A listing on the SME platform would be the natural route if the outlet count keeps growing.

This is a very small QSR business with limited disclosure; investors are relying on franchise growth and there is little secondary liquidity.

Shares were distributed to shareholders of the listed parent during the 2015 demerger, so a very large number of small holders received shares directly. That makes the counter unusually liquid for an unlisted name.

There has been no filing. Any listing would need regulatory and league approvals.

Yes. Dividends are paid to whoever is on the register on the record date, exactly as with listed shares, and are credited to your registered bank account.

State ownership can mean stable governance, but it also means decisions such as tariffs and dividends can carry policy considerations alongside commercial ones.

Through unlisted-share dealers in lots of about 100 shares, transferred off-market to your demat account.

No DRHP has been filed. Given the listings of Waaree Energies and Premier Energies, an IPO is a plausible future route but nothing has been announced.

Margin cyclicality. Module prices and cell costs swing with Chinese supply and Indian policy; a wave of new domestic capacity could compress margins after 2026.

Through dealers in lots of 250 shares with off-market transfer to your demat account; settlement takes about three working days.

DBRL is mainly a holding company for a stake in RHI Magnesita India and group investments; holding companies typically trade at a 50-70% discount to the value of their investments.

No. BSE's October 2025 circular states the company will not be listed after the demerger of the DMC and GT units.

Dealers quote lots of 500 shares (about ₹14,500) with off-market transfer to your demat account.

No. It has had no trading for many years and SEBI ordered its exit in 2017; the company continues as a property-owning entity while litigation continues.

Shareholders may ultimately receive only the net proceeds of an exit after SEBI-mandated payments, and the timing is uncertain.

Through a dealer in lots of 1,200 shares (about ₹54,000) with off-market transfer to your demat account.

Nothing has been announced. Fast-growing contractors of this size usually consider an SME-platform listing.

Lack of verifiable disclosure. Ask the dealer for audited financials and the MCA master data before investing.

Dealers quote lots of 50 shares (about ₹77,500) with off-market transfer to your demat account.

The company is an investment holding vehicle; the market applies a steep discount because shareholders have no control over when, or whether, the portfolio value is distributed.

No catalyst and very low liquidity; the discount may never close and it can take time to find a buyer.

Dealers quote lots of 5,000 shares (about ₹1.8 lakh) with off-market transfer to your demat account.

Nothing has been announced; a listing on the SME platform would be a natural step if capacity expansion needs capital.

Small scale and limited disclosure; verify audited accounts with the dealer, and expect price swings on low volumes.

Dealers quote lots of 25 shares (about ₹79,000) with off-market transfer to your demat account against ISIN INE02YY01015.

No plan has been announced; the family-owned company has stayed private for seven decades.

Long-term electrification of vehicles reduces filter content, and the tiny float makes exits slow.

Through a dealer in lots of 100 shares (about ₹51,000) with off-market transfer to your demat account.

Nothing has been announced; the promoters have kept the company private.

Regional concentration and commodity price swings; the float is small so exits can take time.

Data centres are capital intensive — land, power infrastructure and racks are funded largely with term debt, which is then repaid out of long-term contracted revenue.

Dealers quote lots of 1,000 shares (about ₹35,000) with off-market transfer to your demat account.

There is no announced plan. Vedanta's demerger of its businesses could eventually fold ESL into a listed steel entity, but timing is unknown.

Continued losses and Vedanta's full control; minorities could be squeezed out at a price they cannot influence.

Holding companies usually trade at a discount because shareholders cannot access the underlying stake directly and there is tax leakage if the stake is ever sold.

Dealers quote lots of 100 shares (about ₹1.7 lakh) with off-market transfer to your demat account; some accept 10-20 share lots.

No. The company was once listed on the Delhi Stock Exchange but has stayed off the main exchanges; no relisting has been announced.

Project lumpiness and thin liquidity; confirm the share count and latest accounts with the dealer given the change in quoted price levels.

Through a dealer in lots of 100 shares with off-market transfer under ISIN INE00GA01022; settlement takes about three working days.

SEBI approved the issue in August 2026 after a confidential DRHP in March 2026. The public DRHP and issue dates are awaited; pre-IPO shares are locked in for six months from listing.

The IPO could be priced below current dealer quotes, and the business still earns thin margins on subsidy-driven agricultural sales.

Dealers quote lots of 1,000 shares (about ₹38,000) with off-market transfer to your demat account.

Not announced. GFL has said it is open to value unlocking once the business scales; IFC and OIA are the only outside investors so far.

The business is loss-making during a heavy capex phase, and pricing for battery materials is set by Chinese oversupply.

Through an unlisted-share dealer; shares move off-market to your demat account against payment, usually within three working days. The usual minimum is 100 shares.

Nothing has been announced. Given its size, an SME-platform listing would be the likely route if the company chooses to list.

Limited verified disclosure. Ask your dealer for the latest audited financials and the CIN before buying; the figures on this page are approximate.

Shares are bought off-market from existing holders (mostly employees and early investors) through a dealer. You share your demat details, pay against a quote and the shares are transferred by DIS within about three working days.

Dealers usually quote a minimum of 100 shares. The face value is ₹5 and the paid-up capital is about ₹58.2 Cr.

No IPO is planned. The Government and Mazagon Dock own over 98% of the equity, so a listing would need a policy decision by the Ministry of Defence. Until then, liquidity is limited to the dealer market and the price can swing sharply on small volumes.

Through an unlisted-share dealer: shares are transferred off-market to your demat account (ISIN INE0S7401019 on NSDL/CDSL) against payment, usually within three working days. Minimum quantity is typically 100 shares.

Goodluck India has said it may list the defence subsidiary once it reaches scale, but no timeline or DRHP has been announced. Treat the shares as a medium-term holding.

The company is essentially a single-plant, single-product business at the start of its ramp-up. Revenue depends on defence order flow and the price already discounts the FY27 revenue guidance.

Through a dealer, off-market into your demat account. Most dealers quote a 500-share lot at around ₹150, so the minimum ticket is roughly ₹75,000.

It is promoted by members of the Garg family associated with the Goodluck group in Ghaziabad, but it is a separately promoted company rather than a subsidiary of the listed Goodluck India Ltd. Check the shareholding with your dealer before assuming parent support.

No. The company has no revenue yet, so any listing is years away and would follow commissioning of its projects.

Through an unlisted-share dealer; shares are transferred off-market to your demat account against payment, typically within three working days. Dealers quote a minimum of 100 shares.

Management has spoken of a listing once the Sanand facility scales, but no DRHP has been filed and no timeline has been announced.

The order book of about ₹1,800 Cr dwarfs current revenue of under ₹100 Cr; the price already assumes successful execution, and further equity raises for the ₹3,500 Cr expansion will dilute existing holders.

There are only about 1.59 Cr shares outstanding and the company earns over ₹1,100 Cr a year, so earnings per share exceed ₹700. At ₹7,990 the share trades at roughly 11 times FY25 earnings.

HDFC Bank has repeatedly said it has no plans to list the broking subsidiary. Liquidity comes only from the unlisted market, where the free float is under 5%.

Dealers usually quote a minimum of 100 shares, though smaller odd lots sometimes trade given the high price per share. Settlement is by off-market transfer to your demat account.

No. A draft red herring prospectus only starts the regulatory review. Companies routinely let approvals lapse or defer the issue based on market conditions.

Mostly price-to-book, since the lending book is the main asset. Loan growth, net interest margin and gross NPA trends are the numbers dealers quote most often.

Through an unlisted-share dealer; because the float is tiny, availability is low and it may take time to fill an order. Shares are transferred off-market to your demat account.

The paid-up capital is well under a crore, so there are only a few lakh shares; the high per-share price reflects the small share count rather than a large company valuation.

No. The company is a closely held family business with no announced listing plans.

For lenders, book value proxies the equity backing the loan book. Price-to-book, read together with return on equity, is the usual shorthand for whether a lender is cheap or expensive.

Through a dealer, off-market into your demat account. Because the price is around ₹23, dealers usually quote lots of 500 shares or more.

No. HPX is still loss-making and its promoters are focused on building volumes; any listing is years away.

Implementation of market coupling by CERC. It would pool day-ahead liquidity across exchanges and could sharply increase HPX's share of volumes and fees.

Through an unlisted-share dealer; shares move off-market to your demat account. Availability is low because the promoter family holds most of the equity.

No listing plans have been announced.

Dependence on Indian Railways' wagon tender cycle, and limited public disclosure; verify the latest audited numbers with your dealer since figures here are approximate.

Through an unlisted-share dealer, off-market into your demat account; the usual minimum is 100 shares.

No. The group's listed entity is Godawari Power & Ispat, which owns about 48% of HFAL; consolidation into GPIL is more likely than a separate listing.

Ferro-alloy prices are cyclical and power-cost driven; earnings can halve in a weak steel year. Figures on this page are approximate.

Through an unlisted-share dealer, off-market into your demat account. Because the price is around ₹24.5, dealers usually quote a 500-share minimum.

No IPO has been announced. The company raises capital through retail NCDs and private equity infusions.

Thin profitability and reliance on high-cost retail debt; a fall in gold prices or tighter RBI rules could hurt growth. Figures on this page are approximate.

Through an unlisted-share dealer; shares are transferred off-market to your demat account against payment, typically within three working days. Minimum quantity is usually 100 shares.

A listing has been under consideration and bankers have reportedly been appointed, but no DRHP was verifiable in this session. Pre-IPO holders would be locked in for six months after listing.

Vehicle-finance credit cycles and the premium to book already built into the unlisted price. Figures on this page are approximate.

A loss-making year can produce a deferred tax credit, which shows as a negative tax charge and reduces the reported loss.

Shares are bought off-market through unlisted-share dealers and delivered to your demat account (NSDL or CDSL) against bank transfer; the ISIN is INE732W01014. Dealers typically quote in lots of 100 shares and settle within about three working days.

SEBI approved the offer on 5 February 2026 and an updated DRHP was filed on 7 May 2026. The company has not yet announced the price band or the opening date; the issue is expected to open within the validity of SEBI's approval.

Pre-IPO shares are locked in for six months after listing, and the IPO price could be set below current dealer quotes. The business itself carries unsecured retail credit risk and depends on wholesale funding.

Through unlisted-share dealers via an off-market transfer to your NSDL or CDSL demat account under ISIN INE743B01015. Dealers quote lots of roughly 25–160 shares given the high price; confirm the lot with the quote.

Only 26.5 lakh shares exist and the promoter family holds about half, so trading is thin. The core CPC business is loss-making at the trough of the cycle and there is no announced plan to return the treasury surplus to shareholders.

No. The company carries a legacy listed-company CIN from its Calcutta Stock Exchange days but has not announced any plan to list on NSE or BSE.

Through unlisted-share dealers by off-market transfer to your demat account. Dealers quote lots of 100 shares at around the rate shown; settlement takes about three working days.

No. A DRHP was filed with SEBI in early 2024 but the issue has not opened as of September 2026. Check the current status of SEBI's approval before assuming a listing timeline.

Competition from the new government-backed venues in Delhi (Bharat Mandapam and Yashobhoomi) and the event-driven, lumpy nature of exhibition revenue.

Through unlisted-share dealers by off-market transfer to your demat account; lots are usually 100 shares given the price of about ₹2,700 per share. Parcels are scarce because cooperatives own almost all shares.

The stock is illiquid, the business is working-capital heavy and dependent on subsidy policy, and there is no listing plan – so buyers demand a discount to the ₹3,000-plus book value per share.

No. IPL is a cooperative-owned company and has never indicated an intention to list.

Quite cyclical. Domestic demand tracks the monsoon and crop prices, while exports swing with global distributor inventory cycles.

Through unlisted-share dealers by off-market transfer to your demat account; lots are typically 1,000 shares at around ₹19.

It has paid small dividends in several years, but payouts are modest and not guaranteed.

Listing has been discussed by management over the years but no DRHP has been filed and there is no announced timetable.

Confirm with the dealer the exact legal entity, ISIN and share class; Innov8 has been a PRISM (OYO) subsidiary and any tradeable shares would come from a carve-out or placement.

Dealers quote lots of 500 shares at around ₹68.

No DRHP has been filed. The parent has discussed listing group businesses, but there is no formal plan for Innov8.

Only a few crore shares exist and each one represents a slice of control stakes in Gujarat Fluorochemicals and Inox Wind. Dealers quote and trade a single share as the lot.

At the quoted price the company trades at an estimated 60-70% discount to the market value of its listed holdings – typical for Indian promoter holding companies, and the discount may not narrow.

No. It is a family holding company with no listing plan.

Dealers quote a buy price near ₹127 and a sell price near ₹161 in lots of 200 shares; the ₹144 shown is the mid-point. Ask for a live rate before dealing.

Management has spoken of a listing and raised pre-IPO capital, but no DRHP has been filed as of September 2026.

Thin EPC margins and working-capital strain; a delay in the IPO would also leave holders in an illiquid stock.

Through unlisted-share dealers by off-market transfer to your demat account; lots are 100 shares at about ₹225. A CCPS instrument of the same company is quoted separately at about ₹195.

The CCPS is a preference share that must convert into equity on pre-agreed terms; until conversion it ranks ahead of equity and usually carries a small preference dividend. It trades at a discount reflecting the conversion timing and terms.

Management has indicated a listing after the Odisha plant is commissioned, but no DRHP has been filed.

They are converted into equity shares of Jupiter International at the ratio fixed in the placement terms (commonly 1:1) on the earlier of the outside date or a listing; you then hold ordinary shares.

Because conversion is in the future, voting rights are limited and the instrument trades less often. The discount narrows as conversion approaches.

Through unlisted-share dealers in lots of 100 at about ₹195; the CCPS has its own ISIN, separate from the equity. Ask for the term sheet before paying.

Through unlisted-share dealers by off-market transfer to your demat account; the face value is ₹100 and dealers quote lots of 100 shares at around ₹124.

No. The airport has made losses every year since opening in 2018 and dividends are not expected until it turns profitable.

Point-of-call status for foreign airlines, a favourable AERA tariff order, and monetisation of the surplus land bank for aero-city, cargo and MRO projects.

Through unlisted-share dealers by off-market transfer to your demat account; dealers quote lots of 10 shares at about ₹3,280 because of the small share count.

No DRHP has been filed. The founder has spoken of a listing in the medium term, but there is no announced timetable.

Dependence on railway and defence tendering cycles, imported raw materials, and the illiquidity of a stock with roughly 30 lakh shares.

Shares are transferred off-market through a dealer into your NSDL or CDSL demat account. Send the quantity you want, receive a quote, pay, and shares are credited typically within 3 working days.

Dealers generally quote in lots of 1,000 shares at the current price level (around ₹18,500 per lot); some platforms insist on larger lots of 5,000–10,000 shares.

No equity IPO has been announced. The company raises money through frequent public NCD issues that are listed on BSE, but its equity remains unlisted.

High leverage and rising funding costs: the July 2026 rating downgrade to BBB−/Negative and the fall in FY25 profit show that margins are under pressure even as AUM grows.

Kurlon has been amalgamated into Sheela Foam. Any Kurlon shares still on offer represent an entitlement to 52 listed Sheela Foam shares per 100 Kurlon shares, so the quote tracks 0.52x Sheela Foam's market price. Confirm with the dealer that the entitlement has not already been converted.

Dealers quoted Kurlon in lots of 25 to 100 shares; at the current level a 100-share lot costs about ₹54,000.

No. Kurlon does not need an IPO – its business now sits inside listed Sheela Foam Ltd (NSE: SFL), where Kurl-on is reported as part of the mattress segment.

Standalone Kurlon posted a ₹48.9 Cr loss in FY24 and the value of the holding now depends entirely on Sheela Foam's share price and the success of the Sleepwell–Kurlon integration.

Through a dealer via off-market transfer to your NSDL or CDSL demat account. Quotes are given per share; settlement usually takes 2–3 working days after payment.

Most dealers quote a minimum of 500–1,000 shares, i.e. about ₹45,000–₹90,000 at the current price.

No IPO has been announced. The company is majority-owned by VPS Healthcare and has no stated listing plan; the unlisted float exists because of its original doctor and NRI shareholder base.

Profit has been falling for two years despite revenue growth, and the company depends on a single hospital in a competitive Kochi market.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

Dealers quote lots of 250–500 shares; at about ₹50 a share a 500-share lot costs roughly ₹25,000.

Yes, but repeatedly delayed. The 2021 DRHP was returned by SEBI in 2023; management now targets FY27 after a private-equity round.

Very thin profitability (₹11.6 Cr PAT on ₹3,667 Cr revenue in FY24) and the governance overhang from the ED case against the founder.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

Lots of 100 shares, about ₹47,000 at the current price; the float is very small so availability varies.

No. With the state government and universities as majority holders there is no listing plan.

Concentration in one product (MS-CIT) and one state, plus very low liquidity in the stock.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

100 shares, about ₹12,400 at the current price; sellers are scarce.

No. The company is a small group entity with no listing plan.

Small scale and very poor liquidity; financial details in this profile are approximate.

Financial sponsors usually seek an exit within a defined horizon, often via a sale or an IPO. That can be a catalyst, but the timing is outside a minority shareholder's control.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

Dealers quote 100-share lots, about ₹96,000 at the current price; smaller lots are sometimes possible.

No. The promoter family has shown no interest in listing.

Illiquidity and the approximate nature of the available financial information.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

1,000 shares, about ₹4,900 at the current price; dealers often ask for 5,000-share lots because of the low price.

A DRHP was filed with SEBI in 2024 for a mainboard IPO; check the current status, as approvals lapse after 12 months.

Thin gas-trading margins and IPO uncertainty; financials and identifiers here are approximate.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

Dealers quote 100 shares (about ₹2.4 lakh), though smaller lots of 10–25 shares are sometimes available given the high price.

No IPO has been announced.

Lumpy tender-based revenue and extreme illiquidity; the figures here are approximate.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

1,000 shares (about ₹3,950); dealers often deal in 5,000–10,000-share lots because of the low price.

No IPO has been announced.

Weak profitability and a share price below par with no catalyst; the financial figures here are approximate.

Through a dealer via off-market transfer into your NSDL or CDSL demat account: confirm the quote and quantity, pay, and the shares are credited typically within 3 working days.

500 shares, about ₹13,000 at the current price.

No IPO has been announced, although the promoters have listed retail companies before.

Thin margins during expansion and the approximate, unverified nature of the figures here.

Many unlisted companies are closely held family businesses that never needed public capital. A small free float means fewer shares available and a wider bid-ask spread.

The face value is ₹1 and there are about 1,100 Cr shares after the 2025 allotments at ₹2 each. At the current indicative price the whole exchange is valued at roughly ₹7,000 Cr against operating revenue of a few crore, so the price reflects a turnaround bet, not earnings.

There is no promoter. The August 2025 placement investors hold about 45%; banks and financial institutions such as SBI, Bank of Baroda, PNB, Axis Bank and HDFC Bank hold a further block; Groww, the Zerodha founders' Rainmatter, Securocorp and Share India each hold around 2.7%; the rest is with MCX, other corporates and individuals.

No. The exchange's stated priority is rebuilding volumes through the Liquidity Enhancement Scheme and the equity-derivatives relaunch. Any listing would need SEBI's ownership and governance norms for exchanges to be met first.

Dealers usually quote MSEI in lots of 5,000 shares because of the low price per share; some accept 1,500-share lots. The exact lot is confirmed on WhatsApp with the quote.

Through an unlisted-share dealer by off-market transfer into your demat account. The shares are listed on MSEI but almost never trade there, so dealer quotes set the price. Dealers typically deal in 100-share lots (some quote 800).

No. No rate was supplied for this company; the level shown is indicative from public dealer pages (roughly ₹230–278 in mid-2026). Ask for a live quote before dealing.

Scale and liquidity. Revenue is under ₹40 Cr, there are only 31.5 lakh shares, and results swing with chemical and fertiliser capex cycles.

Through an unlisted-share dealer with off-market transfer to your demat account (NSDL or CDSL). Dealers quote lots of 25–100 shares given the ₹2,000-plus price.

No. The promoter family has not announced any listing plan; the shares were once listed on the Calcutta Stock Exchange but now trade only in the unlisted market.

Concentration: Old Monk rum is around 85–87% of sales, and state excise policy changes can hit volumes and margins quickly. Liquidity is also thin with only 85 lakh shares.

Through an unlisted-share dealer via off-market demat transfer. Dealers quote lots of 100–700 shares; the level shown here is indicative only since no rate was supplied.

No. The company is closely held by the Arneja and Juneja families (about 70%) and has not announced any listing plan.

Export cyclicality: about 70% of sales go overseas, so European and US demand, freight and steel prices drive earnings; FY25 revenue fell 7%.

Through an unlisted-share dealer by off-market transfer into your demat account. Because the face value is ₹1 and the price is around ₹10–11, dealers quote lots of 1,000 shares (about ₹10,000 minimum).

Not formally. MOFSL owns ~97% and has said the business is well capitalised; market chatter about a listing exists but no timeline or filing has been announced.

The face value is ₹1 and about 602 Cr shares exist; at ~₹10.5 the company is valued near ₹6,300 Cr, roughly 3.8 times FY26 net worth and about 40 times FY26 profit.

Through an unlisted-share dealer by off-market demat transfer, usually in lots of 100. Holdings of 2% or more require SEBI fit-and-proper approval, which does not affect retail-sized purchases.

No filing exists. A listing was discussed years ago but the exchange's priority is restoring volumes after the SEBI contract suspensions; any IPO would need SEBI approval under exchange ownership norms.

FY25 net profit of ₹234 Cr came from exceptional gains on the sale of strategic investments (including part of NeRL). Core operations remained loss-making, with operating revenue of ₹122 Cr against costs of roughly ₹170 Cr.

Through an unlisted-share dealer via off-market demat transfer; lots of 500 shares are typical at the current price of around ₹50.

No. NeRL is a majority-owned NCDEX subsidiary and market-infrastructure entity; no listing plan has been announced.

Scale and adoption: revenue depends on how quickly warehouses register with WDRA and banks lend against eNWRs; disclosure is limited and liquidity thin.

Unlisted shares are bought over the counter from a dealer or existing holder. Once you confirm a price and quantity, you transfer funds and the seller delivers shares into your demat account, typically within T+2 working days.

Under SEBI rules, shares bought before an IPO are generally locked in for six months from the date of listing for non-promoter shareholders. Always confirm the applicable lock-in before you buy.

It is an average of the prices at which dealers are willing to transact on a given day. There is no exchange order book, so the price is negotiated and can vary between dealers.

Through an unlisted-share dealer via off-market demat transfer; the free float is the ~1.7% held by legacy Essar Oil shareholders, so supply is limited. Lots of 100 shares are standard.

No. Rosneft has at times explored selling its stake, and Indian listing rules would require a large public float; no filing or timeline exists.

Sanctions restrict Nayara's access to European banks, insurers, shippers and technology vendors, raising costs and limiting exports. The refinery continues to operate for the Indian market, but the discount in the unlisted price reflects this risk.

Through an unlisted-share dealer via off-market demat transfer. Dealers have quoted lots of 100–670 shares; confirm the current share count and any recent bonus before agreeing a price.

No filing exists. The NCL group already has a listed company (NCL Industries) and has not announced plans to list Buildtek.

Construction-cycle exposure and input-cost inflation, plus limited disclosure on share capital and corporate actions that makes valuation harder.

Through an unlisted-share dealer via off-market demat transfer, typically in 100-share lots. Because quotes vary widely, compare several dealers.

Investments in NCL group companies, principally shares of listed NCL Industries Ltd, plus other holdings; it has no operating business of its own.

No. A holding company of this kind is unlikely to list; value realisation depends on dividends, buybacks or a group restructuring.

Through an unlisted-share dealer via off-market demat transfer; lots of 500 shares are typical at the current price. Note the six-month lock-in that applies to pre-IPO shares after any listing.

No DRHP has been filed. Management has spoken of an IPO at a ₹8,000–10,000 Cr valuation but has given no timeline.

Limited disclosure. Audited numbers, board details and the CIN were not visible publicly; the profile's financials are estimates and the valuation gap between dealer prices and the IPO target is large.

Yes. Oravel Stays Limited, the company whose shares trade in the unlisted market, adopted PRISM as its corporate brand in September 2025. OYO remains the hotel brand in India and South-East Asia; the group also owns Motel 6 and Studio 6 in the US, Belvilla and DanCenter in Europe, Sunday hotels and Innov8.

SEBI cleared the filing on 2 June 2026 and the updated DRHP was filed on 30 June 2026 for a fresh issue of up to ₹6,650 Cr with no offer for sale. Dates and the price band come with the red herring prospectus; management has said it hopes to launch within FY27.

The price went from a 52-week high of ₹55 to about ₹21–24 as the IPO valuation being discussed ($3–4 billion) came in well below what earlier secondary trades assumed, and as investors looked past the FY26 headline profit to the ₹678 Cr deferred-tax credit inside it and the ₹7,810 Cr of debt.

Yes. Shares bought before the IPO are locked in for six months from the listing date for non-promoter holders. Factor that in when you buy at the current price.

Fewer shares change hands in the over-the-counter market, so the bid-ask spread is wider and large orders can take longer to fill.

Through an unlisted-share dealer via off-market demat transfer (ISIN INE0FGC01012). Because each share costs over ₹20,000, dealers quote lots of 50–100 shares.

No. The Parikh family has not announced any listing plan; the company funds growth from its own cash flows.

Concentration: earnings depend on one flagship fund and one investment style, and the valuation of about 65 times earnings leaves little room for a slowdown in flows or a fee-cut by SEBI.

Through an unlisted-share dealer via off-market demat transfer; the face value is ₹1 and dealers quote lots of 100 shares. Compare quotes, as spreads are wide.

PayMate filed a DRHP in May 2022, but SEBI returned it in January 2023 and asked for a refiling. No new draft has been made public, so the IPO is effectively withdrawn for now.

Solvency. The company has never made a profit, reported a cash squeeze in 2024 and depends on new funding; RBI restrictions on card-based business payments have also reduced volumes.

This page covers Philips India Ltd, the 96%-Philips-owned healthcare, personal-health and software entity. Versuni India Home Solutions (Philips and Preethi appliances) is a separate company with its own unlisted quote; confirm the ISIN with your dealer.

Through an unlisted-share dealer via off-market demat transfer, usually in lots of 100. Supply comes from the ~4% public holding left after the 2004 delisting.

No. Royal Philips has shown no intention to relist the Indian subsidiary; the main upside cases are dividends, a buyback or a parent-led squeeze-out at a premium.

Through an unlisted-share dealer via off-market demat transfer. Because each share costs several thousand rupees, dealers quote small lots (as few as 23 shares); the level shown is indicative since no rate was supplied.

Only historically. The name dates from its 1947 origins; it is now an Abhey Oswal group investment company with no operational link to the bank.

Illiquidity and opacity: quotes vary widely, disclosure is minimal, and value depends on a family-controlled portfolio that minority holders cannot influence.

Shares are bought through unlisted-share dealers and transferred off-market to your demat account (NSDL or CDSL). Confirm the quote, pay, and the shares are credited within about three working days.

The face value is ₹2 after the December 2024 split. Dealers typically quote in lots of 500 shares at the current price level, with minimum tickets of about ₹10,000-25,000.

A ₹750 Cr DRHP filed in October 2023 lapsed. The company said in January 2026 that it is preparing a ₹10,000 Cr IPO with a fresh DRHP expected during 2026; no dates or price band are announced yet.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay and receive the shares by off-market transfer into your NSDL or CDSL demat account, usually within three working days.

Dealers typically quote in lots of 100 shares (face value ₹10); smaller odd lots are sometimes available at a premium.

No DRHP has been filed. Dealer commentary points to a possible listing once market coupling settles, but the company has not announced an IPO; NSE itself is also pursuing its own listing.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 10 shares.

The paid-up equity is very small, so each share represents a large slice of the company; dealers therefore quote lots of just 10 shares.

No filing or announcement is known.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

It was listed on the now-defunct Madras Stock Exchange; the shares are now traded only off-market through dealers.

Thin spinning margins through the cotton cycle and a small, illiquid float.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

Not for RPAL itself; any listing would likely happen at the level of Raymond's engineering platform.

Minority holding in a Raymond-controlled company exposed to global auto demand.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

Management has spoken of listing after the second campus matures, but no DRHP has been filed.

Single-city hospital with expansion debt; the valuation depends on the unverified share count.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

The group has spoken of listing its semiconductor ventures over time; no DRHP has been filed for RRP Electronics.

It is a venture-stage company with minimal revenue; value rests on executing the OSAT roadmap and raising capital.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

Nothing has been filed; the group has talked about listing ventures over time.

Thin standalone business and group-sentiment-driven pricing; verify the product mix and financials before investing.

The shares were once exchange traded but were removed after a buyback or open offer. They now trade only over the counter, and there is no guarantee of a future relisting.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 200 shares.

No filing exists; the company has occasionally been mentioned as a listing candidate.

Project-based revenue tied to the sugar and ethanol cycle, with unverified figures on this page.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

Yes - it is the renamed Sterlite Power Transmission Ltd after the 2025 demerger of the transmission-infrastructure projects into Sterlite Grid 5 Ltd. Holders of the old shares received shares in both companies.

Sterlite Power filed a DRHP in 2021 that was withdrawn; no current filing exists for Sterlite Electric.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 100 shares.

Sterlite Grid 5 develops transmission projects and has typically sold completed assets to India Grid Trust, the InvIT sponsored by the group; it is a developer, not the InvIT itself.

No filing exists; the group has in the past explored listing the transmission business.

Compare the price-to-earnings multiple with the sector average shown on this page, and check whether profit growth is keeping pace with the price move over the same period.

Through an unlisted-share dealer: confirm the quote, complete KYC, pay, and the shares are transferred off-market into your NSDL or CDSL demat account, usually within about three working days. Dealers normally quote in lots of 5000 shares.

No. OYO's parent is Oravel Stays Ltd (PRISM), which trades separately. Sunday Proptech is a group-linked property entity that dealers label 'OYO Assets'.

Not for this entity; the group's listing plans concern Oravel Stays.

The scrip is listed but has not traded on the exchange for years, so the displayed BSE price is stale. Real transfers happen off-market through dealers at prices that reflect the company's ₹151 Cr profit and ₹35 dividend.

Because of the high per-share price most dealers accept lots from 4 shares (roughly ₹20,000). Shares are delivered to your demat account via off-market transfer against ISIN INE614R01014.

Liquidity. There is no exchange market, exits depend on dealer demand, and the company could pursue delisting at a price set through a reverse book-build. The valuation of about 52x earnings also leaves little margin of safety.

Through an unlisted-share dealer via off-market transfer to your demat account. Typical lots are 500 shares; settlement takes about three working days after payment.

No DRHP has been filed. The November 2025 placement was a private round; any listing would follow a period of revenue scale-up.

The business is small and loss-making, and the unlisted price is about 40% above the last placement price, so investors are paying for future subscriber growth rather than current earnings.

Through an unlisted-share dealer via off-market transfer into your demat account. The usual lot is 100 shares (about ₹16,000 at the current quote) and settlement takes about three working days.

No DRHP is on record. The company converted to a public limited company, which keeps a listing option open, but no timeline has been announced.

Concentration in government tenders: revenue is lumpy, receivables are slow, and disclosure as an unlisted company is limited, so the figures here are estimates.

Shares held by former Tata Refractories public shareholders change hands off-market through dealers, usually in lots of 100. Delivery is to your demat account with settlement in about three working days.

No. Krosaki Harima and Tata Steel together own about 78% and neither has indicated a listing; the company funds growth from internal accruals.

Cyclicality of steel demand and imported raw-material costs, plus very limited liquidity given the small free float.

Through a dealer via off-market transfer to your demat account; the company is private so transfers need board approval under its articles. Confirm the live rate — the price here is indicative only.

Dealers describe the company as pre-IPO, but no DRHP has been filed and the company remains a private limited company.

Very limited disclosure and liquidity; the financials and share count used here are estimates and the private-company status can slow transfers.

Via an unlisted-share dealer with off-market transfer to your demat account, typically in lots of 100 shares. Settlement takes about three working days.

A DRHP was filed in September 2021 and approved, but the company did not launch in the 2022 downturn and the approval expired. Management has said it will refile when integration and margins allow; no new DRHP is on record.

Thin consolidated margins after two acquisitions and uncertainty on IPO timing, while the unlisted price already values the group at about ₹2,600 Cr.

Legacy shareholders sell through dealers via off-market transfer in lots of about 100 shares; availability is low so quotes should be confirmed before dealing.

No. The company was formerly on the Calcutta Stock Exchange and neither promoter has announced a relisting.

A very small, order-dependent business with minimal liquidity and limited disclosure; figures on this page are estimates.

Residual public shares are transferred off-market through dealers into your demat account. Availability is low because the parent holds well over 90%.

There is no indication of a relisting. The parent took the company private and has kept it as a wholly controlled subsidiary.

A structurally declining print market and near-total parent control, leaving minorities dependent on dealer liquidity or a future promoter buyout.

Through an unlisted-share dealer via off-market transfer into your demat account. Quotes are per ₹1 face-value share; lots of 500 are typical. Confirm the share structure with the dealer because the company has split and converted shares ahead of the IPO.

A confidential DRHP was filed with SEBI in late 2025 for a ₹4,000–5,000 Cr issue. The public filing, price band and dates will follow SEBI observations and market conditions.

Continued losses in a fiercely competitive category and regulatory scrutiny of quick commerce; pre-IPO shares are locked in for six months after listing.