Hurun India 500: NSE tops unlisted club; Haldiram, Lenskart, Meesho headline retail value creators
NSE retains India's most valuable unlisted company crown ahead of Serum Institute and Adani Properties. Retail-adjacent names — Haldiram, Lenskart, Meesho, Reliance Industries, Bajaj Finance — feature prominently, while Groww logs a 430% surge among the biggest value gainers in the latest Hurun India 500 ranking.
What happened
Hurun India 500 report shows NSE as top unlisted firm; retail-relevant names include Haldiram, Lenskart, Meesho, Reliance (top value), Bajaj Finance and Groww
Key facts
- Rs 4.86 lakh crore
- Rs 86 lakh crore
- $3.4 trillion
- 430%
- 164%
Why this matters
The prominence of Haldiram, Lenskart, and Meesho alongside surging fintech valuations sharpens the M&A and partnership landscape, making early strategic stakes in unlisted retail leaders more urgent before pre-IPO premiums expand further.
What to watch
- Lenskart and Meesho DRHP filings or anchor allocations
- Haldiram stake sale closure (Temasek/Alpha Wave) at disclosed valuation
- SEBI circulars on broker pricing or F&O participation
- Reliance Retail demerger or listing timeline updates
- Quarterly Hurun/Burgundy refreshes showing cohort drawdown
- Map Hurun top-50 retail names to confirmed DRHP filings and flag IPO pipeline through H2 FY26
- Build comp sheet: Lenskart vs Titan Eyeplus, Meesho vs Flipkart/Amazon GMV-to-valuation
- Track secondary share transactions on Hiive/UnlistedZone for Haldiram, Lenskart price discovery
- Stress-test Groww valuation against discount-broker margin compression scenarios