The IPO-bound National Stock Exchange, with a ₹4.86-lakh-crore valuation in 2025, is India's most valuable unlisted company for now. It's followed by Serum Institute of India (₹2.56 lakh crore), Adani Properties (₹1.02 lakh crore), Haldiram Snacks (₹94,800 crore), and Zerodha (₹86,660 crore). Megha Engineering and Infrastructure, Parle Products, Razorpay, Greenko, and Zoho Corporation follow next.