Top Unlisted Companies Under ₹500 Crore Market Cap in India (2026)

Indias unlisted market keeps attracting investors who want to get involved with companies that are growing for a time before they go public. Even though big names before they list get most of the attention there are companies that are quietly working on real businesses. These companies have market values of up to 500 crore rupees. They are working in areas like agri-drones, green energy, financial systems, hotels and fashion manufacturing.

This article looks at five of these companies. The numbers here come from data from the unlisted market not just guesses.

Why People Watch Small-Cap Unlisted Companies

cap unlisted companies are usually in the early or middle stages of growing. Their values can change a lot as they grow become profitable or get ready to list.. There are real risks here. These companies have less money moving around not much information shared and prices can be different from one dealer to another. Before you invest look at the financial numbers, not just the price and make sure to check with your broker.

1. AITMC Ventures Limited (AVPL International)

AITMC Ventures, which is also called AVPL International works in the growing agri-drone and rural training business. It makes drones trains pilots and offers services in agriculture from its base in Gurugram. The government supports it through the "Drone Shakti" program. It is recognized as a top training partner by NSDC. AVPLs revenue in FY25 was 88.8 crore rupees, eight times than in FY22. The company made a profit of 14.02 crore rupees.

Numbers: AVPL is priced around 47 to 58 rupees per share which puts its market value near 500 to 521 crore rupees. This is the line for this list. This number is backed by a transaction: IMK Capital invested in AVPL in March 2023 at a 500 crore valuation.

2. GH2 Solar

GH2 Solar is a company that works in energy. It does projects makes green hydrogen and produces electrolyzers. It is based in Noida. It is one of the companies picked under the SIGHT Scheme for hydrogen and electrolyzer manufacturing. It has done than 650 solar projects for 325 clients, including Flipkart, Myntra and NTPC.

Numbers: At an estimated price of 250 rupees per share and about 1.95 crore shares GH2 Solars market value is around 487 crore rupees. This is under the 500 crore mark. The company made 64.8 crore rupees in revenue in FY24 higher than 61.7 crore in FY23.

3. National E-Repository Limited (NERL)

National E-Repository Limited runs a technology platform that helps with warehouse receipts. It helps digitize the way agriculture is stored and financed in India. It has support from big institutions like NCDEX, NABARD, ICICI Bank and SBI. It controls 88% of the digital warehouse receipt system in India.

Numbers: With 8.1 crore shares and a price of 47 to 48 rupees NERLs market value is about 388 to 389 crore rupees. The company is still losing money. Its loss in FY25 was 3.98 crore rupees, less than 5.01 crore in the previous year. It made about 11 crore rupees in revenue.

4. Sunday Proptech (OYO Assets)

Sunday Proptech also known as OYO Assets is the part of the OYO/PRISM group that owns and invests in hotels. It works with brands like Sunday Hotels, Palette Hotels and Townhouse. This model is different from OYOs way of working which is less about owning hotels.

Numbers: This is the one company on this list where I found data. I want to point this out of sharing incorrect details. One source says Sunday Proptechs market value is 437 crore rupees (51.4 crore shares). Another source says it is 2,511.9 crore rupees at a price per share. This means there is a five and a half times difference in the number of shares. I would treat any market value for Sunday Proptech as unconfirmed until I check with a dealer. I would not assume it is definitely under 500 crore rupees.

5. Apollo Fashion International

Apollo Fashion International is part of the Apollo Group. It makes shoes, outerwear, bags and belts for fashion brands. These products are sold in 45 countries from its base in Delhi. It benefits from the growth of Indias organized fashion retail and the rising global demand for made leather goods.

Numbers: With 2.98 crore shares and a price of 57 rupees Apollo Fashions market value is about 170 crore rupees. This is the most clearly under 500 crore name on this list. In FY23 its revenue was 208.4 crore rupees. Its profit before tax dropped from 28.69 crore in FY22 to 16.88 crore in FY23.

Comparison of Top Unlisted Companies Under ₹500 Crore

Four of the five companies.

AVPL GH2 Solar, NERL and Apollo Fashion International. Have numbers that are consistent and backed by sources. These numbers show that they are at or under 500 crore. Apollo Fashion is the one that's most clearly under the 500 crore mark. AVPL is right on the edge. Sunday Proptech is the exception. There is a difference between the numbers from different sources so I cannot be sure of its true market value here. It might be higher than 500 crore.

As with any investment in shares the smaller and less known the company the more the numbers can differ between dealers. So treat every number here as a starting point, for your research, not the final answer.