Unlisted Shares To Buy In 2025

Summary

To invest in shares is risky enough, it becomes all the more difficult if you don\'t know in which company you want to invest. Investing in unlisted shares is the best option for investors who are patient and are not looking for instant profits. For those who are confused about which company to invest in, we bring to you a list of the 10 best unlisted shares to buy in 2024.

1. The National Stock Exchange (NSE)

National Stock Exchange of India Limited (NSE) is the leading stock exchange under the ownership of various group of domestic and global financial institutions, public and privately owned entities and individuals. It is located in Mumbai, Maharashtra. It is the world’s largest derivatives exchange globally since last 4 years, even ahead of NYSE stock exchange in terms trade volume based on the statistics maintained by Futures Industry Association (FIA), a derivatives trade body. NSE is ranked 4th in the world in cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for the calendar year 2021.

Financials - The consolidated revenue from operations surged by an impressive 28.7% year-on-year, reaching Rs 16433.6 crore in FY24. This growth reflects the robust performance of NSE across its operations, including trading, listing, index services, data services, and co-location facility. For the financial year 2024, the NSE contributed Rs. 11,623 crore towards EBITDA, Rs. 8406 crore towards PAT & Rs. 33.97 towards its EPS. NSE even paid Rs.90/ share as dividend to its shareholders and achieved a ROE of 46% and ROCE of 54% with a PE of 36x.

2. Tata Capital

Tata Capital Ltd is a prominent financial services company headquartered in Mumbai, India. As a subsidiary of the esteemed Tata Group, Tata Capital operates in various segments of the financial sector, providing comprehensive solutions to meet diverse customer needs. The company offers a wide range of services, including consumer finance, commercial finance, wealth management, asset management, and investment banking.

Tata capital has performed brilliantly, which is evident with its value turning 3x in the unlisted market. It has also announced to come out with its IPO of Rs.15000 crore in FY25-26. 

Financials - In the last 5 years, the Revenue has increased with a CAGR of 17.3%, Net Profit has increased with a CAGR of 115% & earning per share has increased with a CAGR of 84.45%. It recorded ROE of 13.53% in FY24. However its PE of 108.8x is a sign of over valuation. 

3. OYO

Oravel Stays Limited owns and operates the popular hospitality start-up called the OYO Rooms. OYO is a global platform that enables people to find and book affordable and trusted accommodation that is stacked with facilities and technologies to make their customers feel at home and ease their operations. OYO Rooms provide its customers with facilities such as air-conditioned rooms, breakfast, WiFi, washroom, cable television, spotless linen, and more which resulted in its occupancy rate which shot from 19 to 90% within first month of its launch.

Financials - FY24-25 saw OYO recording its first ever net profit of RS. 229 crore with an EBITDA & ROE margin of 23% & 25% respectively.  It's prospect looks bright for FY25 as well with a profit of 132 Cr in Q1 FY25. OYO is expected to file it's DRHP for its IPO with SEBI for the third time which could be a big boost for its investors. Nuvama Capital accquired 100 crore worth of shares in OYO parent company Oravel travels, valuing the company at 39,000. Currently it trading at a value of Rs. 54/share with a PE of 160x, which signifies a high valuation.

4. Motilal Oswal Home Finance Limited

Motilal Oswal Home Finance Limited is a housing finance company that focuses on the business philosophy of financial inclusion of middle and lower-income families by offering them long-term housing finance. The company provides home loans to families and individuals for construction, purchase, renovation, and extension of the house. Motilal Oswal home finance limited is a subsidary of Motilal Oswal Financial Services Limited (MOFSL).

Financials - FY2023 they have recorded highest ever profit after tax of Rs.136 crore, registering a staggering growth of 44% YoY. Disbursements (incl. pool buyout) crossed Rs.1,000 crore milestone, with YoY growth of 57%. AUM was up by 9% YoY to Rs. 3,835 crore. ROA improved by 97 bps to 3.5% largely driven by better utilization of existing infrastructure, control over delinquencies and reduction in cost of funds. In FY2023, cost of funds was down by 24 bps YoY to reach 8.0%, resulting in improvement in spread and NIM at 5.9% and 7.7%, respectively as compared to 5.7% and 7.3% in FY2022.

MOHF looks forward to a linear growth in AUM and improved profitability/ROA/ROEs. Currently the stock is trading at Rs.17/share with a PE of 108x.

5. HDB Financial Services Limited

HDB Financial Services Limited is a non-banking financial company that offers products and services such as consumer loans, digital products, auto refinance services, BPO services, life, and general insurance products, loans etc. The company is a subsidiary company of HDFC Bank. HDFC owns 95.11% of shares in HDB Financial Services, which has 1500 branches spread across 24 states and runs 18 collection call centres with a capacity of approx 5,500 seats. HDB Financial Services Limited is accredited with CARE: AAA & CRISIL: AAA ratings for their long-term debt and bank facilities, along with an A1+ rating for their short-term debt & commercial papers.

Financials -  In FY24 HDB Financial’s witnessed at 14.3% YOY growth in its revenue, & 25.6% YOY growth in its Net profit & EPS. The company holds 17.9% in ROE & In comaprison with its Peer - Bajaj Finance Limited, HBD financial holds 1.9% in NPA compared to 0.37% NPA of Bajaj Finance and a PB of 6.34 as against 6.03 of Bajaj finance. Currently the stockk is trading at Rs. 1095 with a PE of 35.2, which is a high valuation. 

6. Polymatech Electronics Pvt Ltd

Polymatech Electronics Private Limited (PEPL),is a subsidary company of Polymatech company Ltd. Japan. It was incoprporated in 2007 and was later acquired by Mr. Eswara Rao Nandam & his wife Ms. Uma Nandam in 2018. It specializes in manufacturing Opto semiconductor chips in its production facility at SIPCOT Hi-Tech SEZ in Tamil Nadu & plans to become the world leader by using European & Japanese technologies. 

Financials - Polymatech's holds a mindblowing financial performance in its last 5 years its revenue grew from Rs 0.4 crore to Rs. 1220 crore with a CAGR of 643.3%. Its Net profit grew from Rs (-0.3) crore to Rs. 240 crore with an astonishing CAGR of 431%. Currently it is trading at a stock price of Rs. 63/share which is near its 52 week low of 54, with a PE 10.5x.

7. National Securities Depository Limited (NSDL)

National Securities Depository Limited (NSDL) is an Indian central securities depository and the first depository in India to provide a dematerialized format for securities, facilitating the transition from physical to electronic form. It offers various services including account maintenance, dematerialization, rematerialization, settlement of trades, and facilitating public issues. NSDL operates through a vast network of Depository Participants (DPs), covering a wide range of financial institutions, brokerages, and banks. NSDL's infrastructure supports a variety of financial instruments, such as equity, debt, and mutual funds, ensuring seamless transactions and record-keeping. 

Financials - In the  last five years, NSDL's revenue has grown from Rs. 249 crore FY20 to Rs. 1268 crore in FY24  with a CAGR of 50%, its net profit has reached to Rs. 275 crore in FY 24 from Rs. 108 crore in FY20 by growing at CAGR of 26.3%. Similary its asset base witnessed growth as it surpassed the Rs. 2000 crore mark, by touching Rs. 2257 crore as per its FY24 annual report. The company has zero debt which a positive factor. Currently the share is tradinng in the unlisted market at Rs.990/ share.

8. Care Health

Care Health Insurance (previously Religare Health) is a specialized insurer offering services to corporates and individuals, backed by major shareholders like Religare Enterprises, Union Bank of India, and Corporation Bank. It ranks as the second-largest Standalone Health Insurer (SAHI) and the fourth-largest in the retail health segment. Between FY18 and FY23, its market share grew significantly, with a 5.3% share in overall health insurance and an impressive CAGR of up to 45% in key segments. The company operates through a strong distribution network, including 248 branches, 251,000 individual agents, and partnerships with over 22,900 hospitals.

Financials- Care health has shown good growth in last few years as per its annual report of FY24. its Revenue grew from Rs. 262.5 crore to Rs. 498 crore between FY19-24 at a CAGR of 13.6 %. Its net profit grew from Rs.57 crore to RS. 304 crore in last 5 years between FY20-25 at a CAGR of 40%. Its asset base is also growing at a healthy rate, from Rs.700 crore to Rs.1700+ crore in last 4 years. Currently the stock is trading at an attractive price of Rs. 186/share, which is just a rupee ahead than its 52 week low of Rs.185.

9. PolicyX

PolicyX is an IRDA approved online insurance web aggregator which is provides genuine advice with tailor made plans for buying health & life insuarance plans for themselves. It has partnership with 24 insurers in India with an 80% policy renewable rate. The insurance sector in India is posied to become 2x by FY30 and the online insurance sector having the potential of becoming 10x. PolicyX is a bootstarpped company and has remained profitable till date, its founder & CEO Mr. Naval Garg even who holds a CFA + MBA degree. The compnay has 2 acre state of the art office in Gurgaon & Indore and holds a workforce of 300+ people.

Financials- PolicyX saw its revenue grow at 76% CAGR in last 3 years, a staggering growth in net profit from Rs. 0.1 crore in FY22 to Rs. 3 crore in FY25 with 447% CAGR. It holds an EBITDA margin of 11.1% which is highest among its peers and ROE of 40% & ROCE of 24% respectively. The compnay has collected 275 crore in premium till date. Currently the stock is trading at a peice of Rs.67/share by delivering 18% return to its invrstor in last 1 month.

10. Boat

Imagine Marketing Limited, popularly known as boAt, is an unlisted business that manufactures and sells consumer electronics products in India and internationally under the brand name `Boat`. The company offers a numerous, excellent, aspirational lifestyle-focused consumer goods at reasonable price such as wired and wireless headphones and earphones (neckbands), true wireless stereos (TWS), Bluetooth speakers, smartwatches, personal care products like trimmers & grooming kits, mobile accessories like chargers, cables, power banks etc. under various brand names such as boat, RedGear, TAGG, Misfit, and DEFY.

Boat is all set to come out with its Rs. 2000 crore IPO in FY26, with a target valuation of more than $1.5billion which could give a massive boost to its investors. It has even hired Ranveer Singh as its Brand embassador in Feb'25 to target its core customers of young generation.

Financials- Boat saw its revenue growing from Rs. 609 crore in FY20 to Rs.3103 in FY24 witnessing a CAGR of 50.2%, its has reduced its losses from Rs.101 crore in FY23 to  Rs. 53.6 crore in FY24 , which showcases its first step towards getting profitable again. Even its EPS improved from -10.51 in FY23 to -5.57 in FY24. Boat saw its Cash flow from investing activity decline in FY 23 & 24 due to its investment in PP&E. Currently the stock is trading at Rs. 1675/share. 

Closing

Only 4% of Indians invest regularly in the stock market. This financial instrument has the potential to generate larger and proliferating profits as compared to the listed market but is rarely known to investors.

With sharescart.com, you don't need to worry about anything if you want to purchase or sell unlisted shares. We conduct in-depth research on the companies and their financials for you. Our knowledgeable representatives will any and all of your queries and will guide you through each step of the procedure.