
Top 10 Unlisted Shares in India in 2026: Companies, Fundamentals & What Investors Should Know
Explore 10 unlisted shares in India in 2026, including MSEI, Garuda Aerospace, OYO, Goodluck Defence, 63SATS, NCDEX, API Holdings and more.
Explore indicative prices of Unlisted and Pre-IPO shares, gain valuable market insights, and discover companies across different sectors—all in one place to make informed investment decisions.
Complete directory of companies on our desk. Indicative prices and details on each page.
Read the latest updates, investment ideas, and market insights designed to help investors better understand unlisted and pre-IPO opportunities.

Explore 10 unlisted shares in India in 2026, including MSEI, Garuda Aerospace, OYO, Goodluck Defence, 63SATS, NCDEX, API Holdings and more.

Unlisted shares pertain to equity shares which are not listed on recognized stock exchanges. This guide explains the mechanics of unlisted shares, the process by which an investor can purchase them, the method of valuation and red flags which should be noted by an investor prior to buying unlisted shares. The article also highlights the differences between listed, unlisted, and pre-IPO shares while discussing the risks such as low liquidity, valuation, business, and IPO risk. The article provides a checklist and frequently asked questions to understand the nuances of unlisted shares.

MSEI surged over 124% while Zepto declined nearly 48% in 2026. Explore how other pre-IPO and unlisted shares performed and what the latest market trends mean for investors.

Sagar Defence Engineering's unlisted shares are drawing attention as India's defence-tech push gains momentum. Here's a look at the company, its FY26 numbers, and what to know before investing.

API Holdings and MSEI unlisted shares are witnessing sharp price movements, attracting fresh investor attention. Discover what is driving the rally, the latest trends and key factors to consider before investing.

The upcoming NSE IPO has created strong interest around the difference between the -NSE IPO price band and NSE unlisted share price. Recent reports indicate a possible IPO price range of ₹1,700–₹1,785, while NSE unlisted shares were around ₹2,045 on 9 September 2026. This blog explains why these prices can differ and covers NSE’s latest financial performance, valuation, IPO structure, lock-in period, business strengths and key risks investors should understand before evaluating NSE shares.
Common questions on buying unlisted shares in India - tap a question to see the answer.
Dhan Kirti (Dhan Kirti Investor Services Private Limited) is an AMFI registered Mutual Fund Distributor (ARN 315385) listed on Startup India and ISO 20022-1:2013 certified. We have expertise in dealing with unlisted Shares | pre-IPO shares and mutual funds as well as other wealth solutions through a relationship-manager driven process, including documentation and settlement.
Unlisted sharesare those of companies which are yet to be listed on either the National Stock Exchange (NSE) or the Bombay Stock Exchange (BSE) and are therefore not traded directly through these exchanges.
These shares circulate in the market off-market, and represent an opportunity for investors to invest in potentially promising companies at an early stage before they may go public. However, they generally have less liquidity and indicative (not exchange-traded) prices.
Yes, keeping unlisted shares in your demat account is perfectly legal. You need to ensure that you have a transparent facilitator who provides proper documents and does a clean off-market transfer, which we always do while doing any sort of transaction.
Sign up on our platform to buy directly, or message us on WhatsApp/contact form to speak with a relationship manager first. Once your payment is confirmed, shares are transferred to your Demat account within 24 hours, subject to depository cut-off timings.
You need an active demat account, standard KYC documents (PAN and address proof) and a bank account for funds' transfer. An NRI can also invest in a property subject to certain regulatory documents which our team has helped various NRIs in the past with.
Prices are indicative of recent trading activity, company fundamentals, sector fundamentals and private market supply and demand. They can fluctuate between dealers and change rapidly. We make every effort to provide up-to-date pricing information but cannot guarantee it at the time of sale.
Unlisted shares means the share of a company that is not listed on a stock exchange such as NSE or BSE
In other words, these are shares that are not available for trading on the stock exchange
Such shares are often bought and sold in private placements rather than on the stock market
Many publicly traded and flourishing companies have unlisted shares before considering going public
Before investing in unlisted shares, it is important to understand the company's business, financials, valuation and liquidity.
Unlisted shares are those that are not listed on a recognized stock exchange.
Pre-IPO shares are a type of unlisted shares that investors might be able to buy before the company's potential initial public offering (IPO).
Therefore, each pre-IPO share is unlisted, but every unlisted share is not necessarily a pre-IPO share.
An IPO should also not be taken for granted even if a company had pre-IPO shares.
Unlisted share price refers to the price at which the shares of an unlisted company are currently available in the private market
Unlike listed stocks, there is no continuously updated exchange price for these shares.
The price can vary depending on the performance of the company, valuation, demand, supply and recent transactions. Therefore, the latest available price should always be confirmed before making an investment.
You can check the current available indicative unlisted share price on a platform or through an intermediary dealing in unlisted securities.
A price list can be helpful in getting an idea of different companies, and the current market value.
Unlisted prices can be more volatile than a published web page might suggest.
It is therefore a good idea to confirm the current price and availability prior to placing a transaction.
Buying unlisted shares usually needs Demat account, PAN, bank account and KYC.
Once you have selected the company you wish to buy shares from, you can see the price, quantity available and other terms.
Once the deal is confirmed you make the payment by following the process, and the shares get credited to your Demat account.
Before you do any of that, it is important to research the business, financials, valuation and risks of the company you're interested in.
A pre-IPO investment refers to the purchase of eligible shares of an unlisted company by an investor in anticipation of the company's potential future Initial Public Offering (IPO).
You must first identify the company and check the current pre-IPO share price and availability.
The transaction can, in general, be moved to your Demat account after completing the Know Your Customer (KYC) procedures and verifying the transaction. It is critical to understand that a prospective IPO could potentially be postponed, modified, or even canceled.
Pre-IPO investment allows one to invest in a company before it goes public, thereby purchasing shares in the company at an early stage when the company is not yet listed on the stock exchange.
The investment transaction will usually take place off-market (i.e., not on NSE/BSE).
The investor will get his/her shares credited to his/her demat account upon completion of the transaction.
One needs to be cautious about such investments as they involve lower liquidity and due diligence on the company's and valuation's viability.
Yes, the process of buying unlisted shares can generally be initiated online through platforms or intermediaries dealing in these securities.
You will usually need to provide your basic details and complete the necessary KYC process.
Once the deal is confirmed by completing the company, quantity and price, the transaction will be completed through the applicable payment and Demat transfer process.
Always verify the latest price and transaction details before making payment.
Buying and holding eligible unlisted shares is generally allowed in India, as long as the transaction meets applicable laws and regulations.
Investors should complete the required KYC and use proper Demat and banking channels.
Some securities may have specific restrictions or transfer conditions.
Therefore, the applicable rules and transaction documentation should be checked before investing.
Before making any pre-IPO investment, besides analyzing what is likely to happen at the IPO, you need to learn more about the company.
Examine its financials, business plan, valuation, ownership structure and long-term prospects.
Also, consider such factors as liquidity, possible exits and the risks associated with investing in an unlisted company.
Most importantly, remember that a company's intent to conduct an IPO does not guarantee that its shares will actually be sold in an IPO or that an investor will make a profit.