India’s Oldest Unlisted Companies: From Media to Manufacturing, Family-Owned Giants Deliver Strong Profits Without IPOs

India’s corporate landscape features several long-established enterprises that have chosen to remain privately held despite achieving significant scale. From media and finance to pharmaceuticals and engineering, these companies continue to report strong revenues and profits while avoiding public equity dilution and retaining promoter control.

Here is a closer look at some of India’s prominent unlisted businesses and their latest reported financial performance.

Bennett, Coleman & Co.: India’s Oldest Private Media Company​

Founded in 1838, Mumbai-based Bennett, Coleman & Co. remains India’s oldest private company operating without an IPO. The media group runs newspapers, radio networks, and digital platforms across the country.

For FY22, the company reported revenue of ₹6,816 crore and profit of ₹569 crore. Its scale is sustained through advertising and subscription revenues, while the founding family continues to retain ownership without accessing public equity markets.

Muthoot Fincorp: Gold-Loan Lender Expanding Without Public Listing​

Established in 1887 in Thiruvananthapuram, Muthoot Fincorp has built a nationwide gold-loan and microcredit network while remaining unlisted.

The non-banking financial company reported FY25 revenue of ₹8,493 crore and profit of ₹711 crore. Expansion has been supported through branch growth and borrowings rather than public equity issuance, with promoter control shaping long-term strategy.

Bikanervala Foods: From Sweet Shop to Global Brand​

Founded in 1905 in New Delhi, Bikanervala Foods evolved from a traditional sweets outlet into a packaged foods exporter and restaurant chain.

For FY23, the company reported revenue of ₹1,229 crore and profit of ₹20 crore. Growth has been driven by retail expansion and overseas franchises, while ownership remains concentrated within the founding family.

Luxmi Tea: Plantation Operations Across Continents​

Established in 1912 and headquartered in Kolkata, Luxmi Tea operates plantations and tea brands across India and Africa.

The privately held firm reported FY22 revenue of ₹435 crore and profit of ₹38 crore. It manages commodity cycles through diversified estates and exports, relying on internal funding instead of stock market listings.

BG Shirke Construction Technology: Engineering Scale Without IPO​

Founded in 1944 in Pune, BG Shirke Construction Technology executes housing and infrastructure projects using proprietary construction systems.

For FY23, the unlisted engineering firm reported revenue of ₹5,895 crore and profit of ₹827 crore. The company continues to deliver projects across public and private sectors while reinvesting earnings into construction technology.

Paharpur Cooling Towers: Industrial Manufacturing Specialist​

Kolkata-based Paharpur Cooling Towers was established in 1948 and manufactures industrial cooling systems for power and process industries worldwide.

In FY22, the company reported revenue of ₹2,336 crore and profit of ₹34 crore. Expansion has been driven by exports and technical collaborations, while remaining privately held to support specialised manufacturing investments.

Biological E.: Vaccine Manufacturer with Global Reach​

Founded in 1953 in Hyderabad, Biological E. produces vaccines and pharmaceutical products supplied to domestic and global health programs.

The privately owned firm reported FY23 revenue of ₹3,694 crore and profit of ₹954 crore. Large vaccine orders and long-term research investments have supported growth under its unlisted structure.

Jaquar & Company: Bathroom Fittings Major Expands Dealer Network​

Established in 1960 and headquartered in Gurugram, Jaquar & Company manufactures bathroom fittings and sanitaryware distributed across multiple countries.

For FY23, the family-owned firm reported revenue of ₹3,694 crore and profit of ₹954 crore. The company continues to scale through dealer network expansion and manufacturing capacity growth while retaining private ownership.

USV: Pharmaceutical Player Focused on Chronic Care​

Founded in 1961 in Mumbai, USV produces pharmaceutical formulations targeting chronic diseases such as diabetes and cardiovascular conditions.

In FY23, the unlisted company reported revenue of ₹4,107 crore and profit of ₹1,151 crore. Domestic sales and exports support operations, with continued investments in research pipelines made possible without public market pressures.

Johnson Lifts: Elevator Manufacturer Backed by Urban Demand​

Established in 1963 and based in Chennai, Johnson Lifts manufactures elevators and escalators for residential and commercial buildings across India.

For FY22, the privately held engineering firm reported revenue of ₹1,897 crore and profit of ₹124 crore. Growth has been supported by installation and maintenance contracts aligned with urban construction demand.

Private Ownership, Long-Term Strategy​

Across sectors, these companies demonstrate that scale and profitability are achievable without tapping equity markets. By relying on internal accruals, borrowings, dealer expansion, exports, and operational reinvestment, they continue to grow while retaining promoter control.

Their financial performance across FY22 to FY25 underscores how privately held Indian enterprises remain significant contributors to the economy, balancing expansion with long-term ownership stability.