What are unlisted shares?

Unlisted shares are shares of companies that are not listed on any stock exchange like NSE or BSE. They are traded in the OTC (over-the-counter) market between buyers and sellers through intermediaries like Ashvamedha Finance.

Is buying unlisted shares legal in India?

Yes, completely legal. Off-market transfers of unlisted shares happen through CDSL or NSDL — the same regulated depositories used for listed shares. There is nothing informal about the process when done correctly.

What is the current NSE unlisted share price?

NSE India unlisted shares are currently trading at approximately ₹2,090 per share in the OTC market (July 2025). Minimum lot size is 25 shares. Contact us for current live price.

What is the minimum investment for unlisted shares?

Minimum investment varies by company. NSE shares: approximately ₹52,250 (25 shares × ₹2,090). Goodluck Defence: approximately ₹22,500. Garuda Aerospace: approximately ₹22,000. Some companies start from ₹15,000.

How are unlisted share profits taxed in India?

If held for more than 24 months — Long Term Capital Gains at 12.5% (no indexation). If held under 24 months — Short Term Capital Gains added to your income and taxed at your income tax slab rate.

Which unlisted shares should I buy in 2025?

Top picks include NSE India (₹2,090), Goodluck Defence (₹450), Garuda Aerospace (₹440), InSolare Energy (₹198), and RRP S4E Innovation (₹195). Contact Ashvamedha Finance for personalised recommendations.

Unlisted Shares in Hyderabad — Buy NSE, Garuda Aerospace, Pre-IPO Shares

Featured Opportunities

Defence · Artillery · Aerospace

Goodluck Defence & Aerospace Ltd.

Subsidiary of Goodluck India (NSE: GOODLUCK) · Ghaziabad, UP · Arms Act Licensed

₹450

Indicative Price

🔥 Hot

₹255 Cr

Latest Order (Jun 2026)

₹52.5 Cr

FY25 Revenue

Zero

Debt

30–35%

Expected EBITDA

India's Arms Act licensed artillery shell manufacturer. ₹255 Cr SEBI-disclosed order = 4.9x FY25 revenue. Zero debt, ₹212 Cr capex deployed. 5–7 year horizon.

Buy Now

Defence · Artillery · Aerospace

Goodluck Defence & Aerospace Ltd.

Subsidiary of Goodluck India (NSE: GOODLUCK) · Ghaziabad, UP · Arms Act Licensed

₹450

Indicative Price

~₹1,880 Cr

Implied Mkt Cap

Incorporated Aug 2023 as a focused subsidiary to address India's critical ammunition gap. Holds an Industrial Licence under the Indian Arms Act, 1959. Primary product: 155mm long-range artillery shells used by India's Dhanush and Bofors howitzers (24–32 km range). Facility features robotic forging lines, CNC machining, and automated heat treatment — ₹212 Cr capex fully deployed.

Year	Revenue	PAT / Margin	Notes
FY24	₹3 Cr	₹2.6 Cr PBT	Trial phase
FY25	₹52.5 Cr	₹5.25 Cr PAT	Full plant ready
FY26 (pipeline)	₹255 Cr order	Est. ₹30–40 Cr	SEBI confirmed Jun 2026

Parent Goodluck India (NSE listed): FY26 Revenue ₹4,121 Cr, PAT ₹183 Cr. Clients include DRDO, ISRO, HAL, BrahMos. Holds 81.47% stake in this subsidiary.

Company under 3 years old. Current ratio 0.64. ROCE at 3.02% in FY25 (capex phase). Defence contracts can see 6–12 month slippage. No IPO timeline announced.

Investment Verdict

Most asymmetric early-stage bet. ₹255 Cr order = 4.9x FY25 revenue. If executed and 2–3 follow-on contracts secured, business could be worth ₹4,000–6,000 Cr at defence multiples. AMCA MoU with BrahMos is unpriced optionality.

⚠️ This information is for research purposes only. Unlisted shares carry significant liquidity risk and pricing opacity. Past performance does not indicate future returns. Please conduct your own due diligence or consult a registered financial advisor before investing.

Buy Now on WhatsApp

Defence · Electro-Optics · Night Vision

RRP S4E Innovation Ltd.

Padma Shri Founder · Top-3 Electro-Optics in India · Navi Mumbai

₹195

Indicative Price

⭐ Undervalued

50%+

EBITDA Margin

₹61.75 Cr

FY25 Revenue

₹120 Cr

Active Order Book

0.10

D/E Ratio

Highest EBITDA margins in Indian defence-tech. Listed peers trade at ₹4,000–9,000 Cr vs this at ₹300 Cr. MoD orders confirmed. UK & USA exports. Massive valuation gap.

Buy Now

Defence · Electro-Optics · Night Vision

RRP S4E Innovation Ltd.

Padma Shri Founder · Top-3 Electro-Optics in India · Navi Mumbai

₹195

Indicative Price

~₹300 Cr

Implied Mkt Cap

Design, manufacture, repair and upgrade of electro-optic systems for Indian Armed Forces. Products: reflex sights, thermal cameras, night vision goggles, drone payloads, AI perimeter fencing. Nano-machining to 1-micron tolerance and 3-nanometer optical finish. ISRO MACE Project contributor.

Year	Revenue	PAT / Margin	Notes
FY22	₹38 Cr	₹6.2 Cr	—
FY23	₹31 Cr	₹8.5 Cr	D/E 0.07
FY24	₹41 Cr	₹13 Cr	D/E ~0.08
FY25	₹61.75 Cr	₹19 Cr	D/E 0.10, EPS ₹11.12

Padma Shri Rajendra Chodankar, 30+ years in precision optics. Revenue CAGR FY23–25: 41%. PAT CAGR: 50%. EPS grew 4.4x in 2 years. Listed peer Paras Defence at ₹3,500–4,500 Cr vs RRP at ₹300 Cr.

Revenue still small (₹61.75 Cr). Single major customer (Indian Army). Revenue dipped FY22→FY23. No IPO date. Defence procurement cycle volatility.

Investment Verdict

Most compelling valuation anomaly: 50%+ EBITDA vs listed peers at 22–38%. At Paras Defence P/S of 14.7x, fair value = ~₹908 Cr. At 10x P/S on FY27 projected revenue, warrants ₹1,500 Cr valuation. 5–7 year hold.

Buy Now on WhatsApp

Exchange · Financial Infrastructure

Metropolitan Stock Exchange (MSEI)

SEBI-Licensed · India's Only 3rd National Exchange · Mumbai

₹5.45

Indicative Price

🚀 Re-rating

₹1,240 Cr

Capital Raised

₹475 Cr

Cash Reserves

Groww + Zerodha

Key Investors

143+

Active Stocks

India's only third SEBI-licensed exchange backed by Groww, Zerodha, Peak XV. ₹1,240 Cr raised. Trading at deep discount. Turnaround play with massive institutional backing.

Buy Now

Exchange · Financial Infrastructure

Metropolitan Stock Exchange (MSEI)

SEBI-Licensed · India's Only 3rd National Exchange · Mumbai

₹5.45

Indicative Price

~₹690 Cr

Implied Mkt Cap

India's only third SEBI-licensed national stock exchange. SX40 index flagship. 143+ active stocks. India's equity market has only two serious exchanges — MSEI is the emerging third. Backed by Groww, Zerodha, Peak XV (Sequoia India) after ₹1,240 Cr in capital raises.

Year	Revenue	PAT / Margin	Notes
FY23	₹9 Cr	Deep loss	Stagnant operations
FY24	₹14.15 Cr	Loss ₹22 Cr	Groww + Zerodha ₹240 Cr
FY25	₹17.4 Cr	Loss ₹35 Cr	₹1,000 Cr from Peak XV + Jainam

Shareholders: Groww, Zerodha, Peak XV, Jainam Broking, multiple HNIs. ₹475 Cr cash reserves. SEBI-licensed exchange. SX40 options launched. International partnerships in progress.

Currently loss-making. Exchange industry has extremely high barriers. NSE/BSE duopoly is 15+ years entrenched. Volume growth uncertain. Regulatory approvals needed for new segments.

Investment Verdict

Turnaround play on India's third exchange. ₹1,240 Cr raised from top-tier investors signals institutional conviction. ₹475 Cr cash = strong runway. If 5–10% of NSE volumes shift, valuation re-rates dramatically. High risk, asymmetric upside.

Buy Now on WhatsApp

Drones · Agriculture · Defence

Garuda Aerospace Ltd.

DRHP Filed with SEBI · IPO Dec 2026 · MS Dhoni Brand · Chennai

₹440

Indicative Price

🚀 IPO Dec 2026

₹123.5 Cr

FY25 Revenue

₹4,000–5,000 Cr

IPO Target Valuation

4 Yrs

Consecutive Profit

55%

Agri Drone Market Share

DRHP filed April 2026. IPO Dec 2026 at ₹4,000–5,000 Cr target. Entry at ₹2,200 Cr pre-IPO = potential multibagger at listing. Near-term exit catalyst. 2–3 year horizon.

Buy Now

Drones · Agriculture · Defence

Garuda Aerospace Ltd.

DRHP Filed with SEBI · IPO Dec 2026 · MS Dhoni Brand · Chennai

₹440

Indicative Price

~₹2,200 Cr

Implied Mkt Cap

India's largest drone company by fleet size. 400+ drones, 500 pilots, 84 cities, 750+ clients including Tata, Adani, Reliance, DRDO, ISRO. 55% market share in precision agricultural drones. DRHP filed April 2026 with SEBI. IPO targeted Dec 2026 on NSE/BSE.

Year	Revenue	PAT / Margin	Notes
FY23	₹52.8 Cr	Profitable	Early stage
FY24	₹123.5 Cr	Profitable	+134% growth
FY25	₹123.5 Cr	Profitable	Growth slowed to +12%

MS Dhoni brand investor. Airbus Helicopters Flexrotor deal (March 2026). Export licence for US, Australia, Middle East. Stock split 1:5, 7:1 bonus issue. Backed by BEL, Thales partnerships.

MoD flagged Chinese components in Sep 2024 — must prove compliance. Revenue growth slowed to 12% in FY25. Receivables ₹114.8 Cr vs ₹123.5 Cr revenue. IPO at 32x P/S is aggressive.

Investment Verdict

IPO-led exit story. Buy pre-IPO at ~₹2,200 Cr, target exit at ₹4,000–5,000 Cr at listing. Chinese components issue is key risk to monitor. 2–3 year horizon. Lowest-risk of the six because IPO creates hard exit mechanism.

Buy Now on WhatsApp

Commodity Exchange · Agri Derivatives

NCDEX – National Commodity & Derivatives Exchange

SEBI-Regulated · 97% Agri Derivatives Market Share · Optiver & Citadel Backed

₹370

Indicative Price

⭐ Value Play

₹122 Cr

FY25 Revenue

₹695 Cr

Cash + Investments

42%

Cash as % of Mkt Cap

₹770 Cr

Fresh Capital Raised

42% of market cap is cash. SEBI equity segment approval (Jul 2025). Optiver & Citadel as investors. LIC, NABARD, NSE as shareholders. Defensive value with two independent catalysts.

Buy Now

Commodity Exchange · Agri Derivatives

NCDEX – National Commodity & Derivatives Exchange

SEBI-Regulated · 97% Agri Derivatives Market Share · Optiver & Citadel Backed

₹370

Indicative Price

~₹1,637 Cr

Implied Mkt Cap

India's only dedicated agri-commodity derivatives exchange with 97% market share. SEBI in-principle approval for equity segment (Jul 2025). Pivoting to multi-asset exchange. ₹770 Cr fresh capital raised from Kotak Life, JM Financial, Madhu Kela, Ramesh Damani, Optiver, Citadel Securities.

Year	Revenue	PAT / Margin	Notes
FY22	₹115 Cr	Loss	SEBI bans 7 key agri commodities
FY23	₹96 Cr	Loss ~₹50 Cr	97% agri derivatives market share
FY24	₹96 Cr	Exceptional profit	One-time stake sale gains
FY25	₹122 Cr	Core operating loss	₹770 Cr raised, equity approval

Shareholders: LIC, NABARD, NSE, Canara Bank, PNB, IFFCO, Optiver, Citadel Securities. ₹695 Cr cash + investments = 42% of ₹1,637 Cr market cap. Allotment price ₹197.34/share (Sep 2025).

Commodity ban extended to March 2026+. Equity launch timeline uncertain (June 2027 for derivatives). Core operating loss persists. Rising employee and finance costs.

Investment Verdict

Defensive anchor with built-in cash cushion. Two independent catalysts: (1) Equity segment launch — Optiver and Citadel ensure liquidity, (2) Commodity ban lift — volumes return instantly. Either alone justifies the position. 5–7 year patient hold.

Buy Now on WhatsApp

Solar EPC · Green Hydrogen · Renewables

InSolare Energy Limited

IIT Bombay Founders · 50+ Patents · ₹3,700 Cr SECI Contract · Ahmedabad

₹198

Indicative Price

⭐ Long Term

₹441 Cr

FY25 Revenue

169% YoY

Revenue Growth

₹920 Cr

Unexecuted Orders

₹3,700 Cr

SECI Green Ammonia Contract

Revenue grew 169% in FY25. ₹3,700 Cr SECI government contract signed. Mukul Aggarwal invested. Listed peer at ₹2,100 Cr vs this at ₹600 Cr. 10x story by FY30 if green hydrogen executes.

Buy Now

Solar EPC · Green Hydrogen · Renewables

InSolare Energy Limited

IIT Bombay Founders · 50+ Patents · ₹3,700 Cr SECI Contract · Ahmedabad

₹198

Indicative Price

~₹600 Cr

Implied Mkt Cap

Solar EPC, green hydrogen, and battery storage company with 1 GW+ project portfolio. Clients include Reliance, Oracle, JSW, Infosys, ITC across 19 states. ₹3,700 Cr SECI green ammonia contract signed. 600 MW BESS contract. UAE JV with Dome Group for GCC, Iraq, Yemen.

Year	Revenue	PAT / Margin	Notes
FY23	~₹160 Cr	~6% EBITDA	Modest growth
FY24	₹163 Cr	5.95% EBITDA	DSCR 0.81
FY25	₹441 Cr	8.52% EBITDA	CAGR 170%, DSCR 1.41
FY26 Guidance	₹700 Cr target	Expanding	₹920 Cr orders confirmed

IIT Bombay founders, Intel background, 50+ patents. Investors: Negen Capital ($8M Series B), Mukul Aggarwal, Anchorage Capital, Ankit Mittal. Total raised: $19.5M, 77 investors.

Operating cash outflow in FY25 despite revenue growth. EPC margins thin (8–9%). FY30 projections are management forecasts. Green hydrogen revenues 3–5 years away. Capital intensive — ₹600+ Cr needed in FY27.

Investment Verdict

Longest-duration bet. EPC business pays costs today while green hydrogen builds the 10x story. Listed peer Insolation Energy at ₹2,100 Cr (similar revenue) vs InSolare at ₹600 Cr = catch-up opportunity without requiring green hydrogen to deliver. FY30 scenario implies ₹5,000–8,000 Cr.

Buy Now on WhatsApp

Exchange · Financial Infrastructure

NSE India Limited

National Stock Exchange · India's Largest Exchange · Mumbai

₹2,090

Indicative Price

🔥 Most Sought

~70%

Equity Market Share

₹15,000 Cr+

Annual Revenue

Pre-IPO

Awaited Listing

India No.1

by Volume

India's largest stock exchange with ~70% equity market share. IPO long awaited and highly anticipated. One of the most sought-after unlisted shares in India. Premium entry, premium exit.

Buy Now

Exchange · Financial Infrastructure

NSE India Limited

National Stock Exchange · India's Largest Exchange · Mumbai

₹2,090

Indicative Price

~₹10,50,000 Cr

Implied Mkt Cap

National Stock Exchange of India — the world's largest derivatives exchange by volume and India's largest equity exchange. ~70% market share in equity trading. Handles crores of transactions daily. IPO has been long-anticipated but not yet filed. Pre-IPO shares are the most sought-after in the unlisted market.

Year	Revenue	PAT / Margin	Notes
FY23	~₹12,000 Cr	₹7,000+ Cr PAT	Dominant market position
FY24	~₹14,000 Cr	₹8,000+ Cr PAT	Continued growth
FY25	₹15,000 Cr+	₹8,500+ Cr PAT	~70% equity market share

Major shareholders include LIC, SBI, international exchanges. SEBI-regulated. India's premier financial market infrastructure. Settlement through NSCCL. Co-location, algo trading, SME platform, debt segment.

IPO timeline not announced — liquidity event uncertain. Regulatory scrutiny post co-location controversy. BSE competition growing. Pricing at unlisted market premium. Exit only via IPO or secondary OTC sale.

Investment Verdict

The safest unlisted share in India by business quality. Monopoly-adjacent market position. Buying NSE pre-IPO is essentially buying into India's capital markets growth for decades. Premium pricing justified by near-zero execution risk once listed.

Buy Now on WhatsApp

Sl. No	Company	Sector	Indicative Price	Action
01	NSE India	Exchange	₹2,090	Buy →
02	NCDEX	Commodity Exchange	₹370	Buy →
03	SBI Mutual Fund	Asset Management	₹820	Buy →
04	MSEI	Stock Exchange	₹5.45	Buy →
05	OYO (Oravel Stays)	Hospitality · Tech	₹23.50	Buy →
06	Garuda Aerospace	Drones · Agriculture	₹440	Buy →
07	Infobay AI	Artificial Intelligence	₹3,10,000	Buy →
08	Hinduja Leyland Finance	NBFC · Finance	₹231	Buy →
09	Zepto Equity	Quick Commerce	₹35.70	Buy →
10	Polymatec Electronics	Electronics · Manufacturing	₹54	Buy →
11	GFCL (Gujarat Fluorochemicals)	Chemicals · Fluoropolymers	₹38.25	Buy →
12	Transline Technologies	Power Infrastructure	₹129	Buy →
13	InCred Financial Services	NBFC · Fintech	₹153	Buy →
14	Orbis Financial	Financial Services	₹380	Buy →
15	CSK (Chennai Super Kings)	Sports · Entertainment	₹254	Buy →
16	ICEX	Commodity Exchange	₹2.10	Buy →
17	MOHFL (Motilal Oswal Home Finance)	Housing Finance	₹11	Buy →
18	NERL (National E-Repository Ltd.)	Financial Infrastructure	₹48	Buy →
19	CIAL (Cochin International Airport)	Aviation Infrastructure	₹468	Buy →
20	Goodluck Defence & Aerospace	Defence · Aerospace	₹450	Buy →
21	HDFC Securities	Broking · Wealth Mgmt	₹8,400	Buy →
22	HPX (Hindustan Power Exchange)	Power Exchange	₹28	Buy →
23	PXIL (Power Exchange India)	Power Exchange	₹520	Buy →
24	Sterlite Power	Power Transmission	₹540	Buy →
25	Nayara Energy	Oil Refining · Retail	₹1,180	Buy →
26	Onix Renewable	Renewable Energy	₹55.50	Buy →
27	Apollo Green Energy	Renewable Energy	₹112	Buy →
28	RRP S4E Innovation	Defence · Electro-Optics	₹195	Buy →
29	API (Aviation Products India)	Aviation Components	₹5	Buy →

Unlisted Shares
Invest Before the Market Does

All Unlisted Shares

Why Choose Ashvamedha?

Our Story

Common Questions Answered

Unlisted SharesInvest Before the Market Does

All Unlisted Shares

Why Choose Ashvamedha?

Our Story

Common Questions Answered

Unlisted Shares
Invest Before the Market Does