The National Stock Exchange has retained its position as India's most valuable unlisted company with a valuation of Rs 4.86 lakh crore, according to the latest 2025 Burgundy Private Hurun India 500 report. The country's largest stock exchange continued to lead the ranking of unlisted firms, ahead of vaccine maker Serum Institute of India and real estate player Adani Properties, highlighting investor confidence in the bourse's business model and growth prospects. The Hurun report, by Burgundy Private, Axis Bank's Private Banking Business, and Hurun India, which ranks India's 500 most valuable non-state-run companies, said several consumer, fintech and renewable energy firms also featured prominently among the country's most valuable unlisted businesses.