From Caterpillar India to JCB India: India's best unlisted companies

Equity investors love Indian subsidiaries of global multinational corporations (MNCs). Most of the subsidiaries listed on Indian bourses enjoy premium valuations, thanks to their superior earnings profile, industry- leading margins and nearly debt-free balance sheets. This makes them a safe haven in an increasingly volatile and uncertain growth environment that India faces currently. 

Things are not very different in the unlisted space. The list of India’s best unlisted companies is dominated by Indian subsidiaries of well-known American and European MNCs. 

There is, however, some difference in the listed and unlisted space. Top unlisted MNCs are capital good makers operating in the business