Top 10 Pre-IPO Stocks to Buy This Month

The list of IPOs in India is very impressive for the year 2026, which includes several high-quality private firms that will come into the stock market in the upcoming few years. Some of these companies operate in industries including financial services, telecom, quick commerce and others. Here, is the list of top 10 pre-IPO companies.

1. NSE

NSE is one of the most established stock exchanges in 1992, based in Mumbai, Maharashtra. NSE has a strong presence as the leading stock exchange of India with large buying and selling transactions. NSE generates its revenue through trading facilities by creating a platform for different market players to trade in the shares. Some other sources of income are colocation fees, listing fees on the exchange and data feed terminals. The NSE generated a total revenue of Rs. 17,683 Cr. in FY26, a decrease of 3.2% YoY. Though there is a decrease in revenue, the PAT margin is quite strong and PAT is Rs. 10,309 Cr. with a margin of about 50.74%. NSE targets a huge valuation of over Rs. 5 lakh crores, with a public issue of Rs. 27,780 Cr., which will be 100% OFS.

2. OYO

OYO is a fast-growing company operating in the hotel industry. The organization operates from Gurugram, India, and was founded by Ritesh Agarwal in 2013. It provides more than 40 different products and solutions to partners that are involved in over 157,000 hotel and home listings in India, Europe, Southeast Asia, and 35 other countries. OYO experienced a YoY increase of 16.0% in revenue in FY25, rising from Rs. 5,389 Cr in FY24 to Rs. 6,253 Cr in FY25. The increase can be attributed to core accommodation services that saw an increase of 11.1% to Rs. 3,824 Cr, and an increase in commission and royalty revenue of 16.2% to Rs. 1,562.3 Cr. In FY25, the company made a net profit of Rs. 245 Cr after tax. OYO's 7% growth witnessed during FY24 was mainly on account of deferred tax benefit, without which OYO would have posted a net loss of Rs. 489 Cr. OYO expanded its lodging portfolio and there was demand for lodging services in mid and top segments. This reflects the overall strategy of the founder and CEO of OYO, Ritesh Agarwal. Going forward, OYO targets a threefold increase in PAT for FY26 at more than ₹700 crore. This growth will come from the strong performance in OYO's core markets as seen in the strategic move with the Goa government to build 500 hotels within one year. OYO aims for a valuation of $7-$8 billion (Rs. 58,000-Rs. 66,000 crore) for its future IPO.

3. Zepto

Equity Zepto is the fastest-growing quick commerce firm in India. Grocery products and daily necessities are delivered to consumers within minutes using a fleet of dark stores, totaling over 200 in India's big metros. In FY23, revenue witnessed a 14 times jump compared to FY22, while the same trend was seen for FY24 where revenue went up to Rs. 4,454 Cr. in FY24 from Rs. 2,025 Cr. in FY23 and this trend continuing in FY26, with revenue jumping from Rs. 2,025 Cr. in FY23 to Rs. 23,128 Cr. in FY26. But, despite a massive revenue jump, the net loss of the company has shot up more than three times in FY23 and stood at Rs. 1,272 Cr., while in FY24, this loss slightly decreased in FY24 to Rs. 1,248 Cr., but again increased to Rs.5,905 Cr. in FY26. Zepto is planning to raise around Rs. 8,010 crore via new issue of stocks at a value around $10 billion.

4. SBI Fund Management

The fund management department of SBI is India’s largest asset management firm that holds assets of over Rs. 12.5 lakh crores through various types of funds like equity, debt, hybrid, and passive funds. Revenue growth of SBIFM was quite impressive as it witnessed a CAGR growth rate of 27.18% in the past four years to touch a figure of Rs. 4,227.5 Cr. in FY25. Net profit for SBIFM too increased substantially to reach Rs. 2,510 Cr. in FY25. Total issue size for the IPO of SBIFM will be Rs. 11,693 crores and its price band would be Rs. 545 to Rs. 574 per share.

5. JIO Platform

Reliance Jio is the biggest telecom company of India having more than 490 million users and rapidly expanding its digital ecosystem. This includes broadband, enterprise services, cloud services, and digital applications. Jio showcased very good growth in terms of finance from FY24 to FY26. The revenues have increased from Rs. 110,175.4 Crores to Rs. 149,759.1 Crores, which shows the sustainable growth of the telecom and digital services of Jio. The net profit of Jio is also growing from Rs. 21,434 Crores to Rs. 30,052.7 Crores. During the growth in the business, Jio was maintaining very good profit margins, which includes EBITDA margin of about 50% and net profit margin of around 20%. ARPU of Jio increased from Rs. 181 in FY24 to Rs. 214 in FY26.

6. Polymatech Electronics

Polymatech Electronics was established in 2007 and is a wholly owned firm of Polymatech Co. LTD., Japan, and Polymatech SDN. BHD., Malaysia. Polymatech Electronics is the producer of semiconductors and optoelectronics. It manufactures LED chips, sensors, and advanced electronic parts that are utilized in automobiles, consumer electronics, and industries. It showed impressive performance in terms of revenue generation in FY25. Its revenues increased to ₹1,903 Crore owing to high demand for opto-semiconductor components. Profitability is also a key strength of the firm with net margins widening to around 20% and ROE remaining stable at 38%. The firm will greatly benefit from the government initiatives in India to manufacture semiconductors and is also scaling up its production.

7. Urban Tots

Urban Tots primarily produces and sells plastic and electronic toys, role play toys. Its products can be seen in many retail stores such as Hamleys, Firstcry, DMart, Reliance Retail. Its products are also sold through e-commerce sites like Flipkart and Amazon. Urban Tots runs a retail store called Urban Tot. The company has shown tremendous growth in revenues with 58.3% growth rate from Rs. 78.82 Cr. in FY24 to Rs. 124.8 Cr. in FY25. It has made 59.2% growth in net profits from Rs. 7.1 Cr. in FY24 to Rs. 11.31 Cr. in FY25. Urban Tots is targeting an IPO valuation of Rs. 2,100 crores.

8. Hero Fincorp

Hero Fincorp is the NBFC subsidiary of Hero MotoCorp, which works towards financing two-wheelers, used cars, personal loans, MSME loans, and housing loans. In recent times, Hero Fincorp's revenue has increased from Rs. 3,539.97 Cr. in FY24 to Rs.9583.26 Cr. in FY26. PAT has fall sharply from Rs. 637 Cr. in FY24 to Rs. 110 Cr. in FY25 and to Rs.226.01Cr. in FY26. The expected IPO valuation for Hero Fincorp is around Rs. 3,668.

9. Renfra Energy

Renfra Energy India Pvt Ltd., which was established on 25th October 2017, is a renewable energy solutions provider in solar and wind energy. The firm works on the integration model involving project development, execution of EPC, and long-term O&M services, mostly earning money through EPC contracts and maintenance services. It is a leading player in India's renewable industry and has proficiency in executing projects. Revenue has surged sharply from Rs. 511 Cr. in FY25 to Rs. 1,014 Cr. in FY26. Net profit increased from Rs. 94.6 Cr. in FY25 to Rs. 156.8 Cr. in FY26. The coming IPO of Renfra Energy involves a new issuance of shares worth up to ₹ 430 crore and OFS of 4.79 million equity shares.

10. Absolute Projects (India) Limited

Absolute Projects (India) Limited is an EPC contractor that was established in the year 1995 in New Delhi. It is an EPC contractor and executes turnkey contracts for NTPC and Power Grid Corporation amongst others. Its revenues come from EPC execution, supported by manufacturing, civil construction and O&M operations. It enjoys high margins owing to vertical integration as well as niche business in rural electrification. The company's revenues have almost doubled in the last two years, growing from Rs. 141 Cr. in FY23 to Rs. 306.7 Cr. in FY25. Besides, net profits have also been increased from Rs. 3 Cr. to Rs. 21 Cr.

The Indian pre-IPO market is on fire! The one mentioned above gives an idea of the diversified nature of the Indian pre-IPO market, which consists of big giants like Jio, NSE, Zepto, and even relatively small firms like Urban tots. Investors should be very cautious about the risks involved with such companies and should seriously think about consulting a financial advisor.​