Top 5 Performing Unlisted Shares of 2 Quarter of FY2027

India’s unlisted share market saw mixed performance in Q2 FY27, with INOX Clean Energy leading the top five with a 58% gain, followed by Frick India at 24.5%. NNT Developers (23%), Goodluck Defence and Aerospace (22%) and Garuda Aerospace (over 20%) also posted strong gains, supported by developments such as acquisitions, order inflows, capacity expansion plans and IPO progress.

1. Inox Clean Energy Limited - 58% Quarterly gain

​INOX Clean Energy, part of the INOXGFL Group, operates in renewable power generation and solar module manufacturing, sectors that could offer significant growth opportunities.

The company's acquisition of Vena Energy India for approximately ₹6,000 crore in August, adding 1 GW of renewable capacity and a pipeline of solar and battery storage projects, might have contributed to positive investor sentiment.

Additionally, INOX Solar Americas' two solar module supply agreements totalling 1.57 GW in September could have strengthened growth expectations and improved demand visibility in the US market.

Its ambitious targets of 10 GW of operational IPP capacity and 11 GW of solar manufacturing capacity by FY2028 might also have supported investor optimism, potentially contributing to its 58% quarterly gain.

2. Frick India Limited - +24.5% increase

​Frick India could benefit from rising demand for industrial refrigeration and cold-storage infrastructure, driven by growth in food processing, dairy and pharmaceutical industries.

Despite pressure on profitability from rising steel, copper and component costs, receivable days improved from 91 to 65, potentially indicating better collections and working-capital management.

Its low debt levels may offer financial flexibility, while improving collections could have supported investor confidence. These factors, alongside long-term demand for refrigeration solutions, may have contributed to its 24.5% quarterly gain, although cost control and margin recovery remain key factors to watch.

3.  NNT Developers Limited – 23% quarterly gains

​NNT Developers Limited, an EPC company focused on civil infrastructure, could benefit from India's growing infrastructure investments.

The company secured orders worth ₹423.83 crore during the quarter, taking its order book to approximately ₹856 crore. This strong order inflow may have boosted investor confidence in its revenue growth prospects and contributed to its quarterly performance.

Additionally, its DRHP filing for a proposed IPO could have increased investor attention and optimism around the company's future growth potential. Together, the growing order book and upcoming IPO may be among the factors behind its strong performance, although timely execution and profitability remain key challenges.

4. Goodluck Defence & Aerospace Limited - 22% Quarterly rally

​Goodluck Defence & Aerospace Limited, a subsidiary of Goodluck India, manufactures artillery shells and defense components, positioning itself to benefit from India's growing focus on domestic defense manufacturing.

The company's announced investment of ₹500 crore to increase annual artillery shell production from 1.5 lakh to 4 lakh units by September 2027 might have strengthened investor expectations regarding its future growth potential.

Additionally, Goodluck India's in-principle approval to merge Goodluck Defense & Aerospace and Goodluck Green Energy into the parent company could simplify the group's corporate structure and strengthen operational integration. This development may further influence investor sentiment, although the merger remains subject to approvals.

Rising domestic defense demand and capacity expansion plans might have contributed to the company's 22% quarterly rally. However, successful execution, capacity utilization and profitable order conversion will remain important for sustaining growth.

5. Garuda Aerospace - 20%+ quarterly rally

​Garuda Aerospace could benefit from growing opportunities in India's drone industry, particularly across defense, agriculture and infrastructure.

Its partnership with Australia's Timed Automation Solutions to explore international distribution opportunities and its demonstration of indigenous drone capabilities to the Indian Army may have strengthened its growth prospects.

Additionally, Garuda Aerospace received SEBI’s final observations on its proposed IPO in August 2026, clearing a key regulatory step towards listing. This progress could have attracted further investor attention. These developments may have contributed to positive investor sentiment and supported its 20%+ gain, although converting partnerships into profitable business remains crucial.

The Takeaway

The top five unlisted shares gained approximately 20–58% during the quarter, reflecting investor interest in renewable energy, defense and infrastructure. However, expansion plans and positive announcements do not guarantee sustainable growth. Investors should assess profitability, valuations and execution risks, particularly given the limited liquidity and price transparency of unlisted shares.

Disclaimer: Past performance does not indicate future returns. Unlisted share prices are indicative, can vary across platforms, and may change significantly due to limited liquidity and price transparency. This article is for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Planify facilitates transactions in unlisted shares, including some of the companies mentioned here. Please do your own research or consult a SEBI-registered investment adviser before investing.