Introduction
In April 2026, several unlisted companies across infrastructure-heavy and capital-intensive sectors raised significant debt to fund expansion, project execution, and operational scale-up. The borrowing activity reflects continued momentum in sectors such as metals, real estate, renewable energy, and mobility, where large upfront investments and long gestation periods necessitate substantial financing.
Top 10 Unlisted Companies by Loan Amount (April 2026)
| Company Name | Trade Name | Sector | Charge Amount (₹ Cr) |
|---|---|---|---|
| Arcelormittal Nippon Steel India Private Limited | AM/NS India | Metals & Mining | 4,500 |
| Persipina Developers Private Limited | Persipina Developers | Real Estate Management & Development | 4,459 |
| Nanj Solar Private Limited | Nanj Solar | Renewable Energy | 1,235 |
| Rajasthan IV A Power Transmission Limited | Rajasthan IV A Power Transmission | Energy Equipment & Services | 1,200 |
| Renew Solar (Shakti Three) Private Limited | ReNew Solar | Renewable Energy | 1,022 |
| Rithwik Projects Private Limited | Rithwik Projects | Construction & Engineering | 900 |
| Epitome Industries India Limited | Epitome | Food Products | 700 |
| Greencell Mobility Private Limited | Greencell Mobility | Automobiles (EV) | 567 |
| Jeanuvs Private Limited | Jeanuvs | Aerospace & Defense | 500 |
| PMI Electro Mobility Solutions Private Limited | PMI Electro Mobility | Automobiles (EV) | 485 |
Key Takeaways
- Metals & Real Estate dominate borrowing
Arcelormittal Nippon Steel India Private Limited and Persipina Developers Private Limited together account for nearly ₹9,000 Cr, highlighting large-scale capital requirements in core sectors. - Renewable energy continues strong momentum
Companies like Nanj Solar Private Limited and Renew Solar (Shakti Three) Private Limited reflect sustained debt funding driven by India’s clean energy push. - Infrastructure-led financing remains prominent
Rajasthan IV A Power Transmission Limited and Rithwik Projects Private Limited show continued reliance on structured project financing. - EV mobility is emerging as a capital-intensive segment
Greencell Mobility Private Limited and PMI Electro Mobility Solutions Private Limited indicate rising debt usage to scale electric transport solutions. - Diverse sectoral representation
From food processing (Epitome Industries India Limited) to aerospace (Jeanuvs Private Limited), borrowing activity is broad-based beyond traditional sectors.
Conclusion
The April 2026 data highlights that large-ticket borrowing among unlisted companies is concentrated in asset-heavy and infrastructure-driven sectors. Metals, real estate, renewable energy, and mobility continue to lead debt demand, driven by expansion cycles and policy tailwinds. As India’s economy scales, structured debt financing will remain a key enabler for unlisted players, particularly in sectors aligned with industrial growth and energy transition.
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