Meridian Exchange
Financial Services
₹2,185
+31.40%1Y
- Mkt cap
- ₹1.08 L Cr
- P/E
- 49.4x
- Rev growth
- 21.7%
26 companies under coverage · updated weekly
The unlisted market, documented properly.
Company fundamentals, multi-year financials, shareholding and corporate events for India’s unlisted and pre-IPO shares — with the source and date on every figure. Research what you are buying, then raise an enquiry with our desk.
- Companies covered
- 26
- Sectors
- 8
- Financial years per company
- 3+
- Dealer quotes behind a price
- 2–7
Market information notice. Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed. Unlisted and pre-IPO shares are illiquid, may carry lock-in obligations, and a listing is never guaranteed. Unlisted Key publishes information and facilitates enquiries; it does not offer investment advice.
Featured companies
The names our desk is asked about most often this month.
Pre-IPO
Sentinel Capital
Financial Services
₹1,042
+18.20%1Y
- Mkt cap
- ₹85,757 Cr
- P/E
- 40.1x
- Rev growth
- 20.8%
Vantage Depository
Financial Services
₹1,480
+26.50%1Y
- Mkt cap
- ₹29,600 Cr
- P/E
- 47.9x
- Rev growth
- 22.3%
Paylane
Technology
₹412
+46.10%1Y
- Mkt cap
- ₹39,634 Cr
- P/E
- 235.9x
- Rev growth
- 27.5%
Arcline Semi
Technology
₹685
+78.30%1Y
- Mkt cap
- ₹21,509 Cr
- P/E
- 224.1x
- Rev growth
- 55.1%
Trident Aerospace
Industrials
₹1,640
+62.80%1Y
- Mkt cap
- ₹36,736 Cr
- P/E
- 99.8x
- Rev growth
- 34.8%
Most viewed
New arrivalsadded to coverage
One-month moversindicative
Indicative price. Not an exchange quote. Subject to availability and confirmation.
Browse by sector
Every company is classified into one sector and one industry, so a filter lands on the same set every time.
Research & insights
What we publish is marked as fact or as opinion, and every note names its sources.
note7 min read
Arcline Semiconductors: one profitable year is a short record
The Sanand line crossed break-even utilisation in FY2026 and the company reported its first positive PAT. We look at what has to stay true for that to repeat.
Rohit Malhotra · Analyst — Technology
sector view9 min read
What the pre-IPO pipeline looks like going into H2 FY2027
Eleven of the companies we track have filed a draft prospectus in the last eighteen months. We set out where each one stands, what is still outstanding, and why a filing is not a timetable.
Ananya Deshpande · Head of Research, Unlisted Key
report11 min read
Meridian Exchange: reading a transaction-charge business
Exchange revenue scales with turnover at almost no incremental cost. We walk through what that means for the margin profile and where the fee-cap risk actually sits.
Vikram Rao · Senior Analyst — Financial Infrastructure
Questions people ask first
Unlisted shares work differently from listed ones — the price, the settlement and the exit all behave differently. Start here.
Read all FAQsWhat is an unlisted or pre-IPO share?
It is a share in a company that is not traded on a stock exchange. Ownership changes hands through a negotiated off-market transfer between two parties rather than through an order book. 'Pre-IPO' usually means the company has signalled an intention to list, but the two terms are often used loosely and a pre-IPO label carries no guarantee that a listing will happen.
Is Unlisted Key a broker or an exchange?
Neither. Unlisted Key publishes information about unlisted companies and helps you raise an enquiry to buy or sell. We do not run an order book, we do not hold your securities or your money, and we do not give investment advice. Every transaction is settled directly between you and the counterparty through your own demat account.
Where does the price on a company page come from?
It is an average of quotes collected from dealers willing to transact in that share, shown with the date it was collected and the number of quotes behind it. It is indicative. It is not an exchange price, it does not guarantee availability, and the price you finally transact at may differ.
Why does the price change so infrequently?
Because there is no continuous trading. A price only updates when new dealer quotes are collected. For thinly quoted companies that may be once a week or less. The price chart on a company page shows dated snapshots for exactly this reason — drawing a daily line would imply activity that does not exist.
What do I need before I can buy?
A demat account with either depository, a PAN, and completed KYC with us. Shares are credited to your demat account after payment is settled with the seller. If you do not already have a demat account, open one before raising an enquiry — the transfer cannot be completed without it.
Ready to buy or sell?
Raise an enquiry and our desk confirms availability and a firm price before anything is settled. You get an enquiry ID immediately and can follow every stage from your account. There is no order book and no obligation.