October 2026
Largest Wholesale Distribution Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Kernel Holding, SG Mart, MMTC, Entero Healthcare Solutions and TVS Supply Chain Solutions.
 | Kernel Holding SA is an investment holding company. The company's segment includes Oilseed Processing; Infrastructure and Trading and Farming. It generates maximum revenue from the Infrastructure and Trading segment. The Infrastructure and Trading segment includes sourcing and merchandising of wholesale edible oils, grain, provision of silo services, grain handling and transshipment services. | $5 | -4% | $1.5B | $2B | 0.5x | 3.7x | ||
| SG Mart is a B2B trader of steel products, selling pipes, TMT bars, coils and sheets from its own and sourced stock to builders, infrastructure firms and manufacturers. It runs a digital ordering platform and is expanding into steel manufacturing. Headquartered in Gurugram. | $8 | +114% | $1.1B | $1B | 1.5x | 71.7x | ||
| MMTC is a state-owned trading company that imports and exports minerals, metals, agri products and precious metals. It is a major importer of gold and silver in India and sells bullion and coins. Customers include government bodies, industrial buyers and jewellers. It is headquartered in New Delhi. | $1 | -31% | $798M | $613M | 1703.8x | (19.4x) | ||
| Distributes medical devices, pharmaceuticals, diagnostics products and other healthcare supplies to hospitals, pharmacies and clinics across India. Also runs a platform for provider ordering. Based in Mumbai. | $15 | +24% | $675M | $722M | 1.0x | 26.5x | ||
| Supply chain services group offering logistics, inbound supply for car makers, distribution, aftermarket parts and related services. Works in India, the UK and other markets, mostly for automotive and industrial customers. Based in Chennai. | $1 | -21% | $507M | $722M | 0.6x | 7.9x | ||
| PDS is a fashion sourcing and manufacturing company supplying ready-to-wear apparel to global brands and retailers. It also owns some fashion brands and a design business. It is based in Bengaluru. | $4 | -14% | $504M | $563M | 0.4x | 11.4x | ||
| Mrugesh Trading is a small Mumbai-based company engaged in trading in textiles, commodities and general merchandise, with some investment holdings. Reported revenue is small and sources conflict on its activity, so the classification is uncertain. | $1 | +2903% | $489M | $490M | 409.4x | (20053.3x) | ||
| MSTC is a state owned company that runs electronic auctions and e-procurement for government bodies and ferrous scrap trading and recycling. Headquartered in Kolkata. | $6 | -- | $424M | $303M | 8.7x | 13.6x | ||
| Refex Industries sells refrigerant gases and trades and handles coal and ash for power plants. It has also moved into electric vehicle fleet services. Headquartered in Chennai. | $2 | -- | $329M | $333M | 1.4x | 7.7x | ||
| Retailer and distributor of building products and home improvement materials such as steel, roofing, plumbing, tiles, and interior products through large-format retail stores and a B2B channel. Operates the Shankara Building Products and Prostruct brands, with stores across South India and a Bengaluru base. Serves contractors, builders and individual home builders. | $2 | -- | $278M | $278M | 0.4x | 11.9x | ||
| Monika Alcobev Ltd is engaged in imported liquor sector, offering a diverse portfolio of premium and luxury alcoholic beverages. The company specializes in importing, sales, distribution, and marketing for luxury spirits, wines, and liqueurs throughout India and the Indian Subcontinent including Travel Retail Duty Free Shop. Its diversified product portfolio includes iconic names such as Jose Cuervo (Tequila), Bushmills (Irish Whisky), Remy Martin (Cognac), Cointreau (Liqueur), Choya (Liqueur) and Belenkaya (Vodka). It operates in single segment as Wines and Spirits. | $1 | -- | $29M | $50M | 1.6x | 9.3x | ||
| Median | $2 | -4% | $504M | $563M | 1.4x | 9.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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