The unlisted equity market in India has been growing steadily over the past few years, with several prominent companies attracting investor attention. Among these, Nayara Energy — one of the country’s largest private oil refiners — has generated significant buzz. The Nayara Energy share price in the grey market is a topic of keen interest for high-net-worth individuals (HNIs) and retail investors alike. As Nayara Energy remains an unlisted entity, evaluating its fair value can be challenging, but there are several indicators that help decode its true potential.