Nearly 360 companies have migrated from the SME platforms of the NSE and BSE to the mainboard exchanges, reflecting the growing maturity of India’s small and medium enterprises, a new report said on Saturday.
The data compiled by B2K analytics said that 199 companies from the BSE SME platform and 158 companies from the NSE Emerge platform are now listed on the mainboards.
Migration refers to the process through which a company shifts its securities from the SME exchange to the mainboard of the stock exchanges, allowing it to access a wider pool of investors and greater market visibility.
Ritaban Basu, CEO of B2K Analytics, said that one of the key advantages of moving to the mainboard is improved access to capital from both retail and institutional investors.
“Access to a larger capital pool aside, the enhanced reputation allows access to better talent. Further, adherence to stricter regulations enhances valuations, while the liquidity from being listed on the mainboard gives investors an easier exit from the venture,” Basu mentioned.
To qualify for migration, SME-listed companies must meet certain criteria related to market capitalisation, profitability, shareholding pattern and compliance standards.
For example, a company must have an average market capitalisation of over Rs 100 crore and an operating profit of more than Rs 15 crore for three consecutive years, without falling below Rs 10 crore in any year.
It must also have operated in the same line of business for at least three years, with more than half of its revenue coming from its core activity, the report said.
Sector-wise, textile companies have recorded the highest number of migrations, with 44 firms moving to the mainboard.
This is followed by the machinery, equipment and components segment with 33 companies, and food and tobacco with 29 companies, according to the report.
The report also noted a steady rise in SME listings and fund raising since 2023. While 179 companies raised Rs 4,823 crore in 2023, as many as 268 companies raised Rs 12,105 crore in 2025, more than doubling the capital raised in just two years.
