Maharatna Companies in India 2025, List, Eligibility, Benefits

The Government of India classifies Central Public Sector Enterprises (CPSEs) into three categories: Maharatna, Navratna, and Miniratna based on specific eligibility criteria. As of 2025, there are 14 Maharatna Companies in India with the latest addition of Hindustan Aeronautics Limited (HAL) in the year 2024. This article outlines the criteria for achieving these statuses and provides a detailed list of Maharatna companies, along with key information about each.

Maharatna Company Eligibility Criteria

Public Sector Undertakings (PSUs) in India are also classified based on their specific non-financial objectives and are registered under Section 8 of the Companies Act, 2013 (formerly Section 25 of the Companies Act, 1956). In 2010, the government introduced the Maharatna category to recognise higher-performing PSUs.

Eligibility Criteria for a Maharatna Company:

• Must hold Navratna status.
• Listed on the Indian stock exchange with the required minimum public shareholding as per Securities and Exchange Board of India (SEBI) regulations.
• Should have an average annual net profit after tax exceeding Rs. 5,000 crore over the last three years.
• Must maintain an average annual turnover of Rs. 25,000 crore for three years, or
• An average annual net worth of Rs. 15,000 crore for three years.
• Must demonstrate a global presence or international operations.

Maharatna Companies Benefits

Maharatna status is a prestigious designation granted to select Central Public Sector Enterprises (CPSEs) in India. Here are some key benefits of Maharatna status:

1. Greater Autonomy: Maharatna companies enjoy greater operational and financial autonomy compared to other CPSEs. This allows them to make quicker and more efficient decisions.
2. Investment Capabilities: These companies can invest up to ₹5,000 crore or 15% of their net worth in a single project without requiring government approval.
3. Strategic Flexibility: Maharatna companies have the freedom to undertake mergers, acquisitions, and strategic investments both domestically and internationally.
4. Human Resource Management: The Board of Directors of Maharatna companies has the authority to create posts below the level of the Board of Directors and make decisions related to human resource management and training.
5. Global Expansion: The status aims to empower these companies to expand their operations and emerge as global giants.
6. Financial Performance: To qualify for Maharatna status, companies must demonstrate exceptional financial performance, including high turnover, net worth, and profitability over the past three years.

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List of 14 Maharatna Companies in India

Here is the list of 14 Central Public Sector Enterprises that are classified as Maharatna Companies: 

14 Maharatna Company in India Details 

Brief Details about 14 Public Sector Maharatna Companies: 

• National Thermal Power Corporation (NTPC)
  NTPC, founded on 7th November 1975, was granted Maharatna status in May 2010 by the Government of India. Operating from 70 locations in India and abroad (Sri Lanka and Bangladesh), NTPC has five regional headquarters. It offers services in electricity generation, distribution, and natural gas exploration, production, and distribution.
• Oil and Natural Gas Corporation (ONGC)
  Established on 14th August 1956, ONGC is India’s largest crude oil and natural gas company, responsible for 75% of the country’s domestic production. With over 11,000 km of pipelines, it holds Maharatna status since 2010. ONGC has subsidiaries like ONGC Videsh Limited (OVL), Hindustan Petroleum Corporation Limited (HPCL), and ONGC Mangalore Petrochemicals Limited (OMPL).
• Steel Authority of India Limited (SAIL)
  SAIL, based in New Delhi, is the 20th largest steel producer in the world and the third largest in India. It operates five integrated steel plants and three special steel plants across the country.
• Bharat Heavy Electricals Limited (BHEL)
  BHEL specializes in the design, engineering, and servicing of products for core sectors such as power, transportation, renewable energy, oil & gas, and defense. It supplies locomotives to Indian Railways and defense equipment like naval guns and simulators.
• Indian Oil Corporation Limited (IOCL)
  IOCL is India’s largest commercial oil company, with ventures into alternative energy and international downstream operations. It operates across the entire hydrocarbon value chain, including refining, pipeline transportation, and petrochemicals.
• Coal India Limited (CIL)
  CIL, granted Maharatna status in 2011, is the world’s largest coal producer. Founded in 1975, it is headquartered in Kolkata and operates through subsidiaries like Western Coalfields Limited (WCL), Central Coalfields Limited (CCL), and others.
• Gas Authority of India Limited (GAIL)
  Founded in 1984, GAIL is India’s largest state-owned natural gas processing and distribution company. It received Maharatna status in February 2013 and is under the Ministry of Petroleum and Natural Gas.
• Bharat Petroleum Corporation Limited (BPCL)
  BPCL, India’s second-largest fuel retailer, was granted Maharatna status in 2017.
• Power Grid Corporation of India Limited (POWERGRID)
  Incorporated in 1989, POWERGRID handles electric power distribution, transmission, and energy trading. It is headquartered in Gurugram and holds Maharatna status.
• Power Finance Corporation (PFC)
  PFC, a non-banking financial corporation established in 1986, serves as the financial backbone of India’s power sector.
• Rural Electrification Corporation Limited (REC)
  REC, incorporated in 1969, provides long-term financing for infrastructure projects. It is a Public Financial Institution (PFI) and a Non-Banking Finance Company (NBFC) under the Ministry of Power.
• Oil India Ltd (OIL)
  OIL, founded in 1959, is India’s second-largest national oil and gas company, engaged in the exploration and production of crude oil, natural gas, and LPG. It operates under the Ministry of Petroleum and Natural Gas.
• Hindustan Aeronautics Limited (HAL) Founded in 1940 and granted Maharatna status in 2024, Hindustan Aeronautics Limited (HAL) is a Bengaluru-based government-owned aerospace and defence giant that designs, manufactures, and maintains aircraft, helicopters, engines, avionics, and related systems. It plays a crucial role in strengthening India’s military and civil aviation capabilities while also supporting ISRO in key space missions through advanced engineering and collaborative technology development.