Maharatna companies are well-known corporations owned by the government of India, but have greater operational and financial independence. They may make their own decisions, donate liberally, and expand internationally. Their mandate is to help India’s economy grow and enable it to compete in the global market.
What are Maharatna Companies?
Maharatna companies are large businesses in India that have been granted significant autonomy and authority by the government of India. The word Maharatna means a great jewel, indicating the significance of these companies to the country and the world. Besides, some of the most powerful and financially stable public sector undertakings (PSUs) in the country belong to this category.
Definition and Historical Background
A Maharatna company is India’s top public sector company. Besides, the government grants them greater financial and working autonomy. These companies are chosen based on strict performance standards. Besides, they can make significant investments on their own.
Significance in India’s Economic Landscape
As of 2025, India has 14 Maharatna companies, which are the top central public sector enterprises (CPSEs) known for generating significant economic benefits for the country. Additionally, these businesses have more control over their finances and operations.
Differences between Maharatna, Navratna, and Miniratna companies
Maharatna, Navratna, and Miniratna are types of Indian public sector enterprises. However, they differ in terms of financial strength and autonomy in decision-making. Maharatnas have the most independence, Navratnas come next, and Miniratnas come last.
Eligibility Criteria for Maharatna Status
In India, public sector enterprises (PSEs) must take specific steps and meet specific requirements to apply for Maharatna status. Besides, the government has established specific rules for Central Public Sector Enterprises (CPSEs) that wish to become Maharatna.
Financial Benchmarks and Performance Threshold
Good financial health, high top-line revenue in a year, high net worth, and steady growth for several years mark Maharatna companies. In addition, all these allow the company to be financially robust enough to be more flexible about spending choices without difficulty.
Stock Market Listing and Public Holding Requirements
Maharatna companies are required to list on the Indian stock exchanges. Additionally, they must adhere to the rules regarding the percentage of shares that the public must own. These rules promote openness, protect the interests of investors, and uphold the standards of good corporate governance essential for large public companies.
Global Presence and Strategic Importance
Maharatna companies should conduct a significant amount of business in other countries or have a substantial impact on the global market. The government granted them greater operational autonomy because they are strategically important to the country and can engage in international conflicts.
Full List of Maharatna Companies in India (As of May 2025)
As of 2025, India has 14 Maharatna companies. These companies are known for their size, strategic value, and financial success. Besides, these public sector companies have greater freedom to operate on a global scale and make a significant contribution to India’s economic growth.
Sector-Wise Classification
Maharatna companies operate in various fields, including mining, energy, oil and gas, aerospace, defense, and Power. They function in India’s most important industry and critical areas for economic growth. Here is the list:
Power and Energy Sector
- Bharat Heavy Electricals Limited (BHEL)
- National Thermal Power Corporation (NTPC)
- Power Grid Corporation of India (POWERGRID)
- Power Finance Corporation (PFC)
- Rural Electrification Corporation Limited (REC)
Oil and Gas Sector
- Bharat Petroleum Corporation Limited (BPCL)
- Gas Authority of India Limited (GAIL)
- Indian Oil Corporation Limited (IOCL)
- Hindustan Petroleum Corporation Limited (HPCL)
- Oil and Natural Gas Corporation (ONGC)
- Oil India Limited (OIL)
Mining Sector
Steel and Heavy Industry Sector
Defense and Aerospace Sector
Founding Year and Operational Overview
Here is the table that shows the founding year and operational overview of each Maharatna company.
| Company | Founding Year | Operational Overview |
| Bharat Heavy Electricals Ltd (BHEL) | 1964 | Power equipment manufacturing |
| National Thermal Power Corp (NTPC) | 1975 | Electricity generation company |
| Power Grid Corporation of India (POWERGRID) | 1989 | Power transmission services |
| Power Finance Corporation (PFC) | 1986 | Power sector financing |
| Rural Electrification Corp (REC) | 1969 | Rural electrification financing |
| Oil and Natural Gas Corp (ONGC) | 1956 | Oil exploration and production |
| Oil India Limited (OIL) | 1959 | Crude oil production |
| Indian Oil Corporation Ltd (IOCL) | 1959 | Oil refining and marketing |
| Hindustan Petroleum Corp Ltd (HPCL) | 1974 | Petroleum refining and distribution |
| Bharat Petroleum Corp Ltd (BPCL) | 1952 | Oil refining and distribution |
| Gas Authority of India Ltd (GAIL) | 1984 | Natural gas processing |
| Coal India Limited (CIL) | 1975 | Coal mining and supply |
| Steel Authority of India Ltd (SAIL) | 1973 | Steel manufacturing company |
| Hindustan Aeronautics Ltd (HAL) | 1964 | Aircraft and defence production |
Profiles of Top Maharatna Companies
Taken as a whole, Maharatna companies make a significant contribution to the country’s economic growth and development. Here are some top profiles of Maharatna companies:
IOCL, ONGC, NTPC, BHEL – Energy and Infrastructure Giants
Indian Oil Corporation Limited (IOCL), Oil and Natural Gas Corporation (ONGC), National Thermal Power Corporation (NTPC), and Bharat Heavy Electricals Limited (BHEL) lead the energy and building sectors in India. Besides, IOCL is the largest oil company in the oil refining segment, ONGC is the largest oil and gas exploration and production company, NTPC is the largest power generation company in the country, and BHEL manufactures heavy electrical equipment.
HAL and BHEL – Aerospace and Engineering Excellence
India excels in engineering and aircraft design, as demonstrated by Hindustan Aeronautics Limited (HAL) and Bharat Heavy Electricals Limited (BHEL). Additionally, HAL leads in the manufacture and maintenance of airplanes. It recently received the Maharatna title. BHEL, on the other hand, is still a major player in big electrical equipment and engineering services.
PFC, REC – Power Sector Financing Leaders
PFC Ltd offers both fund-based and non-fund-based goods to meet the different financial needs of the power industry. Besides, India’s infrastructure financing is led by REC Ltd, which provides a wide range of options for all stages of power projects. Besides, they offer special loans to projects that generate, transmit, and distribute energy, ensuring a smooth flow of electricity.
SAIL, CIL – Core Manufacturing and Resources
Steel and coal industries in India rely on companies such as Steel Authority of India Limited (SAIL) and Coal India Limited (CIL). In 2025, the coal market is expected to produce 7.90 tn kg. SAIL, a major steel producer, collaborates with various industries, including defense and automotive. CIL is the world’s biggest coal producer.
Benefits and Powers of Maharatna Status
Select Central Public Sector Enterprises (CPSEs) receive the Maharatna status. Additionally, they demonstrate strong financial performance and operational efficiency. These companies have more freedom with this title, allowing them to make significant investments and strategic decisions independently, which makes them more competitive on a global level.
Investment Autonomy up to ₹5,000 Crore
Maharatna companies don’t need permission from the government to invest up to ₹5,000 crore, or 15% of their net worth, in a single project. These businesses can undertake large projects because they are free to spend a significant amount of money, which helps drive growth and development in many areas.
Strategic Expansion and M&A Flexibility
CPSEs with Maharatna status can merge, acquire other companies, and make strategic investments in India and abroad. Additionally, this enables them to expand into new markets and industries, thereby increasing their global reach and operational capabilities.
Faster Decision-Making and Global Scale Operations
The Maharatna tag grants these companies operational autonomy, which accelerates the decision-making process. This flexibility is crucial for quickly adapting to market changes and conducting global activities, which strengthens their position in the international market.
Recent Developments and Trends (2024–2025)
Significant changes happened in India’s public sector between 2024 and 2025. Some notable recent events include Hindustan Aeronautics Limited (HAL) becoming a Maharatna company, the government’s increased focus on key sectors, and the Maharatna list remaining stable despite ongoing changes in the public sector.
HAL Becomes the 14th Maharatna
Hindustan Aeronautics Limited (HAL) became a Maharatna company on 12 October 2024. It was the 14th Central Public Sector Enterprise (CPSE) to be given this honor. HAL now has greater operational and financial independence, thanks to this upgrade, allowing it to spend up to ₹5,000 crore on projects.
Government Focus on Strategic Sectors
The Indian government has designated certain areas as strategic, emphasizing the need for public sector companies to maintain a small but necessary presence in these areas. Besides, the purpose of this approach is to enhance areas crucial to the country’s interests by streamlining processes, increasing efficiency, and reducing waste.
Stability in the Maharatna List amid PSU Reforms
The list of Maharatna companies has remained unchanged, with HAL being the only new addition in recent years. This is despite significant changes in the state sector. The government is careful when awarding Maharatna status. Besides, it ensures that only companies meeting strict requirements receive this honor.
Strategic Role of Maharatnas in India’s Future
Maharatna companies play a crucial role in India’s economic growth and independence. Their efforts encompass a wide range of areas, supporting national goals and promoting growth through manufacturing, job creation, and innovative ideas.
Supporting ‘Aatmanirbhar Bharat’ and Make in India
Maharatna businesses support the Make in India and Aatmanirbhar Bharat goals by increasing production in India and lowering reliance on imports. They are extensive and independent; they can make significant investments in the military and manufacturing sectors, which helps India’s industries grow.
Employment Generation and Infrastructure Development
These companies create numerous jobs throughout India and contribute to the country’s infrastructure development by investing in steel, Power, transportation, and other key sectors. Their work helps connect areas that aren’t well developed and boosts the economy.
Driving Technological Innovation and Global Outreach
Maharatna is a leader in research and development (R&D) and new technology, particularly in areas such as heavy engineering, energy, and aviation. Through trade and foreign joint ventures, they help India become a global leader in science and the economy.
Conclusion
The real big names in Indian business are the Maharatna companies. Not only are they large, but they also have a significant impact on India’s business and growth. These companies play a crucial role in your daily lives and India’s future.
Besides, they run your homes and fuel your cars, build your infrastructure, and reflect India around the world. As India continues to evolve and grow, these Maharatna companies will remain at the forefront, leading the way in innovative ideas, job creation, and the country’s progress.
FAQs
Q. What is the meaning of Maharatna Company?
In India, Maharatna companies are big businesses that work closely with the government. These businesses have more control over their finances and operations, which enables them to grow and compete on a global scale.
Q. How many Maharatna companies are there in India as of 2025?
As of 2025, India has 14 Maharatna companies. Companies like Bharat Heavy Electricals Limited, Bharat Petroleum Corporation, Coal India, and others belong to this group. Additionally, Hindustan Aeronautics Limited (HAL) has been added, bringing the total number of companies on the list to 14.
Q. What are the main benefits of the Maharatna status?
Maharatna companies differ from other Central Public Sector Enterprises (CPSEs) in that they have greater financial and operational autonomy. Additionally, they can make decisions more quickly and effectively, organize their processes efficiently, and act swiftly on market opportunities.
Q. What criteria must a company meet to become a Maharatna?
A business must meet some requirements to be considered a Maharatna company. SEBI rules state that its stocks must trade on Indian stock exchanges. They also require that some of these stocks be publicly owned.
Q. Which was the latest company to receive Maharatna status?
Hindustan Aeronautics Limited (HAL) is the newest company to be named a Maharatna. Besides, HAL became India’s 14th Maharatna Central Public Sector Enterprise (CPSE) on 12 October 2024. This gave it more financial and practical freedom.
Q. Can a Maharatna company lose its status?
The Department of Public Enterprises (DPE) periodically oversees Maharatna companies. Businesses that meet the requirements can get Maharatna status. However, those who do not perform well may lose it. This way, only the best-performing public sector businesses keep this prestigious title.
Q. What sectors do Maharatna companies operate in?
In India, Maharatna companies primarily operate in the energy, infrastructure, and heavy industry sectors, all of which are crucial areas for the country’s growth and security. These industries include gas, coal, steel, aircraft, and more.
Q. Are Maharatna companies listed on stock exchanges?
All Maharatna companies are listed on stock markets, which allows the public to buy their stock and also ensures transparency. Typically, these companies have a large market capitalization, significant income, and a pan-India presence.
