List of Maharatna Companies in India 2025

India’s economic backbone is supported not just by private enterprises but also by powerful public sector giants. At the pinnacle of this structure stand the ‘Maharatna Companies’, recognized for their exemplary financial performance, operational efficiency, and global presence. 

This article will explore the list of Maharatna companies in India. It also helps you understand what a Maharatna company is, its eligibility criteria, role in economic development, and more.

What is Maharatna Company

A Maharatna company is a premier Central Public Sector Undertaking (CPSU) in India that has been granted special financial and operational autonomy by the Government of India. It is awarded to specific Navratna companies that meet stringent financial and performance benchmarks.  

This exceptional status empowers these enterprises to make large-scale investment and expansion decisions independently, without prior government approval, enabling them to operate with greater efficiency and compete on a global scale. 

Latest List of Maharatna Companies in India

The Maharatna companies in India include 14 enterprises, such as Bharat Heavy Electricals, Bharat Petroleum Corporation, Coal India, and many other big undertakings. Below, we have a complete list of Maharatna companies in India.

Overview of Maharatna Companies in India

Here is the detailed overview of every Maharatna company in India, including their establishment year, area of operations, and the year in which they were granted their Maharatna status:

1) Bharat Heavy Electricals Limited:

• Establishment year: 1964

• Maharatna company status: 2013

• Overview: BHEL is a leading government-owned engineering and manufacturing company in India, and specializes in the design, engineering, production, installation, and servicing of equipment for key sectors such as power, transmission, industry, transportation, renewable energy, oil & gas, and defence. It serves as the flagship enterprise in India's heavy electrical equipment sector.

2) Bharat Petroleum Corporation Limited: 

• Establishment year: 1976

• Maharatna company status: 2017

• Overview: BPCL is a public sector company that is engaged in the business of refining crude oil and marketing petroleum products. They engage in fuels and services, gas, lubricants, aviation services, international trade, proficiency testing, and pipelines.

3) Coal India Limited: 

• Establishment year: 1975

• Maharatna company status: 2011

• Overview: CIL is primarily involved in coal mining and production, along with operating coal washeries, and its main consumers are the power and steel sectors, with others including cement, fertilizers, and brick kilns. Operating across eight states, CIL manages 313 active mines, i.e., 131 underground, 168 opencast, and 14 mixed, which are spread over 84 mining areas.

4) GAIL India Limited: 

• Establishment year: 1984

• Maharatna company status: 2013

• Overview: GAIL India Limited is the country’s leading natural gas company, with a diversified presence across the entire gas value chain, including trading, transmission, LPG and LNG operations, petrochemicals, city gas distribution, and exploration & production. It operates a vast pipeline network of about 16,240 km across India and is actively developing new projects to expand its reach further.

5) Hindustan Petroleum Corporation Limited: 

• Establishment year: 1952 

• Maharatna company status: 2019

• Overview: HPCL is primarily involved in crude oil refining, petroleum product marketing, hydrocarbon production, and managing exploration and production (E&P) blocks. They are engaged in refineries, petrol pumps, LPG, lubricants, aviation, pipelines, engineering, natural gas & renewables, research & development, petrochemicals, and international trade.

6) Indian Oil Corporation Limited: 

• Establishment year: 1964

• Maharatna company overview: 2010

• Overview: Indian Oil Corporation is a leading integrated energy company in India, operating across oil, gas, petrochemicals, and alternative energy. It serves over 3 crore customers through 61,000+ touchpoints, delivers 26 lakh LPG cylinders daily, and fuels more than half of the flights in India. Its iconic brand ‘Indane’ has been a cornerstone of domestic LPG supply in India for nearly six decades.

7) NTPC Limited: 

• Establishment year: 1975

• Maharatna company status: 2010

• Overview: NTPC focuses on bulk power generation and supply to state utilities, while also operating in areas like consultancy, project management, energy trading, oil & gas exploration, and coal mining. As of March 31, 2023, it accounts for 17% of the nation’s installed capacity and produces 25% of India’s electricity, which is driven by its high operational efficiency.

8) Oil & Natural Gas Corporation Limited: 

• Establishment year: 1955

• Maharatna company status: 2010

• Overview: ONGC is India’s largest producer of crude oil and natural gas, accounting for about 71% of the country’s domestic output. It stands out for its comprehensive in-house expertise across all aspects of oil and gas exploration, production, and related field services.

9) Power Finance Corporation Limited: 

• Establishment year: 1986

• Maharatna company status: 2021

• Overview: PFC is a leading Infrastructure Finance Company, classified as a Systemically Important Non-Deposit Taking NBFC by the RBI. Operating under the Ministry of Power, PFC provides financial support to various segments of the Indian power sector.

10) Power Grid Corporation of India Limited: 

• Establishment year: 1989

• Maharatna company status: 2019

• Overview: PowerGrid is primarily involved in power transmission through its EHVAC/HVDC network. It has also entered the telecom sector by utilizing its nationwide transmission infrastructure with optical ground wire. Additionally, it offers consultancy services to both domestic and international clients in areas like power transmission, distribution management, load dispatch, and communication.

11) Steel Authority of India Limited: 

• Establishment year: 1973

• Maharatna company status: 2010

• Overview: SAIL is one of India’s largest steel producers, operating five integrated and three special steel plants mainly in the eastern and central regions, near key raw material sources. It manufactures and markets a wide range of steel products, including TMT bars, electrical steels, stainless steels, wheels & axles, hot & cold rolled products, pipes, etc.

12) Rural Electrification Corporation Limited: 

• Establishment year: 1969

• Maharatna company status: 2022

• Overview: REC, a Government of India enterprise under the Ministry of Power, is a registered NBFC, PFI, and Infrastructure Financing Company with the RBI. It finances the entire power sector value chain, i.e., generation, transmission, distribution, renewable energy, and emerging technologies like EVs, battery storage, and green hydrogen, and has also expanded into non-power infrastructure sectors.

13) Oil India Limited: 

• Establishment year: 1959

• Maharatna company status: 2023

• Overview: OIL is a vertically integrated E&P company involved in the exploration, development, and production of crude oil and natural gas, along with crude transportation and LPG production. It also offers a range of services across the upstream value chain, including seismic surveys, drilling, logging, field development, and pipeline laying.

14) Hindustan Aeronautics Limited: 

• Establishment year: 1940

• Maharatna company status: 2024

• Overview: HAL, under the Ministry of Defence, manufactures and maintains aircraft and helicopters. The company specializes in the design, development, and servicing of various products, including fighters, trainers, utility and weaponized helicopters, aero-engines, avionics, and aerospace structures. It serves the Indian Armed Forces, DRDO, ISRO, and international clients like the Mauritius Police Force, Boeing, and Airbus.

Criteria to Become a Maharatna Company

To qualify for Maharatna status, a public sector enterprise must meet specific financial and operational benchmarks set by the Government of India. This eligibility is determined based on the following criteria:

1. Should have Navratna status.

2. Should be listed on stock exchanges in India with the minimum public shareholding as per SEBI regulations.

3. Should have an average annual turnover of over Rs 25,000 crore in the last 3 years.

4. Should have an average annual net worth of over Rs 15,000 crore in the last 3 years.

5. Should have an average annual net profit after tax of over Rs 5,000 crore in the last 3 years. 

6. Should have a significant global presence or international operations. 

Benefits of Being a Maharatna Company in India

Being recognized as a Maharatna company brings several benefits that empower PSUs to scale operations, make quicker decisions, and expand internationally. Let us look at some of those special benefits now.

1) Financial Autonomy: 

Maharatna companies are empowered to invest up to 15% (up to Rs 5,000 crore) of their net worth in a single project without prior government approval, enabling faster and more strategic capital allocation.

2) Decision-making:

With reduced dependency, Maharatna PSUs can make swift business and investment decisions, leading to improved operational efficiency and timely project execution.

3) Global Competitiveness: 

The elevated status allows these enterprises to expand their operations internationally, adopt global best practices, and enhance their presence in the global marketplace.

4) Market Credibility:

Due to their strong financial performance and autonomy, Maharatna companies tend to attract greater investor confidence, leading to increased market capitalization and shareholder value.

5) Partnerships: 

Maharatna companies enjoy the freedom to form joint ventures, enter into strategic alliances, and make acquisitions without extensive government intervention, allowing them to respond quickly to market opportunities.

Role of Maharatna Companies in India’s Economic Development

Beyond their own success, Maharatna companies serve as key instruments in driving India’s industrial, social, and economic progress. Their role can be understood through the following points: 

1) Economic Growth:

Maharatna companies significantly contribute to India’s GDP through high revenue-generating giants that contribute to the national economy, driving industrial and financial growth.

2) Massive Employment Providers: 

These Maharatna companies generate large-scale direct employment and stimulate job opportunities across their value chains, positively impacting the livelihoods of many in the country. 

3) Nation-building Through Infrastructure: 

Maharatna companies form the backbone of India’s infrastructure by leading projects in key sectors such as power, transport, oil & gas, steel, and telecommunications, laying the foundation for sustained economic development. 

4) Global Presence:

With their operational scale and autonomy, Maharatna companies operate in international markets, enhance foreign earnings, and boost India’s standing in global trade and industry. 

5) Driving Self-reliance: 

Maharatna companies are at the forefront of high-tech manufacturing within the country. By producing advanced equipment and technology domestically, they reduce dependence on expensive imports and bolster India’s self-reliance in critical sectors. 

Difference Between Maharatna and Navratna Companies

Now that we have looked into the Maharatna companies in India, as well as their core benefits to the country, let us now understand the difference between Maharatna and Navratna companies:

Conclusion

With its strong financial foundation, operational autonomy, and global presence, the Maharatna companies serve as the pillars of India’s economic and industrial landscape. Their ability to operate globally while contributing to domestic development underscores their importance in achieving India’s long-term economic objectives. 

Going forward, their continued evolution will be key to building a self-reliant, resilient, and globally competitive Indian economy!

FAQs

Q1. How many Maharatna companies in India?

As of today, there are 14 Maharatna companies in India.

Q2. Which are the top Maharatna companies in India?

According to the Market Cap as on 30th May, 2025, Hindustan Aeronautics Limited, NTPC Ltd, and ONGC Ltd are the top Maharatna companies in India. 

Q3. Which are the 13th and 14th Maharatna companies of India? 

Oil India Limited is the 13th, and Hindustan Aeronautics Limited is the 14th Maharatna company in India.

Q4. Which are the latest Maharatna companies of India?

As of 30th May, 2025, the latest Maharatna companies of India are Hindustan Aeronautics Limited (14th) and Oil India Limited (13th).

Q5. When was the Maharatna company started?

The Maharatna company scheme was introduced for CPSEs on 19th May, 2010.

Q6. Who gives the Maharatna status to the companies?

The Department of Public Enterprises (DPE) grants the Maharatna status to companies in India.