List of Miniratna Companies in India 2025

A Miniratna company in India is a Central Public Sector Enterprise (CPSE) that has consistently demonstrated strong financial performance and operational efficiency, thereby earning a greater degree of autonomy from the government. This autonomy is not just a formality, but it is a strategic move to unleash the company’s full potential by enabling it to innovate, expand, and compete more effectively. 

In this article, let us take a closer look at such companies, the criteria and eligibility, the list of all Miniratna companies in India, and much more!

What is Miniratna Company?

A Miniratna company is a specific designation given to Central Public Sector Enterprises (CPSEs) in India that have a proven history of financial strength and efficient operations. These government-owned companies are recognized for their financial profitability and are granted a greater degree of financial and operational autonomy in decision-making. 

This enhanced independence allows Miniratna companies to function more effectively and compete dynamically in various sectors, making crucial investments and strategic moves without the constant need for central government approval, all within specified financial limits.

Types of Miniratna Companies

Miniratna companies in India are not a monolithic group; instead, they are further divided into two different categories. Namely:

1. Miniratna Category I: These are the companies that have made continuous profit for the last three years, along with their pre-tax profit to be at least Rs 30 crore in one of the last three years. 

2. Miniratna Category II: These are the companies that have made continuous profit for the last three years and have a positive net worth as well. 

These categories are divided based on their scale of operations and financial prowess, reflecting different levels of autonomy granted by the government. While both types are recognized for their sustained profitability and positive net worth over consecutive years, the specific criteria for each category set them apart. 

List of Miniratna Companies in India

Explore the total Miniratna company in India across both Category I and Category II CPSEs in this comprehensive list.

Miniratna Category-I CPSEs

(The above-mentioned list was recorded as of 26th June, 2025).

Miniratna Category-II CPSEs

(The above-mentioned list was recorded as of 26th June, 2025).

Listed Miniratna Companies in India

Here is the miniratna companies list of those currently listed on Indian stock exchanges.

(The above-mentioned market cap values were recorded as of 26th June, 2025).

Overview of Miniratna Companies

Now that we have seen the list of Miniratna companies in India, let us briefly understand each listed company that has gained this recognition. 

1. Hindustan Organic Chemicals Limited:

Hindustan Organic Chemicals Limited (HOCL), established in 1960 under the Ministry of Chemicals & Fertilisers, a Miniratna Category-I company, was set up to promote self-reliance in basic organic chemicals. It manufactures key products like phenol, acetone, and hydrogen peroxide, which are essential for industries such as pharmaceuticals, dyes, paints, rubber, and pesticides, playing a vital role in everyday applications.

2. MSTC Limited: 

MSTC Limited, a Miniratna Category-I CPSE under the Ministry of Steel, specializes in e-commerce services across various sectors. It offers e-auctions, e-sales, e-procurement, and customized software solutions. The company also handles trading and disposal of scrap, surplus goods, minerals, and agri-forest products for PSUs, private firms, and government departments.

3. Balmer Lawrie & Co. Limited:

Founded in Kolkata in 1867 by two Scotsmen, Balmer Lawrie is now a Miniratna Category-I CPSU under the Ministry of Petroleum and Natural Gas. It operates across eight business units, including packaging, lubricants, chemicals, travel, logistics, and refinery services, with a presence across India and overseas.

4. India Tourism Development Corporation Limited:

India Tourism Development Corporation (ITDC), a Miniratna Category-I PSU under the Ministry of Tourism, was established in 1966. It offers comprehensive services in travel, tourism, and hospitality, including hotels, transport, duty-free shops, and tourist literature. It also provides engineering consultancy and executes infrastructure projects and Sound & Light Shows for central and state governments.

5. MOIL Limited:

MOIL Limited, a Miniratna Category-I company incorporated in 1962, is India’s largest producer and seller of manganese ore. It supplies high, medium, and low-grade ore, including manganese dioxide and chemical-grade varieties, playing a key role in meeting the country's steel industry demands.

6. Mishra Dhatu Nigam Limited:

Mishra Dhatu Nigam Limited (MIDHANI), established in 1973 under the Ministry of Defence, is a Miniratna Category-I company and leading manufacturer of special steels, superalloys, and the only producer of titanium alloys in India. Its Hyderabad unit supports key sectors like Defence, Space, Energy, and Aerospace.

7. Chennai Petroleum Corporation Limited:

Chennai Petroleum Corporation Limited, incorporated in 1965, is engaged in refining crude oil and producing petroleum products and lubricating oil additives. It is a Miniratna Category-I company and its key products include LPG, petrol, diesel, kerosene, aviation fuel, naphtha, bitumen, and lube base stocks.

8. MMTC Limited:

MMTC Limited, a Miniratna Category-I PSU under the Ministry of Commerce & Industry, was established in 1963 to support India’s foreign trade. It trades in minerals, metals, precious metals, fertilizers, agro products, coal, and hydrocarbons. MMTC also exports minerals, imports key commodities, and has joint ventures in steel, retail, warehousing, and commodity exchanges.

9. KIOCL Limited:

KIOCL Limited is a Miniratna Category-I PSU under the Ministry of Steel, was formed in 1976. Based in Karnataka, it specializes in mining and beneficiation of low-grade iron ore and produces high-quality BF and DR grade pellets. KIOCL has adopted initiatives like coastal transportation, equipment indigenization, and global ore sourcing to boost efficiency and sustainability.

10. BEML Limited:

BEML Limited, a Miniratna Category-I PSU under the Ministry of Defence, manufactures heavy equipment for mining, construction, defence, and rail sectors. It produces high-mobility defence vehicles, earthmoving machines like bulldozers and excavators, and supplies rail coaches, metro cars, and wagons to Indian Railways and metro systems.

11. Mangalore Refinery & Petrochemical Limited: 

Mangalore Refinery and Petrochemicals Limited (MRPL), a Miniratna Category-I CPSE under the Ministry of Petroleum & Natural Gas, operates a refinery that produces a wide range of products including LPG, petrol, diesel, kerosene, aviation fuel, naphtha, bitumen, pet coke, and polypropylene.

12. Hindustan Copper Limited: 

Hindustan Copper Limited (HCL), a Miniratna Category-I CPSE under the Ministry of Mines, was incorporated in 1967. It is the only company in India involved in the entire copper production chain, from mining to the sale of copper products. HCL focuses on the exploration, mining, and beneficiation of copper ore to produce copper concentrate.

13. Garden Reach Shipbuilders & Engineers Limited: 

Garden Reach Shipbuilders & Engineers Ltd (GRSE) is a Miniratna Category-I CPSE incorporated in 1934, and is a leading shipbuilding company under the Ministry of Defence. It primarily serves the Indian Navy and Coast Guard and is the first Indian shipyard to export warships and deliver 100 vessels. Besides warships, GRSE also builds boats, barges, tugs, ferries, and other marine craft.

14. Cochin Shipyard Limited:

Cochin Shipyard Limited (CSL), incorporated in 1972, is a leading shipbuilder specializing in the construction, repair, and refit of various types of vessels. It is a Miniratna Category-I CPSE. CSL has built and repaired some of the largest ships globally and exported around 45 vessels. Its expertise spans from bulk carriers to advanced ships like Platform Supply Vessels and Anchor Handling Tug Supply Vessels.

15. Bharat Dynamics Limited: 

Bharat Dynamics Limited (BDL) was incorporated in 1970, and it is a Miniratna Category-I company. It is a PSU under the Ministry of Defence. It manufactures guided missiles, underwater weapons, airborne systems, and other defence equipment for the Indian Armed Forces. BDL also offers life cycle support, refurbishment, and life extension services for existing defence systems.

Key Criteria for Miniratna Company

To become a Miniratna company in India, the CPSEs must meet specific eligibility criteria, which are primarily based on their financial performance and operational independence. 

These criteria are divided into two categories. Let us have a look at them now:

Criteria for Miniratna Company (Category-I CPSEs)

1. The company must have made continuous profits for the last three years. 

2. It must have earned a pre-tax profit of Rs 30 crore or more in at least one of those three years. 

3. It should have a positive net worth.

4. The company must not have defaulted in repayment of loans or interest to the Government. 

5. It should not be dependent on Government budgetary support or guarantees for its operations. 

Criteria for Miniratna Company (Category-II CPSEs)

1. The company must have made profits for the last three consecutive years.

2. It should have a positive net worth.

3. There should be no default in repayment of loans or interest dues to the Government. 

4. The company must not rely on Government guarantees or budgetary support. 

Benefits of Being a Miniratna Company

Miniratna status grants a range of operational and financial benefits to CPSEs. Below are some of the key advantages associated with this special recognition:

1. Enhanced Operational Autonomy:

These companies have the authority to collaborate and enter into joint ventures independently. This fosters innovation and modernization, enabling them to remain competitive in rapidly evolving industries.

2. Greater Financial Flexibility:

Miniratna companies gain the power to invest in joint ventures and subsidiaries up to a certain limit. This financial freedom allows them to strategically expand their operations, diversify into new areas, and explore untapped markets, ensuring long-term growth and sustainability.

3. Quick Decision Making:

One of the most crucial benefits is the ability to make vital financial decisions, such as raising capital or acquiring assets, without requiring prior government approval. This swift decision-making power allows them to seize opportunities and address challenges promptly, significantly boosting their operational efficiency.

4. Streamlined Management Efficiency: 

The increased independence empowers these companies to implement management reforms and strategies tailored to their specific needs. This leads to more streamlined operations, optimized resource allocation, and ultimately, higher profitability and better overall performance.

5. Stronger Market Competitiveness: 

With increased autonomy, Miniratna companies can react more quickly to market shifts and evolving consumer demands. This agility allows them to fine-tune their strategies, maintain a competitive edge, and secure a more robust position in the market.

Impact of Miniratna Companies on the Indian Economy

Miniratna companies, despite having less autonomy than Navratnas and Maharatnas, exert a significant impact on the Indian economy. Now, let us understand the Miniratnas’ contribution to the Indian economy. 

1. Direct Revenue Generation: 

By consistently generating profits and maintaining a positive net worth, Miniratnas directly contribute to the national pocket through taxes and dividends.

2. Industrial Output: 

Many Miniratnas operate in core sectors like manufacturing, infrastructure, power, and engineering. Their efficient operations lead to higher industrial output, which is a direct contributor to India's GDP.

3. Infrastructure Development:

A significant number of Miniratnas are involved in critical infrastructure development, including roads, bridges, water management, and urban development. This accelerates the completion of vital projects, which are fundamental for sustained economic growth.

4. Employment Generation: 

As a profitable and expanding enterprise, a Miniratna company can create direct and indirect employment opportunities across various skill levels, from technical and managerial roles to skilled and unskilled labor. 

5. Regional Development: 

Many Miniratnas have operations spread across different regions, including tier-2 and tier-3 cities. Their presence helps in developing local infrastructure and creating local employment, thereby promoting more balanced regional development.

Should You Invest in Miniratna Companies?

Investing in Miniratna companies presents a compelling opportunity, primarily due to their demonstrated financial resilience and enhanced operational autonomy. These government-owned enterprises have a proven track record of consistent profitability and maintaining a positive net worth, positioning them as reliable investment avenues with potentially lower risks compared to more volatile market options.

Looking deeper into this matter, whether you should invest in Miniratna companies depends on your individual investment goals, risk tolerance, and portfolio diversification strategy. However, based on their inherent characteristics, here's a perspective that you need to keep in mind before investing. 

Advantages of Investing in Miniratna Companies

• Stability and reliability: Their consistent profitability and positive net worth, backed by government ownership (though with autonomy), can offer a sense of stability, making them potentially suitable for investors seeking less volatile options.

• Growth potential from autonomy:  The operational and financial freedom allows these companies to react more swiftly to market opportunities, invest in expansion, and adopt new technologies, which can drive future growth and, consequently, stock appreciation.

• Fundamental strength: Their eligibility criteria (continuous profits, positive net worth, no reliance on government guarantees) ensure that, as a category, they are fundamentally sound businesses.

• Diversification: Investing in Miniratnas, particularly those in core sectors, can provide diversification to a portfolio heavily weighted towards private sector stocks.

• Potential for undervaluation: Sometimes, due to the general perception of PSUs being slow, Miniratnas might be undervalued compared to their private sector counterparts, offering opportunities for value investors.
  

Disadvantages of Investing in Miniratna Companies

• Slower growth compared to high-growth private companies: While autonomous, they might still operate at a slower pace or have less aggressive growth targets than some private sector counterparts, especially those in highly dynamic or tech-driven sectors.

• Indirect government influence:  Although they have autonomy, they are still government-owned. Broader government policies, changes in leadership, or strategic objectives can still indirectly influence their operations and performance.

• Sector-specific risks: Like any company, their performance is tied to the specific industry they operate in. Economic downturns affecting their sector could impact their profitability.

• Market liquidity: Depending on the specific Miniratna company, the stock might have lower trading volumes compared to large-cap private companies, which could affect the ease of buying or selling.

How to Invest in Miniratna Companies in India

Investing in a Miniratna company requires careful planning and execution. However, the process of investment is an effortless procedure. Now, let us look at this seamless process.

• Step 1:  Download the Rupeezy trading app from the Google Play Store or Apple App Store, and open your demat and trading account to invest in Miniratna companies.

• Step 2:  Once your accounts are open, fund the trading account through your linked bank account. This is the capital you will use to buy shares.

• Step 3: Before investing, thoroughly research the Miniratna company that you want to invest in and check if it aligns with your financial goal and risk appetite.

• Step 4: Once you have identified a Miniratna company you wish to invest in, log in to your trading account and search for it.

• Step 5: Place a ‘Buy’ order and specify the quantity of shares you want to buy. Now confirm your order.

• Step 6: After purchasing the shares, monitor your investment. Decide when to hold, buy more, or sell based on your investment strategy and market conditions. 

Conclusion

The Miniratna companies strike a balance between autonomy as well as being accountable to the Government. They empower well-performing PSUs to innovate, expand, and compete effectively. 

From building warships to supplying critical defence gear, refining fuels, or trading minerals, these companies are silently powering India's progress. Knowing who they are and what they do gives us a deeper appreciation for the strength of India's public sector!

FAQs

Q1. How many Miniratna companies in India?

As of March 2025, there are 59 Miniratna companies, out of which 49 companies fall under Category I, whereas the remaining 10 companies fall under Category II.

Q2. What are the benefits of Miniratna?

The key benefit of being a Miniratna company in India is the operational and financial autonomy that a company enjoys, along with the advantage of making quick decisions, having streamlined management, and stronger market competitiveness. 

Q3. Who is eligible to be a Miniratna company?

A company becomes eligible for a Miniratna Category-I if it has made profits for three consecutive years with a pre-tax profit of at least Rs 30 crore in one of the last three years. Whereas a company becomes eligible for the Miniratna Category-II if it has made profits for three consecutive years and has a positive net worth. 

Q4. When did Miniratna start?

The Indian government started the Miniratna status scheme in the year 1997.

Q5. Is it safe to invest in Miniratna stocks in India?

Miniratna stocks are often considered relatively safe due to government ownership, a strong track record of performance, and strict regulatory compliance. However, like all equity investments, they are subject to market volatility and should be approached with careful analysis and risk awareness.