Maharatna Companies in India are among the Central Public Sector Enterprises (CPSEs) listed by the government of India. These top-tier Public Sector Undertakings (PSUs) enjoy greater financial and operational autonomy to compete in the global market. The Indian government classifies Central Public Sector Enterprises (CPSEs) into three different categories: 

• Maharatna, 
• Navratna, and 
• Miniratna. 

As of 2025, there are 14 Maharatna companies in India. 

Maharatna companies in India are among the most important topics for the UPSC IAS exam. It covers a significant part of the Indian economy subject in the General Studies Paper-3 syllabus and current events of national importance in UPSC prelims.

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What are Maharatna Companies?

Maharatna companies are a distinguished category of Public Sector Undertakings (PSUs) in India. The term "Maharatna" means "a great jewel" in Hindi. These companies are deemed to be of immense importance to the nation's economy and have significant global influence. To qualify as a Maharatna, a PSU must meet certain criteria set by the Indian government. These criteria include having a consistently high-performance record, substantial annual turnover, and substantial net worth. A Maharatna company has more autonomy in making financial decisions without government approval. There are currently 10 Maharatna companies in India, including major names in energy, minerals, telecommunications, and more sectors. The Maharatna status signifies a company's critical role in contributing to India's growth and development.

Eligibility Criteria for Obtaining the Maharatna Status

The eligibility criteria for the grant of Maharatna status are as under:

• The company must have the status of Navratna.
• The company must be listed on India’s stock exchange with a minimum of prescribed public shareholding under the special regulation of SEBI.
• The annual net profit must be around 5000 crores after tax collection and even more during the last three years. An average turnover of the year must be Rupees 25 crore for the last three years.
• The company must have a significant global presence as well as international operations.

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As of 2025, there are 14 Maharatna Companies in India. These are top-performing central public sector enterprises (CPSEs) that meet specific financial and operational criteria set by the government to enjoy greater autonomy.

Which is the First Maharatna Company in India?

ONGC (Oil and Natural Gas Corporation Ltd) was the first company to be granted Maharatna status in 2010. It was recognized for its consistent profitability, global operations, and vital contribution to India’s energy sector.

Maharatna Companies in India 2025 List

The Maharatna Company List includes some of India’s largest and most valuable public sector enterprises. These companies are given greater financial and operational autonomy to compete globally and boost India’s economic growth. A total of 14 CPSEs are conferred with Maharatna status. Their functions and details are discussed below:

• Bharat Heavy Electricals Limited (BHEL)
• Bharat Petroleum Corporation Limited (BPCL)
• Coal India Limited (CIL)
• Gas Authority of India Limited (GAIL)
• Hindustan Petroleum Corporation Limited (HPCL)
• Indian Oil Corporation Limited (IOCL)
• National Thermal Power Corporation (NTPC)
• Oil and natural gas corporation (ONGC)
• Power Grid Corporation of India (POWERGRID)
• Steel Authority of India Limited (SAIL)
• Rural Electrification Corporation Limited (RECL)
• Power Finance Corporation (PFC)
• Oil India Limited (OIL)
• Hindustan Aeronautics Limited (HAL)

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Bharat Heavy Electricals Limited (BHEL)

• It was established in 1956.
• Later it was converted into a public company in 1991.
• It is engaged in the design, as well as the engineering, then the work of manufacturing and construction.
• The company is also involved in testing, commissioning and servicing various products.
• It is the largest company investing in R&D in the corporate sector in India.
• The company has established the capability to deliver 20,000 MW p.a. of power equipment to address the growing demand for power generation equipment.

Bharat Petroleum Corporation Limited (BPCL)

• It was set up by the Britishers in 1891 to carry out explorations in Assam and Burma region.
• In 1976, the company was nationalised under the Act on the Nationalisation of Foreign Oil Companies ESSO (1974), Burma Shell (1976) and Caltex (1977).
• It was renamed Bharat Petroleum Corporation Limited on 1 August 1977.
• In 2017, Bharat Petroleum Corporation Limited received the Maharatna Status.
• It is India’s second-largest fuel retailer.
• India’s second-largest government-owned downstream oil corporation.
• It operates under the Ministry of Petroleum and Natural Gas.
• Bharat Petroleum operates the following given refinery:
  • Mumbai Refinery
  • Kochi Refinery
  • Bina Refinery
  • Numaligarh Refinery
• Some of its subsidiaries are:
  • Indraprastha Gas Limited (IGL)
  • Petronet LNG
  • Bharat Renewable Energy Limited

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Coal India Limited (CIL)

• It was established in 1975.
• Its headquarters is in Kolkata, West Bengal.
• The union government of India gave Coal India Limited the status of Maharatna in April 2011.
• At the global level, it is the largest coal-producing company.
• Some of the subsidiaries of Coal India Limited (CIL) are listed below:
  • Western Coalfields Limited (WCL)
  • Central Coalfields Limited (CCL)
  • Mahanadi Coalfields Limited (MCL)
  • South Eastern Coalfields Limited (SECL)
  • Bharat Coking Coal Limited (BCCL)
  • Eastern Coalfields Limited (ECL)
  • Central Coalfields Limited (CCL)
  • Northern Coalfields Limited (NCL)
  • Central Mine Planning and Design Institute (CMPDI)

GAIL India Limited (GAIL)

• GAIL was incorporated as a Central Public Sector Undertaking in 1984.
• Initially, it was entrusted with the construction, maintenance and operation of the Hazira Jagdishpur pipeline project.
• Its mission is Enhancing quality of life through clean energy and beyond”.
• It owns and operates a network of around 14,488 km of natural gas pipelines.
• It is also working on the execution of multiple pipeline projects to expand the reach of GAIL further.
• It holds approx ~70% market share in gas transmission projects in the sphere of gas trading; it holds approx 50 per cent share in the country.
• GAIL is also expanding its reach in renewable energy sectors like Solar, Wind and Biofuel.

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Hindustan Petroleum Corporation Limited (HPCL)

• HPCL was established in 1974.
• It is headquartered in Mumbai, Maharashtra.
• The Government of India acquired it in 2017.
• It was accorded the status of Maharatna in 2019.
• It operates two major refineries in India, one in Mumbai and the other in Visakhapatnam.
• It was featured on the Forbes Global 2000 list for 2013 at position 1217.
• Its main focus is on the appraisal and development of hydrocarbon accumulation of both onshore and offshore projects by exploring and developing petroleum projects in India.

Indian Oil Corporation Limited (IOCL)

• This corporation is the largest commercial oil company in India.
• This corporation has ventured into alternative energy and globalisation of downstream operations.
• Some of the subsidiaries countries of Indian Oil Corporation Limited are given as follows:
  • Sri Lanka
  • Mauritius
  • The Netherlands
  • The UAE
  • Sweden
  • United States of America
  • Singapore
• IOCL’s business interests coincide with the hydrocarbon value chain. This chain includes:
  • Pipeline transportation
  • Refining
  • Marketing of Petroleum products
  • Exploration and production of crude oil petrochemicals and natural gas

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National Thermal Power Corporation Limited (NTPC)

• NTPC is India’s largest energy-producing company which was established in 1975. It was established to provide reliable and efficient power in an economical and environment-friendly manner. Since its establishment, it has established itself as one of the major players in the power generation business.
• The company produces electricity not only from fossil fuels but also from other renewable energy sources like hydropower. This has accelerated the goal of India’s INDC of achieving a reduction of 33-35% carbon footprint by 2030 from 2005 levels, as outlined in UNFCCC.
• The company has further expanded its domain in the fields of trading of power & power professionals, rural electrification and coal mining.
• The company was accorded the status of Maharatna status in May 2010.
• It ranks No 2 among the Top 250 Global power companies in terms of Independent Power Producer.

Oil and Natural Gas Corporation Limited (ONGC)

• ONGC was set up under the Prime Ministership of Jawaharlal Nehru as an Oil and Gas division under the Geological Survey of India in 1955.
• Later it was converted into the Oil and Natural Gas Directorate. The Directorate was later converted into a Commission named Oil & Natural Gas Commission in August 1956.
• In 1994, the Oil and Natural Gas Commission was converted into a Corporation, and later in 1997, it was recognized as one of the Navratnas by the Union Government. Subsequently, it was conferred Maharatna status in the year 2010.
• It is the largest crude oil and natural gas Company in India.
• It contributes around 71 per cent to domestic oil and natural gas production.

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Power Grid Corporation of India Limited (POWERGRID)

• POWERGRID was established in 1989 under the Companies Act of 1956 as the National Power Transmission Corporation of India Limited.
• Later its name was changed to POWERGRID in 1992.
• In India, it is one of the largest electric power transmission utilities.
• The Union government has accorded it the status of Maharatna.
• Its headquarters is in Gurugram.

Steel Authority of India Limited (SAIL)

• The origin of SAIL can be traced to Hindustan Steel Limited (HSL), which was set up in January 1954.
• It is based in New Delhi.
• In India, it is the largest steel-producing company.
• It owns and operates five integrated steel plants at Bhilai, Rourkela, Durgapur, Bokaro and Burnpur and three special steel plants at Salem, Durgapur and Bhadravathi.
• It has won the “Best of All” Rajiv Gandhi National Quality Award in 1993, 2006, and 2007 for its Bhilai and Bokaro plants.

Also, check out the List of Navratna Companies in India here.

Power Finance Corporation (PFCL)

• It was established in 1986.
• It was granted the status of Maharatna in October 2021.
• It is the 8th highest profit-making Central Public Sector Enterprise (CPSE) as per the Department of Public Enterprises Survey for FY 2017–18
• It operates under the Ministry of Power.
• It has three wings, each headed by a Functional Director: Commercial Division, Projects Division and Finance & Financial Operations Division.
• In November 2017, it launched its main Green Bond issue for US$400 million.

Oil India Limited (OIL)

• On August 3, 2023, it was granted Maharatna status following a recommendation from the Indian government's Ministry of Finance.
• Oil India Limited (OIL) is a government-owned enterprise with a central role in exploring, developing, and producing crude oil and natural gas, transporting crude oil and manufacturing liquid petroleum gas.
• The Ministry of Petroleum and Natural Gas oversees its activities. 
• OIL's headquarters are located in Duliajan, Assam, and it maintains offices in Duliajan, Noida, Guwahati, and Jodhpur. 

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Rural Electrification Corporation Limited (REC)

• It was established in 1969.
• It operates under the Ministry of Power.
• REC is a Public Financial Institution (PFI) and a Non-Banking Financial Company (NBFC). It plays a pivotal role in the financing and development of the power sector across India.
• It funds diverse projects across the power sector value chain, including generation, transmission, distribution, and renewable energy.
• It was granted the status of Maharatna in September 2022.
• REC is a designated nodal agency for various government schemes aimed at strengthening the power infrastructure, such as DDUGJY and SAUBHAGYA.

Hindustan Aeronautics Limited (HAL)

• It was established in 1940 as Hindustan Aircraft Limited. It was later renamed Hindustan Aeronautics Limited in 1964 after a merger.
• Its headquarters is in Bengaluru, Karnataka.
• HAL is primarily engaged in the design, manufacture, and overhaul of aircraft, helicopters, aero-engines, and associated accessories.
• It is a key supplier to the Indian Air Force, Indian Army, Indian Navy, and various aerospace organizations.
• HAL is involved in both indigenous development and licensed production of various defense platforms.
• It operates 11 production units and 10 R&D centers across India.
• It was granted the status of Maharatna in 2024.

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Benefits of the Maharatna Status

The benefits of Maharatna status are as follows:

• The Maharatna status enables a CPSE to offer competitive financing in its respective sector.
• It imparts enhanced powers to the Board of CPSE while making financial decisions.
• The CPSE can make equity investments to undertake financial joint ventures further and establish wholly-owned subsidiaries. It can also undertake mergers and acquisitions in India and abroad.

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