List of Maharatna Companies in India

In India, Maharatna companies represent leading government-owned enterprises that are granted substantial autonomy to independently manage their operations and finances. These firms play a crucial role in various sectors including energy, banking, and manufacturing, contributing significantly to the country's economic growth and competitiveness on a global scale. 

Maharatna companies include government-owned businesses such as public sector banks, central public sector enterprises, and state-level public enterprises. With the authority to make strategic investments and decisions, these companies can invest up to 15% of their value in a project without government permission. Maharatna companies are pivotal entities in India's corporate landscape.

Let us go through this blog to explore which companies are listed as Maharatna companies in India.

What is Maharatna Company?

A Maharatna Company is a designation given to selected Indian public sector enterprises (PSEs) by the Government of India. This status is granted based on their performance, operational efficiency, and contribution to the economy.

Have you ever imagined how many Maharatna companies are out there in India? There are a total of 13 Maharatna companies in India as of 2024. Let’s explore them in detail below:


List of Maharatna Companies in India 2024

Sr. No

Company Name

Established Year


Bharat Heavy Electricals Limited (BHEL)



Bharat Petroleum Corporation Limited (BPCL)



GAIL India Limited (GAIL)



Coal India Limited (CIL)



Hindustan Petroleum Corporation Limited (HPCL)



Steel Authority of India Limited (SAIL)



National Thermal Power Corporation (NTPC)



Rural Electrification Corporation Limited (REC)



Power Finance Corporation (PFC)



Power Grid Corporation of India Limited (POWERGRID)    



Indian Oil Corporation Limited (IOCL)



Oil & Natural Gas Corporation Limited (ONGC)



Oil India Limited (OIL)


An Overview of Maharatna Companies in India

Let’s explore the 13 Maharatna Companies in India:

Bharat Heavy Electricals Limited (BHEL)

  • BHEL stands as a prominent global manufacturer of power equipment and plays a pivotal role in advancing India's initiatives towards self-reliance.
  • BHEL sells products and services in many areas like transportation, defence, aerospace, power, and more modern fields like battery energy storage and electric vehicle chargers.  
  • The company also works on projects that help society, such as training young people, promoting health and education, and protecting the environment.

   Bharat Petroleum Corporation Limited (BPCL)

  • BPCL is actively involved in the exploration and production of oil and natural gas, refining crude oil, and the distribution of petroleum products. 
  • It serves industrial and commercial sectors, offering a range of fuel services. 
  • Notable brands under BPCL's marketing portfolio include Speed, Mak, and Bharat Gas.

GAIL India Limited (GAIL)

  • GAIL operates an expansive network encompassing LPG pipeline systems, gas processing plants, natural gas pipelines, and petrochemical projects. 
  • Additionally, it is actively involved in renewable energy initiatives and city gas distribution, extending its footprint across multiple international markets.  
  • GAIL also invests in energy ventures abroad, aiming to advance India's energy sector through ongoing innovation efforts.

Coal India Limited (CIL)

  • It is a state-owned enterprise specializing in coal mining and the production of coal-derived products, including coking hard coal, non-coking coal, coal fines, and heavy oil, among others.
  • The products of CIL find applications across a wide array of industries such as fertilizers, cement, ceramics, glass, steelmaking, power generation, domestic fuel, chemicals, paper, and various industrial sectors.
  • CIL operates through its subsidiaries such as Central Coalfields Limited (CCL), Western Coalfields Limited (WCL), Mahanadi Coalfields Limited (MCL), South Eastern Coalfields Limited (SECL), Bharat Coking Coal Limited (BCCL), and others.

Hindustan Petroleum Corporation Limited (HPCL)

  • HPCL operates as an energy company with core activities in crude oil refining, petroleum product transportation, and marketing.  
  • Its extensive distribution and marketing infrastructure encompasses LPG storage facilities, pipelines, terminals, relay depots, aviation service stations, and retail outlets.  
  • In addition to these activities, HPCL is also involved in sugar and ethanol manufacturing, along with electricity generation. 

Steel Authority of India Limited (SAIL)

  • SAIL specializes in manufacturing and distributing iron and steel products across diverse business segments. 
  • Its comprehensive product line includes a wide range of steel items such as blooms, billets, channels, angles, joists, wheels, pig iron, and coal chemicals.  
  • SAIL also produces hot-rolled carbon steel, cold-rolled stainless steel products, wire rods, rebars, CR coils, bars, GC sheets, HRPO, and various other specialized products.

National Thermal Power Corporation (NTPC)

  • NTPC operates as a prominent electricity generator, supplying power to state power utilities on a wholesale basis. 
  • The company generates electricity from a mix of sources including gas, liquid fuel, coal, and renewable energies. 
  • In addition to its core activities, NTPC provides consultancy services, and project management, and engages in power trading, coal mining, rural electrification, ash utilization, and re-gasification services. 

Rural Electrification Corporation Limited (REC)

  • REC Limited provides loans to support different parts of the power infrastructure. 
  • They offer long-term, medium-term, and short-term loans, along with equity financing and refinancing of debts.  
  • REC also funds equipment manufacturing and coal mines. Additionally, they provide loans based on regulatory assets and have a revolving bill payment option. 

Power Finance Corporation (PFC)

  • It is an Indian company that gives money to the power sector. They offer different types of loans like project-term loans and short/medium-term loans. 
  • They also lease equipment and provide other financial services.  
  • Besides loans, they offer guarantees that help with payments and agreements for fuel supply. 

Power Grid Corporation of India Limited (POWERGRID) 

  • Power Grid specializes in operations and maintenance services for transmission systems, smart grids, telecom services, and consultancy. 
  • With an extensive infrastructure boasting 177,699 circuit kilometers of transmission lines and a transformation capacity of 527,446 MVA, the company utilizes advanced technologies to strategically plan, coordinate, and implement transmission networks across India. 

Indian Oil Corporation Limited (IOCL)

  • It is a fully integrated oil and gas company engaged in exploration, production, refining, and marketing. 
  • The company manages the refining of crude oil, transportation of petroleum products through pipelines, and the marketing of natural gas.  
  • IOCL's diverse range of petroleum products includes jet fuel, high-speed diesel, heavy fuel oil, LPG, gasoline, bitumen, naphtha, lubricants, and grease. 

Oil & Natural Gas Corporation Limited (ONGC)

  • ONGC is the largest producer of crude oil and natural gas in India, contributing about 71% to the country's domestic production.  
  • Its subsidiaries, including IOC, BPCL, HPCL, and MRPL, utilize crude oil to manufacture various petroleum products.  
  • ONGC's product portfolio encompasses petrol, diesel, kerosene, naphtha, and LPG (cooking gas). 

Oil India Ltd (OIL)

  • OIL specializes in the exploration and production of oil and natural gas, engaging in a range of activities including seismic and geodetic surveys, 2D and 3D data acquisition and analysis, as well as drilling and field development. 
  • Moreover, OIL owns and operates a fully automated crude oil trunk pipeline spanning 1,157 kilometers from Naharkatia to Barauni. 

Features of Maharatna Companies in India

Maharatna companies in India are a special category of public sector enterprises (PSUs) that have been granted greater autonomy and certain financial powers by the Government of India. Here are some key features of Maharatna companies:

Autonomy: Maharatna companies enjoy more autonomy in decision-making compared to other categories of PSUs. This includes greater flexibility in investments, joint ventures, and other strategic decisions.

Financial Powers: They have enhanced financial powers in terms of investment decisions without seeking government approval, up to a certain limit. This enables them to undertake substantial investments and expansions independently.

Global Operations: Maharatna companies are encouraged to expand their operations globally. They have the freedom to explore and invest in overseas projects and ventures, subject to certain guidelines.

Strategic Importance: These companies are considered strategically important for the country due to their size, scale of operations, and sectoral influence. They play a significant role in the economy, often in sectors such as energy, mining, steel, telecommunications, etc.

Performance Criteria: To qualify as a Maharatna, a PSU must meet specific criteria related to turnover, net worth, profitability, and Corporate Social Responsibility (CSR) spending over the years. The status is reviewed periodically based on their performance.

Enhanced Governance: Maharatna companies are expected to adhere to higher standards of corporate governance and transparency. They are required to comply with guidelines issued by the Department of Public Enterprises (DPE) and other regulatory bodies.

Public Sector Character: Despite their enhanced autonomy, Maharatna companies remain under the overall control and ownership of the Government of India. They operate to balance commercial interests with national priorities.

Employment and CSR: These companies typically have a significant workforce and are expected to contribute positively to the communities they operate in through CSR initiatives. 

Eligibility Criteria to Qualify as a Maharatna Company

To qualify as a Maharatna, a company must meet certain criteria, including: 

  • The company must first have been categorized as a Navratna (meaning "nine jewels"). Navratna status is granted to profitable PSEs that have significant operational freedom and autonomy.
  • The company's stocks must be listed on the Indian Stock Exchanges and meet the minimum public shareholding set by SEBI regulations.
  • The company should have had an average annual turnover of more than ₹25,000 crore over the last three years.
  • Its average net worth over the past three years must be at least ₹15,000 crore.
  • The company must have made a profit after taxes of at least ₹5,000 crore over the past three years.
  • The company must operate internationally and have a significant presence globally. 

Why Invest in Maharatna Companies' Stocks?

Monitoring Maharatna companies' share prices through BlinkX provides the strategic advantage necessary to make informed investment decisions. Investing in Maharatna companies' shares can yield multiple benefits in terms of potential returns and portfolio diversification.

Stability and Reliability: Maharatna companies are generally large and well-established, providing stability in uncertain market conditions.

Strong Market Presence: These companies often dominate their sectors, leading to a strong market presence and potential for consistent performance.

Dividend Income: Many Maharatna companies have a history of paying dividends, offering a steady income stream to investors.

Government Support: As government-owned enterprises, Maharatna companies may receive policy support and funding, reducing certain investment risks.

Infrastructure and Growth: They typically invest in large-scale projects, infrastructure, and technology, which can lead to long-term growth opportunities.

Potential for Capital Appreciation: Due to their size and influence, Maharatna stocks may have the potential for capital appreciation over time.

Sector Diversification: Investing in Maharatna companies allows diversification across various sectors such as energy, infrastructure, steel, petroleum, and more.

However, it is important to consider market risks, economic factors, and company-specific developments before investing in Maharatna companies' shares. 

The Bottom Line

Maharatna companies in India are very important for the country's growth. They are known for their large size and big influence. These companies help a lot in sectors like energy, building things, making steel, oil, and others.

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