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A Maharatna company is a top-ranked CPSE with high financial performance and greater operational freedom from the government.
How many Maharatna companies are there in 2025?
There are 14 Maharatna companies in India as of 2025.
What is the investment limit for Maharatna companies?
Maharatna CPSEs can make investments up to ₹5,000 crore without prior government approval.
Which was the first company to get Maharatna status?
NTPC, ONGC, and SAIL were among the first companies to get Maharatna status in 2010
What is the main benefit of the Maharatna status?
The main benefit is financial autonomy and freedom to expand operations and investments without needing government permissions.
List of Maharatna Company 2025, Eligibility and Benefits Details
Maharatna Company List 2025 consists of 14 CPSEs that have been granted Maharatna status by the Government of India. Find the updated Maharatna Company List 2025 here.
Aditya Kumar7 Jun, 2025
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Maharatna Company List 2025 refers to the group of 14 Central Public Sector Enterprises (CPSEs) in India that have been granted the prestigious "Maharatna" status by the Government of India. This designation is awarded to CPSEs that demonstrate exceptional financial performance, operational autonomy, and strategic importance to the nation's economy. Read on for the complete Maharatna Company List 2025!
What Are Maharatna Companies?
Maharatna companies are the top category of CPSEs in India. These are high-performing public enterprises that enjoy greater operational and financial autonomy. The term “Maharatna” literally means “a great jewel,” and these companies represent the best in India’s public sector.
The Government of India introduced the Maharatna scheme in 2010 to give more powers to top CPSEs and help them become global giants. Once a company is granted this status, it can take high-value investment decisions without government approval, making it more competitive and responsive to market conditions.
There are three categories of CPSEs in India:
Maharatna
Navratna
Miniratna
Among these, Maharatna is the highest rank. The classification depends on the company’s performance, financial strength, and global presence.
List of Maharatna Companies in India 2025
As of 2025, India has 14 Maharatna companies, which play a major role in India’s economy, and many are global leaders in their sectors. Here is the Maharatna Company List 2025:
S.No.
Maharatna Company
Year Established
Maharatna Status
Key Details
1
Bharat Heavy Electricals Limited (BHEL)
1964
2013
Power equipment manufacturing, R&D leader in India.
2
Bharat Petroleum Corporation Limited (BPCL)
1976 (as BPCL, roots to 1952)
2017
Major fuel retailer operates refineries under the Ministry of Petroleum.
3
Coal India Limited (CIL)
1975
2011
Largest coal producer, operates 313 mines, serves power and steel sectors.
4
Gas Authority of India Limited (GAIL)
1984
2013
Natural gas company, extensive pipeline network, covers entire gas value chain.
Largest oil and gas company, extensive retail network.
7
National Thermal Power Corporation (NTPC)
1975
2010
Largest power utility, thermal and renewable energy.
8
Oil and Natural Gas Corporation (ONGC)
1956
2010
Largest upstream oil and gas company, exploration and production.
9
Power Finance Corporation (PFC)
1986
2021
Finances power sector projects, infrastructure financing.
10
Power Grid Corporation of India (POWERGRID)
1989
2019
Manages the national power grid, transmission infrastructure.
11
Steel Authority of India Limited (SAIL)
1954
2010
Largest steel producer, with integrated steel plants.
12
Rural Electrification Corporation (REC)
1969
2022
Finances the power sector, also non-power infrastructure, and NBFC.
13
Oil India Limited (OIL)
1959
2023
Exploration and production of oil and gas, upstream services.
14
Hindustan Aeronautics Limited (HAL)
1940
2024
Aircraft/helo manufacturing serves the Indian military and international clients.
Eligibility Criteria for Maharatna Status
To be recognised as a Maharatna company, a CPSE must fulfil certain strict criteria set by the Department of Public Enterprises (DPE). This ensures only the best-performing companies receive this honour. The eligibility conditions are:
Navratna Status: The company must already hold Navratna status.
Stock Exchange Listing: It must be listed on Indian stock exchanges with a minimum public shareholding of 10%.
Annual Turnover: The average annual turnover should be more than ₹25,000 crore during the last 3 years.
Net Worth: The average net worth must be more than ₹15,000 crore during the last 3 years.
Net Profit: The company should earn a net profit of over ₹5,000 crore for 3 consecutive years.
Global Presence: The company should have significant operations in the global market or at least a strong export portfolio.
Benefits Enjoyed by Maharatna Companies
The Maharatna status gives companies more freedom to operate efficiently and expand without constant government approvals. These powers help in faster decision-making, global investments, and improved competitiveness. Here are the key benefits of being a Maharatna company:
Investment Approval Limit: Maharatna companies can approve investments up to ₹5,000 crore without seeking approval from the government.
Financial Autonomy: They enjoy complete autonomy in joint ventures, mergers, and acquisitions in India and abroad.
Board Power: The board of directors has more decision-making powers, reducing bureaucratic delays.
Global Expansion: Maharatna CPSEs can invest in foreign projects and form partnerships with foreign firms.
Operational Freedom: They have more flexibility in HR policies, marketing, procurement, and restructuring.
Improved Image: The Maharatna tag increases brand value and boosts investor confidence.
To sum up, the Maharatna Company List 2025 includes India’s most powerful and profit-making public sector enterprises. These companies drive India's industrial and economic strength. With greater freedom and resources, Maharatna CPSEs are well-positioned to expand globally and boost national development.
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