List of Maharatna Companies in India

In India, Maharatna companies are leading enterprises closely associated with the national government. These companies enjoy additional financial and operational autonomy, enabling them to expand and compete on the global stage.

Maharatna companies include various government-owned businesses, such as Public Sector Banks, Central Public Sector Enterprises, and State Level Public Enterprises. They can invest up to 15% of their net worth in a project without government permission. 

To learn which companies are listed as Maharatna companies in India and more, read this blog.

What is Maharatna Company

Maharatna companies are major companies in India granted substantial autonomy and authority by the Government of India.

The term "Maharatna", meaning "a great jewel", highlights the immense value these companies hold for both the nation and on a global scale. These companies are among the most influential and financially robust public sector undertakings (PSUs) in the country.

As of now, there are around 14 Maharatna companies in India.

List of Maharatna Companies in India 2025

The following table provides a complete list of Maharatna Companies in India as of 2025:

Overview of Maharatna Companies in India

Here is a brief overview of the 14 Maharatna Companies in India:

1) Bharat Heavy Electricals Limited (BHEL)

• It is a leading global power equipment manufacturer and a key contributor to India's self-reliance initiatives.
• BHEL offers products, systems, and services across transportation, defence, aerospace, power generation, transmission, oil and gas, and emerging areas such as BESS and EV chargers.
• It actively engages in societal initiatives, including youth skilling, promoting health, education, cleanliness and environmental protection.

2) Bharat Petroleum Corporation Limited (BPCL)

• BPCL engages in oil and natural gas production, crude oil refining, and the marketing of petroleum products.
• It provides products for industrial and commercial purposes. Additionally, BPCL also provides fuel services.
• Major brands marketed by BPCL include Speed, Mak and Bharat Gas.

3) GAIL India Limited (GAIL) 

• GAIL operates an extensive network of LPG pipeline systems, gas processing plants, natural gas pipelines and petrochemical projects.
• It is also engaged in renewable energy projects and city gas distribution, with a presence in multiple countries abroad.
• GAIL invests in energy projects overseas and aims to enhance India's energy sector through continuous innovation.

4) Coal India Limited (CIL)

• It is a government-owned coal mining company that produces coal and coal-based products, including coking hard coal, non-coking coal, coal fines, heavy oil, and more.
• CIL’s products are used across various industries, including fertiliser, cement, ceramics, glass, steelmaking, power utilities, domestic fuel, chemicals, paper, and industrial plants.
• Its subsidiaries include Central Coalfields Limited (CCL), Western Coalfields Limited (WCL), Mahanadi Coalfields Limited (MCL), South Eastern Coalfields Limited (SECL), Bharat Coking Coal Limited (BCCL) and more.

5) Hindustan Petroleum Corporation Limited (HPCL)

• HPCL is an energy company involved in crude oil refining, petroleum product transportation and marketing.
• Its distribution and marketing infrastructure includes LPG storage facilities, pipelines, terminals, relay depots, aviation service stations and retail outlets.
• Additionally, HPCL engages in sugar and ethanol manufacturing and electricity generation.

6) Steel Authority of India Limited (SAIL)

• SAIL manufactures and sells iron and steel products across various business segments.
• The company's product range comprises a variety of steel products, including blooms, billets, channels, angles, joists, wheels, pig iron, and coal chemicals.
• SAIL also produces hot-rolled carbon and cold-rolled stainless steel products, wire rods, rebars, CR coils, bars, GC sheets, HRPO, coal chemicals and more.

7) National Thermal Power Corporation (NTPC)

• The company generates and sells electricity to state power utilities on a wholesale basis.
• NTPC produces electricity from gas, liquid fuels, coal, and renewable sources.
• Additionally, it offers consultancy services, project management, power trading, coal mining, rural electrification, ash utilisation, re-gasification, etc.

8) Rural Electrification Corporation Limited (REC)

• REC Limited offers interest-bearing loans for various segments of power infrastructure.
• Its financial products include long, medium-, and short-term loans, as well as equity financing, debt refinancing, and funding for equipment manufacturing and coal mines.
• REC also provides financing against regulatory assets and offers a revolving bill payment facility.

9) Power Finance Corporation (PFC)

• It is an Indian NBFC that primarily provides financial assistance to the power sector.
• Its fund-based products include project-term loans, lease financing, short- and medium-term loans, and corporate loans. 
• Its non-fund-based products include deferred-payment guarantees, letters of comfort, and performance guarantees for fuel-supply agreements.

10) Power Grid Corporation of India Limited

• Power Grid provides operations and maintenance services for transmission systems, smart grids, telecom services and consultancy.
• It boasts 1,77,699 ckm of transmission lines and has a transformation capacity of 5,27,446 MVA.
• The company employs various technologies to plan, coordinate and deploy transmission networks in India.

11) Indian Oil Corporation Limited (IOCL)

• It is an integrated oil and gas company involved in exploration, production, refining and marketing.
• It conducts crude oil refining, pipeline transportation, and the marketing of natural gas and petroleum products.
• IOCL’s petroleum products comprise jet fuel, high-speed diesel, heavy fuel oil, LPG, gasoline, bitumen, naphtha, lubricants and grease.

12) Oil & Natural Gas Corporation Limited (ONGC)

• It is India's largest crude oil and natural gas company, accounting for approximately 71% of the country's domestic production.
• IOC, BPCL, HPCL and MRPL are its subsidiaries that utilise crude oil to manufacture petroleum products.
• ONGC’s products include petrol, diesel, kerosene, naphtha and cooking gas LPG.

13) Oil India Limited (OIL)

• OIL specialises in the exploration and production of oil and natural gas.
• It conducts various activities, including seismic and geodetic work, 2D and 3D data acquisition and analysis, and drilling and field development.
• OIL owns and operates a fully automated 1,157-km-long crude oil trunk pipeline from Naharkatia to Barauni.

14) Hindustan Aeronautics Limited (HAL)

• Granted Maharatna status in 2024, it functions in the Government-owned aerospace and defence sector. 
• Based in Bengaluru, HAL manufactures, designs, and maintains aircraft, engines, avionics, helicopters, and other related systems. 
• It plays a vital role in boosting the country’s civil aviation and military capabilities while supporting ISRO in several crucial space missions through its cutting-edge technologies and engineering capabilities. 
• The company runs multiple production divisions and R&D (research and development) centres throughout India. It has built platforms such as the Dhruv helicopters and the LCA Tejas, while supporting more than 60% of the country's defence fleet.

Features of Maharatna Companies in India 

Here are some of the salient features of Maharatna companies that you should know-

• Financial Independence
  

These companies possess greater financial autonomy, enabling swift, efficient decision-making and investment.

• Decision-Making Authority
  

These companies exercise increased authority in strategic decision-making, fostering growth and innovation.

• Expanded Investment Scope
  

With Maharatna status, these companies can embark on larger and more ambitious projects.

• Borrowing Privileges
  

Their status allows them to borrow funds from financial institutions without the need for constant government approval.

• Global Reach
  

These companies are well-established internationally and do business globally, which is profitable for India's economy and makes it more competitive worldwide.

Eligibility Criteria to Qualify as a Maharatna Company

To qualify as a Maharatna company, an enterprise must meet the following criteria:

• It must hold a Navratna status.
• Its stocks must be listed on the Indian Stock Exchange, with the minimum required public shareholding as per SEBI regulations.
• The enterprise should have an average annual turnover exceeding ₹25,000 crore over the last three years.
• Its average net worth over the previous three years must be ₹15,000 crores.
• Over the past 3 years, it must have made a profit after taxes of at least ₹5,000 crores.
• The enterprise must operate internationally and have a notable global presence.

Conclusion

Maharatna companies in India play a crucial role in driving the nation's economic growth and development.  These companies are recognised for their exceptional scale and impact and contribute substantially to sectors such as energy, infrastructure, steel, petroleum, and more.