List of Maharatna Companies in India

• Maharatna companies enjoy the highest level of financial and operational autonomy among Indian PSUs.

• These enterprises can invest up to 15% of their net worth without central government approval.

• India currently has 14 Maharatna companies operating across energy, defence, steel, and infrastructure.

• Maharatna status is awarded only to globally active, financially strong Navratna companies.

Maharatna companies are among the most powerful public sector enterprises in India, recognised for their scale, performance, and strategic importance. These organisations represent the top tier of Maharatna company status and contribute significantly to India’s economic growth and infrastructure development.

The Maharatna companies in India enjoy enhanced financial and operational autonomy from the government, allowing faster decision-making and global expansion. This flexibility helps them compete with international players while driving innovation, employment, and long-term nation-building.

A Maharatna company is a top-tier public sector undertaking (PSU) that has been granted maximum financial and operational autonomy by the Government of India.

The term Maharatna, meaning “great jewel”, reflects the immense economic and strategic value these companies bring to the country. They are financially strong, globally active, and vital to India’s long-term growth.

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

Below is the updated Maharatna company list along with their year of establishment.

1. Bharat Heavy Electricals Limited (BHEL)

BHEL is a leading global power equipment manufacturer supporting India’s self-reliance goals. It operates across power, defence, aerospace, oil and gas, and emerging technologies.

2. Bharat Petroleum Corporation Limited (BPCL)

BPCL is engaged in refining and marketing petroleum products and offers major fuel brands such as Speed, Mak, and Bharat Gas.

3. GAIL India Limited (GAIL)

GAIL operates gas pipelines, petrochemical plants, and city gas networks, with growing investments in renewable energy and overseas projects.

4. Coal India Limited (CIL)

CIL is the world’s largest coal producer, supplying coal to power, steel, cement, and fertiliser industries through multiple subsidiaries.

5. Hindustan Petroleum Corporation Limited (HPCL)

HPCL refines crude oil and markets petroleum products through a vast network of pipelines, terminals, and retail outlets.

6. Steel Authority of India Limited (SAIL)

SAIL manufactures a wide range of steel products used across construction, railways, and industrial sectors.

7. National Thermal Power Corporation (NTPC)

NTPC generates electricity from coal, gas, and renewable sources and provides consultancy and power-sector services.

8. Rural Electrification Corporation Limited (REC)

REC offers long- and short-term financing solutions for power infrastructure and rural electrification projects.

9. Power Finance Corporation (PFC)

PFC provides fund-based and non-fund-based financial assistance to power sector companies across India.

10. Power Grid Corporation of India Limited

Power Grid manages India’s electricity transmission network and delivers smart grid and telecom solutions.

11. Indian Oil Corporation Limited (IOCL)

IOCL is an integrated oil and gas company involved in refining, pipeline transport, and fuel marketing.

12. Oil & Natural Gas Corporation Limited (ONGC)

ONGC is India’s largest crude oil and natural gas producer, contributing over 70% of domestic production.

13. Oil India Limited (OIL)

OIL focuses on oil and gas exploration and operates a fully automated crude oil pipeline network.

14. Hindustan Aeronautics Limited (HAL)

HAL designs and manufactures aircraft, helicopters, and avionics, supporting India’s defence and space missions.

Also Read: Public Sector Undertakings in India - A Complete Overview

Maharatna companies enjoy special privileges that distinguish them from other PSUs.

1. Financial Independence

They can make large investment decisions without frequent government approvals.

2. Decision-Making Authority

They have greater freedom in strategic planning and execution.

3. Expanded Investment Scope

Maharatna companies can undertake high-value and large-scale projects.

4. Borrowing Privileges

They can raise funds independently from financial institutions.

5. Global Reach

These companies operate internationally, strengthening India’s global economic presence.

To receive Maharatna status, a company must meet strict benchmarks.

1. Navratna Status

The company must already be a Navratna PSU.

2. Stock Market Listing

It must be listed on Indian stock exchanges with SEBI-mandated public shareholding.

3. Turnover Requirement

Average annual turnover must exceed ₹25,000 crore over three years.

4. Net Worth Requirement

Average net worth should be at least ₹15,000 crore.

5. Profitability

Profit after tax must be ₹5,000 crore or more over the last three years.

6. Global Operations

The company must have a strong international footprint.