Central public sector enterprises are crucial to the development of the nation’s economy as they operate in various sectors of strategic importance. The main aim of these companies is to achieve a balance between public welfare and industrial progress. But do you know some companies are granted a special status known as the “Maharatna”?
In this blog, we will discuss the significance of “Maharatna” status, the criteria for earning a Maharatna status, and an overview of the top Maharatna companies.
What is a Maharatna Company?
Central public sector enterprises (CPSEs) are those companies in which the direct holding of the Government of India or other CPSEs is 51% or more. Some CPSEs are of such strategic importance that the government of India started granting them Maharatna status, which gives these companies more autonomy and authority than the other CPSEs. These companies have more freedom to select projects for investment and can invest up to 15% of their net worth in any project without the government’s permission. The meaning of Maharatna is a ‘great jewel,’ and, indeed, these companies are shining jewels among the Indian CPSEs.
A company must satisfy the following criteria to become a Maharatna company:
- The company should have a Navratna status.
- The company should be listed on the Indian stock exchange with minimum prescribed public shareholding under the SEBI regulations.
- An average annual turnover of more than INR 25,000 crores during the last three years.
- An average annual net worth of more than INR 15,000 crores during the last three years.
- An average annual net profit after tax of more than INR 5,000 crores during the last three years.
- The company should have a significant global presence and international operations.
There are 13 Maharatna companies in India, and in this blog, we will discuss the top 7 Maharatna companies based on market capitalization.
Top Maharatna Companies in India Based on Market Capitalization
The top Maharatna stocks in 2025 are:
| S.No. | Maharatna Company |
|---|---|
| 1 | Oil & Natural Gas Corporation Ltd. |
| 2 | NTPC Ltd. |
| 3 | Coal India Ltd. |
| 4 | Power Grid Corporation of India Ltd. |
| 5 | Indian Oil Corporation Ltd. |
| 6 | Power Finance Corporation Ltd. |
| 7 | GAIL (India) Ltd. |
| 8 | Bharat Petroleum Corporation Limited |
| 9 | Hindustan Aeronautics Limited |
| 10 | Bharat Heavy Electricals Limited |
| 11 | Hindustan Petroleum Corporation Limited |
| 12 | Steel Authority of India Limited |
| 13 | Rural Electrification Corporation Limited |
| 14 | Oil India Limited |
| Company | Market Capitalization (in INR Crores) | Current Market Price (in INR) | 52 Week High | 52 Week Low |
|---|---|---|---|---|
| Oil & Natural Gas Corporation Ltd. | 320,746 | 255 | 274 | 205 |
| NTPC Ltd. | 329,298 | 340 | 415 | 293 |
| Coal India Ltd. | 2,42,842 | 394 | 479 | 349 |
| Power Grid Corporation of India Ltd. | 2,34,189 | 252 | 366 | 251 |
| Indian Oil Corporation Ltd. | 1,61,900 | 115 | 186 | 114 |
| Power Finance Corporation Ltd. | 1,20,058 | 364 | 580 | 352 |
| GAIL (India) Ltd. | 1,01,520 | 154 | 246 | 154 |
| Bharat Petroleum Corporation Limited | 1,43,365 | 330 | 358 | 234 |
| Hindustan Aeronautics Limited | 5,91,251 | 2,516 | 2,750 | 2,136 |
| Bharat Heavy Electricals Limited | 82,382 | 236 | 272 | 176 |
| Hindustan Petroleum Corporation Limited | 95,549 | 450 | 465 | 287 |
| Steel Authority Of India Limited | 53,523 | 129 | 140 | 99 |
| Rural Electrification Corporation Limited | 97,402 | 370 | 573 | 348 |
| Oil India Limited | 68,805 | 423 | 536 | 325 |
Read Also: Top Navratna Companies list in India
Overview of the Maharatna Companies
A brief overview of Maharatna companies is given below:
1. Oil & Natural Gas Corporation Ltd.
Oil & Natural Gas Corporation Ltd. (ONGC) was established in 1956 and is the largest government-owned oil and gas explorer. It accounts for 70% of the domestic crude oil production and 84% of the domestic natural gas production. The company operates in 26 sedimentary basins and a network of pipelines that runs 11,000 kilometers. It has a subsidiary named ONGC Videsh, which has projects in 15 countries. In 2010, ONGC was granted the Maharatna status by the Government of India. The company’s headquarters is in New Delhi.
2. Coal India Ltd.
Coal India is the largest government-owned coal producer in the world. Coal India was established in 1975 and is under the Ministry of Coal, The Government of India. The company accounts for 82% of the total domestic coal production. CIL is a major player in the nation’s energy sector. It operates 313 mines and produced 773.65 million tonnes of coal during 2023-24. It has seven wholly owned subsidiaries in India and a foreign subsidiary named Coal India Africana Limitada (CIAL) in Mozambique. The company received the status of a Maharatna company in 2011. The company’s headquarters is in Kolkata.
3. Power Grid Corporation of India Ltd.
Power Grid Corporation of India is under the Ministry of Power, Government of India. The company was established in 1989 and is responsible for the transmission of bulk power across the country. The company was formerly known as the “National Power Transmission Corporation Ltd.” and is responsible for operating and maintaining 90% of the country’s power transmission systems. The company took over assets from NTPC, NHPC, NEEPCO, NLC, and others to start operations in 1993. The company was granted Mini-Ratna status in 1998, Navratna status in 2008, and Maharatna status in 2019. The company’s headquarters is in Gurugram.
4. Indian Oil Corporation Ltd.
The business was established in 1959 as Indian Oil Company Ltd. Indian Oil Corporation Ltd. was established due to a merger between Indian Oil Company Limited and Indian Refineries Limited in 1964. They established refineries in Gujarat, Barauni, Guwahati, etc., to grow their business and refine 31.44% of the total oil refined in India. Indian Oil’s LPG brand, “Indane,” is crucial in supplying LPG cylinders to more than 150 million households. The company has been aware of its carbon footprint and has launched a number of initiatives such as hydrogen Mobility, Electric Mobility, Solar Cooktop, etc. Its main office is located in New Delhi.
5. Power Finance Corporation Ltd.
The Power Finance Corporation Limited was established in 1986 and is under the administrative control of the Ministry of Power. The company gives financial support not only to projects related to power generation but also to transmission and distribution projects. The company is of strategic importance in India’s power infrastructure development. The company has launched the Green Bond Framework to develop financial instruments to finance green projects. In 2021, the company received the Maharatna status. The company’s headquarters is in New Delhi.
6. GAIL (India) Ltd.
Gas Authority of India Limited, or GAIL, was established in 1984 as a central public sector undertaking under the Ministry of Petroleum and Natural Gas. The company’s first project was the construction, operation, and maintenance of the Hazira-Vijaipur-Jagdishpur (HVJ) pipeline. It is primarily involved in the production and distribution of natural gas and operates 13,722 km of natural gas pipeline network. The company also has operations in the production of solar and wind power. The company was awarded the Maharatna status in 2013. Its headquarters is located in New Delhi.
7. Bharat Petroleum Corporation Limited
Under the Ministry of Petroleum and Natural Gas, Bharat Petroleum Corporation Limited (BPCL), a prominent government-owned integrated oil and gas firm, was established on November 3, 1952. BPCL, which has its headquarters in Mumbai, Maharashtra, is involved in upstream exploration and production as well as the refining, marketing, and distribution of petroleum products. With a combined refining capacity of over 35.3 million metric tonnes per annum (MMTPA), the business runs significant refineries in Mumbai, Kochi, and Bina. With more than 23,600 fuel stations spread throughout India, it offers a wide marketing network to cater to both commercial and retail clients. In 2017, the Indian government recognised BPCL’s strategic significance in the country’s energy industry and its good financial performance by awarding it Maharatna status.
8. Oil India Limited
Oil India Limited (OIL) was established in 1959 and is the second-largest national oil and gas company in India after ONGC. It operates under the Ministry of Petroleum and Natural Gas and plays a vital role in exploration, development, and production of crude oil, natural gas, and LPG. The company also undertakes pipeline transportation, renewable energy projects, and consultancy services in India and abroad. OIL operates extensive exploration and production blocks across Assam, Arunachal Pradesh, Rajasthan, and offshore areas, along with international assets in countries like Russia, Mozambique, and the USA. It owns one of Asia’s longest crude oil pipelines, stretching from Assam to Barauni. Headquartered in Duliajan, Assam, the company was granted Maharatna status in August 2023 by the Government of India, recognizing its outstanding performance and strategic importance in the nation’s energy security.
9. Hindustan Aeronautics Limited
HAL, incorporated on 23 December 1940, is a leading aerospace and defense company under the Ministry of Defence, Government of India. Based in Bengaluru, Karnataka, HAL designs, develops, manufactures, repairs, overhauls, and upgrades aircraft, helicopters, aero-engines, avionics, and related systems. The company is important to India’s defense manufacturing sector and has received Maharatna status, which gives it more financial and operational freedom. HAL has several production divisions and R&D centers across India, supporting homegrown defense programs like the Tejas Light Combat Aircraft, Dhruv helicopter, and Light Combat Helicopter (LCH).
10. Bharat Heavy Electricals Limited
After independence in 1947, India under Prime Minister Jawaharlal Nehru focused on creating a strong industrial base and power infrastructure. To achieve this, Heavy Electricals (India) Limited (HE(I)L) was established in 1956 at Bhopal in collaboration with AEI, UK — marking the birth of India’s heavy electrical equipment industry. Headquartered in Bhopal, the company produced turbines, generators, transformers, and switchgear, supporting major power and industrial projects across the nation and laying the foundation for future plants and growth. Bharat Heavy Electricals Limited (BHEL) was granted Maharatna status by the Government of India in February 2013, recognizing its exceptional performance.
11. Hindustan Petroleum Corporation Limited
HPCL was established in 1974 and is one of India’s leading government-owned oil refining and marketing companies. It operates under the Ministry of Petroleum and Natural Gas and owns two major refineries – in Mumbai and Visakhapatnam – with a combined capacity of over 17 million metric tonnes per annum. HPCL markets a wide range of petroleum products through an extensive retail network across the country. Headquartered in Mumbai, the company was granted Maharatna status in October 2019 by the Government of India.
12. Steel Authority Of India Limited
Steel Authority of India Limited (SAIL) was established in 1973 and is one of India’s largest state-owned steel-making companies. It operates under the Ministry of Steel and manages five integrated steel plants located at Bhilai, Rourkela, Durgapur, Bokaro, and Burnpur, along with three special steel plants. SAIL produces a wide range of steel products used in construction, railways, defense, and infrastructure. Headquartered in New Delhi, the company was granted Maharatna status by the Government of India in May 2010 for its outstanding contribution to the nation’s industrial growth.
13. Rural Electrification Corporation Limited
REC Limited (formerly Rural Electrification Corporation Limited) was established in 1969 and is a leading public sector enterprise under the Ministry of Power, Government of India. The company plays a crucial role in financing and promoting power sector projects across generation, transmission, distribution, and renewable energy. REC provides financial assistance to state electricity boards, power utilities, and private developers. Headquartered in Gurugram, Haryana, REC supports India’s goal of universal electricity access. It was granted Maharatna status by the Government of India in September 2022, recognizing its strong performance and strategic importance.
Performance of the Maharatna Companies
| Company | 1-Year Returns | 3-Year Returns | 5-Year Returns |
|---|---|---|---|
| Oil & Natural Gas Corporation Ltd. | -5.25% | 91.99% | 269.51% |
| NTPC Ltd. | -17.55% | 103.41% | 293.74% |
| Coal India Ltd. | -17.43% | 63.85% | 234.79% |
| Power Grid Corporation of India Ltd. | -9.60% | 75.76% | 201.43% |
| Indian Oil Corporation Ltd. | -1.89% | 120.97% | 188.23% |
| Power Finance Corporation Ltd. | -13.13% | 363.06% | 446.67% |
| GAIL (India) Ltd. | -14.40% | 109.39% | 211.03% |
| Bharat Petroleum Corporation Limited | 2.80% | 119.74% | 87.99% |
| Hindustan Aeronautics Limited | 14.70% | 298.70% | 1241.08% |
| Bharat Heavy Electricals Limited | 8.76% | 223.51% | 695.41% |
| Hindustan Petroleum Corporation Limited | 21.16% | 222.79% | 291.70% |
| Steel Authority Of India Limited | 16.57% | 57.42% | 281.09% |
| Rural Electrification Corporation Limited | -27.33% | 282.54% | 381.60% |
| Oil India Limited | -13.11% | 237.82% | 617.54% |
Key Performance Indicators
| Company | Net Profit Margin (in %) | ROCE (in %) | Debt to Equity Ratio | P/E Ratio | P/B Ratio |
|---|---|---|---|---|---|
| Oil & Natural Gas Corporation Ltd. | 6.09 | 11.15 | 0.45 | 8.55 | 0.90 |
| NTPC Ltd. | 11.55 | 9.40 | 1.34 | 17.58 | 1.88 |
| Coal India Ltd. | 24.30 | 24.24 | 0.09 | 6.94 | 2.48 |
| Power Grid Corporation of India Ltd. | 34.13 | 12.32 | 1.41 | 17.40 | 2.96 |
| Indian Oil Corporation Ltd. | 1.58 | 8.22 | 0.76 | 12.94 | 0.94 |
| Power Finance Corporation Ltd. | 28.65 | 65.86 | 8.25 | 5.95 | 1.16 |
| GAIL (India) Ltd. | 7.72 | 11.52 | 0.19 | 9.67 | 1.41 |
| Bharat Petroleum Corporation Limited | 2.72 | 16.30 | 0.63 | 8.92 | 1.46 |
| Hindustan Aeronautics Limited | 26.86 | 17.41 | 0.00 | 33.40 | 7.98 |
| Bharat Heavy Electricals Limited | 21.83 | 11.83 | 0.60 | 9.60 | 1.26 |
| Hindustan Petroleum Corporation Limited | 1.57 | 12.67 | 1.30 | 11.38 | 1.50 |
| Steel Authority Of India Limited | 1.83 | 6.50 | 0.51 | 20.07 | 0.81 |
| Rural Electrification Corporation Limited | 28.18 | 68.85 | 6.38 | 7.13 | 1.45 |
| Oil India Limited | 21.83 | 11.83 | 0.60 | 9.60 | 1.26 |
Read Also: Miniratna Companies in India
Conclusion
Maharatna companies in India are vital to economic growth and provide employment to a huge workforce. These companies operate in various sectors ranging from energy, infrastructure, finance, etc. These companies have earned the Maharatna status by meeting all the criteria related to consistent profitability, annual turnover, annual net worth, etc. Meeting these parameters makes these companies a good investment opportunity for an investor. However, it is advised to consult a financial advisor before investing.
Frequently Asked Questions (FAQs)
How many Maharatna companies are there in India?
There are a total of 13 Maharatna companies in India. The list includes ONGC, NTPC, Coal India Ltd., Power Grid Corporation of India Ltd., IOCL, etc.
What are the benefits of being a Maharatna company?
A Maharatna company has more autonomy and authority in selecting projects for investment and can invest up to 15% of its net worth without the government’s approval.
Should a company be listed on the stock exchange to become a Maharatna company?
Yes, a company must be listed on the Indian stock exchange and must have a minimum prescribed public shareholding under the SEBI regulations.
Which company was the first to earn a Maharatna status?
Oil and Natural Gas Corporation Ltd. (ONGC) was the first company to get a Maharatna status on 24 December 2010.
What is a central public sector enterprise (CPSE)?
Central public sector enterprises (CPSEs) are those companies in which the direct holding of the Government of India or other CPSEs is 51% or more.
