Navratna Companies are a group of government-owned enterprises whose legacy of excellence and contribution to the Indian economy is widely recognized and appreciated. These companies play a crucial role in driving India’s economic growth and development across various sectors.
In today’s blog, we will explore the key features of Navratna companies, how they have evolved, and their past financial track record.
What is a Navratna company?
Navratna Companies are a special group of public sector undertakings (PSUs) in India. These PSUs are the top performers, enjoying enhanced financial autonomy and operational flexibility granted by the government. The term ‘Navratna’ means nine gems in Sanskrit.
Key Characteristics of Navratna Companies
- They can invest up to INR 1,000 crores without government approval.
- They have more freedom to make decisions and can compete better in the market.
- The Navratna status brings increased recognition and credibility.
Additionally, these companies play an important role in the Indian economy and are widely regarded as industry leaders.
Eligibility Criteria for Becoming a Navratna Company
A company must satisfy the following criteria to become a Maharatna company:
- Miniratna Category 1 Status – For a PSU to qualify for ‘Navratna status’, it must have held ‘Miniratna’ Category 1 status for at least three years.
- Profits – The company must have consistently generated profits over the past three years.
- Net Worth – To ensure financial stability, the company needs to maintain a positive net worth consistently over the past three years.
- Corporate Governance – The PSU must have a track record of exemplary performance and demonstrate sound corporate governance practices.
- Global Presence – the company must establish a substantial global presence and engage in international operations.
Furthermore, Miniratna Category 1 and Schedule ‘A’ CPSEs, which have achieved an ‘excellent’ or ‘very good’ rating under the Memorandum of Understanding system in at least three out of the past five years and have a composite score of 60 or higher in the six specifically chose parameters viz.,
- Net profit to net worth,
- Manpower cost to total cost of production/services,
- Profit before depreciation, interest, and taxes to capital employed,
- Profit before interest and taxes to turnover,
- Earnings per share
- Inter-sectoral performance
All Navratna Companies List Based on Market Capitalization
The top Navratna stocks in 2025 are:
| S.No. | Navratna Stocks |
|---|---|
| 1 | Bharat Electronics Ltd. |
| 2 | Rail Vikas Nigam Ltd. |
| 3 | Mazagon Dock Shipbuilders Ltd. |
| 4 | Indian Renewable Energy Development Agency Ltd. |
| 5 | NMDC Ltd. |
| 6 | Container Corporation of India Ltd. |
| 7 | Engineers India Ltd. |
| 8 | Mahanagar Telephone Nigam Ltd. |
| 9 | National Aluminium Company Ltd. |
| 10 | National Buildings Construction Corporation Ltd. |
| 11 | Neyveli Lignite Corporation Ltd. |
| 12 | Rashtriya Ispat Nigam Ltd. |
| 13 | Shipping Corporation of India Ltd. |
| 14 | Indian Railway Catering & Tourism Corporation Ltd. |
| 15 | Rashtriya Chemicals & Fertilisers Ltd. |
| 16 | IRCON International Ltd. |
| 17 | RITES Ltd. |
| 18 | National Fertilisers Ltd. |
| 19 | ONGC Videsh Ltd. |
| 20 | Housing & Urban Development Corporation Ltd. |
| 21 | RailTel Corporation of India Ltd. |
| 22 | Indian Railway Finance Corporation Ltd. |
| 23 | NHPC Ltd |
| 24 | SJVN Ltd |
| 25 | Bharat Sanchar Nigam Ltd. |
| Company | Market Capitalization (in INR crores) | Current Market Price (in INR) | 52-Week High (in INR) | 52-Week Low (in INR) |
|---|---|---|---|---|
| Bharat Electronics Ltd. | 3,07,815 | 421 | 436 | 240 |
| Rail Vikas Nigam Ltd. | 68,586 | 329 | 501.8 | 301.6 |
| Mazagon Dock Shipbuilders Ltd. | 1,10,473 | 2,742 | 3,775 | 1,918 |
| Indian Renewable Energy Development Agency Ltd. | 43,149 | 153 | 234 | 137 |
| NMDC Ltd. | 66,976 | 76 | 82.8 | 59.5 |
| Container Corporation of India Ltd | 41,831 | 549 | 694.40 | 481 |
| Engineers India Ltd | 11,307 | 201 | 255.45 | 142.20 |
| Mahanagar Telephone Nigam Ltd. | 2,762 | 44 | 61.8 | 37.4 |
| National Aluminium Company Ltd. | 43,897 | 239 | 263 | 137.7 |
| National Buildings Construction Corporation Ltd. | 31,822 | 118 | 130.7 | 70.8 |
| Neyveli Lignite Corporation Ltd. | 36,121 | 260.5 | 292.2 | 186 |
| Indian Railway Catering and Tourism Corporation | 57,972 | 724.2 | 863.3 | 656 |
| Shipping Corporation of India Ltd. | 12,074 | 259.2 | 280.5 | 138.26 |
| ONGC Ltd. | 3,23,313 | 257 | 274.35 | 205 |
| Rashtriya Chemicals & Fertilisers Ltd. | 8,393 | 152.2 | 188.9 | 110.8 |
| IRCON International Ltd. | 15,970 | 170 | 237.7 | 134.2 |
| RITES Ltd. | 11,915 | 248 | 316 | 192.4 |
| National Fertilisers Ltd. | 4,653 | 94.80 | 129.7 | 71 |
| Housing & Urban Development Corporation Ltd. | 47,703 | 238.2 | 262.7 | 158.8 |
| RailTel Corporation of India Ltd. | 11,882 | 370 | 279 | 265.5 |
| Indian Railway Finance Corporation Ltd. | 1,61,213 | 123 | 166.9 | 108 |
| NHPC Ltd | 85,744 | 85.36 | 92.34 | 71 |
| SJVN Ltd | 34,566 | 88 | 124.5 | 80.5 |
Read Also: List Of Best Logistics Stocks in India
Overview of the Navratna Companies
A brief overview of Navratna companies is given below:
1. Hindustan Aeronautics Ltd.
Hindustan Aeronautics Ltd. (HAL) is India’s biggest aerospace company and plays a major role in the country’s defense industry. Founded in 1940, HAL has a rich history of designing, manufacturing, and maintaining aircraft, helicopters, etc. In the 1970s and 1980s, India made significant strides in developing indigenous aircraft, such as the HF-24 Marut and the HAL Cheetah Helicopter. HAL is a versatile aerospace company involved in a wide range of activities, which includes the design, development, and production of fighter jets, trainers, and transport aircraft, the production of military and civilian helicopters, and overhauling and repairing aircraft for both domestic and international customers.
2. Bharat Electronics Ltd.
Established in 1954, the company manufactures a wide range of advanced electronic products for Indian defense forces. This forms the major part of their revenue. It plays an important role in India’s defense sector by providing several crucial electronic equipments to the Indian Armed Forces. Bharat Electronics Ltd. (BEL) is a Navratna Public Sector Undertaking (PSU) under India’s Ministry of Defence. Products include communication equipment, electronic warfare systems, avionics, and night vision devices. The company also ventured into the civilian market and is trying to capture new growth opportunities. Their non-defense products include homeland security solutions, telecom & broadcast systems, medical electronics, etc.
3. Rail Vikas Nigam Ltd.
Rail Vikas Nigam Ltd. (RVNL) is a public sector undertaking under the Ministry of Railways, Government of India. It was established in 2003 with the main goal of quickly carrying out railway infrastructure projects. It is involved in the development and implementation of railway infrastructure projects in India. RVNL plays an important role in enhancing the efficiency and capacity of the Indian railway network. The company is responsible for the planning, designing, constructing, and maintaining various railway infra projects, which include new railway lines, doubling of existing lines, gauge conversion, electrification of railway lines, railway bridges, and tunnels. It offers complete project management services to ensure projects are completed on time and meet quality standards. RVNL actively participates in PPP projects with private companies to finance and execute railway infra projects.
4. Mazagon Dock Shipbuilders Ltd.
Mazagon Dock Shipbuilders Ltd. is a leading shipbuilding and repair yard in India. Established in 1849, the company has a rich history of constructing and repairing naval vessels, commercial ships, and offshore structures. In 1849, it was established as the Bombay Dockyard. During the 1990s and 2000s, the company started building commercial ships such as tankers, bulk carriers, and offshore platforms. The 2010s were marked by a sustained dedication to both naval and commercial shipbuilding, placing a strong emphasis on advanced technologies and high-quality standards. The company is an advanced shipbuilding facility for naval shipbuilding, commercial shipbuilding, ship repair, etc.
5. Indian Renewable Energy Development Agency Ltd.
Indian Renewable Energy Development Agency Ltd. (IREDA) is a financial institution that operates under the Ministry of New and Renewable Energy, which is part of the Government of India. Created in 1987, IREDA aims to support and fund renewable energy projects in India. It provides financial assistance to various renewable energy projects, including solar power, wind power, biomass power, small hydropower, and geothermal power. It plays an important role in promoting sustainable energy development in India. IREDA supports policies that encourage the development of renewable energy in India.
6. National Mineral Development Corporation Ltd.
National Mineral Development Corporation Ltd. (NMDC) is the biggest iron ore producer in India, playing a significant role in the country’s steel industry. It was founded in 1958 as the National Mineral Development Corporation and has played a leading role in India’s mining industry. The company is the primary supplier of iron ore to India’s steel industry, ensuring a steady supply of raw materials. It has played an important role in developing infrastructure in mining regions, including roads, railways, and power plants. NMDC operates numerous iron ore mines in India, such as Bailadila in Chhattisgarh, Donimalai in Karnataka, and Kumaram Bheem in Telangana. It is also looking for new mining opportunities and expanding its operations.
6. Container Corporation of India Ltd
Container Corporation of India Ltd. (CONCOR), founded in 1988 under the Ministry of Railways, is India’s largest container logistics and supply chain company. It provides end-to-end multimodal transport services combining rail, road, and port logistics. CONCOR plays a vital role in facilitating EXIM trade and strengthening India’s freight infrastructure network.
7. Engineers India Ltd. (EIL)
Engineers India Ltd. (EIL), incorporated in 1965, is a premier public sector engineering consultancy and EPC firm under the Ministry of Petroleum and Natural Gas. It provides design, project management, and turnkey solutions for refineries, petrochemicals, pipelines, and infrastructure. EIL has delivered landmark industrial and energy projects across India and abroad.
8. Mahanagar Telephone Nigam Ltd. (MTNL)
Mahanagar Telephone Nigam Ltd. (MTNL), established in 1986, provides telecom services in Delhi and Mumbai. Once a dominant player in India’s telecom market, MTNL now focuses on broadband, mobile, and enterprise connectivity. The company is working closely with BSNL toward network modernization and integration to enhance nationwide telecom infrastructure.
9. National Aluminium Company Ltd. (NALCO)
National Aluminium Company Ltd. (NALCO), founded in 1981, is one of Asia’s largest integrated aluminium producers, operating across mining, refining, smelting, and power generation. Headquartered in Bhubaneswar, NALCO exports aluminium and alumina to global markets. The company focuses on energy efficiency, sustainable mining, and expansion into renewable energy projects.
10. National Buildings Construction Corporation Ltd. (NBCC)
National Buildings Construction Corporation Ltd. (NBCC), incorporated in 1960, is a Navratna PSU under the Ministry of Housing and Urban Affairs. It provides project management consultancy, real estate development, and EPC contracting. NBCC has executed key government projects, including redevelopment of Delhi’s Central Vista and other major urban infrastructure works.
11. Neyveli Lignite Corporation Ltd. (NLC India Ltd.)
NLC India Ltd., established in 1956 under the Ministry of Coal, is a leading lignite mining and power generation company. Operating in Tamil Nadu and other states, it produces thermal and renewable energy. NLC is expanding into solar and wind energy projects, reinforcing India’s push toward cleaner power generation.
12. Rashtriya Ispat Nigam Ltd. (RINL)
Rashtriya Ispat Nigam Ltd. (RINL), known as Vizag Steel, was incorporated in 1982 and operates the Visakhapatnam Steel Plant. It specializes in long steel products for construction and infrastructure industries. As one of India’s leading steel producers, RINL contributes to national development through efficient operations, exports, and modernization initiatives.
13. Shipping Corporation of India Ltd. (SCI)
Shipping Corporation of India Ltd. (SCI), founded in 1961, is India’s largest shipping company offering maritime transport for crude oil, coal, fertilizers, and bulk cargo. It operates tankers, bulk carriers, passenger ships, and offshore vessels. SCI plays a crucial role in facilitating India’s seaborne trade and energy logistics network.
14. Indian Railway Catering & Tourism Corporation Ltd. (IRCTC)
Indian Railway Catering & Tourism Corporation Ltd. (IRCTC), established in 1999, manages online railway ticketing, catering, and tourism for Indian Railways. It operates India’s largest e-ticketing platform, serves millions daily, and manages premium trains like the Maharajas’ Express. IRCTC is expanding into hospitality, packaged drinking water, and tourism services.
15. Rashtriya Chemicals & Fertilisers Ltd. (RCF)
Rashtriya Chemicals & Fertilisers Ltd. (RCF), formed in 1978, is a leading producer of fertilizers and industrial chemicals. It manufactures urea, complex fertilizers, and chemicals like methanol and ammonium nitrate. RCF supports Indian agriculture with efficient fertilizer supply chains and sustainability-focused initiatives aimed at improving soil health and productivity.
16. IRCON International Ltd.
IRCON International Ltd., incorporated in 1976, is a public sector construction company under the Ministry of Railways. It executes railway, highway, and bridge infrastructure projects across India and internationally. Known for technical excellence and timely delivery, IRCON has built major infrastructure in difficult terrains and several foreign countries.
17. RITES Ltd.
RITES Ltd., founded in 1974, is a leading transport infrastructure consultancy and engineering company under the Ministry of Railways. It offers project management, turnkey solutions, and export of rolling stock. RITES operates in over 55 countries and is a key contributor to India’s railway modernization and international infrastructure presence.
18. National Fertilisers Ltd. (NFL)
National Fertilisers Ltd. (NFL), incorporated in 1974, is India’s second-largest urea producer and a major supplier of nitrogenous fertilizers. It operates five gas-based plants and provides agrochemicals, seeds, and soil health solutions. NFL plays a key role in supporting Indian agriculture through efficient production and farmer engagement programs.
19. ONGC Videsh Ltd. (OVL)
ONGC Videsh Ltd. (OVL) is the international arm of ONGC, engaged in oil and gas exploration and production overseas. Operating in over 30 countries, OVL contributes to India’s energy security by acquiring hydrocarbon assets abroad. Its global portfolio spans Asia, Africa, and Latin America across multiple upstream projects.
20. Housing & Urban Development Corporation Ltd. (HUDCO)
Housing & Urban Development Corporation Ltd. (HUDCO), founded in 1970, provides long-term finance for housing and infrastructure projects. It supports affordable housing, water supply, roads, and sanitation initiatives. HUDCO plays a critical role in India’s urban development mission and promotes inclusive growth through sustainable financing solutions.
21. RailTel Corporation of India Ltd.
RailTel Corporation of India Ltd., established in 2000, is a telecom infrastructure provider under Indian Railways. It manages an extensive nationwide optic fiber network and offers broadband, data center, and cloud services. RailTel also supports the government’s Digital India mission by enabling connectivity in rural and remote areas.
22. Indian Railway Finance Corporation Ltd. (IRFC)
Indian Railway Finance Corporation Ltd. (IRFC), founded in 1986, is the dedicated financial arm of Indian Railways. It mobilizes funds from domestic and international markets to support railway expansion, electrification, and modernization projects. IRFC plays a pivotal role in funding India’s growing transportation and logistics infrastructure.
23. NHPC Ltd.
NHPC Ltd., formerly National Hydroelectric Power Corporation, was established in 1975. It is India’s leading hydropower company engaged in the design, construction, and operation of hydroelectric projects. NHPC is expanding into solar and wind power, supporting India’s renewable energy goals and sustainable development agenda.
24. SJVN Ltd.
SJVN Ltd., earlier Satluj Jal Vidyut Nigam Ltd., was incorporated in 1988 as a joint venture between the Government of India and Himachal Pradesh. It operates in hydro, solar, and wind energy sectors. SJVN’s flagship project, the Nathpa Jhakri Power Station, is India’s largest hydroelectric plant.
25. Bharat Sanchar Nigam Ltd. (BSNL)
Bharat Sanchar Nigam Ltd. (BSNL), founded in 2000, is India’s largest government-owned telecom company. It provides mobile, broadband, and enterprise communication services across urban and rural India. BSNL plays a crucial role in digital connectivity and is expanding its 4G and 5G infrastructure under the government’s telecom revival plan.
Performance of the Navratna Companies
| Company | 1-Year Returns | 3-Year Returns | 5-Year Returns |
|---|---|---|---|
| Bharat Electronics Ltd. | 46.79% | 282.84% | 1,307.69% |
| Rail Vikas Nigam Ltd. | -26.84% | 608.90% | 1,703.59% |
| Mazagon Dock Shipbuilders Ltd. | 34.03% | 591.09% | 3,154.52% |
| Indian Renewable Energy Development Agency Ltd. | -26.13% | – | – |
| NMDC Ltd. | -1.56% | 99.62% | 161.23% |
| Container Corporation of India Ltd | -19.07% | -14.78% | 70.47% |
| Engineers India Ltd | 2.57% | 172.37% | 208.40% |
| Mahanagar Telephone Nigam Ltd. | -12.15% | 97.65% | 360.77% |
| National Aluminium Company Ltd. | 0.51% | 216.29% | 664.42% |
| National Buildings Construction Corporation Ltd. | 16.86% | 405.75% | 663.53% |
| Neyveli Lignite Corporation Ltd. | 2.99% | 235.68% | 440.21% |
| Shipping Corporation of India Ltd. | 17.83% | 80.79% | 403.10% |
| Indian Railway Catering & Tourism Corporation Ltd. | -12.01% | -5.31% | 176.11% |
| Rashtriya Chemicals & Fertilisers Ltd. | -3.69% | 49.91% | 251.98% |
| IRCON International Ltd. | -19.97% | 246.06% | 346.24% |
| RITES Ltd. | -19.97% | 246.06% | 346.24% |
| National Fertilisers Ltd. | -12.95% | 84.94% | 201.08% |
| Housing & Urban Development Corporation Ltd. | 5.77% | 485.86% | 656.10% |
| RailTel Corporation of India Ltd. | -10.17% | 194.18% | – |
| Indian Railway Finance Corporation Ltd. | -20.20% | 415.95% | 390.92% |
| NHPC Ltd | 0.84% | 91.78% | 315.84% |
| SJVN Ltd | -21.57% | 142.05% | 295.38% |
Key Performance Indicators
| Company | ROE (in %) | ROCE (in %) | Debt-to-Equity | P/E (x) | P/B (x) |
|---|---|---|---|---|---|
| Bharat Electronics Ltd. | 24.4 | 30.13 | 0 | 51.67 | 13.42 |
| Rail Vikas Nigam Ltd. | 18 | 16.74 | 0.68 | 82.8 | 13.78 |
| Mazagon Dock Shipbuilders Ltd. | 31.02 | 35.65 | 0 | 39.22 | 15.68 |
| Indian Renewable Energy Development Agency Ltd. | 14.62 | 42.69 | 5.80 | 50.93 | 7.98 |
| NMDC Ltd. | 21.71 | 30.49 | 0.13 | 11.26 | 2.59 |
| Container Corporation of India Ltd | 10.40 | 13.49 | 0 | 26.1 | 3.4 |
| Engineers India Ltd | 21.7 | 23.4 | 0 | 15.5 | 3.3 |
| Mahanagar Telephone Nigam Ltd. | 0 | 14.88 | -1.20 | -0.8 | -0.10 |
| National Aluminium Company Ltd. | -21.5 | -15.6 | 0.93 | -22 | 4.79 |
| National Buildings Construction Corporation Ltd. | 21.82 | 29.96 | 0 | 40.95 | 8.92 |
| Neyveli Lignite Corporation Ltd. | 14.00 | 9.92 | 1.20 | 12.5 | 1.81 |
| Shipping Corporation of India Ltd. | 10.14 | 10 | 0.23 | 9.13 | 0.93 |
| Indian Railway Catering & Tourism Corporation Ltd. | 35.88 | 43.18 | 0 | 44.28 | 15.88 |
| Rashtriya Chemicals & Fertilisers Ltd. | 5.10 | 9.21 | 0.58 | 28.59 | 1.46 |
| IRCON International Ltd. | 11.49 | 8.93 | 0.67 | 20.24 | 2.32 |
| RITES Ltd. | 14.57 | 19.06 | 0 | 27.89 | 4.07 |
| National Fertilisers Ltd. | 6.77 | 7.49 | 0.73 | 21.43 | 1.45 |
| Housing & Urban Development Corporation Ltd. | 15.07 | 52.29 | 5.97 | 14.74 | 2.22 |
| RailTel Corporation of India Ltd. | 14.99 | 19.20 | 0 | 32.39 | 4.86 |
| Indian Railway Finance Corporation Ltd. | 12.34 | 49.98 | 7.83 | 24.98 | 3.09 |
| NHPC Ltd | 7.57 | 6.21 | 0.99 | 30.22 | 2.08 |
| SJVN Ltd | 5.78 | 4.45 | 1.90 | 44.03 | 2.54 |
Read Also: List of Maharatna Companies in India
Conclusion
To summarize, Navratna companies are a valuable asset to India’s economy. These companies generate revenue and create job opportunities, making them instrumental in driving India’s growth. Their performance and contributions have made them leading players in their respective sectors. These companies have exhibited a remarkable track record of innovation and resilience, which will serve as a strong foundation for their future endeavors. With their extensive resources, talented workforce, and commitment to excellence, the Navratna companies are well-positioned to drive their growth and contribute to the overall development of the nation.
Frequently Asked Questions (FAQs)
Can any PSU become a Navratna company?
Only PSUs that meet the defined eligibility criteria can be considered for Navratna status.
What is the role of Navratna companies in the Indian economy?
Navratna companies are important for the Indian economy, contributing to its growth and development in various sectors.
Are Navratna companies profitable?
Navratna companies in India are profitable and make a significant contribution to the government’s revenue.
Can a Navratna company become a Maharatna?
A Navratna company can become a Maharatna company by fulfilling the more stringent criteria set for Maharatna companies.
Can a private company become a Navratna company?
No, only PSUs are eligible to become Navratna companies.
