logo-lakshmshree
Posted on  July 23, 2025 under  by Ayush Maurya

Maharatna Company List in India 2025: CPSE Company

India’s public sector is home to some of the country’s most powerful companies—known as Maharatna companies. These are government-owned giants that lead in vital sectors like oil, power, steel, and infrastructure. As of 2025, India has 14 Maharatna companies. These firms enjoy special Maharatna status because of their strong financial performance, global presence, and strategic importance to the economy. With greater decision-making powers, they play a big role in shaping India’s growth story.

In this blog, we’ll explore what makes a company Maharatna, the updated Maharatna company list 2025, their key features, and why their stocks are gaining attention among Indian investors.

List of Maharatna Companies in India 2025

India's Maharatna company list for 2025 includes some of the biggest names in public sector enterprises. These companies have achieved outstanding financial performance and contributed significantly to India's economic growth. Below is a complete list of Maharatna companies and their establishment years.

Company NameEstablishment Year
1. Bharat Heavy Electricals Limited (BHEL)1964
2. Bharat Petroleum Corporation Limited (BPCL)1952
3. Coal India Limited (CIL)1975
4. GAIL India Limited1984
5. Hindustan Petroleum Corporation Limited (HPCL)1974
6. Indian Oil Corporation Limited (IOCL)1959
7. National Thermal Power Corporation (NTPC)1975
8. Oil & Natural Gas Corporation Limited (ONGC)1956
9. Power Finance Corporation (PFC)1986
10. Power Grid Corporation of India Limited1989
11. Steel Authority of India Limited (SAIL)1954
12. Rural Electrification Corporation Limited (REC)1969
13. Oil India Limited (OIL)1959
14. Hindustan Aeronautics Limited (HAL)1940

This list of Maharatna companies in India highlights the diversity and strength of the Indian public sector. These companies continue to lead in their respective fields and are pivotal in India's industrial and economic development.

Maharatna Company List

Overview of Maharatna Companies in India 2025

Below is an in-depth overview of each company from the Maharatna company list for 2025, focusing on their products, services, and key financial metrics like Market Capitalisation, Current Market Price (CMP), and Price-to-Earnings (PE) Ratio.

1. Bharat Heavy Electricals Limited (BHEL)

Bharat Heavy Electricals Limited (BHEL) is the first Maharatna company, India’s leading power equipment manufacturer, including turbines, boilers, and transformers. BHEL provides key components for thermal, hydro, and nuclear power plants. It also has a growing presence in renewable energy projects like solar and wind.

  • Sector: Manufacturing (Power Equipment)
  • Market Cap: ₹88,967 Cr
  • CMP: ₹255.50
  • PE Ratio: 166.30
1Y Return (%)3Y Return (%)5Y Return (%)
-13.99469.68830.78
Data as of 18/6/2025

2. Bharat Petroleum Corporation Limited (BPCL)

Bharat Petroleum Corporation Limited (BPCL) is a leading oil and gas industry player. It refines crude oil and markets petroleum products like LPG, petrol, and diesel. BPCL also operates upstream oil exploration and downstream fuel retailing, with thousands of petrol stations across India.

  • Sector: Energy (Oil & Gas Refining & Marketing)
  • Market Cap: ₹1,38,073 Cr
  • CMP: ₹318.25
  • PE Ratio: 10.10
1Y Return (%)3Y Return (%)5Y Return (%)
0.89111.4674.57
Data as of 18/6/2025

3. Coal India Limited (COALINDIA)

Coal India Limited (CIL) is the biggest coal mining company in the world and a core Maharatna company in India. It meets over 80% of India's coal needs, supporting power, steel, and cement industries and ensuring national energy security.

  • Sector: Mining (Coal)
  • Market Cap: ₹2,42,195 Cr
  • CMP: ₹393
  • PE Ratio: 6.90
1Y Return (%)3Y Return (%)5Y Return (%)
-17.77115.17203.59
Data as of 18/6/2025

4. GAIL India Limited (GAIL)

GAIL India Limited is India’s largest state-owned natural gas processing and distribution company. It handles natural gas transmission through its pipelines and is involved in gas trading, petrochemicals, and LPG production. GAIL is expanding its operations into renewable energy and plans to increase its LNG imports.

  • Sector: Energy (Natural Gas)
  • Market Cap: ₹1,24,638 Cr
  • CMP: ₹189.56
  • PE Ratio: 11.90
1Y Return (%)3Y Return (%)5Y Return (%)
-12.35104.64195.4
Data as of 18/6/2025

5. Hindustan Petroleum Corporation Limited (HINDPETRO)

Hindustan Petroleum Corporation Limited (HPCL) is a major oil refining and marketing player, with a wide network of refineries and fuel stations across India. HPCL deals with petroleum products like LPG, petrol, and diesel and has recently expanded its presence in renewable energy.

  • Sector: Energy (Oil & Gas Refining & Marketing)
  • Market Cap: ₹84,613 Cr
  • CMP: ₹397.65
  • PE Ratio: 12.50
1Y Return (%)3Y Return (%)5Y Return (%)
12.51184.85178.6
Data as of 18/6/2025

6. Indian Oil Corporation Limited (IOC)

Indian Oil Corporation Limited (IOCL) is India’s largest oil refining and marketing company, with a significant presence in domestic and international markets. IOCL operates refineries, pipelines, and fuel stations, providing fuel like LPG, petrol, diesel, and aviation.

  • Sector: Energy (Oil & Gas Refining & Marketing)
  • Market Cap: ₹2,01,030 Cr
  • CMP: ₹142.36
  • PE Ratio: 16.50
1Y Return (%)3Y Return (%)5Y Return (%)
-14.6336.62153.17
Data as of 18/6/2025

7. National Thermal Power Corporation (NTPC)

NTPC Limited is the largest power producer in India, operating thermal power plants and expanding into solar and wind energy. It generates electricity and supplies it to state-owned power distribution companies. NTPC's focus on renewable energy is steadily increasing, making it a key player in India's clean energy goals.

  • Sector: Energy (Power Generation)
  • Market Cap: ₹3,25,323 Cr
  • CMP: ₹335.50
  • PE Ratio: 13.80
1Y Return (%)3Y Return (%)5Y Return (%)
-7.45138.88266.67
Data as of 18/6/2025

8. Oil & Natural Gas Corporation Limited (ONGC)

Oil & Natural Gas Corporation Limited (ONGC) is India’s largest oil and gas exploration and production company. It plays a crucial role in meeting the country’s energy demands by exploring, drilling, and refining oil and natural gas. ONGC also engages in petrochemicals and renewable energy ventures, making it a key player in India’s energy sector.

  • Sector: Energy (Oil & Gas)
  • Market Cap: ₹3,17,967 Cr
  • CMP: ₹252.75
  • PE Ratio: 8.90
1Y Return (%)3Y Return (%)5Y Return (%)
-8.2278.69200.18
Data as of 18/6/2025

9. Power Finance Corporation (PFC)

Power Finance Corporation (PFC) is the 12th Maharatna company and a government-owned financial institution that provides loans to power sector projects across India. It is crucial in financing infrastructure projects related to power generation, transmission, and distribution.

  • Sector: Financial Services (Power Sector Financing)
  • Market Cap: ₹1,33,291 Cr
  • CMP: ₹403.90
  • PE Ratio: 5.80

Returns: 

1Y Return (%)3Y Return (%)5Y Return (%)
-19.1410.49502.84
Data as of 18/6/2025

10. Power Grid Corporation of India Limited (POWERGRID)

Power Grid Corporation of India Limited is a Maharatna company that manages the country’s entire high-voltage electricity transmission system. It ensures reliable electricity supply from power producers to distribution networks.

  • Sector: Energy (Electricity Transmission)
  • Market Cap: ₹2,67,857 Cr
  • CMP: ₹288
  • PE Ratio: 17.30
1Y Return (%)3Y Return (%)5Y Return (%)
-12.0181.69221
Data as of 18/6/2025

11. Steel Authority of India Limited (SAIL)

Steel Authority of India Limited (SAIL) is the largest steel producer in India, manufacturing a wide range of steel products used in construction, automotive, and other industries. SAIL has an integrated steel production setup and operates some of the largest steel plants in India.

  • Sector: Manufacturing (Steel)
  • Market Cap: ₹52,454 Cr
  • CMP: ₹126.99
  • PE Ratio: 20.50
1Y Return (%)3Y Return (%)5Y Return (%)
-15.3185.52341.7
Data as of 18/6/2025

12. Rural Electrification Corporation Limited (RECLTD)

Rural Electrification Corporation Limited (REC) is a key Maharatna PSU in financial services that funds power sector projects, especially rural electrification. It supports power generation, transmission, and distribution in underserved areas.

  • Sector: Financial Services (Rural Electrification)
  • Market Cap: ₹1,05,079 Cr
  • CMP: ₹399.05
  • PE Ratio: 6.70
1Y Return (%)3Y Return (%)5Y Return (%)
-22.6371.69401.7
Data as of 18/6/2025

13. Oil India Limited (OIL)

Oil India Limited (OIL) is the 13th Maharatna company in India and also the second-largest oil and gas exploration company, focusing primarily on crude oil and natural gas production. The company also explores alternative energy sources, making it a key player in the country’s energy mix.

  • Sector: Energy (Oil & Gas)
  • Market Cap: ₹78,240 Cr
  • CMP: ₹481
  • PE Ratio: 11.90
1Y Return (%)3Y Return (%)5Y Return (%)
4.42183.32644.58
Data as of 18/06/2025

14. Hindustan Aeronautics Limited (HAL)

Hindustan Aeronautics Limited (HAL) is the 14th Maharatna company in India. It is a leading aerospace and defence company, engaged in the design, manufacture, and maintenance of aircraft, helicopters, engines, and avionics. HAL plays a crucial role in India's defence sector, supporting both the Indian Air Force and space research initiatives.

  • Sector: Energy (Oil & Gas)
  • Market Cap: ₹3,38,313 Cr
  • CMP: ₹5,058.70
  • PE Ratio: 40.50
1Y Return (%)3Y Return (%)5Y Return (%)
-4.77432.861328.41
Data as of 18/06/2025

What is a Maharatna Company?

A Maharatna company is a top-level public sector enterprise (PSE) in India that operates under the ownership of the Central Government. These companies have a strong financial track record and play a key role in India’s economic growth and infrastructure development.

As of 2025, there are 14 Maharatna companies in India, operating in critical sectors like oil & gas, power, coal, steel, and finance. They are given more autonomy by the Government of India to take big investment decisions without needing prior approvals. This helps them compete globally and expand their business faster. Maharatna status is considered the highest recognition for a central public sector enterprise in India.hout needing prior approvals. This helps them compete globally and expand their business faster. Maharatna status is considered the highest recognition for a central public sector enterprise in India.

Maharatna Company

Difference Between Maharatna, Navratna and Miniratna Companies in India

India’s Central Public Sector Enterprises (CPSEs) are divided into three major categories based on their size, performance, and financial autonomy. Here’s a quick comparison to understand the difference between Maharatna, Navratna, and Miniratna:

  • Maharatna Companies: These are India’s largest public sector enterprises with strong global presence and high revenues. Maharatna companies can invest up to ₹5,000 crore without government approval. Examples include ONGC, Indian Oil, and NTPC.
  • Navratna Companies: Navratna PSUs are financially strong but not as large as Maharatnas. They enjoy investment freedom up to ₹1,000 crore. Examples include BEL and HAL.
  • Miniratna Companies: These are divided into Category I and Category II, based on their profits and performance. Category I can invest up to ₹500 crore, and Category II up to ₹300 crore. Examples include BSNL and AAI.

Features of Maharatna Companies

Maharatna companies stand out due to their size, financial strength, and operational freedom. Here are the key features that make them unique:

  • Massive Scale: These companies operate on a huge scale, influencing key industries like energy, steel, and infrastructure.
  • Financial Power: They have significant financial resources, allowing them to invest in large, multi-billion-dollar projects that drive India's growth.
  • Operational Autonomy: Maharatna companies enjoy greater decision-making freedom. They can make investments up to ₹5,000 crore without government approval.
  • Global Presence: Many of these companies operate internationally, enhancing India’s standing in global markets.
  • Diverse Operations: They often engage in multiple related sectors—like ONGC in oil exploration, refining, and renewable energy.
  • Government Ownership: While they are granted autonomy, the government holds a majority stake, ensuring alignment with national interests.
Features of Maharatna Companies

How Does a Company Become a Maharatna?

To become a Maharatna, a company must already hold Navratna status and meet specific financial and operational benchmarks set by the Government of India.

Here are the key eligibility criteria for Maharatna status:

  • Stock Exchange Listing: The company must be listed on Indian stock exchanges and follow SEBI’s public shareholding norms.
  • Average Annual Turnover: ₹25,000 crore or more during the last 3 years.
  • Average Net Worth: ₹15,000 crore or more in the same 3-year period.
  • Average Net Profit After Tax (PAT): ₹5,000 crore or more during the last 3 years.
  • Global Presence: The company must have significant international operations or business reach.

Once these conditions are fulfilled, the Department of Public Enterprises (DPE) under the Ministry of Finance officially grants Maharatna status.

Why Invest in Maharatna Companies' Stocks?

Investing in Maharatna companies' stocks offers financial stability and long-term growth potential. These companies operate in key sectors like energy, infrastructure, and steel, vital for India’s economy. Due to their consistent profitability, Maharatna companies are known for providing regular dividends, making them an attractive option for income-focused investors.

Additionally, their government backing reduces investment risk, and their large-scale operations mean they are less affected by market volatility. Maharatna companies offer a balanced mix of growth, security, and reliability for those seeking long-term capital appreciation and steady returns.

How to Invest in Maharatna Companies?

Investing in Maharatna companies is straightforward, much like investing in other stocks. Below are the simple steps to get started:

  1. Open a Demat and Trading Account:
    You must open a Demat and trading account with Lakshmishree. This account allows you to hold, buy, and sell shares of Maharatna companies.
  2. Search for Maharatna Companies:
    Use the Shreevarahi app to search for Maharatna companies listed as ONGC, Coal India, or NTPC. Before deciding, look into their current market performance, financial reports, and growth potential.
  3. Place Your Order:
    Once you’ve identified which Maharatna company stocks to invest in, place your buy order through the platform. You can invest in a single company or diversify your investments across multiple Maharatna stocks.
Maharatna Company

Why Maharatna Companies Are Crucial for India’s Economy in 2025

Maharatna companies contribute to India’s GDP, job creation, innovation, and government revenue—making them key pillars of economic development in 2025.

  • Major Contributors to GDP: Maharatna companies invest in large-scale infrastructure, energy, and industrial projects. Their capital expenditure drives economic activity and accelerates India’s GDP growth.
  • Innovation and Technology Leadership: Many Maharatnas lead the way in adopting cutting-edge technologies—especially in sectors like renewable energy, oil & gas, heavy engineering, and power. Their R&D efforts help India stay competitive globally.
  • Global Reach and Influence: Several Maharatna PSUs such as ONGC, GAIL, and IOCL operate internationally, boosting India's economic footprint and earning valuable foreign exchange.
  • Employment Generation: These companies employ lakhs of people directly and generate additional indirect jobs through their suppliers, contractors, and service networks—making them vital to India’s labour market.
  • Reliable Revenue for the Government: Maharatnas pay high dividends and taxes to the government. They are consistent contributors to the central exchequer, helping fund welfare schemes and infrastructure development.

Challenges and Opportunities for Maharatna Companies

Maharatna companies face several challenges but have unique opportunities to grow and expand. Here are the key points:

Challenges:

  • Increasing global competition in sectors like energy and manufacturing.
  • Strict environmental regulations require investments in clean and renewable energy.
  • Bureaucratic delays and political interference slowing down decision-making.
  • Adapting to market changes, such as fluctuating oil prices or renewable energy demands.

Opportunities:

  • Expanding globally by entering new markets and forming international partnerships.
  • Investing in renewable energy projects and sustainable technologies.
  • Benefiting from the Indian government’s focus on large infrastructure projects.
  • Leveraging technological advancements to improve efficiency and competitiveness.

Conclusion 

As of 2025, the top Maharatna companies in India continue to play a powerful role in shaping the country’s economy. These large CPSEs lead key sectors like oil & gas, power, steel, and finance—driving growth, employment, and national development.

With strong government backing and consistent performance, Maharatna companies offer long-term investment stability

Frequently Asked Questions

  1. What is the latest Maharatna company list in India for 2025?

    The Maharatna company list for 2025 includes 14 top-performing public sector enterprises. These include ONGC, NTPC, Coal India, BHEL, Power Grid, Indian Oil, BPCL, HPCL, GAIL, SAIL, Oil India, REC, PFC, and IOCL. These companies operate across energy, infrastructure, finance, and manufacturing sectors, and hold the highest level of autonomy granted by the Indian government.

  2. How many Maharatna company in India?

    As of 2025, there are 14 Maharatna companies in India. Hindustan Aeronautics Limited (HAL) was the most recent company to receive Maharatna status, making it the 14th enterprise on the list.

  3. What is the difference between Maharatna, Navratna, and Miniratna companies?

    Maharatna companies are the biggest and most financially autonomous CPSEs. Navratna companies enjoy moderate operational freedom, while Miniratna companies have limited autonomy and are divided into Category I and II. The classification depends on financial strength, scale of operations, and global presence, with Maharatna at the top.

  4. Why should I invest in Maharatna companies?

    Maharatna companies are large, financially stable enterprises that offer consistent dividends, strong market performance, and long-term growth potential. They are backed by the government, making them relatively safer investment options.

  5. How does a company become a Maharatna?

    A company must first hold Navratna status and meet strict criteria, including a minimum annual turnover of ₹25,000 crore, a net worth exceeding ₹15,000 crore, and profitability benchmarks over the last three years.

  6. Which is the first Maharatna company in India?

    Bharat Heavy Electricals Limited (BHEL) became the first company to achieve Maharatna status. This milestone was achieved after BHEL consistently demonstrated strong financial performance and a significant global presence, marking it as a leader in India's energy sector.

  7. Which is bigger, Maharatna or Navratna?

    Maharatna is the highest classification for public sector enterprises in India, giving companies more autonomy and financial freedom than Navratna companies, which fall under the second tier.

Disclaimer: This article is intended for educational purposes only. Please note that the data related to the mentioned companies may change over time. The securities referenced are provided as examples and should not be considered as recommendations.

Ayush Maurya

Written by Ayush Maurya

Ayush is a seasoned financial markets expert with over 3years of experience. He has a passion for breaking down complex financial concepts into simple, digestible terms. Through his 50+ articles, Ayush has helped countless individuals navigate the often intimidating world of finance.

Open Your Trading Account


Social Share

Subscribe to Our Newsletter

Loading
CIN No U74110MH2005PLC157942     |    Member Ship Details     |    BSE-3281     |    NSE-12817     |    MCX-55910     |    DP:IN-DP-CDSL-490-2008     |    DPID:12059100    |    SEBI Regn. No.: INZ000170330     |    Mutual Fund: ARN-77739    |    Research Analyst: registration number INH000014395
logo-lakshmshree-white
Lakshmishree Investment & Securities Ltd. was incorporated in 2005. We are a Corporate Member of NSE, BSE, MCX and Depository Participant with CDSL.
Most Popular in LISL
Copyright @ 2024 © Lakshmishree Investment & Securities Ltd. All Right Reserved.