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Posted on  October 3, 2024 under  by Ayush Maurya

Maharatna Company List in India 2024: CPSE Company

India's economic powerhouses, known as Maharatna companies, represent the backbone of the country's public sector. These giant corporations play a crucial role in industries like energy, steel, and manufacturing, and their contributions impact not just India but the global market. As we enter 2024, the Maharatna company list continues to feature some of the most influential companies in India, and their growth trajectory is worth exploring.

But what makes these companies so special? Why are they crucial for investors and the economy alike? In this blog, we'll take you through everything—from understanding what a Maharatna company is to exploring the complete Maharatna company list 2024.

List of Maharatna Companies in India 2024

India's Maharatna company list for 2024 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 Grid Corporation of India Limited1989
10. Steel Authority of India Limited (SAIL)1954
11. Rural Electrification Corporation Limited (REC)1969
12. Power Finance Corporation (PFC)1986
13. Oil India Limited (OIL)1959

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 2024

Below is an in-depth overview of each company from the Maharatna company list for 2024, focusing on their products, services, and key financial metrics like Market Capitalization, 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: ₹97358 crore
  • CMP: ₹281.50
  • PE Ratio: 964.14
1Y Return (%)3Y Return (%)5Y Return (%)
115337.17477.52
Data as of 01/10/2024

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: ₹160438 crore
  • CMP: ₹367.50
  • PE Ratio: 8.42
1Y Return (%)3Y Return (%)5Y Return (%)
109.6769.1846.69
Data as of 01/10/2024

3. Coal India Limited (COALINDIA)

Coal India Limited (CIL) is the world’s largest coal mining company, responsible for around 80% of India’s coal production. It supplies coal to industries like power, steel, and cement, helping to meet the country’s growing energy demands. Coal India is critical to India’s energy security, given that coal remains the primary fuel for power generation.

  • Sector: Mining (Coal)
  • Market Cap: ₹314361 crore
  • CMP: ₹511.50
  • PE Ratio: 8.60
1Y Return (%)3Y Return (%)5Y Return (%)
72.21176.11155.72
Data as of 01/10/2024

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: ₹157967 crore
  • CMP: ₹241.90
  • PE Ratio: 13.99
1Y Return (%)3Y Return (%)5Y Return (%)
94.39126.59170.59
Data as of 01/10/2024

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: ₹93741 crore
  • CMP: ₹442
  • PE Ratio: 9.48
1Y Return (%)3Y Return (%)5Y Return (%)
158.57121.37113.94
Data as of 01/10/2024

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: ₹254253 crore
  • CMP: ₹179.07
  • PE Ratio: 8.25
1Y Return (%)3Y Return (%)5Y Return (%)
96.27113.3479.84
Data as of 01/10/2024

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: ₹429659 crore
  • CMP: ₹444.65
  • PE Ratio: 20.07
1Y Return (%)3Y Return (%)5Y Return (%)
81.73215.25276.65
Data as of 01/10/2024

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: ₹374892 crore
  • CMP: ₹294.85
  • PE Ratio: 8.43
1Y Return (%)3Y Return (%)5Y Return (%)
56.05103.27124.64
Data as of 01/10/2024

9. Power Grid Corporation of India Limited (POWERGRID)

Power Grid Corporation of India Limited is responsible for electricity transmission across India. It manages a large network of high-voltage transmission lines and substations, ensuring the reliable delivery of electricity to households and industries.

  • Sector: Energy (Electricity Transmission)
  • Market Cap: ₹328218 crore
  • CMP: ₹350.80
  • PE Ratio: 20.91
1Y Return (%)3Y Return (%)5Y Return (%)
76.78145.63212.87
Data as of 01/10/2024

10. 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: ₹58385 crore
  • CMP: ₹138.58
  • PE Ratio: 19.88
1Y Return (%)3Y Return (%)5Y Return (%)
47.5522.80315.09
Data as of 01/10/2024

11. Rural Electrification Corporation Limited (RECLTD)

Rural Electrification Corporation Limited (REC) focuses on financing rural electrification projects in India. It provides loans for power generation, transmission, and rural electrification, helping bring electricity to the country's remote areas.

  • Sector: Financial Services (Rural Electrification)
  • Market Cap: ₹146012 crore
  • CMP: ₹559.60
  • PE Ratio: 9.97
1Y Return (%)3Y Return (%)5Y Return (%)
94.44372.79504.70
Data as of 01/10/2024

12. 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: ₹161061 crore
  • CMP: ₹493.95
  • PE Ratio: 7.77

Returns: 

1Y Return (%)3Y Return (%)5Y Return (%)
96.73335.34520.79
Data as of 01/10/2024

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: ₹94384 crore
  • CMP: ₹578
  • PE Ratio: 13.89
1Y Return (%)3Y Return (%)5Y Return (%)
193.85232.21500.67
Data as of 01/10/2024

What is a Maharatna Company?

A Maharatna company, a government-owned enterprise in India, has achieved high financial performance and operational excellence. These companies significantly influence key sectors of the economy, such as energy, infrastructure, and manufacturing. To be classified as a Maharatna, a company must meet strict criteria related to its turnover, net worth, and profitability, allowing it to enjoy greater autonomy than other public sector enterprises.

In 2024, these companies represent the highest level of success in India’s public sector, often competing globally. They can make investment decisions and form joint ventures without needing as much government approval. This freedom helps them expand faster and operate more efficiently, ensuring they remain vital to India's economic development.

Maharatna Company

What Are The Different Types of Central Public Sector Enterprises?

India’s Central Public Sector Enterprises (CPSEs) are classified into three categories based on their size, financial performance, and strategic importance:

  • Maharatna Companies: These are the largest and most autonomous public sector companies with significant financial and operational freedom. They can make investments up to ₹5,000 crore without government approval. Examples include ONGC and NTPC.
  • Navratna Companies: Navratna companies have moderate financial autonomy, allowing them to invest up to ₹1,000 crore without seeking government clearance. These companies are strong performers but don’t meet the size criteria for Maharatna status.
  • Miniratna Companies: Miniratna companies are smaller but stable enterprises, categorized into two subgroups—Category I and II—based on their performance. They enjoy limited financial independence and can invest up to ₹500 crore (Category I) or ₹300 crore (Category II).

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.

How a Company Becomes a Maharatna

For a company to achieve Maharatna status, it must meet stringent financial and operational criteria reflecting its size and importance. Here's how a company qualifies:

  • Navratna Status: The company must first hold Navratna status to showcase its strong performance.
  • Stock Exchange Listing: It must be listed on Indian stock exchanges and comply with SEBI's public shareholding requirements.
  • Turnover: The company needs to have an average annual turnover exceeding ₹25,000 crore over the last three years.
  • Net Worth: Its average net worth should be above ₹15,000 crore in the same period.
  • Profitability: It must have posted a profit after tax (PAT) of at least ₹5,000 crore over the last three years.
  • Global Presence: The company should have a notable international footprint, operating in global markets.

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 Important for India’s Economy?

Below are some key reasons why Maharatna companies are crucial for the Indian economy:

  • Driving Economic Growth: Maharatna companies invest in large-scale infrastructure and industrial projects that contribute significantly to India's GDP.
  • Innovation Leaders: These companies are often pioneers in adopting new technologies, keeping India at the forefront of global industries like energy, power, and heavy machinery.
  • Global Competitors: Many Maharatna companies, like Indian Oil Corporation and ONGC, compete on the world stage, enhancing India's reputation as a global economic power.
  • Employment Generation: Maharatna companies create millions of jobs, both directly and indirectly, helping reduce unemployment and boosting the economy.
  • Revenue for the Government: These companies contribute significantly to the government's revenues through taxes and dividends, making them a reliable source of income.

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 

In 2024, Maharatna companies continue to serve as the backbone of India's economy, driving growth, innovation, and national development. These companies, operating in critical sectors like energy, infrastructure, and heavy industry, have a massive impact on the country’s overall progress. They are stable investment options and contribute significantly to employment, government revenue, and social welfare.

Frequently Asked Questions

1. What is the latest Maharatna company list in India for 2024?

The Maharatna company list 2024 includes top public sector enterprises like ONGC, NTPC, Coal India, BHEL, Indian Oil Corporation, Power Grid Corporation of India, and more.

2. How many Maharatna company in India?

As of 2024, there are 13 Maharatna companies in India. These companies operate across various sectors, including oil, gas, electricity, and heavy industries. They are essential to the nation's economic growth and provide direct and indirect employment to millions of Indians.

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

Maharatna companies enjoy the highest level of autonomy, allowing them to make larger financial decisions without government approval. Navratna companies have moderate financial freedom, while Miniratna companies have more limited autonomy

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.

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