Maharatna Companies in India: A Complete Guide

If you’ve ever thought of investing in India’s Public Sector Undertakings, chances are you have heard terms like Maharatna, Navratna, and Miniratna. While they may sound like labels from a corporate hierarchy, these classifications actually decide how much freedom and power a company has when making big investment decisions.

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At the very top of this ladder sit the Maharatna Companies in India. So what Is a Maharatna Company? Maharatna companies are at the forefront of India's public sector. Being huge in size, profit making, and strategically important, Maharatnas are privileged with greater autonomy than any other PSU.

Before we explore the detailed overview of Maharatna Companies, let’s start with the updated list of Maharatna Companies in 2025.

List of Maharatna Companies in India

There are fourteen Maharatna Companies in India. Hindustan Aeronautics Limited (HAL) was the latest to receive Maharatna status in the month of October 2024.

Detailed Overview of Maharatna Companies in India (2025)

Bharat Heavy Electricals Ltd (BHEL)

Established in 1964, BHEL is the backbone of the power equipment industry in India. The company provides critical infrastructure for power plants in the country from turbines and boilers to transmission systems. Given that it competes with private players, this Maharatna CPSE status of BHEL affords it the liberty to invest in big projects, to modernise facilities, and to pursue clean energy solutions. For investors, it is a cyclical play depending on infrastructure and power demand in India.

Bharat Petroleum Corporation Ltd (BPCL)

BPCL, set up in 1952, is one of India’s largest oil refining and marketing companies. With thousands of fuel stations and refineries, BPCL is central to India’s energy supply chain. Maharatna status allows it to make faster investments in petrochemicals, LNG, and green energy.

Coal India Ltd (CIL)

Founded in 1975, Coal India is the world’s largest coal producer. It supplies more than 80% of India’s coal, which remains the country’s dominant source of power generation. Its Maharatna tag reflects its scale and strategic role in energy security.

Gas Authority of India Ltd (GAIL)

Formed in 1984, GAIL operates India’s largest natural gas pipeline network. As the country shifts towards cleaner fuels, GAIL’s infrastructure is key to this transition. Its Maharatna status enables expansion of LNG terminals, petrochemicals, and city gas projects.

Hindustan Petroleum Corporation Ltd (HPCL)

HPCL, set up in 1974, is another oil and gas giant with a strong refining and marketing footprint. The company has been expanding its refineries and diversifying into renewables.

Indian Oil Corporation Ltd (IOCL)

Established in 1959, IOCL is India’s largest oil refining and marketing company, controlling over 30% of refining capacity. Its operations span refineries, pipelines, petrochemicals, and even renewable ventures. IOCL’s Maharatna classification reflects its dominance in the energy space. For retail investors, it represents stability, scale, and steady dividend payouts, though global crude price swings affect margins.

NTPC Ltd

Founded in 1975, NTPC is India’s biggest power producer. With over 70 GW of installed capacity, it plays a critical role in ensuring energy availability. Maharatna status allows NTPC to aggressively push into renewable energy and international ventures. Often considered one of the safest Maharatna companies in India, NTPC offers consistent returns and strong dividends, backed by regulated tariffs.

Oil & Natural Gas Corporation (ONGC)

Since 1956, ONGC has been India’s flagship exploration and production company, contributing nearly 70% of domestic crude. As a Maharatna, it has freedom to invest in overseas assets, deepwater exploration, and joint ventures. ONGC is a bellwether for India’s oil sector, with profits heavily linked to global crude prices. For investors, it remains one of the top Maharatna companies by market capitalisation.

Oil India Ltd (OIL)

Established in 1959, OIL is the second-largest upstream oil and gas company in India. Its Maharatna recognition strengthens its ability to invest in exploration, both domestically and abroad. While smaller than ONGC, Oil India provides exposure to the same sector with a higher focus on niche exploration and strong dividend payouts.

Power Finance Corporation Ltd (PFC)

Formed in 1986, PFC is a financial backbone for India’s power sector. It funds generation, transmission, and renewable projects. As a Maharatna, it can now lend and invest with greater independence. Its strong loan book and consistent dividend track record make PFC one of the most reliable PSU finance stocks.

Power Grid Corporation of India Ltd (PGCIL)

PGCIL, incorporated in 1989, is India’s primary power transmission company. Operating the national grid, it ensures reliable electricity flow across states. With Maharatna status, PGCIL can expand into smart grids, cross-border projects, and renewable integration.

Rural Electrification Corporation (REC)

Founded in 1969, REC provides funding for rural electrification, renewable projects, and distribution upgrades. Its Maharatna tag enhances its ability to raise funds and invest faster.

Steel Authority of India Ltd (SAIL)

Established in 1954, SAIL is India’s largest state-owned steelmaker. With multiple integrated plants, it supplies critical raw material for infrastructure, construction, and defence. As a Maharatna CPSE, it enjoys autonomy to modernise plants and expand production.

Hindustan Aeronautics Ltd (HAL)

HAL, founded in 1940, became the newest Maharatna in October 2024. It designs and manufactures aircraft, helicopters, and defence systems. With rising global defence partnerships, HAL’s Maharatna status allows it to scale R&D and production at speed. Among the latest entrants in the Maharatna companies list with revenue strength, HAL has quickly become a favourite for investors seeking exposure to India’s defence and aerospace growth.

Final Thoughts

Maharatna companies are not just public sector giants, they are India’s economic backbone. From powering homes and industries to fuelling cars and building fighter jets, their presence touches every aspect of daily life.

For investors, they bring the comfort of government backing, steady dividends, and exposure to core industries. At the same time, one should stay alert to sectoral risks and government policies that can swing profitability.

If your portfolio needs a blend of safety, income, and long-term value, a carefully chosen mix of Maharatna companies can be a solid bet.