Why do just a few public sector firms carry statuses like Maharatna, Navratna or Miniratna? Are these titles awarded solely to central public sector enterprises? Who grants these titles, and why? What occurs when an organization is recognised as a Maharatna, a Miniratna, or a Navratna?
This text is geared toward answering all of your queries associated to titles Maharatna, Navratna, Miniratna 1, and Miniratna 2 (sure, Miniratna firms are categorised into two sub-categories).
Maharatna, Navratna, Miniratna | Can any firm be awarded considered one of these titles?
No, solely central public sector enterprises are awarded these titles primarily based on quite a few components, equivalent to monetary efficiency and operational effectivity.
However what are CPSEs? These are firms that fall immediately beneath the executive management of the Centre, that means the central authorities.
In different phrases, all different varieties of firms working in India, together with state-level public sector enterprises, non-government organisations, or personal sector firms aren’t eligible for considered one of these titles.
What occurs when a CPSE secures considered one of these titles?
A central public sector enterprise profitable considered one of these coveted titles enjoys larger autonomy, significantly in monetary and operational phrases. With considered one of these statuses in place, these firms expand investments and strategic choices with out searching for prior authorities approvals.
Can solely a listed firm be granted considered one of these titles?
Solely within the case of Maharatna, a CPSE is required to be listed with a sure minimal prescribed public shareholding beneath SEBI-defined guidelines. This can be a necessary requirement for the Maharatna class.
Nevertheless, a CPSE doesn’t essentially should be listed as a way to win one of many Navratna, Miniratna 1, or Miniratna 2 statuses.
But, most Navratna and Miniratna firms belong to the listed house, as of July 2025.
Now, let’s transfer on to what helps a CPSE qualify to be awarded a Maharatna, a Navratna, or a Miniratna standing?
First issues first, have you ever guessed already that these titles are hierarchical in nature?
If not, so as of significance, Maharatna tops the checklist (most vital), adopted by Navratna, adopted by Miniratna 1, after which lastly Miniratna 2.
Let’s begin decoding these statuses and their qualifying necessities from the underside.
Miniratna 2
With a view to qualify to be a Miniratna 2 firm, a CPSE have to be worthwhile for 3 back-to-back years and having a optimistic internet price.
Miniratna 1
To be thought of for this standing, a CPSE will need to have made income for 3 back-to-back years with a internet pre-tax revenue of Rs 30 crore and above in a minimum of a type of three years, with a optimistic internet price.
Navratna
The firstly requirement for a CPSE to qualify for Navratna standing is that it ought to first be a Miniratna 1 firm and a Schedule ‘A’ CPSE–a particular categorisation by the Division of Public Enterprises primarily based on parameters like dimension, turnover and strategic significance. What this implies primarily is that CPSEs already holding the Miniratna 1 standing, together with the Schedule A title, graduate to Navratna. In different phrases, a CPSE can’t earn the Navratna title immediately with out first reaching the Miniratna 1 standing.
A Miniratna 1 firm ought to have earned a minimal rating of 60/100 in six foremost elements:
- Internet revenue to internet price (most weight 25)
- Manpower price to complete manufacturing/companies price (15)
- PBDIT to capital employed (15)
- PBIT to turnover (15)
- Earnings per share (10)
- Inter-sectoral efficiency (20)
The CPSE will need to have achieved ‘wonderful’ or ‘very’ good Memorandum of Understanding rankings in a minimum of three of the final 5 years. Apart from, it ought to have a minimum of 4 unbiased administrators on its board to qualify for this prestigious title.
Maharatna
A CPSE should already maintain a Navratna standing to graduate to the Maharatna standing and have to be listed on Dalal Avenue assembly the minimal required public shareholding norms as per SEBI norms.
Now, let’s take a look at among the monetary necessities:
Over three years, it will need to have:
- A mean annual turnover of a minimum of Rs 25,000 crore
- A mean annual internet price of a minimum of Rs 15,000 crore
- A mean annual internet revenue after tax of a minimum of Rs 5,000 crore
Apart from, the CPSE will need to have a big international presence or worldwide operations to qualify for this title.
What are the funding limits allowed to those CPSEs with out prior authorities approval?
All Maharatna, Navratna, Miniratna 1 and Miniratna 2 CPSEs get pleasure from sure funding limits autonomously–or with out having to safe prior authorities approval.
For Maharatnas, this threshold is at Rs 5,000 crore or 15 per cent of internet price, whichever is decrease, for a single undertaking.
For Navratna CPSEs, this threshold is at Rs 1,000 crore or 15 per cent of internet price, whichever is decrease, per undertaking.
For Miniratna 1 and Miniratna 2 firms, these ceilings are set at Rs 500 crore or internet price, and Rs 300 crore or 50 per cent of internet price, respectively. In each circumstances, the decrease of funding or the prescribed portion of internet price applies.
There are additionally sure different privileges allowed to Maharatna and Miniratna CPSEs. A Maharatna CPSE can have as much as 30 per cent of its internet price as its general funding restrict, together with international ventures.
A Navratna CPSE also can have as much as 30 per cent of its internet price as its general funding however as much as Rs 1,000 crore.
Who awards these titles? Who decides whether or not a CPSE is usually a Miniratna 1, a Miniratna 2, a Navratna or a Maharatna?
The titles are awarded by the Division of Public Enterprises (DPE), beneath the Ministry of Finance, Authorities of India.
Let’s check out all firms that maintain these titles. As of July 2025, there are 14 Maharatnas, 26 Navratnas, 49 Miniratna 1s, and 10 Miniratna 2s.
This is the official checklist, based on the DPE web site:
Maharatna
- Bharat Heavy Electricals
- Bharat Petroleum Company
- Coal India
- GAIL India
- Hindustan Petroleum Company
- Indian Oil Company
- NTPC
- Oil & Pure Gasoline Company
- Energy Finance Company
- Energy Grid Company of India
- Metal Authority of India
- Rural Electrification Company
- Oil India
- Hindustan Aeronautics
Navratna
- Bharat Electronics
- Container Company of India
- Engineers India
- Mahanagar Phone Nigam
- Nationwide Aluminium Firm
- Nationwide Buildings Building Company
- Neyveli Lignite Company
- NMDC
- Rashtriya Ispat Nigam
- Delivery Company of India
- Rail Vikas Nigam
- ONGC Videsh
- Rashtriya Chemical compounds & Fertilizers
- IRCON
- RITES
- Nationwide Fertilizers
- Central Warehousing Company
- Housing & City Growth Company
- Indian Renewable Vitality Growth Company
- Mazagon Dock Shipbuilders
- Railtel Company of India
- Photo voltaic Vitality Company of India (SECI)
- NHPC
- SJVN
- Indian Railway Catering & Tourism Company
- Indian Railway Finance Company
Miniratna 1
- Airports Authority of India
- Antrix Company
- Balmer Lawrie & Co.
- Bharat Coking Coal
- Bharat Dynamics
- BEML
- Bharat Sanchar Nigam
- Braithwaite & Firm
- Bridge & Roof Firm (India)
- Central Coalfields
- Central Electronics
- Central Mine Planning & Design Institute
- Chennai Petroleum Company
- Cochin Shipyard
- Cotton Company of India
- EDCIL (India)
- Backyard Attain Shipbuilders & Engineers
- Grid Controller of India (GRID-INDIA)
- Goa Shipyard
- Hindustan Copper
- Hindustan Steelworks Building
- Hindustan Natural Chemical compounds
- HLL Lifecare
- HSCC (India)
- India Tourism Growth Company
- Indian Uncommon Earths
- India Commerce Promotion Group
- KIOCL
- Mahanadi Coalfields
- MOIL
- Mangalore Refinery & Petrochemical
- Mineral Exploration Company
- Mishra Dhatu Nigam
- MMTC
- MSTC
- Nationwide Tasks Building Company
- Nationwide Small Industries Company
- Nationwide Seeds Company
- Northern Coalfields
- North Jap Electrical Energy Company
- Numaligarh Refinery
- Pawan Hans Helicopters
- Tasks & Growth India
- Safety Printing and Minting Company of India
- South Jap Coalfields
- Telecommunications Consultants India
- THDC India
- Western Coalfields
- WAPCOS
Miniratna 2
- Synthetic Limbs Manufacturing Company of India
- Broadcast Engineering Consultants India
- Engineering Tasks (India)
- FCI Aravali Gypsum & Minerals India
- Ferro Scrap Nigam
- HMT (Worldwide)
- Indian Medicines & Prescription drugs Company Restricted
- MECON
- Nationwide Movie Growth Company
- Rajasthan Electronics & Devices
