Maharatna Company : List of Maharatna Companies in India 2022

By : Neha Dhyani

Updated : Feb 7, 2022, 7:52

India's Central Public Sector Enterprises (CPSEs) are placed under three main categories based on their financial autonomy. These categories include Maharatna, Navratna, and Miniratna. The Maharatna companies in India are those enterprises that have an investment ceiling of Rs. 5,000 crores. Such companies can invest in a project to the extent of 15% of their net worth. They do not have to seek explicit government approval for this purpose.

The Government of India formed the category of Maharatna firms in 2010 to provide companies with greater financial autonomy and help them compete in the global market. As these companies are of a higher category, the government increased their investment ceiling to ₹5,000 crores, and the companies can invest up to 15% of their net worth in a project. To be a part of the Maharatna company list, a company in India has to fulfill at least one of the three eligibility conditions as mentioned below:

  • The company must have an average annual net profit of more than ₹5,000 crores during the last three years.
  • The average annual net worth of the company should be ₹15,000 crores during the last three years.
  • The company's average annual turnover must be ₹25,000 crores during the last three years.

Top 10 Maharatna Companies in India - 2022

As of October 2021, the count of the total Maharatna company in India stands at 11. Here is the Maharatna companies list 2022:

Maharatna Companies List

Serial No.

Company Name


Bharat Heavy Electricals Limited (BHEL)


Bharat Petroleum Corporation Limited (BPCL)


Coal India Limited (CIL)


Gas Authority of India Limited (GAIL)


Hindustan Petroleum Corporation Limited (HPCL)


Indian Oil Corporation Limited (IOCL)


National Thermal Power Corporation (NTPC)


Oil and Natural Gas Corporation (ONGC)


Power Grid Corporation of India


Steel Authority of India Limited (SAIL)


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Maharatna Companies in India - Overview

  • Bharat Heavy Electricals Limited (BHEL): BHEL is India's largest manufacturer of power generation equipment.
  • Bharat Petroleum Corporation Limited (BPCL): BPCL is India's second-largest government-owned oil corporation. It handles the operations of two large refineries located in Mumbai and Kochi.
  • Coal India Limited (CIL): CIL is the largest coal-producing company in India and the world.
  • Gas Authority of India Limited (GAIL): GAIL is India's largest natural gas company. It is responsible for the processing and distribution of natural gas across the country.
  • Hindustan Petroleum Corporation Limited (HPCL): HPCL operates two major refineries in India located in Mumbai and Visakhapatnam. It produces a large variety of petroleum fuels.
  • Indian Oil Corporation Limited (IOCL): IOCL is India's largest commercial oil company. It operates 11 out of 23 refineries in India.
  • National Thermal Power Corporation (NTPC): NTPC is involved in generating and distributing electricity to State Electricity Boards in the country.
  • Oil and Natural Gas Corporation (ONGC): ONGC is India's largest oil and gas exploration and production corporation. It produces about 70% of India’s crude oil.
  • Power Grid Corporation of India: Power Grid Corporation of India is responsible for operating 90% of interstate and inter-regional electric power transmission systems in India.
  • Steel Authority of India Limited (SAIL): SAIL is one of the largest steel-producing companies in India and operates five integrated steel plants as well as three special steel plants.

Given their enhanced financial autonomy, the Maharatna companies in India enjoy comparative advantages in competing in the global market. This financial autonomy helps them to establish themselves as global giants.

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FAQs on Maharatna Companies in India

How many Maharatna companies are in India?

At present, there are 10 Maharatna companies in India.

Does the Maharatna company list include private companies?

No, only public sector companies can be included in the Maharatna company list.

When was the Maharatna PSU category established?

The Maharatna PSU category was established in 2010.

Which is the largest Maharatna company in India?

Largest Maharatna Company in india is Coal India Limited with (66.13%)