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List of Maharatna Companies in India (2025)

A special classification by the Indian government for top-performing public sector enterprises, Maharatna companies have significant financial autonomy and play a key role in India’s infrastructure and economic development.

Top Maharatna Companies List in 2025

Maharatna Stock Screener

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NameStocks (14)↓↓Sub-SectorSub-Sector↓↓Market CapMarket Cap↓↓Close PriceClose Price↓↓PE RatioPE Ratio↓↓1D Return1D Return↓↓1M Return1M Return↓↓6M Return6M Return↓↓1Y Return1Y Return↓↓PB RatioPB Ratio↓↓Return on EquityReturn on Equity↓↓ROCEROCE↓↓Dividend YieldDiv Yield↓↓Debt to EquityDebt to Equity↓↓Volatility vs NiftyVolatility vs Nifty↓
1.NTPC LtdNTPCPower GenerationPower Generation3,13,153.833,13,153.83322.95322.9513.3713.370.000.00-3.54-3.54-1.91-1.91-13.36-13.361.641.6413.1513.1510.7710.772.592.591.311.311.691.69
2.Oil and Natural Gas Corporation LtdONGCOil & Gas - Exploration & ProductionOil & Gas - Exploration & Production3,01,951.863,01,951.86242.23242.238.348.340.920.92-6.44-6.441.761.76-7.08-7.080.810.819.879.8711.4511.455.105.100.500.501.901.90
3.Hindustan Aeronautics LtdHALAerospace & Defense EquipmentsAerospace & Defense Equipments2,96,688.652,96,688.654,496.804,496.8035.4735.471.361.36-5.49-5.49-9.34-9.34-0.54-0.548.488.4826.0926.0917.5117.510.900.900.000.002.512.51
4.Power Grid Corporation of India LtdPOWERGRIDPower Transmission & DistributionPower Transmission & Distribution2,49,674.712,49,674.71269.10269.1016.0916.090.240.24-4.65-4.65-6.74-6.74-17.21-17.212.692.6917.2617.2612.4012.403.353.351.411.411.781.78
5.Indian Oil Corporation LtdIOCOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing2,31,743.642,31,743.64162.76162.7617.0417.04-0.82-0.82-2.08-2.0815.7015.7016.3716.371.211.217.177.179.559.551.831.830.800.801.971.97
6.Coal India LtdCOALINDIAMining - CoalMining - Coal2,31,256.382,31,256.38379.05379.056.546.541.011.01-1.43-1.43-3.94-3.94-9.02-9.022.312.3138.5338.5324.7124.717.067.060.090.091.591.59
7.Bharat Petroleum Corporation LtdBPCLOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing1,55,492.041,55,492.04356.00356.0011.6611.66-0.67-0.67-3.46-3.4614.2714.2721.2321.231.911.9116.9916.9917.0517.052.752.750.750.752.032.03
8.Power Finance Corporation LtdPFCSpecialized FinanceSpecialized Finance1,16,147.081,16,147.08352.05352.055.055.050.030.03-12.80-12.80-13.03-13.03-30.97-30.970.750.7515.8915.893.463.464.494.496.266.262.502.50
9.Gail (India) LtdGAILGas DistributionGas Distribution1,11,953.881,11,953.88170.63170.638.998.990.210.21-7.54-7.54-9.97-9.97-17.46-17.461.311.3115.3315.3315.1415.144.404.400.250.252.182.18
10.Bharat Heavy Electricals LtdBHELHeavy Electrical EquipmentsHeavy Electrical Equipments96,992.8796,992.87275.75275.75181.67181.67-1.01-1.014.544.548.678.679.719.713.923.922.172.174.144.140.180.180.360.362.802.80
11.Hindustan Petroleum Corp LtdHINDPETROOil & Gas - Refining & MarketingOil & Gas - Refining & Marketing95,900.9695,900.96447.95447.9514.2414.24-0.61-0.61-7.03-7.0310.1710.1715.5615.561.881.8813.7413.7412.5612.562.332.331.381.382.442.44
12.REC LimitedRECLTDSpecialized FinanceSpecialized Finance92,241.8492,241.84352.75352.755.815.810.700.70-7.40-7.40-12.01-12.01-35.11-35.111.181.1821.5021.503.513.515.145.146.336.332.622.62
13.Oil India LtdOILOil & Gas - Exploration & ProductionOil & Gas - Exploration & Production66,804.7866,804.78408.15408.1510.2010.20-0.62-0.62-5.62-5.62-3.96-3.96-16.55-16.551.221.2212.2112.2111.7711.772.802.800.560.562.602.60
14.Steel Authority of India LtdSAILIron & SteelIron & Steel54,489.8954,489.89132.14132.1422.9722.970.170.17-5.15-5.150.240.248.168.160.930.934.094.096.706.701.211.210.630.632.682.68
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Disclaimer: Please note that the above table is for informational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Stock Screener and is subject to real-time updates.

Selection criteria: Maharatna Companies List, based on publicly available information and is sorted by market cap.

Overview of the Top Maharatna Companies Stocks

NTPC Ltd

NTPC Ltd is India’s largest power producer. It operates coal, gas, hydro, and renewable energy plants, meeting much of the nation’s electricity demand and leading sustainable power initiatives.

Oil and Natural Gas Corporation Ltd

Oil and Natural Gas Corporation Ltd (ONGC) explores and produces oil and gas onshore and offshore. It refines and distributes energy, securing India’s energy needs and running international projects.

Hindustan Aeronautics Ltd

Hindustan Aeronautics Ltd (HAL) designs, builds, and services fighter jets, helicopters, engines, and avionics. It strengthens India’s defense and advances aviation projects with global partners.

Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd develops and manages interstate transmission networks. It distributes electricity efficiently across India and links renewable energy sources to the grid.

Coal India Ltd

Coal India Ltd is the world’s largest coal miner. It supplies most of India’s coal for power plants and industries, modernizing mining while focusing on environmental responsibility.

What are Maharatna Stocks?

Maharatna stocks refer to shares of companies that have been granted “Maharatna” status by the Government of India. This status is awarded to select Central Public Sector Enterprises (CPSEs) that meet certain performance, financial, and operational criteria, giving them greater autonomy in investment, joint ventures, and expansion decisions without prior government approval.

Key Criteria for Maharatna Status

  1. Navratna status already held.
  2. Average annual turnover of over ₹25,000 cr. for the last three years.
  3. Average annual net worth of over ₹15,000 cr. for the last three years.
  4. Significant global presence and operations.


Features of Maharatna Companies

  1. Can invest up to 15% of their net worth in a single project without government approval.
  2. Higher financial and operational autonomy compared to Navratna and Miniratna companies.
  3. Typically market leaders in their respective industries.

Advantages of Investing in Maharatna Companies List

Government Backing & Stability

These companies are owned and backed by the Government of India, which provides an implicit safety net. The risk of bankruptcy is lower compared to private companies of similar size.

Strong Market Position

Maharatna companies are leaders in their respective sectors, such as energy, power, oil & gas, and infrastructure. Their scale and dominance make them resilient to competitive pressures.

Consistent Dividend Payouts

Many Maharatna stocks are high dividend-yielding, making them attractive for income-focused investors. For example, Coal India and Power Grid have historically maintained healthy payout ratios.

Long-Term Growth Potential

These companies operate in core sectors crucial to India’s economic growth. Government initiatives like Make in India, infrastructure expansion, and renewable energy transition can fuel their growth.

Financial & Operational Autonomy

Maharatna status grants them greater freedom for investments, acquisitions, and expansions without needing constant government approvals. This enables faster execution of projects compared to lower-ranked PSUs.

Lower Volatility Compared to Smaller PSUs

Due to their large market cap and strong fundamentals, Maharatna stocks often have more stable price movements than smaller public sector companies.

Risks of Investing in Maharatna Companies List

Government Policy Influence

Since these are government-owned companies, strategic and operational decisions can be influenced by political agendas rather than purely business profitability. Examples include price controls on fuel or coal, mandatory subsidies, or divestment plans.

Commodity Price Volatility

Many Maharatna firms operate in commodity-driven sectors like oil, gas, steel, and coal. Fluctuations in global commodity prices can directly impact their revenues and margins.

Slower Decision-Making in Some Cases

Despite higher autonomy, some decisions still require bureaucratic clearances or alignments with national priorities, which can slow down execution.

Limited Diversification

Maharatna companies are often heavily concentrated in specific sectors (energy, infrastructure, heavy engineering). This sectoral concentration makes them vulnerable to cyclical downturns.

Dividend Dependence Risk

While high dividends are a plus, over-reliance on payouts can reduce reinvestment in growth projects, potentially limiting long-term expansion.

Market Underperformance in Bull Runs

In aggressive bull markets, Maharatna stocks may underperform high-growth private sector peers, as their growth rates tend to be slower.

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How to Invest in Maharatna Companies Stocks?

Investing in Maharatna Companies stocks using Tickertape is a straightforward process. Tickertape is a powerful stock analysis and screening tool that helps you make informed investment decisions. Here’s how you can use Tickertape to invest in Maharatna Companies stocks:

  1. Sign Up and Log In: You can create an account on the Tickertape or log in if you already have one.
    2. 

  2. Search for Maharatna Companies Stocks: Go to Tickertape Stock Screener and search for Maharatna Companies stocks.
    3. 

  3. Use Filters: You can apply over 200 filters to get stocks sorted based on criteria like market cap, P/E ratio, or dividend yield. You can create your own custom filter if your preferred parameters are not available. This can help you narrow down the top Maharatna Companies stocks in India.
    4. 

  4. Analyse Stock Data: Tickertape provides comprehensive data on each stock, including financials, performance metrics, future projections, red flags, and more. You can review this data to assess each company’s health and potential in depth.
    5. 

  5. Add to Watchlist: You may keep track of potential investments by adding them to your watchlist.
    6. 

  6. Invest Through Your Broker: Once you’ve identified Maharatna Companies stocks that align with your investment thesis, you can place a buy order through your brokerage account linked to Tickertape.
    7. 


You can stay updated with each of your favourite stocks’ alerts and announcements with Tickertape Alerts. Further, you can analyse your overall portfolio and potential red flags in it by connecting it to Tickertape. Check out detailed analysis of your portfolio now!

Factors to Consider Before Investing in Maharatna Companies List

Sector Outlook

Understand the long-term prospects of the sector the company operates in (e.g., power, oil & gas, mining). Look for government policies, infrastructure plans, and demand growth that may boost the sector.

Financial Health

Review revenue growth, profit margins, debt levels, and return on equity (ROE). A strong balance sheet ensures stability during economic downturns.

Dividend Policy

Maharatna companies often pay high dividends, but you should check the dividend payout ratio to ensure it’s sustainable.

Government Policy & Regulation

Track policy changes, subsidies, pricing controls, and environmental regulations that may affect operations and profitability.

Commodity Price Trends

For companies in oil, coal, steel, or gas, monitor global commodity prices, as these can directly influence earnings.

Expansion & Modernisation Plans

Check whether the company is investing in technology upgrades, capacity expansion, and diversification to remain competitive.

Conclusion

Maharatna is not an ordinary label assigned to random companies. After meeting a long list of criteria, are few companies awarded these prestigious statuses. Maharatna enjoys autonomy in decision-making and an excellent reputation in the markets. They function more efficiently with minimum to zero government interference.

More companies are coming forward to qualify themselves under these statuses. However, if you plan on investing in these companies, do make sure you research well about their future prospects using Tickertape Stock Screener.

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Frequently Asked Questions on Maharatna Companies List

  1. What are Maharatna Companies List?

    Maharatna companies are India’s strongest and most strategically important Central Public Sector Enterprises (CPSEs). Created in 2010, this status gives these CPSEs greater independence, allowing them to invest up to ₹5,000 cr. or 15% of their net worth without government approval. This enables them to operate on a global scale.

  2. How to invest in Maharatna Companies List?

    Here’s how you can invest in Maharatna Companies stocks -
    1. Go to the Tickertape Stock Screener
    2. Select the "Maharatna Companies" stocks.
    3. From the Maharatna Companies stocks, analyse and sort the Maharatna Companies stocks using over 200+ filters—including valuation ratios, financials, technical indicators, and more—based on your investment thesis.
    4. Review the filtered list, and identify stocks that best align with your risk appetite, return expectations, and investment goals.
    5. Once you've shortlisted the stocks, click ‘Place Order’ to invest in your preferred Maharatna Companies stocks.

    Disclaimer: Please do your own research or consult your financial advisor before investing.

  3. What is the future projection of maharatna companies list?

    The Indian government may update CPSE classifications, changing investment powers and performance criteria. Given their size, autonomy, and strategic roles, Maharatna companies are expected to drive India’s infrastructure development, energy transition, and international business growth. Changes in policies and global competitiveness efforts will support this growth.
    Disclaimer: This is only for educational purposes as the latest data is derived from major financial research reports.

  4. How to choose maharatna companies list for investing?

    To pick the best Maharatna company, consider:
    1. Financial health: profitability, cash flow, debt levels
    2. Sector outlook: demand cycles in energy, power, aviation, etc.
    3. Level of autonomy: the company’s ability to invest and adapt swiftly
    4. Quality of management and track record in delivering projects
    5. Valuation compared to growth potential and shareholding rules

    Disclaimer: Please note that this is not a recommendation. Please do your own research or consult your financial advisor before investing.

  5. Do maharatna companies list offer regular dividends?

    Many Maharatna companies regularly earn strong profits and pay dividends. Companies like NTPC, ONGC, Indian Oil Corporation (IOCL), and Bharat Petroleum (BPCL) have historically declared regular dividends. For exact dividend details, check the latest annual reports or stock exchange filings on Tickertape Stock Screener.
    Disclaimer: This is only for educational purposes as the latest data is derived from Tickertape Stock Screener.

  6. What are the factors affecting maharatna companies list prices?

    Their stock prices depend on:
    - Core business performance like profits, revenues, and project completion
    - Sector trends and volatility in commodity prices
    - Government policies and reforms relating to public sector units
    - The company’s autonomy in management and capital use
    - Wider economic factors such as interest rates, inflation, and currency fluctuations

    Since many operate in infrastructure, energy, and petroleum, they react strongly to both domestic and global economic changes.
    Disclaimer: Please note that this is not a recommendation. Please do your own research or consult your financial advisor before investing.

  7. What are some of the top Maharatna companies listed on NSE?

    Some of the top Maharatna companies in India based on market cap are as follows -
    1. NTPC Ltd
    2. Oil and Natural Gas Corporation Ltd
    3. Hindustan Aeronautics Ltd
    4. Power Grid Corporation of India Ltd

      5. Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.

Disclaimer: This article is for informational purposes only. The content of the article including securities/investment products mentioned if any, should not in any manner be construed as an investment advice, recommendation, offer, solicitation to buy/hold/sell any securities/investment products. The securities quoted if any, are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered financial advisor before investing.