India – PSUs Decoded: What makes a CPSE a Maharatna, Navratna or Miniratna?

Why do only some 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 aimed 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 certainly one of these titles? 

No, solely central public sector enterprises are awarded these titles primarily based on plenty of components, resembling monetary efficiency and operational effectivity. 

However what are CPSEs? These are firms that fall instantly beneath the executive management of the Centre, which means the central authorities. 

In different phrases, all different kinds of firms working in India, together with state-level public sector enterprises, non-government organisations, or personal sector firms will not be eligible for certainly one of these titles.

What occurs when a CPSE secures certainly one of these titles?

A central public sector enterprise successful certainly one of these coveted titles enjoys larger autonomy, significantly in monetary and operational phrases. With certainly one of these statuses in place, these firms enlarge investments and strategic selections with out looking for prior authorities approvals. 

Can solely a listed firm be granted certainly 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. It is a obligatory requirement for the Maharatna class. 

Nevertheless, a CPSE doesn’t essentially must be listed in an effort 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 record (most essential), 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

So as to qualify to be a Miniratna 2 firm, a CPSE should be worthwhile for 3 back-to-back years and having a optimistic internet value. 

Miniratna 1

To be thought of for this standing, a CPSE will need to have made earnings for 3 back-to-back years with a internet pre-tax revenue of Rs 30 crore and above in a minimum of a kind of three years, with a optimistic internet value. 

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 measurement, 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 instantly with out first reaching the Miniratna 1 standing. 

A Miniratna 1 firm ought to have earned a minimal rating of 60/100 in six principal elements: 

• Internet revenue to internet value (most weight 25)
• Manpower price to whole manufacturing/providers 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 ‘glorious’ or ‘very’ good Memorandum of Understanding scores in a minimum of three of the final 5 years. In addition to, 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 should be listed on Dalal Road assembly the minimal required public shareholding norms as per SEBI norms.

Now, let’s take a look at a number of the monetary necessities: 

Over three years, it will need to have: 

• A median annual turnover of a minimum of Rs 25,000 crore
• A median annual internet value of a minimum of Rs 15,000 crore
• A median annual internet revenue after tax of a minimum of Rs 5,000 crore

In addition to, the CPSE will need to have a major world 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 take pleasure in 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 value, whichever is decrease, for a single challenge. 

For Navratna CPSEs, this threshold is at Rs 1,000 crore or 15 per cent of internet value, whichever is decrease, per challenge. 

For Miniratna 1 and Miniratna 2 firms, these ceilings are set at Rs 500 crore or internet value, and Rs 300 crore or 50 per cent of internet value, respectively. In each instances, the decrease of funding or the prescribed portion of internet value 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 value as its general funding restrict, together with world ventures. 

A Navratna CPSE may also have as much as 30 per cent of its internet value 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 record, in response to the DPE web site: 

Maharatna

• Bharat Heavy Electricals 
• Bharat Petroleum Company 
• Coal India 
• GAIL India 
• Hindustan Petroleum Company 
• Indian Oil Company 
• NTPC 
• Oil & Pure Fuel 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 Improvement Company
• Indian Renewable Power Improvement Company
• Mazagon Dock Shipbuilders
• Railtel Company of India
• Photo voltaic Power 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 Improvement Company
• Indian Uncommon Earths
• India Commerce Promotion Group
• KIOCL
• Mahanadi Coalfields
• MOIL
• Mangalore Refinery & Petrochemical
• Mineral Exploration Company
• Mishra Dhatu Nigam
• MMTC
• MSTC
• Nationwide Initiatives Building Company
• Nationwide Small Industries Company
• Nationwide Seeds Company
• Northern Coalfields
• North Jap Electrical Energy Company
• Numaligarh Refinery
• Pawan Hans Helicopters
• Initiatives & Improvement 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 Initiatives (India) 
• FCI Aravali Gypsum & Minerals India 
• Ferro Scrap Nigam 
• HMT (Worldwide) 
• Indian Medicines & Prescription drugs Company Restricted
• MECON 
• Nationwide Movie Improvement Company 
• Rajasthan Electronics & Devices