Maharatna Company

A Maharatna Company is India's highest designation for Central Public Sector Enterprises (CPSEs) — conferred on the country's largest and most strategically important government-owned companies, granting them the maximum level of financial and operational autonomy among PSUs. To qualify for Maharatna status, a CPSE must already hold Navratna status, have an average annual turnover of over ₹25,000 crore, an average annual net worth of more than ₹15,000 crore, and an average annual net profit after tax of more than ₹5,000 crore — over the preceding three years — along with a significant international presence or global operations. Maharatna companies can independently approve capital expenditure projects up to ₹5,000 crore per project, and invest up to 15% of their net worth in joint ventures and subsidiaries — giving them near-private-sector autonomy for large-scale investment decisions. India has approximately 12 Maharatna CPSEs as of 2025, including ONGC, NTPC, Indian Oil Corporation, Coal India, SAIL, BHEL, BPCL, GAIL, and Power Grid Corporation. For equity investors, Maharatna companies represent India's largest, most liquid PSU stocks — constituents of major indices like Nifty 50, Nifty PSE, and Nifty CPSE — with institutional ownership from domestic mutual funds, LIC, and foreign portfolio investors, making them among the most actively traded government-owned equities in India's capital markets.