List of Navratna Companies in India

India’s public sector undertakings (PSUs) play a pivotal role in infrastructure, energy, manufacturing, and strategic services. To empower these government-owned enterprises with greater financial and operational autonomy, the Government of India classifies them into three categories: Maharatna, Navratna, and Miniratna. Among these, Navratna companies represent the middle tier, recognised for their consistent performance, profitability, and strategic importance. In this article, we break down what Navratna PSUs are, how they are selected, and provide a complete list of such companies in India.

Navratna companies are Public Sector Undertakings (PSUs) that have been granted financial and operational autonomy by the Department of Public Enterprises (DPE), Government of India. The status allows them to compete with private sector players in strategic sectors by streamlining investment approvals and decision-making powers.

To qualify for Navratna status, a PSU must meet the following criteria:

Financial and Performance Parameters

• Must be a Miniratna Category I company
  

• Have Schedule A classification
  

• Score at least 60 out of 100 in the following parameters:
  

Board Composition

• Must have at least three Independent Directors on its Board of Directors.

The Navratna status provides enhanced autonomy compared to Miniratna companies, but not as much as Maharatnas.

Navratna status grants PSUs enhanced powers and flexibility, including the following benefits:

As of 2024, the following companies hold Navratna status across diverse sectors:

Note: The list is subject to periodic updates by the Department of Public Enterprises (DPE), Ministry of Finance.

1. Engineers India Limited (EIL) – Provides engineering consultancy, design, procurement, and project management services across oil & gas, infrastructure, water, fertilisers, and renewable energy sectors.
   

2. Container Corporation of India Limited (CONCOR) – Operates India’s container logistics network, including dry ports, ICDs, bonded warehousing, refrigerated containers, and air-cargo services.
   

3. Bharat Electronics Limited (BEL) – Develops defence and civilian electronic systems such as radars, communication equipment, naval systems, and cybersecurity solutions.
   

4. Hindustan Aeronautics Limited (HAL) – Designs, manufactures, and maintains military and civilian aircraft, helicopters, avionics, and communication systems.
   

5. Neyveli Lignite Corporation Limited (NLC India) – Mines lignite and generates electricity from lignite, coal, and renewable sources, supplying power mainly in Southern India and Rajasthan.
   

6. Rashtriya Ispat Nigam Limited (RINL) – Operates the Vizag Steel Plant, producing high-quality steel through India’s first shore-based integrated steel facility.
   

7. Rashtriya Chemicals & Fertilisers Limited (RCF) – Produces a range of fertilisers and chemicals, including neem urea, biofertilisers, and brands like Suphala and Ujjwala.
   

8. Mahanagar Telephone Nigam Limited (MTNL) – Offers fixed-line, broadband, mobile, and other telecom services in Delhi and Mumbai.
   

9. National Buildings Construction Corporation Limited (NBCC) – Executes residential, commercial, civil, and national-security infrastructure projects from design to completion.
   

10. National Aluminium Company Limited (NALCO) – An integrated aluminium producer managing bauxite mining, alumina refining, smelting, and power generation.
    

11. National Mineral Development Corporation Limited (NMDC) – India’s largest iron-ore producer, also exploring copper, limestone, diamonds, and other minerals.
    

12. Rail Vikas Nigam Limited (RVNL) – Executes railway infrastructure projects including new lines, electrification, bridges, and workshops on a turnkey basis.
    

13. Shipping Corporation of India Limited (SCI) – Operates liner, bulk carrier, tanker, offshore, and passenger shipping services for domestic and international trade.
    

14. ONGC Videsh Limited (OVL) – Overseas arm of ONGC engaged in oil and gas exploration and production in multiple countries.
    

15. RITES Limited – Provides transport infrastructure consultancy and project management in railways, airports, bridges, and other sectors.
    

16. IRCON International Limited – Specialises in EPC contracts for railways, highways, metros, tunnels, and bridges in India and abroad.

Navratna companies span multiple key sectors of the Indian economy, including the following:

Maharatna, Navratna, and Miniratna categories differ primarily in investment powers and eligibility criteria, as detailed below:

Physical and cash settlements differ in several key aspects, as outlined below:

Navratna PSUs:

• Help in strategic sectors like defence, mining, and infrastructure
  

• Generate employment across rural and urban areas
  

• Contribute to national exports and import substitution
  

• Facilitate public-private partnerships in critical industries
  

Navratna companies form a crucial pillar of India’s public sector ecosystem. Positioned between Miniratna and Maharatna categories, they enjoy a balance of autonomy and accountability, enabling them to pursue growth, innovation, and competitiveness. For stakeholders, understanding their structure and capabilities provides valuable insights into India’s strategic economic planning and industrial execution.

This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.