Miniratna companies are profit-making Central Public Sector Enterprises (CPSEs) granted financial autonomy by the Department of Public Enterprises (Ministry of Finance) under a scheme introduced in October 1997. They are split into Miniratna Category-I and Category-II based on profitability and net-worth thresholds. They operate across defense, mining, engineering, shipping, tourism, power, telecom, refining, trading, and infrastructure.
India’s public sector includes companies of very different sizes and responsibilities. Some are large strategic giants, while others are specialized enterprises operating in essential but less visible industries to the average investor or citizen. Miniratna companies belong to this second layer of strong public-sector businesses that have earned greater flexibility due to their financial track record. They support infrastructure, trade, public services, and sector-specific development. Let’s talk about all the miniratna companies in India.
Key Takeaways
Miniratna companies are profit-making CPSEs that receive greater decision-making freedom from the government.
The category is split into Miniratna Category I and Miniratna Category II.
These companies work across a broad range of sectors, from coal and copper to shipbuilding, tourism, engineering, healthcare, and trading.
As of FY 2025–26, after the recent wave of Navratna upgrades, India has approximately 49 Miniratna Category-I CPSEs and 10 Miniratna Category-II CPSEs.
What are Miniratna companies?
The Government of India classifies CPSEs into three tiers based on graded autonomy: Maharatna (highest), Navratna companies, and Miniratna (Categories I & II). The Navratna and Miniratna schemes were introduced in October 1997 by the Department of Public Enterprises; the Maharatna category was added later, in May 2010, for the largest and globally competitive CPSEs.
Miniratna companies fall under two categories:
Miniratna-I
Miniratna-II
The Importance of Miniratna Companies in the Indian Economy
Miniratna companies play a meaningful role in India’s economy across four distinct dimensions:
Sectoral coverage and strategic relevance: They operate in industries that are essential to national priorities, including defense (BDL, GRSE, Goa Shipyard, Cochin Shipyard, Mishra Dhatu Nigam), mining and metals (MOIL, Hindustan Copper, KIOCL), energy and power (THDC India, NEEPCO), refining (MRPL, CPCL, Numaligarh), aviation infrastructure (AAI), telecom (BSNL), and trade and tourism (MMTC, ITDC).
Operational efficiency through delegated autonomy: Miniratna status allows financially sound CPSEs to take capital expenditure, joint-venture, subsidiary, HR, and R&D decisions within defined limits without prior Cabinet or ministry approval, which speeds up project execution and improves responsiveness to market conditions.
Employment and infrastructure contribution: Together, these companies are significant direct and indirect employers and continue to deliver public infrastructure, such as airports, hydroelectric capacity, ports, shipyards, refineries, telecom networks, and strategic manufacturing capacity, that support broader industrial activity.
Governance and progression pipeline: The Miniratna tier serves as the proving ground for the Navratna and Maharatna categories. A Miniratna Category-I CPSE that consistently scores well on DPE’s MoU performance ratings can graduate to Navratna, and from there to Maharatna; as demonstrated by the 2024–25 upgrades of NHPC, NFL, RailTel, IREDA, HUDCO, SECI, Mazagon Dock, CWC, SJVN, IRCTC and IRFC to Navratna, and HAL to Maharatna.
Criteria for Being Classified as a Miniratna Company
A CPSE does not automatically receive Miniratna status. It must meet specific financial and operational conditions set by the government.
Criterion
Miniratna Category I
Miniratna Category II
Profitability
Continuous profit in the last 3 years
Continuous profit in the last 3 years
Pre-tax Profit
≥ ₹30 cr in at least one of the last 3 years
No specific threshold
Net Worth
Positive
Positive
Govt. Support
Should not depend on budgetary support/guarantees
Should not depend on budgetary support/guarantees
CapEx Autonomy
Up to ₹500 cr or equal to net worth, whichever is lower
Up to ₹300 cr or 50% of net worth, whichever is lower
Comprehensive List of Miniratna Companies in India
The list of Miniratna companies in India in 2026 is generally divided into two categories: Miniratna I CPSEs and Miniratna II CPSEs. Category I companies are larger and meet higher profitability thresholds, while Category II companies have a smaller but still meaningful level of delegated autonomy.
Security Printing and Minting Corporation of India Ltd.
South Eastern Coalfields Ltd.
Telecommunications Consultants India Ltd.
THDC India Ltd.
The Cotton Corporation of India Ltd.
WAPCOS Ltd.
Western Coalfields Ltd.
Miniratna II CPSEs
Artificial Limbs Manufacturing Corporation of India
Broadcast Engineering Consultants India Ltd.
Engineering Projects (India) Ltd.
FCI Aravali Gypsum & Minerals India Ltd.
HMT (International) Ltd.
Indian Medicines & Pharmaceuticals Corporation Ltd.
MECON Ltd.
National Film Development Corporation Ltd.
Rajasthan Electronics & Instruments Ltd.
Top 10 Miniratna Companies in India
There is no single official ranking that decides the top 10 Miniratna companies. Still, some names stand out because of their sectoral importance, public visibility, market relevance, or strategic role.
Airports Authority of India
AAI is one of the most important infrastructure-related CPSEs in India. It plays a central role in airport operations and air navigation services and has become more relevant as India’s aviation sector expands.
BEML Ltd.
BEML is known for its work in defense, railways, and heavy equipment. Its role in mobility and engineering makes it one of the more prominent Miniratna companies.
Bharat Dynamics Ltd.
Bharat Dynamics is important because of its presence in defense manufacturing. It reflects how Miniratna companies also support India’s strategic and national capability goals.
Bharat Sanchar Nigam Ltd.
BSNL remains a major telecom CPSE with a strong public identity. Its role in connectivity gives it continued significance despite market competition.
Cochin Shipyard Ltd.
Cochin Shipyard is one of the most visible names in the shipbuilding and repair segment. It represents India’s maritime and industrial capability.
Garden Reach Shipbuilders & Engineers Ltd.
GRSE is another notable public sector shipbuilding and defense company. It shows that the Miniratna status is common among companies operating in strategic industries.
Hindustan Copper Ltd.
Hindustan Copper has a useful place in India’s mining and industrial metals ecosystem. Copper remains an important resource for industry and infrastructure.
Mangalore Refinery & Petrochemicals Ltd.
MRPL adds oil and refining exposure to the Miniratna category. It remains relevant because petroleum and petrochemicals continue to matter to the economy.
MOIL Ltd.
MOIL is a key manganese producer and one of the more specialized names among Miniratna CPSEs. Its niche role makes it significant in the mining space.
THDC India Ltd.
THDC India operates in the power segment and is associated with hydro and energy infrastructure. It is one of the stronger examples of how diverse the Miniratna category really is.
Benefits of Being a Miniratna Company
Miniratna status delivers four concrete delegated powers under the DPE’s 1997 OM (revised 2017):
CapEx and JV ceilings without Cabinet approval: Up to ₹500 crore or net worth, whichever is lower, for Cat-I; ₹300 crore or 50% of net worth, whichever is lower for Cat-II.
Subsidiaries, JVs and overseas offices: Boards can set up wholly-owned subsidiaries, technology JVs, strategic alliances, and offices abroad within the same financial limits.
HR and R&D autonomy: Delegated powers over manpower planning, post creation/abolition (below Board level), training, and R&D spend within the annual plan.
Speed plus accountability: Faster commercial decisions, tracked through the DPE’s MoU ratings (Excellent → Poor). A consistent “Excellent”/”Very Good” rating in three of five years is the gateway to Navratna.
Current and Future Outlook of Miniratna Companies
The Miniratna landscape has shifted sharply in 2024–26.
Eleven CPSEs were upgraded to Navratna in roughly a year; RailTel (Aug 2024), NHPC, SJVN, NFL, IREDA, HUDCO, SECI, Mazagon Dock, and CWC during 2024, followed by IRCTC and IRFC in March 2025. HAL was elevated to Maharatna vide DPE OM dated 12 October 2024. This has shrunk the Miniratna-I count from the high-50s to roughly 49 CPSEs today.
The category was replenished from defense: MIL, AVNL, and IOL got Miniratna-I status in May 2025, and YIL in February 2026; all four from the 2021 OFB corporatization.
Looking ahead, the DPE has signaled a Vision 2047; an aligned review of classification norms covering governance, CapEx execution, succession planning, and sustainability; potentially the biggest change to the Ratna framework since Maharatna was introduced in 2010.
Conclusion
The Miniratna tier is the working middle of India’s CPSE architecture; financially independent, operationally agile, and spread across defense, mining, energy, refining, telecom, shipping, and infrastructure. The 2024-26 churn, eleven Navratna upgrades, HAL’s Maharatna elevation, and four new defense entrants show it is functioning as a live progression pipeline, not a static list. For anyone tracking India’s public-enterprise reform, this is the tier where most of the actual momentum plays out.
FAQs
How does a company become a Miniratna?
A company becomes a Miniratna by meeting the government’s eligibility criteria for profitability, positive net worth, and financial discipline. Category I companies must meet a higher profit threshold than Category II companies.
Why are Miniratna companies important for India’s economy?
They are important because they operate in sectors that support industry, infrastructure, public services, defense, mining, telecom, and energy. They also improve the efficiency of the public sector by enabling stronger enterprises to operate with greater autonomy.
What is the difference between Maharatna, Navratna, and Miniratna companies?
The main differences lie in scale, eligibility, and the degree of operational and financial autonomy. Maharatna companies have the highest level of freedom, Navratna companies come next, and Miniratna companies have a more limited but still meaningful level of delegated power.
How have Miniratna companies performed in the recent past?
Performance has varied across companies because they operate in different sectors. Those linked to defense, mining, power, infrastructure, and industrial services have generally drawn more attention due to policy support and sectoral momentum.
Are Miniratna companies government-owned?
Yes, Miniratna companies are government-owned Central Public Sector Enterprises. They remain part of the public sector, but they gain greater decision-making power due to their financial strength and consistent performance.
This blog is for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The information is based on publicly available sources and market understanding at the time of writing and may change due to global developments. Past performance of markets during geopolitical events does not guarantee future results. Readers are encouraged to conduct their own research and consult qualified professionals before making investment decisions. Jainam Broking does not provide any assurance regarding outcomes based on this information.
