Top Navratna Companies list in India 2025

Navratna Companies are a group of government-owned enterprises whose legacy of excellence and contribution to the Indian economy is widely recognized and appreciated. These companies play a crucial role in driving India’s economic growth and development across various sectors.

In today’s blog, we will explore the key features of Navratna companies, how they have evolved, and their past financial track record.

What is a Navratna company?

Navratna Companies are a special group of public sector undertakings (PSUs) in India. These PSUs are the top performers, enjoying enhanced financial autonomy and operational flexibility granted by the government. The term ‘Navratna’ means nine gems in Sanskrit.

Key Characteristics of Navratna Companies

• They can invest up to INR 1,000 crores without government approval.
• They have more freedom to make decisions and can compete better in the market.
• The Navratna status brings increased recognition and credibility.

Additionally, these companies play an important role in the Indian economy and are widely regarded as industry leaders.

Eligibility Criteria for Becoming a Navratna Company

A company must satisfy the following criteria to become a Maharatna company:

• Miniratna Category 1 Status – For a PSU to qualify for ‘Navratna status’, it must have held ‘Miniratna’ Category 1 status for at least three years.
• Profits – The company must have consistently generated profits over the past three years.
• Net Worth – To ensure financial stability, the company needs to maintain a positive net worth consistently over the past three years.
• Corporate Governance – The PSU must have a track record of exemplary performance and demonstrate sound corporate governance practices.
• Global Presence – the company must establish a substantial global presence and engage in international operations.

Furthermore, Miniratna Category 1 and Schedule ‘A’ CPSEs, which have achieved an ‘excellent’ or ‘very good’ rating under the Memorandum of Understanding system in at least three out of the past five years and have a composite score of 60 or higher in the six specifically chose parameters viz.,

• Net profit to net worth,
• Manpower cost to total cost of production/services,
• Profit before depreciation, interest, and taxes to capital employed,
• Profit before interest and taxes to turnover,
• Earnings per share
• Inter-sectoral performance

Top Navratna Companies List Based on Market Capitalization

The top Navratna stocks in 2025 are:

S.No.	Navratna Stocks
1	Hindustan Aeronautics Ltd.
2	Bharat Electronics Ltd.
3	Rail Vikas Nigam Ltd.
4	Mazagon Dock Shipbuilders Ltd.
5	Indian Renewable Energy Development Agency Ltd.
6	NMDC Ltd.

Company	Market Capitalization (in INR crores)	Current Market Price (in INR)	52-Week High  (in INR)	52-Week Low  (in INR)
Hindustan Aeronautics Ltd.	2,11,069	3,156	5,675	2,914
Bharat Electronics Ltd.	1,79,674	246	340	179
Rail Vikas Nigam Ltd.	70,213	337	647	213
Mazagon Dock Shipbuilders Ltd.	83,782	2,077	2,930	898
Indian Renewable Energy Development Agency Ltd.	41,472	154	310	121
NMDC Ltd.	55,019	62.6	95.4	59.7

Read Also: List Of Best Logistics Stocks in India

Overview of the Navratna Companies

A brief overview of Navratna companies is given below:

1. Hindustan Aeronautics Ltd. 

Hindustan Aeronautics Ltd. (HAL) is India’s biggest aerospace company and plays a major role in the country’s defense industry. Founded in 1940, HAL has a rich history of designing, manufacturing, and maintaining aircraft, helicopters, etc. In the 1970s and 1980s, India made significant strides in developing indigenous aircraft, such as the HF-24 Marut and the HAL Cheetah Helicopter. HAL is a versatile aerospace company involved in a wide range of activities, which includes the design, development, and production of fighter jets, trainers, and transport aircraft, the production of military and civilian helicopters, and overhauling and repairing aircraft for both domestic and international customers.

2. Bharat Electronics Ltd.

Established in 1954, the company manufactures a wide range of advanced electronic products for Indian defense forces. This forms the major part of their revenue. It plays an important role in India’s defense sector by providing several crucial electronic equipments to the Indian Armed Forces. Bharat Electronics Ltd. (BEL) is a Navratna Public Sector Undertaking (PSU) under India’s Ministry of Defence. Products include communication equipment, electronic warfare systems, avionics, and night vision devices. The company also ventured into the civilian market and is trying to capture new growth opportunities. Their non-defense products include homeland security solutions, telecom & broadcast systems, medical electronics, etc.

3. Rail Vikas Nigam Ltd.

Rail Vikas Nigam Ltd. (RVNL) is a public sector undertaking under the Ministry of Railways, Government of India. It was established in 2003 with the main goal of quickly carrying out railway infrastructure projects. It is involved in the development and implementation of railway infrastructure projects in India. RVNL plays an important role in enhancing the efficiency and capacity of the Indian railway network. The company is responsible for the planning, designing, constructing, and maintaining various railway infra projects, which include new railway lines, doubling of existing lines, gauge conversion, electrification of railway lines, railway bridges, and tunnels. It offers complete project management services to ensure projects are completed on time and meet quality standards. RVNL actively participates in PPP projects with private companies to finance and execute railway infra projects.

4. Mazagon Dock Shipbuilders Ltd.

Mazagon Dock Shipbuilders Ltd. is a leading shipbuilding and repair yard in India. Established in 1849, the company has a rich history of constructing and repairing naval vessels, commercial ships, and offshore structures. In 1849, it was established as the Bombay Dockyard. During the 1990s and 2000s, the company started building commercial ships such as tankers, bulk carriers, and offshore platforms. The 2010s were marked by a sustained dedication to both naval and commercial shipbuilding, placing a strong emphasis on advanced technologies and high-quality standards. The company is an advanced shipbuilding facility for naval shipbuilding, commercial shipbuilding, ship repair, etc.

5. Indian Renewable Energy Development Agency Ltd.

Indian Renewable Energy Development Agency Ltd. (IREDA) is a financial institution that operates under the Ministry of New and Renewable Energy, which is part of the Government of India. Created in 1987, IREDA aims to support and fund renewable energy projects in India. It provides financial assistance to various renewable energy projects, including solar power, wind power, biomass power, small hydropower, and geothermal power. It plays an important role in promoting sustainable energy development in India. IREDA supports policies that encourage the development of renewable energy in India.

6. National Mineral Development Corporation Ltd.

National Mineral Development Corporation Ltd. (NMDC) is the biggest iron ore producer in India, playing a significant role in the country’s steel industry. It was founded in 1958 as the National Mineral Development Corporation and has played a leading role in India’s mining industry. The company is the primary supplier of iron ore to India’s steel industry, ensuring a steady supply of raw materials. It has played an important role in developing infrastructure in mining regions, including roads, railways, and power plants. NMDC operates numerous iron ore mines in India, such as Bailadila in Chhattisgarh, Donimalai in Karnataka, and Kumaram Bheem in Telangana. It is also looking for new mining opportunities and expanding its operations.

Performance of the Navratna Companies

Company	1-Year Returns	3-Year Returns	5-Year Returns
Hindustan Aeronautics Ltd.	1.17%	383.77%	801.66%
Bharat Electronics Ltd.	19.59%	275.82%	866.04%
Rail Vikas Nigam Ltd.	26.33%	998.22%	1,485.75%
Mazagon Dock Shipbuilders Ltd.	94.90%	1,662.77%	1,845.56%
Indian Renewable Energy Development Agency Ltd.	-0.67%	211.50%	208.70%
NMDC Ltd.	-16.00%	34.20%	102.97%

Key Performance Indicators 

Company	ROE (in %)	ROCE (in %)	Debt-to-Equity	P/E (x)	P/B (x)
Hindustan Aeronautics Ltd.	26.15	24.49	0	38.05	10.77
Bharat Electronics Ltd.	24.4	30.13	0	51.67	13.42
Rail Vikas Nigam Ltd.	18	16.74	0.68	82.8	13.78
Mazagon Dock Shipbuilders Ltd.	31.02	35.65	0	39.22	15.68
Indian Renewable Energy Development Agency Ltd.	14.62	42.69	5.80	50.93	7.98
NMDC Ltd.	21.71	30.49	0.13	11.26	2.59

Read Also: List of Maharatna Companies in India

Conclusion

To summarize, Navratna companies are a valuable asset to India’s economy. These companies generate revenue and create job opportunities, making them instrumental in driving India’s growth. Their performance and contributions have made them leading players in their respective sectors. These companies have exhibited a remarkable track record of innovation and resilience, which will serve as a strong foundation for their future endeavors. With their extensive resources, talented workforce, and commitment to excellence, the Navratna companies are well-positioned to drive their growth and contribute to the overall development of the nation.

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