Ever heard the phrase, “Good things come in small packages”? Well, when it comes to Indian Public Sector Undertakings (PSUs), that couldn’t be more accurate! Say hello to Miniratna Companies — the efficient, profit-making, and autonomous little dynamos that are driving India’s industrial and economic growth.
These aren’t your average government-run enterprises. Nope! Miniratnas are PSUs that have earned their badge of honor by consistently turning a profit, maintaining financial discipline, and showing serious potential for autonomy and excellence. While they might not be as giant as the Maharatnas or Navratnas, they’ve carved out their own niche in the Indian economy.
Let’s dive deep into the world of Miniratna Companies in India in 2025 — what they are, how they’re chosen, their unique privileges, and most importantly, a full list to feast your eyes on!
What Exactly is a Miniratna Company?
In simple terms, Miniratna Companies are profit-making Central Public Sector Enterprises (CPSEs) that enjoy a certain degree of operational and financial autonomy from the Government of India.
They’re categorized into two types:
Category-I Miniratnas
- Consistently profitable for the last three years
- Positive net worth
- A pre-tax profit of ₹30 crore or more in at least one of the last three years
- Eligible to invest up to ₹500 crore without government approval
Category-II Miniratnas
- Consistently profitable for the last three years
- Positive net worth
- Eligible to invest up to ₹300 crore without government approval
These babies may be smaller than their “Ratna” siblings, but trust us—they pack a punch!
Eligibility Criteria: What Makes a PSU a Miniratna?
Before a PSU can wear the Miniratna crown, it must meet a few golden rules:
For Category-I:
- Profit in the last three consecutive years
- Pre-tax profit of ₹30 crore or more in at least one of those years
- Positive net worth
- Clear track record with no default to banks
For Category-II:
- Profit in the last three consecutive years
- Positive net worth
- Good corporate governance standards
Once the Department of Public Enterprises (DPE) gives the nod, the PSU gets elevated to Miniratna status and earns some autonomy in investment decisions, joint ventures, and more.
Perks and Privileges of Being a Miniratna
Why’s everyone vying for Miniratna status? Because it opens up a world of possibilities! Here’s what these companies get once they’re in the club:
- Investment Autonomy: Up to ₹500 crore (Cat-I) / ₹300 crore (Cat-II)
- Joint Ventures: Freedom to enter domestic and international JVs
- HR Freedom: Can hire and promote staff independently
- Tech Upgrade: Faster modernization and tech collaboration
- Brand Boost: Enhanced public and investor trust
Sounds like a sweet deal, right?
List of Miniratna Companies in India
Let’s get to the meat of the matter! Here’s your definitive list of Miniratna Companies in India as of 2025, updated with the latest data. We’ll separate them into Category-I and Category-II for better clarity.
Category-I Miniratna Companies (2025)
Here are the top-performing Miniratna Category-I companies, alphabetically arranged for ease of reference:
- Airports Authority of India
- Antrix Corporation Limited
- Balmer Lawrie & Co. Limited
- Bharat Coking Coal Limited
- Bharat Dynamics Limited
- BEML Limited
- Bharat Sanchar Nigam Limited
- Braithwaite & Company Limited
- Bridge & Roof Company (India) Limited
- Central Coalfields Limited
- Central Electronics Limited
- Central Mine Planning & Design Institute Limited
- Chennai Petroleum Corporation Limited
- Cochin Shipyard Limited
- Cotton Corporation of India Ltd.
- EDCIL (India) Limited
- Garden Reach Shipbuilders & Engineers Limited
- Grid Controller of India Limited (GRID-INDIA)
- Goa Shipyard Limited
- Hindustan Copper Limited
- Hindustan Steelworks Construction Limited
- Hindustan Organic Chemicals Ltd.
- HLL Lifecare Limited
- HSCC (India) Limited
- India Tourism Development Corporation Limited
- Indian Rare Earths Limited
- India Trade Promotion Organization
- KIOCL Limited
- Mahanadi Coalfields Limited
- MOIL Limited
- Mangalore Refinery & Petrochemical Limited
- Mineral Exploration Corporation Limited
- Mishra Dhatu Nigam Limited
- MMTC Limited
- MSTC Limited
- National Projects Construction Corporation Limited
- National Small Industries Corporation Limited
- National Seeds Corporation
- Northern Coalfields Limited
- North Eastern Electric Power Corporation Limited
- Numaligarh Refinery Limited
- Pawan Hans Helicopters Limited
- Projects & Development India Limited
- Security Printing and Minting Corporation of India Limited
- South Eastern Coalfields Limited
- Telecommunications Consultants India Limited
- THDC India Limited
- Western Coalfields Limited
- WAPCOS Limited
Category-II Miniratna Companies (2025)
These are the rising stars—solid, stable, and ready to grow bigger!
- Artificial Limbs Manufacturing Corporation of India
- Broadcast Engineering Consultants India Limited
- Engineering Projects (India) Limited
- FCI Aravali Gypsum & Minerals India Limited
- Ferro Scrap Nigam Limited
- HMT (International) Limited
- Indian Medicines & Pharmaceuticals Corporation Limited
- MECON Limited
- National Film Development Corporation Limited
- Rajasthan Electronics & Instruments Limited
Note: This list is dynamic and may evolve as new companies meet the criteria or undergo restructuring.
Why Miniratna Companies Matter in India’s Growth Story
These companies may not grab the limelight like the Maharatnas, but let’s not forget — they’re the quiet warriors working behind the scenes. They:
- Promote regional development
- Boost employment in niche sectors
- Encourage tech innovation in PSU space
- Contribute significantly to national GDP
Think of Miniratna Companies as the unsung heroes in India’s economic symphony!
Listed Miniratna Companies in India
1. Hindustan Organic Chemicals
Hindustan Organic Chemicals Limited (HOCL), founded in 1960 under the Ministry of Chemicals & Fertilisers as a Miniratna Category-I company, was created to foster self-sufficiency in essential organic chemicals. It produces important items such as phenol, acetone, and hydrogen peroxide, which are crucial for sectors like pharmaceuticals, dyes, paints, rubber, and pesticides, significantly impacting daily uses.
2. MSTC Limited
MSTC Limited, a Miniratna Category-I CPSE affiliated with the Ministry of Steel, focuses on e-commerce solutions in multiple sectors. It provides e-auctions, e-sales, e-procurement, and tailored software solutions. The firm additionally manages the trading and disposal of scrap, excess items, minerals, and agricultural-forest products for public sector undertakings, private companies, and government agencies.
3. Balmer Lawrie & Co. Limited
Established in Kolkata in 1867 by two Scottish individuals, Balmer Lawrie is currently a Miniratna Category-I CPSU under the Ministry of Petroleum and Natural Gas. It functions through eight business segments, such as packaging, lubricants, chemicals, travel, logistics, and refinery services, with operations in India and internationally.
4. India Tourism Development Corporation Limited
India Tourism Development Corporation (ITDC), a Miniratna Category-I Public Sector Undertaking under the Ministry of Tourism, was founded in 1966. It provides extensive services in travel, tourism, and hospitality, such as accommodations, transportation, duty-free stores, and visitor guides. It additionally offers engineering consulting and carries out infrastructure initiatives and Sound & Light Displays for central and state administrations
5. MOIL Limited
MOIL Limited, established in 1962 as a Miniratna Category-I enterprise, is the leading producer and supplier of manganese ore in India. It provides high, medium, and low-grade ore, such as manganese dioxide and chemical-grade types, being essential for fulfilling the requirements of the nation’s steel industry.
6. Mishra Dhatu Nigam Limited
Mishra Dhatu Nigam Limited (MIDHANI), founded in 1973 under the Ministry of Defence, is a Miniratna Category-I firm and a prominent maker of special steels, superalloys, and the sole manufacturer of titanium alloys in India. Its unit in Hyderabad assists crucial sectors such as Defence, Space, Energy, and Aerospace.
7. Chennai Petroleum Corporation Limited
Chennai Petroleum Corporation Limited, established in 1965, is involved in refining crude oil and manufacturing petroleum products and lubricating oil additives. It is a Miniratna Category-I firm, and its main products consist of LPG, petrol, diesel, kerosene, aviation fuel, naphtha, bitumen, and lube base stocks.
8. MMTC Limited
MMTC Limited, a Miniratna Category-I PSU under the Ministry of Commerce & Industry, was founded in 1963 to bolster India’s international trade. It deals in minerals, metals, precious metals, fertilizers, agricultural products, coal, and hydrocarbons. MMTC exports minerals, imports essential commodities, and engages in joint ventures in sectors like steel, retail, warehousing, and commodity exchanges.
9. KIOCL Limited
KIOCL Limited, a Miniratna Category-I PSU under the Ministry of Steel, was established in 1976. Located in Karnataka, it focuses on the extraction and processing of low-grade iron ore to produce superior BF and DR grade pellets. KIOCL has implemented measures such as coastal transport, local equipment production, and international ore procurement to enhance efficiency and sustainability.
10. BEML Limited
BEML Limited, a Miniratna Category-I PSU under the Defence Ministry, produces heavy machinery for the mining, construction, defence, and railway industries. It manufactures high-mobility defense vehicles, earth-moving equipment such as bulldozers and excavators, and provides rail coaches, metro cars, and wagons to Indian Railways and metro systems.
11. Mangalore Refinery & Petrochemical Limited
Mangalore Refinery and Petrochemicals Limited (MRPL), a Miniratna Category-I CPSE under the Ministry of Petroleum & Natural Gas, runs a refinery that manufactures a diverse array of products such as LPG, petrol, diesel, kerosene, aviation fuel, naphtha, bitumen, pet coke, and polypropylene.
12. Hindustan Copper Limited
Hindustan Copper Limited (HCL), a Miniratna Category-I CPSE under the Ministry of Mines, was established in 1967. It is the sole company in India engaged in the complete copper production process, from extraction to the marketing of copper products. HCL concentrates on exploring, mining, and processing copper ore to generate copper concentrate.
13. Garden Reach Shipbuilders & Engineers Limited
Garden Reach Shipbuilders & Engineers Ltd (GRSE), established in 1934, is a Miniratna Category-I CPSE and a prominent shipbuilding firm operating under the Ministry of Defence. It mainly caters to the Indian Navy and Coast Guard and is the first Indian shipyard to export military ships and provide 100 vessels. In addition to warships, GRSE constructs boats, barges, tugs, ferries, and various other maritime vessels.
14. Cochin Shipyard Limited
Cochin Shipyard Limited (CSL), established in 1972, is a prominent shipbuilding company focusing on the construction, repair, and refurbishment of different kinds of ships. It is a Category-I Miniratna CPSE. CSL has constructed and restored some of the largest ships in the world and has exported approximately 45 vessels. Its knowledge ranges from bulk carriers to sophisticated vessels such as Platform Supply Vessels and Anchor Handling Tug Supply Vessels.
15. Bharat Dynamics Limited
Bharat Dynamics Limited (BDL) was established in 1970 and is recognized as a Miniratna Category-I enterprise. It is a public sector unit under the Ministry of Defence. It produces guided missiles, underwater arms, aerial systems, and various defense gear for the Indian Armed Forces. BDL provides life cycle assistance, renovation, and service extension for current defense systems.
Key Sectors Where Miniratnas Shine Bright
Here’s where you’ll find most of these companies flexing their muscles:
- Defence & Aerospace – HAL, BDL, GRSE
- Telecommunications – BSNL, TCIL, RailTel
- Mining & Minerals – HCL, MECL, CMPDI
- Shipping & Infrastructure – Cochin Shipyard, GSL, IRCON
- Energy & Power – THDC, IREDA, NHDC
- Finance & Consultancy – RITES, EdCIL, MECON
Future Outlook: What Lies Ahead for Miniratnas in 2025 & Beyond?
With India gearing up for a $5 trillion economy, Miniratna Companies are expected to:
- Play a bigger role in Make in India and Digital India
- Attract global investments and joint ventures
- Get upgraded to Navratna status as they grow
- Serve as innovation hubs in specialized sectors
Government reforms in PSU policies have already given them the wings. It’s just a matter of time before many of them take flight!
FAQs on Miniratna Companies
1. What is the difference between Miniratna, Navratna, and Maharatna?
Miniratna companies are smaller PSUs with limited autonomy. Navratna and Maharatna are larger and more profitable PSUs with greater freedom in investments and strategic decisions.
2. Can Miniratna Companies become Navratna?
Absolutely! If they meet the required criteria (size, profits, global presence), they can be upgraded.
3. Are Miniratna Companies safe to invest in?
While many are stable and profitable, they still operate under market conditions. So, research is key before investing.
4. Who decides Miniratna status?
The Department of Public Enterprises (DPE), under the Ministry of Heavy Industries, grants Miniratna status.
5. How many Miniratna Companies are there in India in 2025?
As of 2025, there are around 55–60 recognized Miniratna Companies across both categories, with new ones joining the list periodically.
Final Thoughts
Miniratna Companies might not always make headlines, but they’re the lifeblood of several strategic sectors in India. From railways to energy, education to aerospace, they’re silently scripting India’s growth story—one efficient operation at a time.
So next time someone talks about the bigwigs like ONGC or SBI, don’t forget to give a shout-out to the Miniratnas—the pocket-sized powerhouses of Bharat’s economic engine!
Want to stay updated with PSU reforms, investment ideas, or sectoral growth stories? Bookmark this article or subscribe to our newsletter—because there’s more to India’s economic magic than meets the eye!
