By Lal Singh India’s Maharatna companies form the strongest pillars of India’s public sector. These Central Public Sector Enterprises(CPSEs) are having higher financial and working autonomy due to their persistent performance, strategic importance and worldwide scale. As of 2026, Maharatna companies are still driving the growth in India across energy, power, infrastructure, defence and finance.
This article focuses on the top 10 leading Maharatana companies in India in 2026, according to their scale, impact and contribution to national development.
1. Oil & Natural Gas Corporation Limited (ONGC)
ONGC is the backbone of energy security of India. As the biggest crude oil and natural gas producer in India, ONGC is a major player in the country’s production of about 71% of the domestic oil and gas production. The company is a crucial link in providing raw material to downstream giants such as IOC, BPCL, and HPCL.
ONGC is a fully integrated energy company that has in-house expertise in exploration, drilling, refining, transportation and research. Its overseas arm, ONGC Videsh Limited, controls oil and gas assets in 15 countries making India’s global energy presence more powerful.
With subsidiaries like MRPL and HPCL, ONGC indulges in the refinement, petrochemical and distributed fuel businesses on a large scale. Since being granted Maharatna status in 2010, ONGC has continued to scale up hydrocarbon discoveries, develop new basins as well as invest significantly in future-ready energy solutions.
2. NTPC Limited
NTPC Limited is the leader of the Indian power sector being the largest integrated power utility in the country. With an installed capacity of about 85 GW, NTPC accounts for almost 24% of the total power generation in India and lights up every fourth bulb in the country.
NTPC has changed itself from a thermal-centric company to a diversified energy major. The company invests heavily in renewable energy, green hydrogen, battery storage and nuclear power. NTPC wants to reach 60 GW capacity on renewable energy by 2032, which is coherent with Indian clean energy targets.
Driven by high operational efficiency, strong ESG practices and people-first policies, NTPC is continuing its task of powering India’s economic growth in a responsible manner.
3. Hindustan Aeronautics Limited (HAL)
Hindustan Aeronautics Limited plays an important role in strengthening India’s defence and aerospace capabilities. Headquartered at Bengaluru, HAL is engaged in designing, manufacturing and overhauling of aircraft, helicopters and engines, avionics and defence systems.
HAL manufactures iconic indigenous platforms like Tejas fighter aircraft, Dhruv helicopters and Light Combat Helicopters. The company is also involved in licensed production of world aeroplanes such as Sukhoi Su-30MKI and Jaguar.
With 11 R&D centres and 21 manufacturing divisions HAL drives innovation as a part of “Make in India” initiative. Its elevation to the status of a Maharatna in 2024 is based on the fact that it is most important for the purposes of national security and technological self-reliance.
4. Coal India Limited (CIL)
Coal India Limited is the biggest coal producer in the world and an integral part of India’s power and industrial ecosystem. CIL produces almost 80% of the domestic coal in India and accounts for approximately 55% of the country’s power generation.
Operating in eight states with over 300 active mines, CIL is balancing a large-scale mine with a social responsibility. The company invests in rehabilitation, community development and environmental restoration under their “Mining with a Human Face” approach.
CIL is also diversifying into renewable energy, coal gasification and clean technologies. Its tall order of producing 1 billion tonnes of coal by 2028-29 is in favour of the country’s self-reliance on energy production.
5. Power Grid Corporation of India Limited (POWERGRID)
Power Grid Corporation of India Limited serves as the backbone to India’s electricity carrying system. The company carries almost 50% share of India’s total power via its extensive high voltage transmission network.
POWERGRID ensures dependable inter-state and inter-regional transfer of power while functioning of National and Regional Load Despatch Centres. Since attaining Maharatna status in the year 2019, POWERGRID has ventured into telecom services and other advanced grid technologies.
Its focus on grid stability, smart transmission, and energy integration from renewables support India’s rapidly evolving power landscape.
6. Indian Oil Corporation Limited (IOCL)
Indian Oil Corporation Limited is the Indian Brand of Biggest and Most Trusted Energy Ranked among Fortune Global 500 Company, IndianOil operates the largest refining network and distribution network of fuels in the country.
With over 40000 fuel stations, 20000 km pipeline and 80+MMTPA refining capacity, IndianOil serves over 3 crore customers every day. The company is at the forefront in the distribution of LPG, aviation fuel, petrochemicals, and natural gas.
IndianOil is also driving the green energy transition of India through electric vehicle charging infrastructure, hydrogen mobility, biofuels and solar innovations. Its Nation-First philosophy guarantees access to energy will reach every corner of the country.
7. Bharat Petroleum Corporation Limited (BPCL)
Bharat Petroleum Corporation Limited is one of India’s best oil marketing and refining companies. BPCL has three main refineries with a combined capacity of 35.3 MMTPA and a large network of fuel retail and LPG distribution.
BPCL invests substantially in sustainable energy solutions or EV charging infrastructure at thousands of fuel stations. The company has an aspiration of Net Zero emissions for 2040 for Scope 1 and Scope 2 emissions.
With consensus in its community and its well-thought-out plan around sustainability, BPCL keeps on energising lives whilst readjusting to the energy demands of the future.
8. Power Finance Corporation Limited (PFC)
Power Finance Corporation Limited is India’s leading power sector financier & the largest NBFC as per networth. PFC provides support to power generation, transmission distribution and renewable energy projects throughout the nation.
As a Maharatna CPSE of the Ministry of Power, PFC plays a significant role as a nodal agency for PFC’s flagship government schemes such as RDSS and Ultra Mega Power Projects. Its excellent asset quality, low NPAs and consistent profitability are expressions of disciplined financial management.
PFC also offers consultancy and advisory services, to build up India’s power infrastructure from planning to execution.
9. GAIL (India) Limited
GAIL (India) Limited is a natural gas transmission and marketing company that dominates the Indian market. The firm has more than 13,700 km of gas pipelines that it keeps expanding via new projects and joint ventures to the National Gas Grid.
The gas assisted in the conversion of India to clean fuels through the encouragement of natural gas use in households, transport, and industry. The company invests in renewable energies, telecommunication and LNG facilities as well.
Being a Maharatna PSU, GAIL is in the top position to improve energy efficiency and decrease the carbon footprint of India.
10. Rural Electrification Corporation Limited (REC)
Rural electrification Corporation Limited is lending to the development of power and infrastructure, India on a long-term basis. REC invests in the generation, transmission, distribution, renewable energy, and new technologies such as EVs and green hydrogen.
REC is one of the most profitable CPSEs in India with a loan book of more than ₹5.8 lakh crore. The company is a strategic partner to the Government of India providing a nodal agency to Government schemes like RDSS and PM Surya Ghar Muft Bijli Yojana.
The high credit rating of the company and its presence in all parts of the country enable easy development of infrastructure projects in both cities and the rural areas in India.
Conclusion
The top 10 Maharatna companies in India in 2026 continue to shape the nation’s economic, energy, and infrastructure landscape. These fields of government entities merge size, competence and national devotion to derive growth, creation, and longevity.
Being used to turn homes and industries on, to protect the borders and fund infrastructure, Maharatna companies continue to be at the heart of India’s aspiration of becoming a self-reliant, globally competitive economy.