The Indian Railway Finance Corporation (IRFC) is set to become the 26th Navratna Central Public Sector Enterprise (CPSE) in the country. The Department of Public Enterprises on Monday announced that the Union Government approved the move to upgrade the railway CPSE.
According to the Ministry of Finance, when a CPSE gets the Navratna badge, it gives the enterprise more autonomy in financial and operational matters.
The Navratna scheme came into being in 1997, and it looked to identify public sector entities with growth potential. The Centre then supports them in a bid to make a mark globally.
The Government has approved the upgradation of Indian Railway Finance Corporation (IRFC) to Navratna CPSE, making it the 26th #Navratna among CPSEs! IRFC is a Ministry of Railways CPSE with an annual turnover of ₹26,644 Cr, PAT of ₹6,412 Cr and a net worth of ₹49,178 Cr for FY… pic.twitter.com/fNxXzqyyRi
— Department of Public Enterprises (@DPE_GoI) March 3, 2025
What does Navratna status mean?
Navratna CPSEs enjoy enhanced autonomy in matters related to human resources (hiring and management), investment in joint ventures and subsidiaries, and capital expenditure.
IRFC, in fiscal 2023-2024, posted an annual turnover of ₹26,644 crore, generating ₹6,412 crore in profit after tax (PAT). According to the ministry, IRFC has an estimated net worth of ₹49,178 crore.
After Hindustan Aeronautics Limited (HAL) was upgraded to Maharatna status from Navratna on October 12, 2024, IRFC will join 24 other CPSEs in the Navratna category—a policy division under the Department.
List of Navratna CPSEs in India, as of Feb 2025
1. Bharat Electronics Limited
2. Container Corporation of India Limited
3. Engineers India Limited
4. Mahanagar Telephone Nigam Limited
5. National Aluminium Company Limited
6. National Buildings Construction Corporation Limited
7. Neyveli Lignite Corporation Limited
8. NMDC Limited
9. Rashtriya Ispat Nigam Limited
10. Shipping Corporation of India Limited
11. Rail Vikas Nigam Limited
12. ONGC Videsh Ltd
13. Rashtriya Chemicals & Fertilizers Limited
14. IRCON
15. RITES
16. National Fertilizers Limited
17. Central Warehousing Corporation
18. Housing & Urban Development Corporation Limited
19. Indian Renewable Energy Development Agency Limited
20. Mazagon Dock Shipbuilders Limited
21. Railtel Corporation of India Limited
22. Solar Energy Corporation of India (SECI) Limited
23. NHPC Limited
24. SJVN Limited
To get the Navratna status, the company needs to fulfil these criteria:
The CPSE should have a Miniratna Category I status.
The CPSE should be listed under Schedule A of Central Public Sector Enterprises.
In at least 3 of last 5 years, the CPSE should have received an outstanding rating under the Memorandum of Understanding (MoU) system
The CPSE needs to score 60 or above in total for the government-set criteria across six specific areas—net profit to net worth, PBDIT to capital employed, gross margin as capital expenditure, manpower cost to cost of production or services, gross profit as turnover, and earnings per share—as outlined by the Finance Ministry.
