Top 10 Public Sector Companies in India

India’s public sector still controls some of the country’s most important economic infrastructure. Central public sector enterprises operate across oil and gas, electricity, coal, steel, heavy engineering, defence and transport, giving them a role that extends well beyond conventional commercial competition. The Department of Public Enterprises currently lists 14 Maharatna CPSEs, the highest category of financial and operational autonomy available to major central public enterprises.

The strongest PSUs in 2026 are also becoming more diversified. Oil companies are investing in petrochemicals, biofuels and renewable energy; power companies are adding solar, storage and nuclear projects; Coal India is entering critical minerals and renewable power; and defence manufacturers are benefiting from India’s push for indigenous systems. Their importance therefore comes from a combination of financial scale, strategic assets and national capacity-building.

Here are the Top 10 Public Sector Companies in India in 2026, selected for FY2025-26 financial scale, profitability, market reach, strategic importance, asset base and long-term relevance. The ranking is not simply arranged by revenue.

1. Indian Oil Corporation Limited (IndianOil)

IndianOil remains the largest public-sector enterprise in India by operating scale. It sits at the centre of the country’s fuel economy through refining, pipelines, petroleum marketing, LPG and a retail network that reaches nearly every major region.

For FY2025-26, IndianOil reported standalone revenue from operations of about ₹8,86,224 crore and net profit of ₹36,802 crore. Its refineries processed a record 75.45 million metric tonnes of crude, while total product sales reached 105.117 million tonnes. IndianOil is also expanding into petrochemicals, renewable energy, green hydrogen, biofuels and EV charging, making it increasingly broader than a conventional oil-marketing company.

2. Oil and Natural Gas Corporation (ONGC)

ONGC is India’s most important upstream oil and gas company and a critical part of national energy security. It explores for and produces crude oil and natural gas in India while also participating in overseas energy assets through the wider ONGC group.

For FY2025-26, ONGC reported standalone turnover of about ₹1,32,508 crore and net worth of roughly ₹3,31,770 crore. Its role is also changing as the company invests in low-carbon energy. By March 2026, ONGC’s renewable-energy portfolio had reached 2.853 GW, with a stated ambition of reaching 10 GW by 2030. Few Indian companies combine hydrocarbon production, massive reserves expertise and energy-transition investment at this scale.

3. NTPC Limited

NTPC is India’s largest power-generation company and one of the most profitable public-sector enterprises. Its importance goes far beyond thermal power because the group is rapidly adding solar, wind, hydro, storage and nuclear capabilities.

In FY2025-26, NTPC Group reported consolidated revenue from operations of about ₹1,87,385 crore and its highest-ever consolidated profit after tax of ₹27,546 crore. Group installed capacity stood at about 89.1 GW at the end of the financial year. NTPC is also pursuing major nuclear and green-hydrogen projects, positioning itself as a central player in both India’s present electricity system and its long-term energy transition.

4. Coal India Limited

Coal India remains one of the most strategically important companies in the country because coal still supports a large share of India’s electricity generation and several energy-intensive industries. The group operates through major mining subsidiaries spread across India’s principal coal-producing regions.

For FY2025-26, Coal India reported consolidated revenue from operations of approximately ₹1,68,400 crore and profit after tax of around ₹31,071 crore. Coal offtake was about 744.88 million tonnes. The company is also moving beyond its traditional business through solar projects, thermal-power partnerships and early investments in critical minerals, showing how a legacy mining PSU is being pushed toward a broader resource portfolio.

5. Bharat Petroleum Corporation Limited (BPCL)

BPCL is one of India’s largest integrated refining and fuel-marketing companies, with major refineries, pipelines, retail outlets, LPG operations, aviation-fuel services and a growing gas business.

FY2025-26 was particularly strong. BPCL reported consolidated revenue from operations of about ₹5,22,820 crore and consolidated profit after tax of ₹25,843 crore. Refinery throughput reached a record 41.15 million metric tonnes, while domestic market sales rose to 54.18 million tonnes. The company is also investing heavily in petrochemicals, green energy, city gas and new-energy businesses under its long-term expansion programme.

6. Hindustan Petroleum Corporation Limited (HPCL)

HPCL is another major public-sector energy company with large refining, fuel-retailing, LPG, lubricants and pipeline operations. Its Mumbai and Visakhapatnam refineries, extensive marketing network and investments in new refining capacity make it an important part of India’s downstream petroleum system.

In FY2025-26, HPCL reported revenue from operations of about ₹4,78,543 crore and a record profit after tax of ₹17,175 crore. Refinery throughput reached 26.0 million tonnes and market sales touched 51.4 million tonnes. HPCL is also expanding into natural gas, renewable energy, biofuels and cleaner mobility infrastructure as the fuel market gradually diversifies.

7. Power Grid Corporation of India Limited (POWERGRID)

POWERGRID operates the backbone of India’s interstate electricity-transmission network. Its assets allow power generated in one region to be moved reliably to demand centres elsewhere, making the company fundamental to grid stability and the growth of renewable electricity.

For FY2025-26, POWERGRID reported consolidated revenue from operations of about ₹46,733 crore and profit after tax of ₹15,928 crore. System availability remained exceptionally high at 99.84%. The company also made record standalone capital expenditure of nearly ₹39,967 crore during the year. As India connects larger renewable-energy zones and strengthens interstate transmission, POWERGRID’s strategic importance is likely to increase further.

8. GAIL (India) Limited

GAIL is India’s leading natural-gas transmission and marketing company and a central player in the development of a more connected national gas market. Its businesses include natural-gas pipelines, gas marketing, LPG, petrochemicals, city-gas interests and related energy infrastructure.

For FY2025-26, GAIL reported standalone revenue from operations of ₹1,38,697 crore and profit after tax of ₹6,968 crore. Its operational natural-gas pipeline network crossed 18,000 kilometres during the year. GAIL’s long-term relevance comes from its role in expanding gas access, supplying industrial users and participating in newer areas such as petrochemicals and cleaner fuels.

9. Steel Authority of India Limited (SAIL)

SAIL is India’s largest steelmaking public-sector company and supplies steel to construction, railways, defence, engineering and heavy industry. Its integrated steel plants give it a strategic position in a country that continues to build transport networks, cities and industrial capacity.

FY2025-26 was SAIL’s strongest operating year so far. Revenue from operations reached a record ₹1,10,810 crore, while profit after tax rose to ₹3,233 crore. Sales volume reached 20.14 million tonnes and crude-steel production stood at 19.43 million tonnes. SAIL also supplied a record 1.25 million tonnes to Indian Railways, underlining its importance to national infrastructure.

10. Hindustan Aeronautics Limited (HAL)

HAL earns its place because few public-sector companies are as strategically important to India’s defence and aerospace capability. It designs, manufactures, repairs and upgrades aircraft, helicopters, engines and aerospace systems for the Indian armed forces.

For FY2025-26, HAL reported revenue from operations of about ₹33,050 crore, up 7% despite global aerospace supply-chain disruptions. Profit before tax reached ₹12,112 crore and export revenue rose to ₹501 crore. With programmes including the Tejas fighter, helicopters, engines and major repair and overhaul work, HAL is central to India’s effort to increase indigenous defence production. Its Maharatna status reflects both financial strength and strategic importance.

Why India’s Public Sector Companies Still Matter

Public-sector companies remain unusually important in sectors where assets are expensive, payback periods are long and national security or universal access matters. Refineries, power plants, transmission networks, coal mines, steel plants and aerospace facilities require investment on a scale that few companies can build quickly. Many of India’s largest PSUs therefore operate infrastructure that the wider economy depends on every day.

Their role is also evolving. Maharatna status gives the strongest CPSEs greater freedom to make investments, create joint ventures and expand internationally within prescribed limits. At the same time, listed PSUs are accountable to public shareholders and market regulators, creating a hybrid model in which the government retains control while private investors can participate in ownership.

Conclusion

India’s leading public-sector companies in 2026 remain concentrated in energy, natural resources, infrastructure and defence. IndianOil leads by overall commercial scale, while ONGC, NTPC, Coal India, BPCL and HPCL are central to energy security. POWERGRID and GAIL operate networks that connect the wider economy, SAIL supplies critical industrial material and HAL provides strategic aerospace capability.

The strongest PSUs are no longer relying only on their legacy businesses. Renewable energy, petrochemicals, critical minerals, nuclear power, green hydrogen and indigenous defence manufacturing are becoming increasingly important. Their ability to modernise while retaining financial discipline will determine how influential India’s public sector remains over the next decade.

FAQs

Q1. What is the difference between a PSU and a CPSE?

PSU is a broad everyday term for an enterprise controlled by the government. A CPSE, or Central Public Sector Enterprise, specifically refers to an enterprise under Central Government control. State governments also own public-sector companies, but those are not CPSEs.

Q2. Why are many public-sector companies listed on the stock market?

Listing allows a government-controlled company to raise capital, broaden public ownership and operate under stock-exchange disclosure rules while the government continues to hold a controlling stake. A listed PSU can therefore have millions of private shareholders without becoming a private company.

Q3. What does Maharatna status actually give a PSU?

Maharatna status provides greater financial and operational autonomy than lower CPSE categories. It allows qualifying companies more freedom to approve large investments, joint ventures and overseas expansion without seeking government approval for every individual decision, subject to prescribed limits and governance rules.

Q4. Can a government company stop being a PSU after disinvestment?

Yes. If government ownership and control fall below the level required for it to remain a government-controlled enterprise, its status can change. Disinvestment by itself does not necessarily end PSU status; what matters is the level of government ownership and control after the transaction.

Q5. Why do oil, power and mining companies dominate lists of India’s largest PSUs?

These sectors were historically developed through large government investments because they are capital intensive and closely linked to energy security and national infrastructure. Refineries, power plants, transmission networks and mines also generate very large revenues, which naturally places energy and resource companies near the top of most PSU rankings.