Shares of Indian Railway Finance Corporation (IRFC) rose 3%, peaking at Rs 115.2 intraday on 4 March after the government reclassified it from Miniratna I to Navratna.

In its regulatory filing, the company said, “It is to inform that the Department of Public Enterprise, vide its O.M. dated 3 March 2025, has granted the Navratna Status to Indian Railway Finance Corporation Limited (IRFC).”

Under the Navratna central public sector enterprises (CPSEs) category, IRFC is exempt from the need for previous government authorization when investing up to Rs 1,000 crore, or 15% of their net value, in a single project.

It can also be more flexible to expand operations and more successfully explore new business opportunities, including greater freedom in forming joint ventures and entering into technology or marketing contracts.
 
The Department of Public Enterprises also posted the status update on X, formerly known as Twitter. According to the announcement, there are currently 26 people in total.

There are currently 14 Maharatna CPSEs and 26 Navratna CPSEs in India.   

Last year, Union Finance Minister Nirmala Sitharaman promoted four CPSEs—National Hydroelectric Power Corporation, Satluj Jal Vidyut Nigam, Solar Energy Corporation of India, and Railtel Corporation of India—to Navratna status.

To be eligible for Navratna status, CPSEs that are Miniratna I Schedule “A” must have earned “excellent” or “very good” memorandum of agreement (MoU) ratings in three of the preceding five years. They also need to have a composite score of 60 or above across the six performance measures they have selected.

The Center divides CPSEs into three groups, known as Maharatna, Navratna, and Miniratna, according to their operational and financial performance.

At 12:48 pm, the shares of IRFC were trading 2.50% higher at Rs 113.91 on NSE.

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