The Department of Public Enterprises has designated the Indian Railway Catering and Tourism Corporation (IRCTC) and the Indian Railway Finance Corporation (IRFC) as Navratna Central Public Sector Enterprises (CPSE) from their previous classification as Miniratna. This transformation marks them as the 25th and 26th Navratna companies among CPSEs as of March 3, 2025.
IRCTC, under the Ministry of Railways, has reported impressive fiscal figures with an annual turnover of ₹4,270.17 crore and profit after tax amounting to ₹1,111.26 crore for the fiscal year 2024. Their net worth stands at ₹3,229.97 crore, showcasing strong performance and operational viability.
The IRFC has even more substantial figures, posting an annual turnover of ₹26,644 crore, with profits after tax reaching ₹6,412 crore and net worth of ₹49,178 crore for the same fiscal year.
The classification of CPSEs is pivotal as it enables these companies to operate with greater independence. The 'Navratna' status allows these firms to make significant investment decisions without prior government approval, provided they meet certain performance criteria. To qualify for Navratna status, entities must have Miniratna-I status, consistent profitability over three years, and meet specific financial metrics, including reporting annual pre-tax profits of ₹30 crore or more at least once within three years.
There are several key metrics considered for this upgrade, including net profit to net worth, the cost structure of labor relative to production costs, and capital efficiency measures. Established Navratna PSUs include Bharat Electronics and Engineers India, which exhibit similar strong governance and operational frameworks.
Following the announcement, IRCTC and IRFC shares displayed volatility on the Bombay Stock Exchange. IRCTC shares rose by 0.85% to ₹676.65, whereas those of IRFC saw a decline of 1.09%, resting at ₹111.23 by 3:05 PM on the same day.
The approval of these upgrades highlights the government’s confidence in the capabilities and future growth of these firms, as evidenced by their solid financial performance. The move is anticipated to bolster investor confidence and catalyze additional investments within the public sector.
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