Official handle of IFRC shared a post on X, “A moment of pride for IRFC as we ascend to #Navratna CPSE status! It's a reflection of our commitment to fueling the backbone of India’s transportation network. We strengthen our role in revolutionizing railway financing, enabling #MobilityForMillions.” 

According to posts by the Department of Public Enterprises on X, “The central government has awarded Navratna status to two public sector companies — Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC).” With the latest addition, the country now has 26 Navratna companies.

IRCTC reported an annual turnover of Rs 4,270.18 crore in financial year 2023-24, a profit after tax of Rs 1,111.26 crore, and a net worth of Rs 3,229.97 crore. Similarly, IRFC reported an annual turnover of Rs 26,644 crore, a profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore in FY 2023-24.

Navratna status grants these companies greater operational and financial autonomy, allowing them to make investments of up to Rs 1,000 crore without needing central government approval and they can invest up to 30% of their net worth in a year, with a cap of Rs 1,000 crore.

The Navratna plan was launched in 1997 to select government-owned enterprises (CPSEs) with outstanding financial and market performance giving them more financial and operational freedom and allowing them to make faster decisions.