The Union Government granted the Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) with Navratna status on March 3, 2025. Following this, IRCTC and IRFC are now the 25th and 26th Central Public Sector Enterprises (CPSEs), respectively, to hold the Navratna status.
IRFC, which was established in December 1986, specialises in the mobilisation of funds from domestic and overseas markets for Indian Railways (IR) and generated annual revenue of Rs 266.44 billion for the financial year (FY) 2023-24. Meanwhile, IRCTC, founded in September 1999, specialises in catering, ticketing and tourism services, generating annual revenue of Rs 42.70 billion for FY 2023-24. With this upgrade, both firms can now invest up to Rs 10 billion or 15 per cent of their net worth without seeking prior approval from the centre, thereby granting them greater financial autonomy.