MECON gets Miniratna Category-I status after meeting financial norms

State-owned engineering and consultancy firm MECON Ltd has been granted Miniratna Category-I status by the Ministry of Steel after meeting the financial criteria laid down by the Department of Public Enterprises (DPE).

The ministry said on Wednesday that MECON, a Schedule 'A' Central Public Sector Enterprise under its administrative control, has reported profits for the last three financial years and achieved a positive net worth of ₹535.42 crore as of March 31, 2026.

The company posted a profit before tax (PBT) of ₹77.62 crore in 2023-24 (restated), ₹32.08 crore in 2024-25 (restated) and ₹104.53 crore in 2025-26.

With the grant of Miniratna Category-I status, MECON's board will get greater financial and operational autonomy, enabling the company to take quicker decisions on investments, modernisation, technology upgradation and business expansion projects.

Established in 1959 and headquartered in Ranchi, MECON provides engineering, consultancy, project management and contracting services.

The company has played a key role in the development of India's steel sector and has diversified into mining, infrastructure, power, oil and gas, and other core industries.

“The decision underscores the Government's continued commitment to empowering high-performing CPSEs through enhanced autonomy and operational flexibility,” the ministry said.

“It is in line with the broader objective of strengthening public sector enterprises, improving their efficiency and competitiveness, and enabling them to play a greater role in India's economic growth and infrastructure development,” it added.