State-owned engineering and consultancy firm MECON Ltd has been granted Miniratna Category-I status by the Ministry of Steel after fulfilling the financial criteria prescribed by the Department of Public Enterprises (DPE). According to reports from Upstox News Desk, the ministry announced this development on Wednesday, highlighting the company's strong financial performance and operational capabilities.
As reported by Upstox News Desk, MECON has demonstrated consistent profitability across recent financial years. 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. The company has also achieved a positive net worth of ₹535.42 crore as of March 31, 2026, meeting the financial criteria required for the Miniratna Category-I classification.
According to the ministry announcement, with the grant of Miniratna Category-I status, MECON's board will receive greater financial and operational autonomy. This enhanced autonomy will enable the company to take quicker decisions on investments, modernisation, technology upgradation and business expansion projects. The company, established in 1959 and headquartered in Ranchi, provides engineering, consultancy, project management and contracting services across sectors including steel, mining, infrastructure, power, and oil and gas.
As reported by Upstox News Desk, the ministry emphasized that this decision underscores the Government's continued commitment to empowering high-performing CPSEs through enhanced autonomy and operational flexibility. The decision aligns 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. MECON has played a key role in the development of India's steel sector and has diversified into multiple core industries over its operational history.
