Prior to this, RVNL was a schedule 'A' CPSE under the Ministry of Railways and fell under the Miniratna category I. In 2021–2022, it reported revenues of Rs 193.81 billion and a net profit of Rs 10.87 billion.

On January 18, 2023, the Inter-Ministerial Committee (IMC) met to discuss the Ministry of Railways' request for RVNL Limited to receive Navratna status.

For a CPSE to be eligible for Navratna status, the company must have Miniratna l, schedule A status and have obtained ‘excellent’ or ‘very good’ Memorandum of Understanding (MoU) rating in three of the last five years.

The business must also receive a score of 60 out of 100 in categories like net profit, cost of goods sold, cost of services rendered, capital employed, earnings per share, and inter-sectoral performance.

The company will be able to make more independent decisions about investments, forming joint ventures, and other financial matters thanks to the status.