Tata Sons' unlisted subsidiaries see widening losses, Air India leads the decline

Tata Sons' FY26 annual report shows that seven of its 16 key unlisted subsidiaries posted net losses, with Air India responsible for the bulk of the shortfall. Despite a 30% rise in revenue for these loss-making units, their combined deficit widened considerably compared with the previous year. Tata Digital and Tata Electronics also reported larger losses, while Agratas, Tata Projects, Tata Play and Tata Realty and Infrastructure added to the negative totals.

Conversely, Tata International posted a modest profit and Tata Teleservices (Enterprise Business) remained profitable for a second year. Overall, revenue from all unlisted subsidiaries grew 29.1% to about ₹3.56 trillion, but the losses weighed on Tata Sons' consolidated earnings, pulling net profit down to a three-year low.