The losses grew even as revenues at these seven companies rose 30 per cent year-on-year to Rs 2.61 trillion, from Rs 2 trillion in FY25 and Rs 18,270 crore in FY20. The comparison with FY20, however, is distorted by the subsequent addition of Air India, Tata Electronics and Agratas to the Tata group. Tata Digital, meanwhile, was only established that year and had revenue of Rs 7 crore. With losses at the unlisted subsidiaries exceeding the profits generated by their peers, Tata Sons' 16 major unlisted subsidiaries recorded a combined net loss of Rs 27,854 crore in FY26, compared with Rs 15,311 crore in FY25 and Rs 1,713 crore in FY20.