Adani Group vs Tata Group: Revenue, Profit and Business Model
Adani Group does not publish annual revenue. Tata Group reported $185B of revenue in FY2026 and — of net income.
Latest financial snapshot
Adani Group
Adani Group does not publish annual revenue or profit.
Tata Group
- Latest revenue
- $185B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +7.2% a year, FY2023–FY2026
Financial summary
Adani Group
Adani Group does not publish one audited consolidated income statement for the entire promoter portfolio. Its listed companies file separate results in Indian rupees, and adding their revenue can double count transactions or mix different ownership interests. Adani described FY2025 portfolio EBITDA of ~$10.4 billion (₹89,806 crore) and profit after tax of ~$4.71 billion (₹40,565 crore) in a credit compendium covering listed entities. These portfolio measures are not group revenue and are therefore not entered as revenue rows here. For comparison, Adani Enterprises alone reported FY2025 EBITDA of ~$1.94 billion (₹16,722 crore) and profit before tax of ~$758 million (₹6,533 crore); those are AEL figures, not Adani Group figures.
Tata Group
Tata Group does not publish one audited consolidated account; instead Tata Sons reports the aggregate of group companies. For FY26 (year to 31 March 2026) that aggregate revenue was ₹16,24,030 crore (about $185 billion), up 7.8%, and aggregate profit after tax was ~$19.8 billion (₹1,70,525 crore), up 51.9%. Chairman N. Chandrasekaran wrote that revenue was 2.1 times and profit 5.4 times their FY20 levels. Tata Sons itself posted standalone revenue of ~$4.91 billion (₹42,367 crore) (+9.1%) and net profit of ~$3.71 billion (₹31,961 crore) (+21.8%), helped by investment gains, and ended FY26 with 343 subsidiaries. Group businesses in aviation, semiconductors, batteries and digital commerce together still lose close to ~$3.48 billion (₹30,000 crore) a year, with Air India alone losing ~$2.58 billion (₹22,238 crore). The 26 listed Tata companies had a combined market value of about ₹24.4 lakh crore (~$275 billion) on 30 September 2026, down from roughly $313 billion (₹27 lakh crore) in mid-August.
Revenue and profit by year
Adani Group
Adani Group does not publish annual revenue. What is known about its finances is in the summary above.
Full Adani Group financialsTata Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $185B | — | 0.0% | +2.8% | Source |
| FY2025 | $180B | — | 0.0% | +9.1% | Source |
| FY2024 | $165B | — | 0.0% | +10.0% | Source |
| FY2023 | $150B | — | 0.0% | — | Source |
Where the revenue comes from
Adani Group
No segment breakdown is published.
Tata Group
- Information Technology & Digital Services (TCS, Tata Elxsi, Tata Technologies)
Largest profit and dividend contributor
IT consulting, cloud, AI and engineering services for global enterprises.
- Automotive (Tata Motors commercial and passenger vehicles, Jaguar Land Rover)
Among the largest revenue contributors
Trucks and buses, passenger cars and EVs in India, and Range Rover, Defender and Jaguar vehicles globally.
- Materials (Tata Steel, Tata Chemicals)
Major, cyclical contributor
Steel in India, the UK and the Netherlands, plus soda ash and specialty chemicals.
- Consumer & Retail (Titan, Trent, Tata Consumer Products, Croma, BigBasket)
Fast-growing segment
Tanishq jewellery, watches, Zudio and Westside fashion, Tata Tea, Tata Salt and packaged food.
- Infrastructure, Power & Telecom (Tata Power, Tata Projects, Tata Communications)
Regulated and contract revenue
Power generation and distribution, renewables, EV charging, construction and enterprise network services.
- Aviation, Hospitality & Financial Services (Air India, IHCL, Tata Capital)
Mixed: IHCL and Tata Capital profitable, Air India loss-making
Passenger airline operations, Taj and other hotels, and consumer and commercial lending.
- Electronics & Semiconductors (Tata Electronics)
Early-stage
iPhone assembly and components today, with the Dholera fab and Assam packaging plant under construction.
Business model and strategy
Adani Group
How it makes money
Adani Group is a promoter portfolio rather than one publicly traded operating company. Cash flows arise inside separate businesses. APSEZ charges for port, terminal and logistics services; power companies earn from electricity generation, transmission and distribution; Adani Airport Holdings earns aeronautical and non-aeronautical revenue; Ambuja Cements and ACC sell building materials;
Growth strategy
Current investment programs include renewable generation at Khavda, airport development, roads, data centers, copper and renewable-equipment manufacturing. These programs sit in specific portfolio companies. Adani Green Energy reported 2,250 MW operational at Khavda in July 2024 against a planned 30 GW development, so the full planned capacity should not be described as already operating.
Competitive advantage
Several Adani portfolio companies own hard-to-replicate infrastructure under long concessions or regulated frameworks. APSEZ combines ports with rail and inland logistics, while energy companies span generation, transmission and distribution. These operating links can support project development, but they do not make the portfolio one consolidated issuer.
Tata Group
How it makes money
Tata Group makes money through its operating companies, while holding company Tata Sons earns mainly dividends, brand-licence fees and investment gains from them. In FY26 Tata Sons reported standalone revenue of ~$4.91 billion (₹42,367 crore) and net profit of ~$3.71 billion (₹31,961 crore), with TCS as its largest dividend source.
Growth strategy
Tata Group's growth plan has four main pillars. Semiconductors: Tata Electronics is building a roughly $10.6 billion (₹91,000 crore) wafer fab in Dholera, Gujarat, with Taiwan's PSMC as technology partner, plus a chip assembly and test plant in Jagiroad, Assam. EV batteries: Agratas is building cell gigafactories in Sanand, Gujarat and Somerset, UK.
Competitive advantage
Tata Group's competitive advantage is fortified by four strong institutional, financial, and societal moats: First, leading institutional trust and brand equity: 'Tata' is synonymous with uncompromising ethics, nation-building, and reliability in India for 158 years, creating an automatic premium in customer trust.
Questions about Adani Group vs Tata Group
Which company has higher revenue — Adani Group or Tata Group?
Tata Group reported $185.0B (FY2026). A verified revenue figure for Adani Group was not available at the time of this comparison.
What is the market cap of Adani Group vs Tata Group?
Tata Group has a market capitalisation of $275.0B. A public market cap figure for Adani Group was not available (it may be privately held).
Which is more financially efficient — Adani Group or Tata Group?
Tata Group generates $185k / employee in revenue per employee. A comparable figure for Adani Group requires matching employee and revenue data from the same reporting period.
How do Adani Group and Tata Group make money?
Adani Group and Tata Group generate revenue in fundamentally different ways. Adani Group: Adani Group is a promoter portfolio rather than one publicly traded operating company. Tata Group: Tata Group makes money through its operating companies, while holding company Tata Sons earns mainly dividends, brand-licence fees and investment gains from them.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adani Group vs Tata Group overview