Reliance Industries vs Tata Group: Revenue, Profit and Business Model
Reliance Industries reported ~$122.6B of revenue in FY2026 and ~$9.4B of net income. Tata Group reported $185B of revenue in FY2026 and — of net income.
Latest financial snapshot
Reliance Industries
- Latest revenue
- ~$122.6B (FY2026)
- Net income
- ~$9.4B
- Net margin
- 7.6%
- Revenue growth
- +11.0% a year, FY2022–FY2026
Tata Group
- Latest revenue
- $185B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +7.2% a year, FY2023–FY2026
Financial summary
Reliance Industries
FY2026 gross revenue rose to Rs 1,175,919 crore and profit after tax to Rs 95,754 crore. In Q1 FY2027 (April to June 2026) revenue rose 26.6% year on year to about Rs 3.09 lakh crore, the first quarter above Rs 3 lakh crore, while profit attributable to owners fell 22.4% to Rs 20,946 crore because the prior-year quarter included a one-time gain. Recurring EBITDA hit a record Rs 54,067 crore. In September 2026 Reliance raised Rs 13,000 crore through 10-year bonds at a 7.90% coupon.
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
Reliance Industries
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$122.6B | ~$9.4B | 7.6% | +9.6% | Source |
| FY2025 | ~$111.9B | ~$8.1B | 7.2% | +7.1% | Source |
| FY2024 | ~$104.5B | ~$8.1B | 7.7% | +2.6% | Source |
| FY2023 | ~$101.8B | ~$7.7B | 7.6% | +26.1% | Source |
| FY2022 | ~$80.7B | ~$7B | 8.7% | — | Source |
Tata 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
Reliance Industries
- Oil-to-chemicals~60%
Oil-to-chemicals
- Retail~25%
Retail
- Jio telecom and digital services~15%
Jio telecom and digital services
- Oil and gas~10%
Oil and gas
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
Reliance Industries
How it makes money
Reliance makes money through linked businesses. Oil-to-chemicals (O2C) refines crude at Jamnagar into fuels, polymers and polyester and is still the largest revenue line. Jio Platforms sells mobile, home broadband and enterprise connectivity; ARPU reached Rs 215.6 in Q1 FY2027. Reliance Retail runs grocery, electronics, fashion and consumer-brand formats plus JioMart.
Growth strategy
Growth now rests on four bets: listing Jio Platforms (DRHP filed June 19, 2026; SEBI approval August 28, 2026), scaling Reliance Retail and its consumer brands such as Campa, building AI and data-centre capacity announced at the 2026 AGM, and the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar for solar modules, batteries, electrolysers and green hydrogen.
Competitive advantage
Reliance's edge is scale and capital access. Jamnagar is one of the world's largest single-site refining complexes, Jio has the largest subscriber base in Indian telecom, and Reliance Retail has the widest organized store network in India.
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 Reliance Industries vs Tata Group
Which company has higher revenue — Reliance Industries Limited or Tata Group?
Reliance Industries Limited reported ~$122.6B (FY2026), while Tata Group reported $185.0B (FY2026). By last reported revenue, Tata Group is the larger business, with Reliance Industries Limited reporting a smaller revenue base.
What is the market cap of Reliance Industries Limited vs Tata Group?
Reliance Industries Limited's market capitalisation stands at $174.0B, while Tata Group's is $275.0B. Tata Group carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Reliance Industries Limited.
Which is more financially efficient — Reliance Industries Limited or Tata Group?
Reliance Industries Limited generates $292k / employee in revenue per employee, while Tata Group generates $185k / employee. Reliance Industries Limited shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Reliance Industries Limited and Tata Group make money?
Reliance Industries Limited and Tata Group generate revenue in fundamentally different ways. Reliance Industries Limited: Reliance makes money through linked businesses. 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.
Which company is valued higher relative to revenue — Reliance Industries Limited or Tata Group?
On a price-to-sales (P/S) basis, Reliance Industries Limited trades at 1.4x P/S and Tata Group at 1.5x P/S. Tata Group commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Reliance Industries Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Reliance Industries Limited bigger than Tata Group?
By last reported revenue, Tata Group ($185.0B (FY2026)) is the larger company compared to Reliance Industries Limited (~$122.6B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Reliance Industries vs Tata Group overview