The Tata Group’s combined market capitalisation currently stands at around ₹24 lakh crore, with TCS contributing approximately ₹7.7 lakh crore, or 32.5%. By comparison, the group’s cash cow accounted for nearly three-quarters of the group’s valuation in May 2020 and around 42% at the beginning of this year.
The steep correction in TCS shares has been driven by concerns over the disruptive impact of artificial intelligence, delays in discretionary technology spending, and heightened geopolitical tensions. These factors have significantly weighed on investor sentiment towards Indian IT stocks.
While AI-related concerns have dampened demand for IT services companies, domestic consumption and infrastructure-led themes have boosted several other Tata Group firms.
As a result, Titan Company, now the group’s second-largest company by valuation, accounts for more than 15% of the group’s total valuation, up from 13% at the start of the year.
Meanwhile, Tata Steel contributes about 11%, compared with 8.1% at the start of 2026. Together, Titan and Tata Steel now account for more than a quarter of the group’s total valuation. Tata Motors and Tata Motors Passenger Vehicles together contribute a further 12%.
In fact, TCS, which was listed in August 2004, has accounted for at least 50% of the group’s market capitalisation for most years since its listing. However, in 2026 so far, it has been the weakest performer among Tata Group companies, with its market capitalisation shrinking by nearly ₹4 lakh crore.
Other group companies that have recorded notable declines include Tata Motors, Indian Hotels Company Ltd, Tata Elxsi and Tata Teleservices (Maharashtra) Limited, with their shares falling between 10% and 19%.
On the other hand, Tata Steel, Tata Technologies and Tejas Networks have emerged as the group’s strongest performers, with their shares gaining as much as 19% so far this year.
