At the February 24 Tata Sons board meeting, Noel Tata is believed to have questioned the continued losses in unlisted Tata businesses—Air India and Tata Digital. These long-gestation businesses are said to have queered the pitch for N Chandrasekaran’s reappointment while the future performance of Tata Consultancy Services (TCS) remains in question on account of the rise of AI in maintenance, programming and digital management. Forbes India takes a look at the performance of the top 10 listed Tata companies, and Air India and Tata Digital.Listed businessesTCS—Rs962,068 crore (current market cap)/Rs448,651crore (2017 market cap when Chandrasekaran took over): Until recently, the brightest star in the group’s market cap is now under a cloud on account of the, on average, 22 percent erosion in sectors’ value. It can be argued that TCS (and Indian IT in general) was caught napping and was more focussed on buybacks and dividends when AI-readiness should have been a priority.Tata Motors Ltd*—Rs181,926 crore (commercial)/Rs143,208 crore (passenger): Cyclical truck business that is seeing an upcycle. The company has done well to retain its about two-thirds market share. The passenger car business has also maintained a steady number four position in the India market and was an early adopter of EVs. Only blemish was the recent cyberattack in the JLR plant in the UK that resulted in production outages and as yet unquantified losses.Titan Company Ltd—Jewellery, watches & lifestyle Rs385,894crore/Rs383,49crore: Steady ship with little day-to-day oversight from Mumbai. Former boss Bhaskar Bhat earned himself a Tata Sons board seat due to its stellar performance. The company has been a beneficiary of the rise and rise in gold prices. It’s the second-highest value creator among the top 10 listed businesses.Also Read: Tata Sons defers decision on Chandrasekaran’s reappointmentTata Steel Ltd—Rs267,640crore/Rs57,491crore: A large portion of the rise in steel prices has flown to its bottom line and made the European operations less of a millstone. Capacity expansion in India has resulted in it maintaining its number two position. Steel prices firm Tata Steel plans to cut debt by $1billion every year.Tata Capital Ltd**—Rs140,229 crore: Recent IPOTrent Ltd—Rs139,228/Rs8,743 crore: Chaired by Noel Tata, Trent has seen a rapid expansion in both revenues and sales on account of the successful rollout of the mass fashion Zudio platform. While sales growth has slowed in the last year, the business is on track to keep expanding by 20 percent a year.Tata Power Co Ltd—Rs121,950 crore/Rs26,496 crore: A beneficiary of the expansion in both power demand and capacity, Tata Power straddles generation, transmission and distribution. It has a significant renewables portfolio too. Demand stays as long as the cycle stays.Tata Consumer Products Ltd—Rs115,843 crore/Rs13,552 crore: Under new CEO Sunil D’Souza, who was hired by N Chandrasekaran, Tata Consumer has seen a realignment of its portfolio and distribution. Drags in this portfolio include the Tata Starbucks JV and the goodwill on account of the Tetley acquisition. The company trades at a premium to its peers.Tata Communications Ltd—Rs46,408 crore/Rs13,198 crore: Tata Communications has been navigating a gradual transformation from a traditional telecom infrastructure provider into a digital-services focussed network and cloud player. Data revenues have consistently expanded, and the company has improved margins while winning strategic enterprise deals, despite macroeconomic headwinds.Indian Hotels (IHCL)—Rs96,637 crore/Rs15,655crore: In the right place at the right time, IHCL benefited from the surge in travel post Covid. The business has since maintained room occupancy and rates, and expanded allied revenues to make income less reliant on seasons or geographies.* The passenger vehicle and commercial vehicle business was one entity in 2017** Unlisted in 2017UnlistedAir India—On track to lose Rs15,000 crore in FY26, as per a Bloomberg report. Along with TCS, this remains the biggest challenge for the group. First, the turnaround in operations has taken longer than expected. Second, the Ahmedabad air crash dented bookings. Third, the closure of Pakistani airspace to Indian airlines has resulted in longer flight routes with more fuel burn.Tata Digital—Despite strong brands—Big Basket, Tata Neu and Tata Cliq Tata Digital—posted significant losses as it builds scale. In FY25, Tata Digital narrowed its net loss to about Rs828 crore, down from over Rs1,200 crore the prior year, even as operating revenue grew around 30 percent, according to Moneycontrol.