Seven months after overtaking Tata Steel Ltd. in market capitalisation, Trent Ltd. has lost its position as the fourth-largest Tata Group company. Once a favourite among Tata Group stocks, Trent has plunged 40% from its October highs, slipping down the rankings.As of Thursday (March 6), Tata Steel commands a market capitalisation of ₹1.88 lakh crore, which is ₹9600 crore higher than that of Trent. Interestingly, the gap between the two was as high as ₹95,000 crore in October last year when shares of Trent had hit a record high of ₹8,345.
In contrast, shares of Tata Steel has rallied 21% from its January lows.
With a market capitalisation of about ₹2 lakh crore, Tata Steel now represents 6.9% of the Tata Group’s combined market capitalisation, surpassing Trent, which now holds 6.5%. The Tata Group, India’s largest conglomerate, currently boasts of a market capitalisation of ₹27.5 lakh crore.
In fact, Tata Steel is only the third Tata Group stock to have delivered positive returns in 2025. The other two are Benares Hotels and Tata Consumer Products. While Benares Hotels has been the top performer this year with a stellar rally of 47%, Tata Consumer Products has gained over 4% during the same period.Also read: This lesser-known name is Tata Group’s best performer of 2025 so far

Meanwhile, brokerages have turned bullish on Indian steel companies. HDFC Securities, which recently initiated coverage on the steel sector, believes that India’s demand outlook remains strong, driven by government-led infrastructure spending and rising industrial demand.

“While global demand contracted by 2% CAGR during CY21-24, India’s steel consumption surged at an impressive 11.6% CAGR. In contrast, China’s demand declined at a faster pace (-4% CAGR), while other major economies saw only low single-digit growth,” HDFC Securities noted in an investor report.

The brokerage has a “Buy” rating on Tata Steel with a 12-month price target of ₹155.

Of the 35 analysts covering Tata Steel on Bloomberg, 60% recommend a “Buy”, while eight suggest a “Hold”, and six advise a “Sell”. On the other hand, 15 out of 22 analysts tracking Trent have a “Buy” rating, with three recommending a “Hold” and four suggesting a “Sell”.

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Tata Steel overtakes Trent to become the fourth-largest Tata Group company by market cap

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