17/08/2026
He didn’t just fix Tata. He changed what Tata could become.
When N. Chandrasekaran took charge of Tata Sons, the group had some big problems to solve ₹62,000 Cr debt.
Fast forward to today, and the picture looks very different.
Debt was brought under control, with Tata Motors moving from ₹62,000 Cr of debt to a net cash position.
Leverage nearly halved, with group leverage falling from 1.8x to 0.9x.
Returns improved sharply, with ROE jumping from 8.7% to 23.5%.
The portfolio got cleaner, with businesses sold, merged and consolidated to create a more focused group.
But here’s the interesting part:
Fixing the old Tata was only Phase 1.
Now comes the harder question, can the new Tata deliver?
• Air India - Can the turnaround create a globally competitive airline?
• Semiconductors - Can Tata Electronics successfully scale chip manufacturing?
• Agratas - Can its battery ambitions turn into a profitable business?
• Tata Digital - Can massive scale eventually translate into sustainable profits?
These businesses could shape Tata’s next decade.
So the real test for the next leader isn’t just managing what Chandrasekaran built.
It’s proving that the new Tata can turn ambition into ex*****on, and ex*****on into returns.
The old Tata was fixed.
Now, the new Tata has to prove itself.
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