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Tata Trusts, the principal shareholder of Tata Sons, is not a single entity. It consists of at least 15 different trusts that work in areas ranging from healthcare to education. The shareholding of the Tata Sons is also dispersed across these trusts; the largest trust shareholder is Sir Dorabji Tata Trust with 27.98% followed by Sir Ratan Tata Trust with 23.56%.

Not all trusts own ordinary shares and earn a dividend from Tata Sons. Trusts such as the Jamsetji Tata Trust and Navajbai Ratan Trust are not listed among ordinary shareholders. These two, have however, held cumulative redeemable preference shares (earning a fixed dividend), which were redeemed earlier this year.

The income of the trusts primarily consists of dividends (mostly from Tata Sons for some trusts, whose dividend distribution on ordinary shares has been steady) and interest income.

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