Drought is the most important abiotic stress that restricts the genetically predetermined yield potential of the crops. In the present study, four tomato varieties: Kashi Vishesh, Kashi Aman, Kashi Abhiman, and Kashi Amrit, were used to study the effect of PGPMs (plant growth-promoting microorganisms). PGPM strains, Bacillus megaterium BHUPSB14, Pseudomonas fluorescens BHUPSB06, Pseudomonas aeruginosa BHUPSB01, Pseudomonas putida BHUPSB0, Paenibacillus polymixa BHUPSB17, and Trichoderma horzianum, were used as the consortium. The control group was irrigated up to 80% of field capacity, while 7-, 14-, and 21-day water-deficit-exposed (DWD) plants’ pot soil moisture was maintained to 40, 25, and 15% of the field capacity, both with and without the PGPM inoculation condition. The physiological parameters, such as electrolyte leakage, relative water content, photosynthetic efficiency, and chlorophyll color index, were significantly improved by PGPM application under progressive drought stress, compared to the control. PGPM application enhanced the proline accumulation and reduced the formation of hydrogen peroxide and lipid peroxidation under drought stress. The plant growth attributes were significantly increased by PGPM application. The Kashi Amrit variety showed the highest fruit yield among the four varieties under all the treatments. The PGPM consortium application also improved the soil physico-biological properties and nutrient availability in the soil. The PGPM consortium used in this study can potentially mitigate drought stress on tomato in drought-prone regions and act as a biofertilizer. The present study will open a new avenue of drought stress management in tomato.