Tata Motors’ Commercial Vehicles Arm Makes Market Debut After Demerger, Analysts Expect Strong Listing
Tata Motors’ Commercial Vehicles (CV) division is set to debut on the Indian stock market today, November 12, 2025. Following the recent demerger effective from October 1, shareholders received one share of Tata Motors Commercial Vehicles Ltd. for every Tata Motors share held as of the October 14 record date. The CV arm will list on both BSE and NSE under the ticker ‘TMCVL,’ with over 368 crore shares trading in the ‘T’ Group segment for the first 10 sessions to ensure smooth price discovery.
Post-restructuring, the Commercial Vehicles business continues as Tata Motors, while the Passenger Vehicles (PV), Electric Vehicles (EV), and Jaguar Land Rover (JLR) divisions operate under Tata Motors Passenger Vehicles Ltd (TMPV), already listed separately. TMPV began trading on October 14 at around ₹400 per share after adjustments. Based on the pre-demerger closing price of ₹660.75, analysts estimated the CV arm’s implied valuation at ₹260–₹270 per share, with expectations for a listing above this range due to strong investor interest.
Market analysts, including Abhinav Tiwari of Bonanza, expect short-term volatility as investors rebalance portfolios. However, Tata Motors’ dominance in the CV segment, robust cash flow, and recent acquisition of Italy’s Iveco position it for long-term global expansion. Prashanth Tapse of Mehta Equities anticipates a listing in the ₹300–₹350 range, reflecting both the business’s intrinsic value and its growth prospects.
Tapse further noted that when combining the valuations of TMPV (₹399 per share) and TMCVL (₹300–₹350 per share), shareholders’ total implied value stands at ₹699–₹749 per share. This indicates that investors benefit from the demerger, as the move enhances strategic focus and unlocks potential value across both independently listed entities. Experts widely regard Tata Motors’ demerger as a significant step toward sharper business segmentation and sustained shareholder growth.
