Tata Motors Commercial Vehicles Listing Update

Date of Listing: November 12, 2025
Exchange: BSE and NSE
Ticker Symbol: TMCVL
Category: ‘T’ Group of Securities
Face Value: ₹2 per share
Total Shares Listed: 368 crore equity shares

The listing of Tata Motors Commercial Vehicles follows the successful demerger of Tata Motors into two independent listed entities—one for the Commercial Vehicle (CV) business and another for the Passenger Vehicle (PV) business. The demerger took effect on October 1, 2025, with a 1:1 share entitlement ratio, granting shareholders one TMCVL share for every Tata Motors share held as of the record date, October 14.

Tata Motors Commercial Vehicles (TMCVL) will focus solely on commercial vehicles, while Tata Motors Passenger Vehicles Ltd (TMPV), already listed and trading separately, will manage the passenger vehicles, electric vehicles (EVs), and Jaguar Land Rover (JLR) divisions.

Following adjustments, TMPV shares were valued around ₹400, while the implied pre-listing value of TMCVL stood at ₹260–₹270 per share based on Tata Motors’ pre-demerger price of ₹660.75.

Analyst Expectations

• Expected Listing Range: ₹320 – ₹470 per share
• SBI Securities Outlook:
  • Expects recovery in the domestic CV industry during 2H FY26, supported by:
    • GST rate reduction on CVs (from 28% to 18%)
    • Rising replacement demand
    • Growth in infrastructure, construction, and logistics sectors
  • The planned integration of Iveco Group NV (FY27) could boost global exposure and competitiveness.

Market Snapshot:

• On November 10, Tata Motors Passenger Vehicle shares closed 1.22% higher at ₹410.60 on the BSE.