The much-anticipated listing of Tata Motors Commercial Vehicles Ltd (TMCVL) shares is set to take place today, marking a significant milestone following the completion of the Tata Motors demerger process. The equity shares of the newly demerged commercial vehicle arm will commence trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Tata Motors Demerger: Key Details and Timeline
The official listing date for Tata Motors Commercial Vehicles arm is November 12, 2025. This follows the demerger of Tata Motors, which became effective from October 1, 2025. Shareholders received one share of Tata Motors Commercial Vehicles Ltd for every single share of Tata Motors they held as of the record date, which was October 14, 2025.
As part of this corporate restructuring, the commercial vehicles business now operates under the name Tata Motors. Meanwhile, the passenger vehicles, electric vehicles, and Jaguar Land Rover operations are housed under the separately listed entity, Tata Motors Passenger Vehicles Ltd (TMPV).
According to a BSE notice, over 368 crore equity shares with a face value of ₹2 each will be admitted for trading. The stock will trade under the ticker symbol ‘TMCVL’ and will be placed in the ‘T’ Group of Securities. To ensure a smooth price discovery process, the stock will remain in the trade-for-trade segment for the initial 10 trading sessions.
Analyst Expectations and Listing Price Projections
Market analysts are expressing optimism about the debut of Tata Motors Commercial Vehicles shares, with many predicting a strong listing performance significantly above the implied valuation.
Abhinav Tiwari, Research Analyst at Bonanza, stated, "TMLCV is likely to list above its implied valuation of ₹260. The stock could see volatility in prices as retail and institutional participants will recalibrate portfolios post demerger." He highlighted Tata Motors' market leadership in the CV segment, strong cash generation, and the strategic acquisition of Italy's Iveco as factors positioning the business for global growth.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, also forecasts a robust listing for TML Commercial Vehicles Ltd in the range of ₹300 to ₹350 per share. "This anticipated range reflects the implied value of the commercial vehicle business post-demerger, along with a potential premium for its standalone visibility," Tapse explained. He believes the shares could command an even better valuation once the new entity provides greater clarity on its independent financials and long-term strategy.
Some analysts have set even more bullish targets, with expectations for the stock to debut between ₹320 and ₹470 per share.
Shareholder Impact and Combined Valuation
The demerger is widely viewed as a strategic move to unlock shareholder value and allow each business unit to pursue a sharper, more focused operational strategy.
When combining the valuations of both demerged entities—Tata Motors Passenger Vehicles (around ₹399 per share) and Tata Motors Commercial Vehicles (₹300–₹350 per share)—the total implied value reaches approximately ₹699 to ₹749 per share.
"This combined valuation suggests that shareholders who held Tata Motors shares on or before the record date stand to benefit from the demerger, as the overall worth of their holdings remains strong, potentially even unlocking additional value as each business gains clearer strategic and financial visibility post-split," added Tapse.
Tata Motors Passenger Vehicles Ltd shares began their standalone trading journey on October 14, valued at approximately ₹400 per share after the record-date adjustment. Based on the pre-demerger closing price of ₹660.75 for Tata Motors, the implied residual value for the commercial vehicle arm was estimated between ₹260 and ₹270 per share, a threshold that analysts now expect the listing price to comfortably surpass.
