The much-awaited independent listing of Tata Motors commercial vehicle arm is upon us. On Wednesday, November 12, 2025, Tata Motors Commercial Vehicles Ltd (TMLCV) will begin trading on both the BSE and NSE. This development comes on the heels of a landmark demerger that split India's iconic automaker into two separate, publicly listed companies.
Each shareholder of the original Tata Motors is set to receive one TMLCV share for every share they held, with a record date of October 14, 2025. The division has received regulatory approvals from both stock exchanges and is ready to start trading with approximately 368 crore shares hitting the market.
Why the separation
The Tata Motors split allows TMLCV to focus entirely on its core business—commercial vehicles—without the distraction of passenger cars and luxury vehicles.
This focused approach means faster decision-making, dedicated capital allocation, and specialised strategies tailored to the CV market, according to sources. Girish Wagh is leading the commercial vehicle arm as Managing Director.
What the numbers say
For fiscal 2025, Tata Motors CV division generated approximately Rs 75,050 crore in revenue. Market analysts estimate TMLCV to list in the range of Rs 300–350 per share, representing strong value creation for existing Tata Motors shareholders. But if you take the pre-demerger closing price of around Rs 660 into consideration, the residual value of the CV arm is around Rs 260–270 apiece.
Some brokerages have even placed fair valuations as high as Rs 470 per share, suggesting significant upside potential.
But that's not all. The company is currently in the process of acquiring Italy's Iveco Group's commercial vehicle operations in a deal valued at around €3.8 billion. Once completed, this acquisition could lift TMLCV into the ranks of the world's fourth-largest medium and heavy commercial vehicle maker and potentially triple its revenue to over Rs 2 lakh crore.
