Mumbai, November 12, 2025:
Tata Motors Commercial Vehicle Ltd (TMCV), the newly carved-out commercial vehicle arm of Tata Motors, made an impressive entry into India’s stock markets on Wednesday. Following its separation from the parent company, TMCV shares opened at ₹335 on the National Stock Exchange and ₹330.25 on the Bombay Stock Exchange, listing nearly 38.26% above the implied valuation of ₹263.75.
The strong debut marks a significant milestone in Tata Motors’ strategic restructuring process, which officially split its passenger vehicle and commercial vehicle businesses into two independently listed companies. As part of the demerger, existing Tata Motors shareholders received one TMCV share for every Tata Motors share held.
The combined market capitalisation of the two newly listed entities now stands at roughly ₹2.7 lakh crore, representing an increase of nearly 12% compared to Tata Motors’ valuation prior to the split. Market experts say this premium reflects the Street’s confidence in the commercial vehicle division’s fundamentals and long-term growth prospects.
Analysts noted that the robust listing was backed by steady operational performance in FY25. TMCV posted ₹37,505 crore in revenue, along with an EBITDA of ₹8,856 crore, translating to an EBITDA margin of 11.8%. The company also reported strong sales momentum, with 27,530 commercial vehicles sold in October 2025, marking a 10% year-on-year growth.
According to industry watchers, the commercial vehicle segment continues to benefit from rising demand in India’s transport, logistics, and infrastructure sectors factors expected to support TMCV’s earnings trajectory in the coming quarters.
The successful listing positions Tata Motors Commercial Vehicle Ltd as a standalone market force, while reinforcing investor optimism about the group’s long-term restructuring strategy.
