Tata Motors Commercial Vehicles (TMCV) made a notable debut on the stock market on November 12, 2025, listing at a premium of over 28% on the NSE and BSE. This follows the completion of Tata Motors' demerger, which separated its commercial vehicle and passenger vehicle businesses into two independent entities. TMCV shares opened at ₹335, significantly higher than their implied valuation of ₹260, and reached an intraday high of ₹345 before settling at ₹332.25 shortly after the opening.

The combined market capitalisation of TMCV and Tata Motors Passenger Vehicles (TMPV) exceeded ₹2.7 lakh crore post-listing. TMCV's market cap was over ₹1.2 lakh crore, while TMPV was valued at more than ₹1.5 lakh crore, trading at ₹407 per share. The total price of both shares was approximately ₹742, reflecting a 12.4% increase from Tata Motors' pre-demerger share price of ₹660.75.

The demerger, effective from October 1, 2025, aimed to enhance shareholder value by allowing investors to assess each business independently. Jahol Prajapati, a research analyst, noted that the separation allows for better valuation of the fast-growing passenger vehicle and electric vehicle segment compared to the more stable commercial vehicle business.

TMCV is expected to benefit from rising demand in the commercial vehicle sector, driven by improvements in freight activity and a reduction in GST rates. The business reported a revenue of ₹75,055 crore and an EBITDA of ₹8,856 crore for FY25, indicating a healthy margin of 11.8%. Analysts predict that the fair value for TMCV could be around ₹310 to ₹320 per share.

Girish Wagh, MD & CEO of Tata Motors, expressed confidence in the company's future, highlighting its commitment to strong shareholder management and governance. He also mentioned ongoing efforts to enhance customer value and operational efficiency while focusing on sustainability.

Despite the initial volatility in trading, with TMCV shares closing at ₹329 on the BSE, investor sentiment remained positive, with a buy quantity of 13.86 lakh shares against a sell quantity of 11.30 lakh shares. Analysts expect some fluctuations as investors adjust their portfolios following the demerger, but they remain optimistic about TMCV's long-term growth potential, especially after Tata's recent acquisition of Italy's Iveco, which could strengthen its global presence in the commercial vehicle market.