Tata Motors has officially completed its long-awaited demerger, creating two independent entities — Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Motors Commercial Vehicles Ltd (TMLCV). The company has also credited the shares of TMLCV into demat accounts of eligible shareholders. Investors now shift focus to the valuation of Tata Motors’ commercial vehicle (CV) share price ahead of its separate listing on the NSE and BSE.
was determined after the special pre-open session held between 9:00 am and 10:00 am on October 14, which was the Tata Motors demerger record date. Tata Motors Passenger Vehicle share price was valued around ₹400 per share.
Tata Motors CV Share Allotment and Credit
Tata Motors shareholders have received one share of TMLCV for every one share held in the merged entity, as per the demerger ratio of 1:1. Depositories have confirmed that the shares were credited on October 16, 2025, though they currently appear under the “inactive stocks” category in demat accounts, with no price assigned until listing.
shares carry a face value of ₹2 and are expected to list on exchanges in the coming weeks. Tata Motors Commercial Vehicles Ltd scrip ISIN is INE1TAE01010.
Below is the email sent by depository to an investor:
Tata Motors CV Share Price Valuation
Market expert Avinash Gorakshakar highlighted that was designed to unlock shareholder value, provide sharper focus, and enhance agility. He believes TMLCV will emerge as a pure-play CV competitor to the likes of Ashok Leyland.
“With its dominant market share, strong financial base, and removal of PV-related debt, TMLCV is likely to command higher valuations once business momentum improves,” he said.
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, the indicative notional value of TMLCV is derived from the residual price of Tata Motors’ stock after the demerger. Based on pre-demerger closing and post-demerger trading, the CV arm is valued around ₹260 – ₹270 per share. However, Srivastava expects the actual listing price to be higher, in the range of ₹300 – ₹470, given strong demand prospects in the commercial vehicle space.
“The CV business will trade independently, allowing investors to value it purely on its financial strength and sector-specific prospects,” Srivastava noted.
Prashanth Tapse, Sr. VP Research at Mehta Equities, estimates that the Tata Motors CV business could be valued at around ₹400 per share, benchmarked against peers like Ashok Leyland. He emphasized that the CV arm is cyclical and closely tied to economic growth and infrastructure spending but offers steady cash flows and attractive long-term prospects.
SBI Securities said that the share price is likely to trade between ₹320 – ₹470 post listing.
“The domestic CV industry is likely to start recovering in 2HFY26 on back of tailwinds such as GST rate reduction on CVs from 28% to 18%, replacement demand and pickup in the infrastructure, construction and logistics sectors. The integration of Iveco Group NV, most likely in FY27 will expose the company to the global CV cycle,” SBI Securities said.
TMLCV shares listing will be the next big trigger for investors. While indicative valuations peg the CV business around ₹260 – ₹270 per share, analysts broadly agree that the actual listing price could range between ₹300 and ₹470, depending on market sentiment and demand revival in the CV industry.
At 2:20 PM, Tata Motors share price was trading 0.73% higher at ₹399.45 apiece on the .
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