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After completing the long-awaited restructuring, Tata Motors Ltd has successfully demerged its two key business arms, Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Motors Commercial Vehicles Ltd (TMLCV), creating two independently listed entities. The demerger became effective on October 1, and the record date for the demerger was established as October 14, 2025.
Under the 1:1 demerger scheme approved by shareholders, every shareholder of Tata Motors received one share of Tata Motors Commercial Vehicles Ltd for each share held in Tata Motors.
The newly allotted TMLCV shares have been credited to the eligible investors’ demat accounts. However, trading in these shares has not yet begun, leaving investors unable to view or transact them on trading platforms.
According to Tata Motors’ regulatory filing on October 9, TMLCV shares remain temporarily frozen in demat accounts until the company receives listing and trading approvals from both the BSE and NSE.
The company said that the listing and trading permission process typically takes 45-60 days after submitting the necessary documentation to the exchanges. Until approvals are granted, TMLCV shares will appear in investor accounts but remain restricted from trading.
Based on the usual regulatory timelines, analysts expect TMLCV to be listed by late November 2025. The entity will include Tata Motors’ commercial vehicle business, encompassing domestic and international operations. Market analysts estimate TMLCV’s value at around Rs. 400 per share.
SBI Securities expects the listing price to fall between Rs. 320 to Rs. 470, and believes that the commercial vehicle industry will recover in the second half of FY26, due to GST rate cuts, expansions of infrastructure, and demand for fleets.
On October 14, during a special pre-open price discovery session, TMPV was valued at around Rs. 400 per share. At the press time, TMPV was trading near Rs. 408.35 apiece, up 1.6% on the BSE, with a market capitalization of Rs. 1.50 lakh crore.
Brokerage firm Nomura values TMPV at Rs. 367 and TMLCV at Rs. 365, cautioning that some short-term technical volatility may occur as the stock adjusts post-demerger.
Also Read: Tata Motors Demerger: Passenger Vehicle Shares Debut at Rs. 400 as Stock Trades Ex-CV
Now that the demerger is complete, Tata Motors seeks to heighten its strategic focus on passenger and commercial vehicles. This allows investors to evaluate each business on its own growth and profitability, and valuation metrics.
The trading of Tata Motors Commercial Vehicles Ltd (TMLCV) shares is anticipated to start in November 2025, once all regulatory approvals are completed. Investors will be able to see their shares in the demat accounts, but they'll be frozen.
