1:1 Split! Tata Motors Demerger: After TMPV, When Will Tata Motors Commercial Vehicles Shares List On BSE, NSE

Tata Motors Demerger: The final stage of Tata Motors Passenger Vehicles is done as the scrip name changed to TMPV from the earlier Tata Motors share price on BSE and NSE. The next key stage to complete the entire demerger process is the listing of Tata Motors-backed commercial vehicles. When will TML Commercial Vehicles debut on BSE and NSE?

TMPV Share Price:

With effect from October 24th, Tata Motors share price scrip changed to TMPV. Now, trading under TMPV name, the stock ended at Rs 403.50 apiece on BSE, down by 0.6% with market cap of Rs 1,48,582.07 crore. The stock's 52-week high and low is at Rs 549.96 apiece and Rs 335.30 apiece respectively. While TMPV's return on equity is at 28.12% and price-to-equity ratio stood at 17.25x.

TMPV Outlook:

According to analyst Jay Kale of Elara Capital, global PV demand remains subdued outside China, led by uncertainty, due to US tariffs and weak macro. H2 is likely to be weaker. JLR has lost share in Q3, due to the phase-out of Jaguar models and production loss, due to the cyberattack, which dragged sales (wholesale down 24% YoY in Q3CY25).

Recently, BofA Securities and BofA's analysts signalled concerns related to JLR, which makes up about 45% of Tata Motors PV valuation. According to them, the drawbacks for JLR are --- the latest cyberattack; US tariffs impact on imported parts; and continued weak demand in markets like Europe and China. They also believe JLR's balance sheet may come under great stress, while its profit margins will require addressing.

Hence, these analysts have issued "Downgrade" on TMPV due to its heavy reliance on JLR and its overseas performance.

When Will TML Commercial Vehicles List On BSE & NSE?

TML Commercial is expected to list in 45 days since record date, hence, sometime during November.

Recently, TML Commercial Vehicles has announced the allotment of 368,233,1373 fully paid equity shares of face value of Rs 2/- each to the equity shareholders of the Company in the ratio of 1:1 pursuant to the Scheme.

Also, TMLCV has declared cancellation and reduction of the entire pre-Scheme paid-up share capital of TMLCV comprising 5,00,000 (Five Lakh) fully paid-up equity shares of Rs 2/- each, which were entirely held by the Company.

As per Kale, the tentative record date was 14 October with CVs separately listed by mid-November. The stock may show downward volatility as the CV piece exits the listed entity, however this is more of a re-allocation of business than a fundamental weakness. Post GST cut, management expects PV industry to grow 7-8% in H2FY26 and sub5% in FY26. Within CVs, SCVs, ILCVs and buses see the strongest benefit of GST cut, while HCVs gain from higher freight utilization.

Further S&P Global Rating in regards to CV unit, highlighted that Tata Motors demerged its commercial vehicles business into a separate legal entity, TML Commercial Vehicles Ltd. with effect from Oct. 1, 2025. Commercial vehicles previously accounted for 15%-20% of revenue and up to 15% of reported EBITDA of the parent group. The segment generated higher returns on capital than other divisions, and carried low leverage.

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