Tata Motors’ Commercial Vehicle Business to List on November 12: All You Need to Know

Tata Motors’ long-awaited demerger has reached its final milestone. The company’s Commercial Vehicles (CV) business, formerly known as TML Commercial Vehicles Limited, is now set to list independently on the BSE and NSE from November 12, 2025. This marks the completion of Tata Motors’ ambitious restructuring plan to unlock shareholder value and give each business vertical sharper operational focus.

Background: Tata Motors’ Demerger Journey

The demerger of Tata Motors was first announced to separate its diverse business segments, Commercial Vehicles (CV), Passenger Vehicles (PV) including EVs, and Jaguar Land Rover (JLR). The goal was to help each business operate independently, attract focused investments, and deliver better long-term returns.

Following the approvals from the National Company Law Tribunal (NCLT) in August and September 2025, the company allotted shares in the newly formed entities based on the approved share exchange ratio. This restructuring created two distinct listed entities under the Tata Motors umbrella:

• The Passenger Vehicles and JLR entity, now renamed Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited), which continues to trade on the stock exchanges
• The Commercial Vehicles entity, formerly TML Commercial Vehicles Limited, which will now list independently as Tata Motors Limited from November 12, 2025

This completes the renaming and listing transition for both arms of the business.

Listing Details Announced

According to the company’s latest filing dated November 10, 2025, Tata Motors Passenger Vehicles Limited informed the stock exchanges that its CV arm, formerly TML Commercial Vehicles Limited, now Tata Motors Limited, has received approval from both the BSE and NSE for listing and trading of its equity shares starting November 12, 2025.

Key Highlights

• Entity Name: Tata Motors Limited (formerly TML Commercial Vehicles Limited)
• Listing Date: November 12, 2025
• Stock Exchanges: BSE and NSE
• Regulatory Approval: Based on NCLT orders dated August 25 and September 10, 2025
• Parent Company: Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited)

With this, both the PV and CV arms will be independently listed, giving investors clarity and direct exposure to each segment’s performance.

What It Means for Shareholders

Existing Tata Motors shareholders now hold shares in both the PV and CV entities. The PV business, Tata Motors Passenger Vehicles Limited, continues to trade under its new name, while the CV business will begin trading independently on November 12.

Shareholders do not need to take any additional action. They will start seeing the CV entity’s shares reflected in their demat accounts around the listing date. However, as with any new listing, some short-term volatility is expected during the price discovery phase.

This separation enables the market to assign distinct valuations to Tata Motors’ passenger and commercial operations, reflecting their individual growth potential and earnings profiles.

Why This Listing Matters

The listing of the CV business is not just a technical formality; it’s a strategic step that gives Tata Motors’ Commercial Vehicle division the independence to drive its own growth. As India’s largest commercial vehicle manufacturer, this business is now better positioned to focus on:

• Fleet electrification and hydrogen mobility initiatives
• Growth in the small commercial vehicle and intermediate truck segments
• International market expansion
• Dedicated capital allocation and partnerships

For investors, this separation provides clearer financial transparency, removes the conglomerate discount that often affects diversified companies, and creates potential for re-rating as each entity focuses on its strengths.

Market Outlook

The listing comes at a time when the commercial vehicle market in India is showing renewed momentum, supported by infrastructure spending, growth in logistics and last-mile delivery, and government incentives for cleaner mobility. Analysts expect that once trading begins, investors will be able to gauge the true standalone valuation of the CV business, which had previously been clubbed with Tata Motors’ passenger and luxury divisions.

Meanwhile, Tata Motors Passenger Vehicles Limited, the PV, EV, and JLR-focused entity, continues to perform strongly with leadership in the EV segment and consistent profitability in JLR, making the post-demerger structure more balanced for long-term investors.

Bottom Line

• Tata Motors’ Commercial Vehicle business will list on November 12, 2025, marking the final step in the demerger journey
• The CV arm will trade as Tata Motors Limited (formerly TML Commercial Vehicles Limited)
• The PV, EV, and JLR entity continues trading as Tata Motors Passenger Vehicles Limited (formerly Tata Motors Limited)
• Shareholders now own stock in two distinct Tata Motors entities, each focused on a different segment of the automotive ecosystem
• The listing is expected to unlock value, improve transparency, and provide sharper operational focus for both businesses

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