Shares of Tata Motors Ltd.’s demerged Commercial Vehicles (CV) business slipped up to 4 percent on Thursday, November 13, ahead of its September quarter results. This will be the CV segment’s first earnings report as an independent entity, while the Passenger Vehicles (PV) business is set to announce results on Friday, November 14.
The CV business made its stock market debut on Wednesday at ₹330 per share, 28 percent above its pre-open discovery price of ₹260 in October. By comparison, the PV business began trading at ₹400 per share, while Tata Motors shares had closed at ₹660.75 the day before the demerger record date. The CV segment had historically contributed 18–20 percent to the consolidated company’s performance.
On Thursday, around 3.1 crore CV shares changed hands. Analysts note that Tata Motors’ CV arm generated ₹75,055 crore in FY25 revenue and an EBITDA of ₹8,856 crore, implying an 11.8 percent margin. Using Ashok Leyland’s EV/EBITDA multiple, its fair value is estimated at ₹1.14 lakh crore, or ₹310–₹320 per share. The stock was trading slightly lower at ₹325 after a partial recovery.
