TMCV vs Ashok Leyland vs Eicher Motors: Share Price, Earnings & Investment Outlook for 2025

Tata Motors Commercial Vehicles (TMCV) shares were officially listed on November 12, 2025, debuting at ₹335 on NSE and ₹330.25 on BSE — a premium of over 28% from the demerger value.

TMCV Share Listing: Key Details & Live Price Update

Tata Motors has successfully completed its long-awaited demerger, separating its Commercial Vehicles (CV) business into a standalone listed entity — now trading as Tata Motors Ltd (TMCV). The listing took place on Wednesday, November 12, 2025, on both the NSE and BSE, marking a major milestone in Tata’s restructuring strategy.

Listing Date & Time

• Date: November 12, 2025
• Time: Market open (9:15 AM IST)
• Exchanges: NSE & BSE

TMCV Share Price at Listing

The demerger value was approximately ₹261–₹262 per share, making the listing a strong debut for the CV arm.

What Is TMCV?

TMCV (Tata Motors Commercial Vehicles Ltd) is now India’s largest commercial vehicle manufacturer, covering:

• Small cargo vehicles
• Medium & heavy commercial vehicles (M&HCVs)
• Buses and defense mobility solutions
• Integration of Iveco Group NV, expected by FY 2027

Demerger Details

• Record Date: October 14, 2025
• Share Ratio: 1:1 — shareholders received 1 TMCV share for every Tata Motors share held
• Passenger Vehicle Arm: Now trades as Tata Motors Passenger Vehicles Ltd (TMPVL)

TMLCV vs TMCV: Share Price Snapshot

CNBC Awaaz Coverage

CNBC Awaaz and other financial news outlets provided live coverage of the TMCV listing, highlighting:

• Investor sentiment
• Market reaction
• Strategic implications for Tata Motors
• Analyst views on future growth and valuation

TMCV’s listing at ₹335 positions it as a premium commercial vehicle stock, but Ashok Leyland and Eicher Motors offer competitive valuations and distinct strengths.

Here’s a detailed comparison of Tata Motors Commercial Vehicles (TMCV), Ashok Leyland, and Eicher Motors as of November 2025:

Current Share Prices

Business Focus & Differentiators

• TMCV (Tata Motors CV)

  • Focus: Full-spectrum CVs including buses, trucks, defense vehicles
  • Strengths: Largest CV market share in India, backed by Tata Group
  • Growth: Integration with Iveco Group NV expected by FY 2027

• Ashok Leyland

  • Focus: M&HCVs, electric buses, defense mobility
  • Strengths: Strong domestic network, cost-effective fleet solutions
  • Growth: Expanding EV and export portfolio

• Eicher Motors

  • Focus: Premium CVs (via VE Commercial Vehicles) and Royal Enfield motorcycles
  • Strengths: High margins, brand equity, export strength
  • Growth: Global expansion and tech-driven upgrades

Valuation Snapshot

Note: TMCV’s valuation is evolving post-listing and may adjust based on quarterly results.

Investment Considerations

• TMCV is ideal for long-term investors betting on infrastructure growth, defense contracts, and Tata’s execution.
• Ashok Leyland suits value investors seeking steady returns and domestic CV exposure.
• Eicher Motors appeals to premium investors focused on brand-driven growth and global diversification.

Here’s a detailed comparison of Tata Motors Commercial Vehicles (TMCV), Ashok Leyland, and Eicher Motors based on their business models, financial metrics, and market positioning as of late 2025:

Commercial Vehicle Stock Comparison: TMCV vs Ashok Leyland vs Eicher Motors

Strategic Insights

• TMCV is positioned as a long-term infrastructure and defense play, with strong backing from Tata Group and potential upside from the Iveco integration.
• Ashok Leyland remains a reliable domestic CV player with cost-effective solutions and growing EV ambitions.
• Eicher Motors offers premium exposure through Royal Enfield and VE Commercial Vehicles, but trades at a higher valuation.

Analyst forecasts for 2025 suggest TMCV will see strong growth driven by infrastructure and defense demand, while Ashok Leyland and Eicher Motors maintain solid profitability with expanding margins and export strength.

2025 Earnings Forecast & Analyst Ratings: TMCV vs Ashok Leyland vs Eicher Motors

Tata Motors Commercial Vehicles (TMCV)

• Share Price (Nov 2025): ₹329.90
• Fair Value Estimate: ₹300–₹470
• Analyst Sentiment: Positive, with expectations of strong institutional interest
• Growth Drivers:
  • Iveco Group integration by FY 2027
  • Government infrastructure push
  • Defense mobility contracts
• Earnings Forecast: Not yet published post-listing, but analysts expect robust revenue growth in FY26 due to CV sector momentum

Ashok Leyland

• Q2 FY26 Revenue Estimate: ₹9,564 crore
• EBITDA Estimate: ₹1,129 crore (11.8% margin)
• Net Profit Estimate: ₹724 crore
• Q4 FY25 Highlights:
  • Net Profit: ₹1,246 crore (up 38% YoY)
  • EBITDA Margin: 15% (record high)
  • Export Volume Growth: 52% YoY
• Market Share: 30.9% in domestic M&HCV segment
• Analyst Outlook: Stable with upside from EV and export expansion

Eicher Motors

• FY25 Revenue: ₹187.3 billion (up 14%)
• Net Income: ₹47.3 billion (up 18%)
• EPS: ₹173 (up from ₹146)
• Profit Margin: 25%
• FY26 Forecast:
  • Revenue: ₹211.5 billion
  • EPS: ₹179
  • P/E Ratio: ~30.6x
  • Dividend Yield: ~1.3%
• Analyst Sentiment: Strong, driven by Royal Enfield exports and VECV growth

Strategic Takeaway

• TMCV is a high-potential growth stock post-listing, ideal for long-term investors betting on infrastructure and defense.
• Ashok Leyland offers consistent performance with improving margins and export strength.
• Eicher Motors remains a premium play with strong brand equity and global reach.

Here's a side-by-side FY26 earnings forecast and analyst rating comparison for TMCV, Ashok Leyland, and Eicher Motors, based on the latest available data and market expectations:

FY26 Earnings Forecast & Analyst Ratings

Summary Insights

• TMCV is expected to post strong earnings growth in FY26, driven by infrastructure demand and its upcoming integration with Iveco. Analysts are cautiously optimistic, with most assigning a Buy or Hold rating due to its recent listing.
• Ashok Leyland continues to deliver consistent performance, with improving margins and a growing EV portfolio. Analysts maintain a Buy rating, citing its strong domestic presence and export growth.
• Eicher Motors remains a premium pick with high profitability and global expansion. Its Strong Buy rating reflects confidence in both Royal Enfield and VE Commercial Vehicles.

Here’s a dividend payout and 5-year performance comparison for TMCV, Ashok Leyland, and Eicher Motors. Eicher leads in consistent high-value dividends and long-term stock growth, while Ashok Leyland offers steady returns. TMCV’s dividend history is yet to begin post-listing.

Dividend History (Recent Years)

Eicher Motors has consistently issued high-value dividends, reflecting strong profitability and shareholder focus. Ashok Leyland maintains modest but reliable payouts. TMCV, being newly listed, has not yet declared dividends.

5-Year Stock Performance (2020–2025)

Eicher Motors has delivered the highest long-term capital appreciation, followed closely by Ashok Leyland. TMCV is still in its early trading phase, but analysts expect strong upside based on its market dominance and strategic growth plans.