Nomura Securities has initiated coverage on Tata Motors Commercial Vehicle (CV) segment with a 'Buy' rating, setting a price target of ₹481 per share. This recommendation marks the brokerage firm's entry into coverage of the commercial vehicle business of Tata Motors Limited.

Brokerage Recommendation Details

The following table summarizes Nomura's recommendation:

Company Profile

Tata Motors Limited operates in the automobile sector and is classified as a large-cap stock with a market capitalization of ₹130,723.00 crores. The company's commercial vehicle segment represents a significant portion of its business operations in the Indian automotive market.

The initiation of coverage by Nomura Securities indicates the brokerage firm's interest in providing research coverage and investment recommendations for Tata Motors' commercial vehicle business to its clients and the broader investment community.

Tata Motors Limited (BSE: 544569, NSE: TMCV) has reported a significant increase in its commercial vehicle sales for November 2025, demonstrating strong performance in both domestic and international markets.

Key Highlights

• Total sales reached 35,539 units in November 2025, up 29% year-over-year from 27,636 units in November 2024.
• Domestic sales of Medium & Heavy Commercial Vehicles (M&HCV) grew by 29% YoY.
• Combined domestic and international M&HCV sales increased by 33% YoY.

Detailed Performance

The robust growth across all segments underscores Tata Motors' strong position in the commercial vehicle market. The company's performance in the international business is particularly noteworthy, with a substantial 92% increase year-over-year.

Market Implications

This significant growth in commercial vehicle sales could be indicative of broader economic recovery and increased industrial activity. The strong performance in both domestic and international markets suggests that Tata Motors is successfully capitalizing on growing demand across various regions.

Company Overview

Tata Motors Ltd., formerly TML Commercial Vehicles Ltd., is part of the USD 180 billion Tata Group. The company is renowned for its innovation in commercial mobility, offering a wide range of products from last-mile delivery vehicles to public transport solutions. With over eight decades of leadership in the sector, Tata Motors continues to drive the wheels of India's economy through its advanced powertrains, connected technologies, and intelligent fleet solutions.