Tata Motors CV Gets Bullish Calls: Nomura Sees 20% Upside Post-Demerger

• Nomura initiates 'Buy' on Tata Motors CV with ₹481 target, implying 20% upside post-demerger.
• Brokerage expects India business to benefit from an upcycle, driven by 46% MHCV market share.
• Nomura projects 10% volume growth (FY26-27) and 12-13% EBITDA margins (FY26-28).
• Iveco business in downcycle, recovery expected from FY27, with potential synergies.
• BofA Securities and JPMorgan also gave positive ratings, citing CV cycle recovery.

Why It Matters: Brokerages are bullish on Tata Motors CV, expecting significant upside from an anticipated CV cycle recovery.