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Consumer Cyclical · Luxury Goods
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Research updated
Tenneco Clean Air India Limited
NSE: TENNINDConsumer CyclicalAuto Parts
- Last close
- ₹439.65
- Day change
- −₹10.65 (−2.37%)vs
- Market cap
- ₹18,425 crIndian rupees
- Research updated
- 1 report
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About Tenneco Clean Air India
Tenneco Clean Air India Limited is a leading manufacturer and supplier of highly engineered, technology-intensive automotive components, serving as a critical Tier-1 partner to original equipment manufacturers (OEMs) across India and international export markets. As a subsidiary of the globally recognized Tenneco Group, the company specializes in three major product domains: clean air solutions (including exhaust aftertreatment systems like catalytic converters, diesel particulate filters, mufflers, and exhaust pipes), powertrain components (such as engine bearings, gaskets, seals, and ignition systems), and advanced ride performance technologies (notably shock absorbers and struts). Tenneco Clean Air India is the market leader in several segments, supplying over half of India’s passenger vehicle OEMs and holding a dominant position in clean air solutions for commercial trucks and off-highway vehicles. Its diversified portfolio supports the evolving automotive landscape, catering to stringent emission regulations and increasing demand for high-performance, efficient vehicles. Operating from a network of twelve manufacturing facilities across India, the company maintains long-lasting partnerships with top automotive brands, underlining its pivotal role in supporting cleaner, safer, and more efficient mobility both domestically and abroad.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: TENNIND
- Chief executive
- Mr. Arvind Chandrasekharan
- Employees
- 614
- Headquarters
- Gurugram, India
- ISIN
- INE19RI01016
- Website
- tennecoindia.com
Public research · Report of
Business model & financial foundation
Tenneco India (NSE: TENNIND), Auto components: clean air, powertrain and suspension: revenue of ₹5,404 crore in FY26 (+10.5% on FY25), an EBITDA margin of 17.1%, net profit of ₹603.6 crore and net cash of ₹491.6 crore.
- Revenue, FY26 (₹ crore)
- 5,404
- consolidated
- Revenue growth, FY26
- +10.5%
- on FY25
- EBITDA margin, FY26
- 17.1%
- EBITDA (Company operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 603.6
- to owners
- Return on equity, FY26
- 42.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -491.6
- Net debt including vendor financing and leases
- Market capitalisation (₹ crore)
- 20,667
- at the close of 16 Oct 2026
Company profile
Tenneco India supplies OEMs with exhaust aftertreatment, bearings, sealings and ignition products, plus Monroe suspension systems. Value-added revenue excludes substrate pass-through costs; Advanced Ride Technologies is powertrain-agnostic while Clean Air/Powertrain faces eventual EV substitution. OEM program nominations and premiumisation drive content growth; global parent technology is licensed for royalty. Listed November 2025 through an entirely secondary offer.
| Item | Value |
|---|---|
| Legal name | Tenneco Clean Air India Limited |
| Exchange and ticker | NSE: TENNIND; BSE: 544612 |
| ISIN | INE19RI01016 |
| Sector | Consumer Cyclical |
| Industry | Auto components: clean air, powertrain and suspension |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2023) |
| Market capitalisation | ₹20,667 crore (16 Oct 2026) |
| Shares outstanding | 40.36 crore shares (FY26) |
| Price | ₹460.6 (close, 16 Oct 2026) |
| Website | https://tennecoindia.com |
Corporate structure and shareholding
Parent: Tenneco Mauritius Holdings Limited.
| Entity | Holding | Business |
|---|---|---|
| Tenneco Automotive India Private Limited | 100% | Ride technologies and automotive components |
| Federal-Mogul Ignition Products India Limited | 100% | Ignition products |
| Federal-Mogul Sealings India Limited | 89.89% | Sealings |
| Federal-Mogul Bearings India Limited | 99.37% | Engine bearings |
Manufacturing entities acquired by common-control share swap in March 2025. Parent promoter sold a further 15% of equity in August 2026; September ownership pattern not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.79% | 74.79% | 74.79% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.41% | 8.94% | 9.69% | |
| Domestic institutions | 12.00% | 12.58% | 11.45% | |
| of which mutual funds | 7.91% | 7.64% | 7.05% | |
| Retail | 2.72% | 2.06% | 2.44% | |
| Other | 2.09% | 1.63% | 1.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tenneco Clean Air India (NSE:TENNIND) is the listed Indian grouping of Clean Air, Champion Ignition, Powertrain bearings/sealings and Monroe Advanced Ride Technologies. Four manufacturing subsidiaries were folded in via a March2025 common-control share swap; use restated consolidated history, not standalone. Group plant footprint12 and two R&D centres. OEM programme nominations are long-lived but not take-or-pay orders. The INR12,400cr incremental lifetime book (31Mar2026) covers5-6year programmes; never divide it into one year of sales. ART struts/shocks are EV-agnostic; Clean Air and engine components are ICE-linked, though hybrid/emission content rises before EV erosion. Value-added revenue excludes substrate pass-through: FY26 statutory revenue5403.976cr vs VAR4918cr. Customer concentration: top21% and next four42.4% of VAR; end-market PV65%,CV/off-highway21%, aftermarket4%, exports5.9%.
| Segment | var, FY26 (₹ crore) | Share |
|---|---|---|
| Clean Air & Powertrain Solutions | 2,430 | 49.4% |
| Advanced Ride Technologies | 2,489 | 50.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Sharda Motor Industries (SHARDAMOTR) | Closest Indian exhaust/aftertreatment competitor |
| Gabriel India (GABRIEL) | Suspension shocks/struts competitor |
| Bosch (BOSCHLTD) | MNC automotive technology and emission systems |
| ZF Commercial Vehicle Control Systems India (ZFCVINDIA) | MNC CV safety component technology |
| Uno Minda (UNOMINDA) | Diversified auto-component content growth |
| Sona BLW Precision Forgings (SONACOMS) | Technology auto components and export growth comparator |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 4,827 | 5,468 | 4,890 | 5,404 |
| Cost of revenue (vendor classification) * | 3,657 | 4,262 | 3,221 | 3,748 |
| Other operating costs (vendor classification) * | 341.0 | 333.6 | 625.3 | 389.8 |
| EBITDA (vendor classification) * | 631.7 | 682.4 | 856.3 | 978.0 |
| Operating EBIT excluding other income | 469.7 | 508.5 | 712.1 | 817.3 |
| Finance costs | 21.6 | 25.2 | 20.3 | 33.6 |
| Profit before tax | 507.7 | 553.1 | 732.8 | 815.5 |
| Total tax expense | 126.7 | 136.3 | 179.7 | 211.2 |
| Profit after tax including non-controlling interest | 381.0 | 416.8 | 553.1 | 604.4 |
| Diluted earnings per share (₹) | 7.58 | 8.90 | 13.68 | 14.95 |
| Materials, traded goods purchases and inventory change | 3,438 | 3,892 | 3,221 | 3,510 |
| Employee benefits expense | 248.6 | 252.6 | 297.9 | 336.8 |
| Other expenses | 569.8 | 710.4 | 556.1 | 631.8 |
| Company operating EBITDA excluding other income | 570.6 | 612.1 | 815.2 | 925.5 |
| Other income | 59.6 | 69.8 | 41.0 | 59.0 |
| Depreciation and amortisation expense | 100.9 | 103.6 | 103.2 | 108.2 |
| Exceptional items (charge negative) | n.d. | n.d. | 0.00 | -27.2 |
| Profit attributable to non-controlling interests | -0.04 | 0.13 | 1.08 | 0.78 |
| Profit attributable to owners of the parent | 381.1 | 416.7 | 552.1 | 603.6 |
| Cost of materials consumed | 3,397 | 3,836 | 3,181 | |
| Purchases of stock in trade | 51.5 | 40.7 | 34.6 | |
| Changes in finished goods WIP and traded inventories | -9.97 | 16.3 | 5.22 | |
| Current tax expense | 128.0 | 135.4 | 187.8 | |
| Deferred tax expense (credit negative) | -2.00 | -2.57 | -9.13 | |
| Short provision of tax for earlier years | 0.68 | 3.46 | 0.99 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total equity including NCI | 1,209 | 981.3 | 1,612 | 1,201 |
| Bank borrowings, vendor financing and leases | 83.1 | 63.2 | 70.0 | 79.8 |
| Cash and cash equivalents | 411.5 | 183.1 | 285.9 | 571.2 |
| Trade receivables | 563.2 | 559.8 | 687.2 | 634.8 |
| Inventories | 394.9 | 329.3 | 277.7 | 338.4 |
| Trade payables excluding vendor financing | 894.3 | 873.2 | 836.2 | 1,038 |
| Net property, plant and equipment | 585.0 | 565.4 | 534.8 | 507.7 |
| Capital work in progress | 18.5 | 36.6 | 31.1 | 58.1 |
| Total assets | 2,430 | 2,136 | 2,832 | 2,537 |
| Other bank balances | 1.25 | 0.58 | 0.34 | 0.22 |
| Lease liabilities included in borrowings | 17.3 | 15.1 | 19.7 | 51.5 |
| Current liquid investments | n.r. | n.r. | ||
| Net debt including vendor financing and leases | -329.6 | -120.4 | -216.2 | -491.6 |
| Right-of-use assets separate from net PPE | 44.1 | 40.5 | 45.7 | 73.6 |
| Noncurrent unquoted equity investments (not liquid treasury) | 0.75 | 0.89 | 0.33 | 0.33 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 537.5 | 487.7 | 562.4 | 1,429 |
| Free cash flow (vendor definition) * | 474.1 | 390.2 | 497.6 | 1,314 |
| Dividends paid (the provider's sign: an outflow is negative) | -280.4 | -559.1 | -409.2 | -1,037 |
| Cash capital expenditure (positive outflow) | 63.4 | 97.5 | 64.8 | 115.0 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Weighted-average basic and diluted EPS shares | 50.29 | 46.79 | 40.36 | 40.36 |
| Company disclosed net debt (excludes supplier finance) | -380.2 | -168.0 | -266.2 | -519.7 |
| Year-end issued equity shares (not EPS weighted average) | 40.36 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,169 | 1,125 | 1,326 | 1,286 | 1,281 | 1,285 | 1,552 | 1,545 |
| Cost of revenue (vendor classification) * | 743.7 | 862.9 | 825.4 | 829.7 | 1,009 | 1,015 | ||
| Other operating costs (vendor classification) * | 131.5 | 164.7 | 166.9 | 157.6 | 182.8 | 186.5 | ||
| EBITDA (vendor classification) * | 196.9 | 224.8 | 259.7 | 227.2 | 268.7 | 255.5 | ||
| EBIT * | 169.9 | 198.9 | 234.3 | 171.7 | 240.0 | 227.8 | ||
| Finance costs | 4.17 | 4.70 | 6.62 | 7.10 | 10.6 | 7.12 | 8.76 | 8.38 |
| Profit before tax | 177.1 | 165.2 | 192.3 | 227.2 | 192.4 | 164.6 | 231.3 | 219.4 |
| Total tax expense | 40.0 | 39.8 | 51.9 | 59.1 | 41.7 | 45.8 | 64.5 | 54.2 |
| Profit after tax including non-controlling interest | 137.1 | 125.4 | 140.3 | 168.1 | 150.7 | 118.8 | 166.8 | 165.2 |
| Diluted EPS (₹) | 3.39 | 3.10 | 3.47 | 4.16 | 3.73 | 2.94 | 4.13 | 4.09 |
| Materials, traded goods purchases and inventory change | 763.6 | 743.7 | 862.9 | 825.4 | 845.6 | 829.7 | 1,009 | 1,015 |
| Employee benefits expense | 75.5 | 71.7 | 79.4 | 83.0 | 75.2 | 75.4 | 103.1 | 96.4 |
| Other expenses | 124.3 | 131.5 | 164.7 | 148.3 | 143.1 | 157.6 | 182.8 | 186.5 |
| Operating EBITDA from statutory cost stack | 205.2 | 178.3 | 218.9 | 228.9 | 216.8 | 222.5 | 257.3 | 246.9 |
| Other income | 1.36 | 18.6 | 5.99 | 30.8 | 12.1 | 4.68 | 11.4 | 8.66 |
| Depreciation and amortisation expense | 25.2 | 27.0 | 26.0 | 25.4 | 25.8 | 28.3 | 28.7 | 27.8 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -27.2 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.27 | 0.20 | 0.21 | 0.27 | 0.18 | 0.12 | 0.21 | 0.20 |
| Profit attributable to owners of the parent | 136.8 | 125.2 | 140.1 | 167.8 | 150.5 | 118.7 | 166.6 | 165.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 13.3% | -10.6% | 10.5% | |
| EBITDA margin | 11.8% | 11.2% | 16.7% | 17.1% |
| Net margin | 7.9% | 7.6% | 11.3% | 11.2% |
| Return on equity | 31.5% | 38.0% | 42.6% | 42.9% |
| Return on capital employed | 36.3% | 43.5% | 52.2% | 55.2% |
| Return on assets | 15.7% | 18.3% | 22.2% | 22.5% |
| Net debt (₹ crore) | -329.6 | -120.4 | -216.2 | -491.6 |
| Net debt / EBITDA | -0.58x | -0.20x | -0.27x | -0.53x |
| Interest cover | 21.8x | 20.2x | 35.1x | 24.3x |
| Asset turnover | 1.99x | 2.39x | 1.97x | 2.01x |
| Receivable days | 43 | 37 | 51 | 43 |
| Inventory days (on revenue) | 30 | 22 | 21 | 23 |
| Payable days (on revenue) | 68 | 58 | 62 | 70 |
| Cash conversion | 1.41x | 1.17x | 1.02x | 2.37x |
| Capex intensity | 1.3% | 1.8% | 1.3% | 2.1% |
| Free cash flow (₹ crore) | 474.1 | 390.2 | 497.6 | 1,314 |
| Dividend payout | 73.6% | 134.2% | 74.1% | 171.7% |
| EPS, diluted (₹) | 7.58 | 8.90 | 13.68 | 14.95 |
| Book value per share (₹) | 24.05 | 20.97 | 39.95 | 29.75 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including vendor financing and leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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