TENNECO CLEAN AIR INDIA L

Manufactures automotive components in two divisions: Clean Air and Powertrain Solutions Division (₹29,155.05 million in FY26) and Advanced Ride Technologies Division (₹24,884.71 million in FY26). The Clean Air and Powertrain side makes emissions control and aftertreatment systems for internal combustion engines, including modular BS6 aftertreatment products for commercial vehicles, with a recent strategic win with a global CV OEM carrying ₹1,150M annual revenue potential. The Advanced Ride Technologies side makes suspension products, including the DaVinci DCx advanced suspension system adopted by a leading Indian OEM for a next-gen flagship SUV, with ₹2,200M annual revenue potential, and Front Strut and Rear Shock Absorbers with existing capacity of 19.69 million units per annum. Cost structure is dominated by materials at 64.6% of revenue, with employees at 6.2%, other opex at 11.7%, depreciation at 2.0%, and capex at 2.1%. Two greenfield plants are approved: a Kharkhoda Haryana facility costing ₹710M with Q3 FY27 SOP, and a Western India facility costing ₹690M adding 2.1 million units per annum of strut and shock absorber capacity in FY26-27 and FY27-28. The order book stands at ₹124,000 million, covering 100% of FY28 revenue target with exports at 20%+ of the book.