NSE: TENNIND · BSE: 544612
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Clean Air and Powertrain Solutions Division, Advanced Ride Technologies Division. Auto components manufacturer serving ICE and hybrid powertrain platforms, asset-light growth via two greenfield plants.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 5,404 |
| EBITDA (ex other income) | 898 |
| margin % | 16.6 |
| Owners' profit | 604 |
| EPS, as reported (₹) | 14.95 |
| ROE % · ROCE % | 50.3 · 64.3 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 1,429 |
| Capex | (115) |
Exhibit 2: Quarterly performance, last 4 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue | 1,281 | 1,285 | 1,552 | 1,545 |
| Profit before tax | 192 | 165 | 231 | 219 |
| Net profit | 151 | 119 | 167 | 165 |
| EPS (₹) | 3.73 | 2.94 | 4.13 | 4.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.9 | 25.0 | 69 of 119 | 42% |
| P/B | 15.0 | 3.3 | 113 of 117 | 3% |
| ROCE | 61.8 | 12.6 | 1 of 125 | 100% |
| ROE | 50.3 | 11.7 | 2 of 117 | 99% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 16.5 | 12.2 | 32 of 118 | 74% |
| Market cap | 17981 | 1455 | 19 of 126 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Routine filing of dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Tenneco Clean Air India gets GST show cause notice for FY23 | regulatory legal | high | — | — |
| 29 Sept 2026 · Tenneco Clean Air India trading window closes from Oct 1 for Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Tenneco Clean Air India schedules investor meet on September 28 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Tenneco Clean Air India to meet JPM Auto Tour on 24 September | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Tenneco Clean Air India schedules investor meetings on Sep 10 and 11 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · AGM 2026: All 7 resolutions passed, results filed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · 8th AGM held on Aug 28, 2026; 7 resolutions tabled | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Schedule of Analyst/Investor Meet - Elara India Dialogue 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.