Tenneco Clean Air India
November 12, 2025 – November 14, 2025
| Price | ₹0 - ₹0 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 0 |
| Issue size | ₹3000.00 cr |
| Allotment | Nov 17, 2025 |
| Listing | Nov 19, 2025 |
Tenneco Clean Air India About
(AS PER DRHP)
IPO Details
| Total Issue Size | * shares (aggregating up to ₹3,000.0 Cr) |
| Offer For Sale | * shares (aggregating up to ₹3000.0 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 40,36,04,309 shares |
| Share Holding Post Issue | 40,36,04,309 shares |
Key Performance Indicators (KPI)
| KPI | FISCAL-25 | FISCAL-24 | FISCAL-23 |
|---|---|---|---|
| ROE | 42.65% | 38.05% | 32.88% |
| ROCE | 56.78% | 45.40% | 33.51% |
| EPS (BASIC) | 13.68 | 8.9 | 7.58 |
Company Financial (In ₹Crore)
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 2,831.58 | 2,136.26 | 2,429.65 |
| Total Income | 4,931.45 | 5,537.39 | 4,886.96 |
| Profit After Tax | 553.14 | 416.79 | 381.04 |
| EBITDA | 815.24 | 612.09 | 570.63 |
| Net Worth | 1,255.09 | 1,116.59 | 1,378.82 |
| Reserves and Surplus | 1,208.76 | 767.26 | 896.05 |
| Total Borrowing | 13.97 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Tenneco Clean Air India Ltd | 10.00 | ||
| Bosch Ltd | 46.21 | 31575.00 | 10.00 |
| Timken India Ltd | 54.61 | 3248.00 | 10.00 |
| SKF India Ltd | 40.2 | 4603.00 | 10.00 |
| ZF Commercial Vehicle Control System India Ltd | 53.71 | 13047.00 | 5.00 |
| Sharda Motor Industries Ltd | 16.92 | 1856.40 | 2.00 |
| Gabriel India Ltd | 34.73 | 592.20 | 1.00 |
| Uno Minda Ltd | 64.51 | 1056.00 | 2.00 |
| Sona BLW Precision Forgings Ltd | 48.12 | 477.35 | 10.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Tenneco Clean Air India Ltd | 31.1 | 46.65 | 13.68 |
| Bosch Ltd | 4683.48 | 15.56 | 683.25 |
| Timken India Ltd | 378.21 | 17 | 59.48 |
| SKF India Ltd | 525.5 | 21.43 | 114.5 |
| ZF Commercial Vehicle Control System India Ltd | 1694.75 | 15.35 | 242.9 |
| Sharda Motor Industries Ltd | 369.92 | 30.46 | 109.71 |
| Gabriel India Ltd | 82.38 | 22.42 | 17.05 |
| Uno Minda Ltd | 99.75 | 17.66 | 16.42 |
| Sona BLW Precision Forgings Ltd | 88.38 | 14.76 | 9.92 |
About Company
Tenneco Clean Air India Limited, established in 2018, is a subsidiary of Tenneco Inc., a global leader in clean air and powertrain technologies for the automotive sector. The company operates under the Clean Air division, focusing on emission control systems for light and commercial vehicles.
In India, the company provides advanced exhaust and after-treatment solutions that help automakers comply with strict emission standards such as Bharat Stage VI. Its key products include catalytic converters, diesel particulate filters (DPFs), mufflers, and exhaust pipes.
Tenneco Clean Air India has a strong manufacturing presence, with 12 facilities across seven states and one union territory, supporting both OEMs and Tier 1 customers. The company prioritizes sustainability, innovation, and regulatory compliance, supported by advanced R&D and engineering capabilities.
Divisions & Products:
- Clean Air & Powertrain Solutions: Clean Air Systems and Powertrain Solutions
- Advanced Ride Technologies: Shock absorbers, struts, and advanced suspension systems
Strength
Market-Leading Supplier: Tenneco Clean Air India is a leading provider of advanced, highly engineered clean air, powertrain, and suspension solutions for major Indian and global OEMs, holding strong market shares across multiple automotive sub-segments (FY2024).
Diversified Product Portfolio: The company offers a wide range of proprietary and customized products such as catalytic converters, mufflers, exhaust pipes, engine bearings, sealing systems, spark plugs, and advanced suspension systems, well-aligned with evolving industry trends.
Strong Manufacturing Footprint: With 12 strategically located plants across India, supported by a localized supply chain, the company ensures efficient production, reduced logistics costs, and timely delivery to key automotive hubs nationwide.
Weakness
Lack of Firm Volume Commitments: The company’s awarded programs do not include fixed volume commitments from customers, which may lead to lower-than-expected sales and negatively affect financial performance.
Dependence on Emission Regulations: Business growth is highly influenced by government emission policies; any delay or change in implementing stricter emission standards could reduce demand for clean air and powertrain products.
Reliance on Tenneco Group: The company depends on the Tenneco Group for brand licenses, patented designs, technical know-how, and key materials. Any adverse change or termination of this relationship could impact operations and profitability.
Tenneco Clean Air India Lead Manager(s)
Tenneco Clean Air India Address
RNS2,
Nissan Supplier Park SIPCOT Industrial Park,
Oragadam Industrial Corridor Sriperumbudur Taluk,
Kancheepuram, Tamil Nadu, 602105
Phone: +91 124 4784 530
Email: TennecoIndiaInvestors@tenneco.com
Website: http://www.tennecoindia.com/
Tenneco Clean Air India Registrar
MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083
Tenneco Clean Air India Reviewers
| Reviewer | Recommendation | File |
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