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Makes vehicle emission-control and exhaust systems in India, a subsidiary of US-based Tenneco's Clean Air division.
Makes vehicle emission-control and exhaust systems in India, a subsidiary of US-based Tenneco's Clean Air division.
Moat: narrow (process know-how, customer qualification). Emission-system qualification with OEMs is technical and regulation-driven, but other global suppliers compete closely.
Headquarters: Pune, India · Employees: 2,530
Size Tenneco Clean Air India (TENNIND.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.81B, the 393rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹423.25 on 6 Nov 2026.
Performance Over six months the shares fell 34.8%, against -19.0% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 21.6% over the last twelve months (peer median +9.5%); the operating margin is 14.3% (peer median 5.3%).
Valuation It trades at 24.9× forward earnings against a peer median of 15.6× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 79.7 points above its cost of capital (14.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹61.0B | ₹54.0B | ₹48.9B | ₹54.6B | ₹48.2B |
| Revenue growth | — | +10% | -11% | +13% | — |
| Gross profit | ₹16.0B | ₹11.3B | ₹9.83B | ₹9.32B | ₹7.74B |
| EBITDA | ₹9.88B | ₹9.32B | ₹8.29B | ₹6.27B | ₹5.78B |
| Net income | ₹6.23B | ₹6.04B | ₹5.52B | ₹4.17B | ₹3.81B |
| Free cash flow | n/a | ₹13.0B | ₹5.19B | ₹4.33B | ₹5.04B |
| Capital expenditure | n/a | ₹1.15B | ₹648M | ₹975M | ₹634M |
| Total debt | ₹716M | ₹798M | ₹700M | ₹632M | ₹831M |
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| Measure | TENNIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -4.2% | 5th lowest of 21 |
| 6-month return | -34.8% | -19.0% | 5th lowest of 21 |
| Distance from 52-week high | -35.6% | -39.4% | 10th highest of 21 |
| Revenue growth (TTM) | +21.6% | +9.5% | 5th highest of 21 |
| Operating margin | 14.3% | 5.3% | 4th highest of 21 |
| Forward P/E | 24.9× | 15.6× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 14.4% | 9.2% | 8th most demanding of 18 |
| Growth delivered (Del g) | +3.8% | +8.9% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | +10.6 pp | +0.5 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | +79.7 pp | -0.2 pp | highest of 21 |
| EV / EBITDA | 16.4× | 5.3× | 4th most expensive of 12 |
| Net debt / EBITDA | -0.8× | 0.9× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tenneco Clean Air India TENNIND.NS | India | $1.81B | -35% | +22% | 14% | 24.9× | 14.4% | +3.8% |
| Minda MINDACORP.NS | India | $1.80B | +33% | +33% | 8% | 37.6× | 32.0% | +21.3% |
| Shuanglin 300100.SZ | China | $1.80B | -27% | -11% | 4% | 32.6× | 25.5% | +8.9% |
| Shanghai Aerospace Automobile Electromechanical 600151.SS | China | $1.83B | -41% | -19% | -10% | n/a | 34.7% | -9.9% |
| Gestamp Automocion GEST.MC | Spain | $1.77B | -13% | -3% | 5% | 7.3× | -5.7% | +8.8% |
| Foryou 002906.SZ | China | $1.87B | -25% | +28% | 5% | 13.9× | n/a | n/a |
| Visteon VC | United States | $1.87B | -34% | +2% | 5% | 8.0× | 5.3% | +8.1% |
| Ningbo Zhongda Leader Intelligent Transmission 002896.SZ | China | $1.69B | -18% | +22% | 4% | 132.1× | n/a | n/a |
| Forvia FRVIA.PA | France | $1.93B | -20% | -32% | 5% | n/a | -8.3% | +8.1% |
| Lumax Auto Technologies LUMAXTECH.NS | India | $1.68B | +36% | +33% | 10% | 37.2× | 34.9% | +34.5% |
| Ningbo Xusheng 603305.SS | China | $1.98B | -26% | +12% | 7% | 27.5× | 9.2% | +22.1% |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Tokai Rika 6995.T | Japan | $1.57B | 0% | +5% | 5% | 9.9× | -4.6% | +7.9% |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Johnson Electric 0179.HK | Hong Kong | $1.56B | -53% | 0% | 8% | 10.8× | -16.4% | +3.1% |
| Gentherm THRM | United States | $1.55B | -7% | +9% | 5% | 9.8× | 21.7% | +10.4% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Slcorp 005850.KS | South Korea | $1.54B | -25% | +10% | 8% | 5.7× | -19.7% | +15.9% |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |