Tenneco Clean Air India Ltd
Tenneco Clean Air India Ltd
Consumer DiscretionaryKey Fundamentals
SmallcapInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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32 extracted metrics + investor summaries across FY23–FY26.
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Technical Indicators
Key Insights
Strengths
3- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.0%
- Company has been maintaining a healthy dividend payout of 100.0%
Weaknesses
1- Stock is trading at 18.1 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1h agoTenneco Clean Air India Ltd is a small-cap company with a market cap of approximately Rs 21,670 crore, trading at a PE of 35.8x and PB of 18x. The company delivers a high ROE of 44% (last year) and pays out 100% of profits as dividends (yield ~4.8%), but operates in a niche auto-component segment with limited publicly available long-term growth data.
- Exceptional return on equity at 44% for the last year and 42% average over 3 years, indicating highly efficient capital deployment
- Company is almost debt-free, reducing financial risk and interest burden on operations
- Attractive dividend yield of ~4.8%, significantly above the broader market average of 1-1.5%
- 100% dividend payout ratio demonstrates strong cash generation and shareholder-friendly capital allocation
- TTM sales growth of 15% shows acceleration compared to the 3-year compounded sales CAGR of 4%
- 3-year compounded profit growth of 18% outpaces 3-year sales growth of 4%, reflecting margin expansion
- Near-zero debt on the balance sheet provides flexibility to invest in growth without leveraging up
- Backed by global Tenneco parentage providing technology access and potential export opportunities in emission control systems
- Stock trades at 18x book value, an extremely stretched valuation that leaves little margin of safety
- PE ratio of 35.8x is elevated for an auto-component company, implying high growth expectations already priced in
- TTM profit growth of only 9% versus a PE of 35.8x suggests earnings growth may not justify current valuation
- 3-year compounded sales CAGR of just 4% indicates historically sluggish top-line growth
- Small market cap of ~Rs 21,670 crore may lead to liquidity constraints and higher price volatility
- 100% dividend payout leaves no retained earnings for organic reinvestment or capacity expansion
- Structural risk from global EV transition as clean air (exhaust emission) products face potential demand decline in the long term
- Limited availability of 5-year and 10-year growth data makes long-term trend assessment difficult, reducing visibility for investors
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1h ago- Promoters sell 15% stake Aug 14
Tenneco Mauritius Holdings and Tenneco (Mauritius) sold over 6 crore shares (15% equity) in open market on August 12, 2026, reducing combined promoter holding from 66.84% to 51.84%. Large promoter stake reduction can signal reduced confidence or trigger selling pressure.
- Record FY26 annual results Aug 6
VAR up 12.3% to INR 49,180 Million, EBITDA margin at 18.8%, PAT at INR 6,044 Million, ROCE at 94%, and order book at INR 1,24,000 Million — all pointing to strong profitability and visibility.
- Strong Q1FY27 revenue and profit Aug 5
Consolidated revenue of ₹15,447.53 million and net profit of ₹1,652.36 million for Q1FY27. Standalone revenue at ₹6,466.25 million.
- BRSR filing shows ESG commitment Aug 6
Submitted Business Responsibility and Sustainability Report for FY2025-26 covering ESG performance, workforce data, environmental metrics, and governance frameworks.
- AGM scheduled for Aug 28 Aug 3
8th Annual General Meeting set for August 28, 2026 via video conferencing with remote e-voting through CDSL. Annual report links shared with shareholders.
- Q1FY27 earnings call held Aug 6
Earnings conference call held on August 6, 2026 at 4:00 PM IST featuring CEO Arvind Chandrasekharan and CFO Mahender Chhabra; audio recording released.
TL;DR: Tenneco Clean Air India delivered record FY26 results with 94% ROCE and a robust INR 1,24,000 Million order book, while Q1FY27 maintained strong momentum with ₹1,652 crore net profit. The key risk is the 15% promoter stake sale in open market, which may weigh on sentiment despite healthy fundamentals. ESG disclosures and governance processes remain on track. With order book visibility and high capital efficiency, the trend is positive operationally, but investors should watch for further promoter selling.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,169 | 1,125 | 1,326 | 1,286 | 1,281 | 1,285 | 1,552 | 1,545 |
| Expenses | 963 | 947 | 1,107 | 1,057 | 1,064 | 1,063 | 1,295 | 1,298 |
| Operating Profit | 205 | 178 | 219 | 229 | 217 | 223 | 257 | 247 |
| OPM % | 18% | 16% | 17% | 18% | 17% | 17% | 17% | 16% |
| Other Income | 1 | 19 | 6 | 31 | 12 | -22 | 11 | 9 |
| Interest | 4 | 5 | 7 | 7 | 11 | 7 | 9 | 8 |
| Depreciation | 25 | 27 | 26 | 25 | 26 | 28 | 29 | 28 |
| PBT | 177 | 165 | 192 | 227 | 192 | 165 | 231 | 219 |
| Tax % | 23% | 24% | 27% | 26% | 22% | 28% | 28% | 25% |
| Net Profit | 137 | 125 | 140 | 168 | 151 | 119 | 167 | 165 |
| EPS in Rs | 6.39 | 5.85 | 3.47 | 4.16 | 3.73 | 2.94 | 4.13 | 4.09 |
Profit & Loss
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales | 4,827 | 5,468 | 4,890 | 5,404 | 5,663 |
| Expenses | 4,256 | 4,855 | 4,075 | 4,479 | 4,720 |
| Operating Profit | 571 | 613 | 815 | 925 | 943 |
| OPM % | 12% | 11% | 17% | 17% | 17% |
| Other Income | 59 | 69 | 41 | 32 | 10 |
| Interest | 22 | 25 | 20 | 34 | 35 |
| Depreciation | 101 | 104 | 103 | 108 | 111 |
| PBT | 508 | 553 | 733 | 816 | 808 |
| Tax % | 25% | 25% | 25% | 26% | — |
| Net Profit | 381 | 417 | 553 | 604 | 602 |
| EPS in Rs | 17.8 | 19.46 | 13.68 | 14.95 | 14.89 |
| Div. Payout % | 41% | 46% | 82% | 172% | — |
Balance Sheet
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 313 | 214 | 404 | 404 |
| Reserves | 895 | 766 | 1,206 | 794 |
| Borrowings | 31 | 15 | 20 | 52 |
| Other Liabilities | 1,190 | 1,140 | 1,202 | 1,288 |
| Total Liabilities | 2,429 | 2,135 | 2,831 | 2,537 |
| Fixed Assets | 631 | 608 | 582 | 582 |
| CWIP | 18 | 37 | 31 | 58 |
| Investments | 1 | 1 | 0 | 0 |
| Other Assets | 1,779 | 1,490 | 2,218 | 1,897 |
| Total Assets | 2,429 | 2,135 | 2,831 | 2,537 |
Cash Flow
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Operating | 538 | 488 | 562 | 1,429 |
| Investing | -13 | -30 | -27 | -69 |
| Financing | -394 | -686 | -433 | -1,075 |
| Net Cash Flow | 130 | -228 | 103 | 285 |
| Free Cash Flow | 475 | 391 | 500 | 1,345 |
| CFO/OP | 118 | 98 | 93 | 190 |
Ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 43 | 37 | 51 | 43 |
| Inventory Days | 42 | 31 | 31 | 35 |
| Days Payable | 100 | 86 | 100 | 111 |
| Cash Conversion Cycle | -16 | -18 | -18 | -33 |
| Working Capital Days | -9 | -7 | -8 | -4 |
| ROCE % | — | 52% | 57% | 61% |
Documents
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Company Information
Incorporated in 2018, Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc., a global leader in designing and manufacturing clean air and powertrain products for automotive applications.[1]