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 18.4 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoTenneco Clean Air India Ltd is a small-cap company (market cap ₹22,985 Cr) trading at a PE of 38.1x and 19.2x book value, with an exceptionally high 3-year ROE of 42% and a 100% dividend payout policy yielding 4.5%. The company is almost debt-free but operates in a niche auto component segment with limited historical growth data available.
- Virtually debt-free balance sheet, providing financial flexibility and resilience during downturns
- Exceptional return on equity at 44% in the last year, indicating highly efficient capital deployment
- 3-year average ROE of 42% demonstrates consistent profitability, not a one-off result
- Dividend yield of 4.5% is significantly above market average, supported by 100% payout ratio
- TTM sales growth of 15% shows accelerating top-line momentum compared to 3-year CAGR of 4%
- Compounded profit growth of 18% over 3 years outpaces sales growth of 4%, reflecting margin expansion
- Zero debt structure means no interest burden, allowing full operating profit to flow to shareholders
- Stock trades at 19.2x book value, an extremely elevated valuation that prices in significant future growth
- PE ratio of 38.1x is demanding for an auto component company with only 9% TTM profit growth
- 3-year sales CAGR of just 4% indicates sluggish top-line growth over the medium term
- TTM profit growth of only 9% is decelerating sharply from the 18% 3-year CAGR, suggesting margin pressure ahead
- 100% dividend payout leaves zero retained earnings for organic growth or capacity expansion
- Small market cap of ₹22,985 Cr may result in lower liquidity and higher price volatility
- Limited long-term data availability (5-year and 10-year growth metrics missing) makes trend analysis difficult
- Niche exposure to emission control systems faces regulatory and technology transition risks as EV adoption grows
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago- Promoters sell 15% stake Aug 14
Tenneco Mauritius Holdings and Tenneco (Mauritius) sold 15% stake via open market, reducing promoter holding to 51.84%. Large promoter selling can signal reduced confidence or overhang on stock price.
- 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.
- SBI MF acquires 5.2% stake Aug 17
SBI Mutual Fund bought 2.11 crore shares on Aug 12 via open market, bringing total holding to 6.1% of paid-up capital. Institutional buying signals strong conviction.
- Strong Q1FY27 results Aug 5
Consolidated revenue of ₹15,448 million and net profit of ₹1,652 million for Q1FY27. Standalone revenue at ₹6,466 million.
- BRSR report filed for FY26 Aug 6
Tenneco submitted its Business Responsibility and Sustainability Report for FY2025-26, disclosing ESG performance and governance frameworks, improving institutional eligibility.
- AGM scheduled for Aug 28 Aug 3
8th AGM to be held via video conferencing on August 28, 2026, with remote e-voting facilitated by CDSL.
- 2 lakh ESOPs granted at ₹10 Aug 21
NRC approved 2,00,453 stock options at ₹10 exercise price under ESOP Scheme 2025, within the shareholder-approved limit of 80.7 lakh options.
- Q1FY27 earnings call recording released Aug 6
Audio recording of earnings call held Aug 6 featuring CEO Arvind Chandrasekharan and CFO Mahender Chhabra now available.
TL;DR: Tenneco Clean Air India delivered record FY26 results with 94% ROCE and a robust INR 1.24 lakh crore order book, while Q1FY27 sustained strong momentum. SBI MF's 5.2% stake acquisition validates institutional interest. The key risk is the 15% promoter stake sale which reduces skin-in-the-game to 51.84%. Overall trend is strongly positive on fundamentals, though promoter selling warrants monitoring for further dilution.
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]