Tenneco Clean Air
Tenneco Clean Air
Consumer DiscretionaryKey Fundamentals
SmallcapPrice-based figures as of 09 Oct 2026, 15:57 IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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 16.4 times its book value
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 16% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-07 close, Tenneco Clean Air India Ltd traded at ₹480.40, giving a market capitalisation of ₹19,389.15 crore, a TTM P/E of 32.26x on EPS of ₹14.89, and a P/B of 16.19x. The company reports high capital efficiency (ROE 50.34%, ROCE 64.33%), almost no leverage (debt-to-equity 0.04) and a dividend yield of 5.2%. Against that, 3-year sales growth is 4% CAGR, TTM profit growth (9%) has trailed TTM sales growth (15%), and the stock closed 26.9% below its 52-week high of ₹657.
- Capital efficiency is high: ROE of 50.34% and ROCE of 64.33% mean the business earns large returns on a small capital base, which is typical of asset-light, technology-licensed auto component suppliers.
- The balance sheet is almost debt-free, with debt-to-equity of 0.04. This leaves little refinancing or interest-rate risk and gives room to fund capex or absorb a cyclical auto downturn.
- Returns have been consistent rather than one-off: 3-year average ROE is 42% and last year's was 44%, and TTM ROE has risen to 50.34%.
- Shareholder payouts are large: the company has kept a 100% dividend payout, and the dividend yield of 5.2% at ₹480.40 is high for an Indian auto component stock.
- Top-line growth has picked up: TTM sales growth of 15% is well above the 3-year sales CAGR of 4%. This suggests demand has improved, possibly helped by tighter emission norms and more content per vehicle.
- Profit has grown faster than sales over time: 3-year compounded profit growth of 18% against 4% sales growth points to margin expansion and operating leverage over that period.
- The price has come down from its peak: at ₹480.40 the stock is 26.9% below its 52-week high of ₹657. The TTM P/E of 32.26x is not extreme for a debt-free, high-ROCE auto component name.
- The price-to-book of 16.19x is very high. At ₹480.40 the implied book value is only about ₹29.7 per share, so most of the valuation depends on future earnings and could fall if returns weaken.
- Long-term growth has been slow: 3-year compounded sales growth is only 4%. Much of the 18% 3-year profit CAGR came from margin gains, which are harder to repeat than volume growth.
- Margins are under recent pressure: TTM profit growth of 9% lags TTM sales growth of 15%, which points to higher costs, a weaker mix or pricing pressure from OEM customers.
- The dividend may not be sustainable at this level: a 5.2% yield on ₹480.40 implies about ₹25 per share in dividends against TTM EPS of ₹14.89. That suggests payouts above current earnings, possibly including special distributions.
- Paying out 100% of earnings leaves no retained profit for growth capex or for the transition to EV powertrains, where exhaust and clean-air content per vehicle could shrink sharply.
- The earnings yield is modest: a TTM P/E of 32.26x equals an earnings yield of about 3.1%, below Indian government bond yields, even though profit is growing only 9% on a TTM basis.
- The stock has been volatile and has a short track record: it swung between ₹438.05 and ₹657 over 52 weeks, a high-to-low gap of about 33%. There is no 1, 3 or 5-year stock CAGR history available to judge how it holds up through a full auto cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- GST demand over FY23 ITC Oct 6
Tenneco Clean Air India received a show cause notice alleging excess input tax credit claimed in FY23, covering ₹28.5 Cr tax, ₹22.4 Cr interest and ₹5.7 Cr penalty. These components add up to about ₹56.6 Cr, so the headline figure of ₹567 Cr looks like a misplaced decimal and should be checked against the exchange filing.
- Trading window shut before Q2FY27 Sep 29
The trading window for designated persons closed on October 1, 2026, and stays closed until 48 hours after the Q2FY27 results are declared. This is a routine compliance step that signals results are coming soon.
- Management at JPM Auto Tour Sep 21
Management attended the JPM Auto Tour analyst meet in person in Gurugram on September 24, 2026, as disclosed under SEBI LODR regulations. The meeting gives institutional investors direct access to management but carries no financial news by itself.
TL;DR: The recent news flow is light and mostly procedural, with no clear positive catalysts in this period. The main risk is the GST show cause notice over FY23 input tax credit, which totals roughly ₹56.6 Cr based on its components. That is a contingent liability that may be contested, not a confirmed payout. The trend looks stable, though the tax dispute adds a mild overhang. The Q2FY27 results and any management comments on the GST notice will be the next key signals.
Quarterly Results
| Particulars | 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 (₹) | 6.39 | 5.85 | 3.47 | 4.16 | 3.73 | 2.94 | 4.13 | 4.09 |
Profit & Loss
| Particulars | 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 (₹) | 17.8 | 19.46 | 13.68 | 14.95 | 14.89 |
| Div. Payout % | 41% | 46% | 82% | 172% | — |
Balance Sheet
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY23–FY27.
Documents
Frequently Asked Questions about Tenneco Clean Air
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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]
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