Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Please find attached the schedule of the Analyst/ Investor Meeting.
Source: Bse
Tenneco Clean Air India Limited (TENNIND)
Small CapAuto stocks · Small cap · NSE
Tenneco Clean Air India Limited is an auto ancillary company manufacturing clean air and powertrain solutions, and advanced ride technologies. It focuses on technology differentiation, customer-centric execution, and operational discipline, serving global and Indian OEMs with a strong emphasis on localization and profitable growth.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result06 Aug, 02:55 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -7.3% / mo · RSI oversold · MACD − · near 52W low · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TENNINDD candles · FIT view-20.8%Latest close ₹447.85 on 2026-10-21
Daily history is available from 2025-11-19; the requested 1Y window is partially covered.
Bar
-1.2%
RSI
27
MACD hist
-2.73
52W pos
4%
2026-10-21O ₹453.10H ₹453.50L ₹439.85C ₹447.85Vol 7.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TENNINDNifty AutoNifty 500
- TENNIND
- -21.3%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- -14.8 pp
Chart stats
21 Oct 2026- From 52W high
- -31.8%
- 52W range position
- 4%
- ATR (14)
- 3.2%
- Volume vs 20D
- 1.29x
- Avg traded value
- ₹28.9 Cr
- 20D price channel
- ₹439.9 - ₹541.7
₹657
₹438.1 - ₹657
₹14.3
Latest completed session
20-session average
28.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +20.1% · PAT -1.8% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+33.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -2% YoY · margin compression · Rev +20% YoY
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,545 Cr | +20.1% | -0.5% |
| EBITDA | ₹247 Cr | +7.9% | -3.9% |
| Operating margin | 16.0% | -200 bps | -100 bps |
| PAT | ₹165 Cr | -1.8% | -1.2% |
| PAT margin | 10.7% | -238 bps | -8 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.30
- P/B
- 15.15
- EV/EBITDA
- 17.28
- Market Cap
- 18160.00Cr
Profitability
- ROE
- 44.40%
- ROCE
- 60.80%
- ROA
- 23.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 4.07%
- EPS 5Y
- 12.12%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 18.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 26.94×
- Altman Z
- 10.07
- Book Value
- 29.70
Cash Flow
- FCF Yield
- 7.49%
- FCF Positive Y
- 4/5
- OCF
- 1429.00 Cr
- EPS TTM
- 14.89
Shareholding
- Promoter Hold
- 61.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,545-0.5% vs prev
Net Profit
₹ CrLatest: 165-1.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 27.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 4 Downtrend
1M return
-12.9%
3M return
-21.3%
6M return
-21.8%
1Y return
-
RS 1D
+5
RS 20D
-8
Sector rank
#9
Industry rank
#14
Stage evidence
- Price is 19.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
weakening
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
228 observations
21 Oct 2026Value 99.89+0.46%
RS vs Nifty 500100
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation6/30
Growth12/25
Quality20/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 7.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 33.2%.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
29.3
PB
15.2
EV/EBITDA
17.3
ROE
44.4%
ROCE
60.8%
FCF Yield
7.5%
Debt/Equity
0.0
MoS
+33.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 64
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+33.2%
Previous: +32.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
65
65
65
65
65
65
65
65
64
64
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹99.75
-349.0% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹670.05
+33.2% MoS
PEG
2.02
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HAPPYFORGE
Small
Happy Forgings Limited
Auto Components
match 138
43
58.0
15.0%
-40%
WATCHLIST
SEDEMAC
Small
SEDEMAC Mechatronics Limited
Auto Components
match 138
56
129.0
26.9%
-254%
FAIR VALUE
FORCEMOT
Small
FORCE MOTORS LTD
Auto Components
match 136
80
21.1
26.1%
+52%
DEEP VALUE
SUNDRMFAST
Small
Sundram Fasteners Limited
Auto Components
match 136
45
37.8
14.9%
+14%
WATCHLIST
ARE&M
Small
Amara Raja Energy & Mobility Limited
Auto Components
match 135
38
18.6
7.2%
-148%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T07:32:11.480Z
Management commentary snapshot
Tenneco Clean Air India reported its best-ever full year performance in FY26, with value-added revenue up 12.3% YoY and EBITDA margin reaching a record 18.8%. Q4 FY26 also saw strong growth, with VAR up 17.5% YoY and EBITDA up 17.6% YoY, despite geopolitical cost pressures.
The company delivered record profitability and strong growth in FY26, driven by operational discipline and new program wins. A robust order book, strategic capacity expansions, and technology differentiation in both Clean Air and Advanced Ride Technologies segments provide strong visibility for sustained profitable growth.
Current business mix
Value Added Revenue by Business Unit (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Clean Air and Powertrain Solutions49.4%
Advanced Ride Technologies50.6%
Growth engines
DCx DaVinci Advanced Mechanical Suspension System
Adopted by a leading Indian OEM for a next-generation flagship SUV platform, with scope expanding to multiple new DCx applications across other OEMs.
Strategic Entry into Japanese PV OEM for Clean Air
Big breakthrough win for Clean Air business with a leading Japanese passenger vehicle OEM in India, marking entry into a previously untapped segment.
Entry into Bearings Systems Business
Won in Q4 a strategic entry into the bearings systems business with a leading Japanese passenger vehicle OEM, marking entry into a previously untapped segment.
Exports Growth
Export order book has been strengthened and will continue to grow, coming in way stronger than current sales levels across multiple geographies.
Capacity and execution
New Clean Air Facility in North India
Previously announced Clean Air facility in North India in Q3 FY26 to support Japanese customers and commercial truck/off-highway customers.
New Advanced Ride Technologies Plant in West India
Setting up a new greenfield Advanced Ride Technologies plant in West India to meet future demand for growing market and new technologies like DaVinci DCx.
Total Capex for New Plants
Together, these projects represent an announced capex of approximately INR1,400 million.
Commissioning and Volume Ramp-up Timeline
Plants will take somewhere between six months to a year to commission, with actual peak volumes happening somewhere in mid-2028 to 2029.
Tailwinds
Technology Equalization for Exports
India's technology (BS6.2 with RDE) is now equal to Europe (Euro 6 with RDE), allowing export of similar products.
Supply Chain Diversification (China Plus One)
Many OEMs are looking to India as a source for products from a China plus one diversification standpoint.
Improving Labor Cost Arbitrage and Currency Depreciation
India's best-cost labor and depreciating currency make products more export-worthy and competitive, offering an immediate 15-20% improvement in global market competition.
CAFE 3 and BS7 Norms
CAFE 3 and BS7 norms will create an addressable market of INR1,300 to INR1,400 crores of additional content per vehicle in the next 3-5 years.
Headwinds
Elevated Geopolitical Cost Pressures
Q4 was strong despite elevated geopolitical cost pressures, which were mitigated through timely commercial actions and operational efficiencies.
OEM Mix Issues Affecting Clean Air Growth
Clean Air growth was 'a bit tepid' due to within-OEM mix (lower-end vs. higher-end SUVs) and between-OEM mix (more EVs vs. ICE vehicles).
Risk radar
External Cost Pressures and Recoveries
Indirect costs like freight, plastics, rubber, LPG, CNG, and crude oil have gone up, requiring tough discussions with customers for recoveries.
OEM Sales Mix Shifts
Growth can be impacted by OEM mix issues, such as shifts towards lower-end vehicles or EVs, even without loss of competitive share.
New Technology Localization
Initially, new technologies might require importing sub-components, which could temporarily impact the 90% localization strategy.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company consistently reports both Q4 and full-year results with year-over-year comparisons, indicating that annual and seasonal trends are more relevant for performance assessment in its business segments.
Sector KPIs management disclosed
Value Added Revenue (VAR) Growth FY26
Value added revenue growth of 12.3% year-over-year to INR49,180 million for the full year.
EBITDA Margin FY26
Achieved highest ever EBITDA margin of 18.8%, expanding by 21 points over the last year.
Return on Capital Employed (ROCE) FY26
ROCE improved significantly to 94%, up from 57% in FY25, reflecting higher profitability and efficient capital utilization.
Lifetime Order Book
As of March 31, 2026, our lifetime order book stands at INR124,000 million, providing 100% visibility of FY2028 internal revenue target.
Management forward view
Focus on Sustained Profitable Growth
Well-positioned to sustain profitable growth while continuing to create long-term value, building on a strong foundation for FY27.
Strategic M&A Consideration
Will be looking at M&A as well as other strategies to get into areas which also give a good shot at good margins.
Targeting DaVinci DCx Market Penetration
Wish is to make DaVinci DCx standard across the entire SUV range from mid to premium segment, targeting about 50% of India's PV market.
India as an Export Hub
Strengthening capabilities in advanced emissions technologies and readiness for future legislations to further India as an export hub for the world.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Export Revenue Ramp-up | Current exports 5-6% of sales; export order book 14-20%. | Critical mass of exports hitting around 2028 timeframe, with ramp-up starting 2027-2028 and continuing into 2029. |
| New Plant Commissioning and Volume Ramp-up | New Clean Air plant in North India and ART plant in West India announced with INR1,400 million capex. | Commissioning within 6 months to a year, with peak volumes expected in mid-2028 to 2029. |
| New Bearings Business Value | Achieved strategic entry into bearings systems business with a leading Japanese PV OEM. | Management to publish exact numbers for the bearings business when they become available. |
| Content per Vehicle from CAFE 3 and BS7 | CAFE 3 and BS7 norms expected to create INR1,300-1,400 crores additional addressable market. | Realization of increased content per vehicle, particularly for petrol engines requiring Gasoline Particulate Filters from mid-2027. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
order inflownot yet verifiablequantified
Strategic wins of INR 98.4 billion in incremental lifetime bookings, including INR 17.6 billion of exports, will materially enhance the company's revenue visibility over the next five to six years.
Timeframe: next five to six yearsDirection: positiveConfidence: high
"revenue visibility over the next five to six years"
demand outlooknot yet verifiable
The Indian automotive market is expected to continue to premiumize in the coming years, driving demand for suspension and ride performance systems.
Timeframe: coming yearsDirection: positiveConfidence: medium
"India market continues to premiumize in the coming years"
export growthnot yet verifiable
The company's exports, which currently reach 20 countries, are poised to grow further.
Timeframe: futureDirection: positiveConfidence: medium
"poised to grow further"
regulatory expectationnot yet verifiable
Stricter emission standards are raising the need for more advanced clean air and powertrain solutions across all vehicle segments.
Timeframe: futureDirection: positiveConfidence: high
"raising the need for more advanced clean air"
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 92nd percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
27 docs text-extracted · 9 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · Auto: 92nd pctile, median 74 · Small: 98th pctile, median 66
Evidence depth
Financial-only
27 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 61%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.5%.
- ▸4 years of positive FCF.
Trust risks
- ▸Promoter holding fell 39%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tenneco Clean Air India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Please find attached the schedule of the Analyst/ Investor Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Please find attached the schedule of the Analyst/ Investor Meeting.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 May - Q4 and FY2026 earnings conference call scheduled for June 3, 2026 at 4:00 PM IST.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jun
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Letter To Shareholders 7 Aug - Sent annual report FY 2025-26 web link to shareholders without registered email addresses.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.