November 7, 2025
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Tenneco Clean Air India IPO Review
Tenneco Clean Air India Ltd., a subsidiary of global auto-tech major Tenneco Inc., manufactures emission-control and powertrain components aligned with BS-VI norms. The company has a strong domestic footprint with 12 manufacturing plants across 7 states and 1 UT, supported by 145 R&D and engineering staff. Revenues have remained stable at Rs. 4,931 crore in FY25, while profitability improved sharply with PAT rising to Rs. 553 crore from Rs. 417 crore YoY. EBITDA also strengthened to Rs. 815 crore, indicating operational efficiency.
Chanakya View: The company enjoys a robust RoNW of 46.65%, driven by improved margins and efficient capital utilisation. Based on FY25 EPS of Rs. 13.68, the IPO is valued at a P/E of 29.02, which appears reasonable compared to global auto-tech peers given its strong BS-VI aligned product portfolio.
This 100% Offer for Sale will allow global investors to participate in India’s evolving auto component space. With stable financials, deep client relationships and improving profitability, the IPO offers meaningful medium-term growth prospects. – Must Apply
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