Tenneco Clean Air India IPO

Tenneco Clean Air IPO is a book build issue of ₹3000 crore through a book-building process. The issue is entirely an offer for sale.

JM Financial Ltd is the book running lead manager and MUFG Intime India Pvt Ltd is the registrar of the issue. Refer to Tenneco Clean Air IPO DRHP for complete details.

Tenneco Clean Air IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

1. To conduct the Offer for Sale with a face value of ₹10 each by the selling shareholders and
2. To realise the advantages of having the equity shares listed on the stock exchange

About Tenneco Clean Air India Limited

Tenneco Clean Air India Limited is a part of the Tenneco Group, a US-headquartered global Tier I automotive component supplier. The Tenneco Group reported revenue of US$16,777 million for the year ended December 31, 2024.

The company established its first manufacturing plant in India in 1979 at Parwanoo. It manufactures and supplies critical, highly engineered, and technology-intensive clean air, powertrain, and suspension solutions for Indian OEMs and export markets.

Its customer base includes OEMs operating in passenger vehicles (PVs), commercial vehicles (CVs)—comprising commercial trucks (CTs) and off-highway vehicles (OHs)—as well as industrial and other applications, including generator sets, small commercial vehicles with gross vehicle weight below 3.5 tons, two-wheelers, and three-wheelers.

Tenneco Clean Air India also serves the aftermarket primarily through Motocare India Private Limited, a subsidiary of Tenneco LLC and a Group company. The company benefits from its long-standing relationships with India’s leading OEMs, the ability to leverage Tenneco Group’s global R&D for proprietary and modular solutions, and its end-to-end engineering capabilities within India.

Additionally, it operates an efficient and flexible manufacturing model and optimizes shared and reusable assets across facilities and regions.

As of March 31, 2025, the company operated 12 manufacturing facilities across seven states and one union territory, including seven Clean Air & Powertrain Solutions facilities and five Advanced Ride Technology facilities. In FY25, it served 119 customers, including all top seven passenger vehicle OEMs and all top five commercial truck OEMs in India.

Driven by the Tenneco Group’s values and in-house operating models, Tenneco Clean Air India delivered strong financial performance in FY25, reporting revenue from operations of ₹48,904.30 million and a VAR of ₹43,801.21 million. The company achieved an EBITDA margin of 16.67% (18.61% as a percentage of VAR), a PAT margin of 11.31% (12.63% as a percentage of VAR), a free cash flow to EBITDA ratio of 61.04%, and a return on capital employed (ROCE) of 56.78%.

Industry Outlook

1. Between fiscals 2020 and 2023, India’s domestic passenger vehicle (PV) sales registered a strong compound annual growth rate (CAGR) of around 10%, rebounding sharply post-pandemic and reaching an all-time high of 4.2 million units in fiscal 2024, with a CAGR of 16% from the low base of FY2021.
2. According to CRISIL Intelligence, domestic PV sales are projected to grow at a steady CAGR of 4–6% between fiscals 2025 and 2030, reaching 5.3–5.7 million vehicles.
3. India’s PV exports are also expected to expand consistently, with a 3.1% growth estimated for fiscal 2024 and a projected CAGR of 7–9% between fiscals 2024 and 2029.

How To Apply for the Tenneco Clean Air IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Tenneco Clean Air IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of Tenneco Clean Air IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Tenneco Clean Air Limited

Registered office: RNS2, Nissan Supplier Park, SIPCOT Industrial Park, Oragadam Industrial Corridor, Sriperumbudur Taluk, Kancheepuram District - 602 105, Tamil Nadu, India

Phone: +91 124 4784 530

Email: TennecoIndiaInvestors@tenneco.com 

Tenneco Clean Air IPO Reservation

Tenneco Clean Air IPO Promoter Holding

Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd and Tenneco LLC are the promoters of the company.

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Tenneco Clean Air IPO

Tenneco Clean Air IPO Prospectus

• Tenneco Clean Air IPO DRHP

Tenneco Clean Air IPO Registrar and Lead Managers

Tenneco Clean Air IPO Lead Managers

• JM Financial Ltd
• Citigroup Global Markets India Pvt Ltd
• Axis Bank Ltd
• HSBC Securities & Capital Markets (India) Pvt Ltd

Registrar for Tenneco Clean Air IPO

MUFG Intime India Pvt Ltd

• Phone: +91-22-4918 6270
• Email: ipo@in.mpms.mufg.com
• Website: https://linkintime.co.in/Initial_Offer/public-issues.html

Financial Performance of Tenneco Clean Air Limited

Tenneco Clean Air Limited Peer Comparison

Strengths and Opportunities of Tenneco Clean Air Limited

1. Market leadership in supplying critical, highly engineered clean air, powertrain, and suspension solutions to leading Indian and global OEMs.
2. Strategically diversified portfolio of proprietary products and solutions, well-positioned to capture industry and market trends.
3. Broad and customised product range, including exhaust aftertreatment systems, engine bearings, sealing systems, spark plugs, shock absorbers, and advanced suspension systems.
4. Innovation-driven approach leveraging Tenneco Group’s global R&D initiatives for proprietary, modular, and customized products at competitive Indian price points.
5. Strong IP portfolio with over 5,000 patents (granted and pending) and 7,500+ trademarks (granted and pending) worldwide as of May 31, 2025.
6. Flexible and automated manufacturing footprint with 12 strategically located facilities across seven states and one union territory in India, supported by a localised supply chain.
7. Opportunities arising from tightening emission standards, offering potential for growth in clean air and powertrain solutions.
8. Capitalizing on automotive trends such as premiumisation, increasing SUV demand, and the adoption of EVs and hybrid vehicles, while enhancing competitiveness through strategic localisation under the “Make in India” initiative.

Risks and Threats of Tenneco Clean Air Limited

1. Heavy reliance on the Indian PV and CV sectors, exposing revenue to industry downturns.
2. Dependence on top ten customers, with over 81% of revenue from them, risks business if any stop sourcing.
3. Lack of firm volume commitments in customer agreements may impact realization of awarded program sales.
4. Business sensitive to government emission policies; delays could affect growth.
5. Profitability reliant on raw material availability and costs, including steel and components.
6. Dependence on Tenneco Group for licenses, patents, R&D, and materials may impact operations if relationships change.
7. Reliance on Motocare and related-party transactions may limit negotiating leverage and affect results.
8. Export strategy and Clean Air & Powertrain Solutions division exposed to global headwinds, electrification risks, and reduced IC engine demand.