Home
Charts
Search
Watchlist
Products
All IPOs
₹397 - 397
Tenneco Clean Air India Ltd
Auto AncillariesIPO
₹397 - 397
We manufacture and supply critical, highly engineered and technology intensive clean air, powertrain and suspension solutions tailored for Indian original equipment manufacturers ("OEMs") and export markets. Our customer base spans OEMs who use our products in: (i) passenger vehicles ("PVs"), (ii) commercial vehicles ("CVs"), which comprises commercial trucks ("CTs") and off-highway vehicles ("OHs"), and (iii) industrial and other applications, which comprises generator sets, small commercial vehicles with gross vehicle weight of less than 3.5 tons, two wheelers and three wheelers ("Industrial/Others"). We also sell to the aftermarket primarily through Motocare India Private Limited ("Motocare"), a subsidiary of Tenneco LLC and our Group Company.
Lot37Min Invest₹14,689Face Value₹10Issue Size₹3,600 CrOffer for Sale₹3,600 CrListing Price₹498CMP₹440
Timeline
12 Nov
Bidding opens
14 Nov
Bidding closes
17 Nov
Allotment
17-18 Nov
Refund & demat credit
19 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹3,600 Cr9.07 Cr shares
Offer for Sale₹3,600 Cr
Face Value₹10
Lot Size37 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,6891-13 lots
sNII₹2,05,646from 14 lots
bNII₹10,13,541from 69 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerCitigroup Global Markets India Private Limited, Axis Capital Limited, HSBC Securities & Capital Markets (India) Pvt Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrTenneco Mauritius Holdings LimitedPRMTR9,06,80,1003,600.00Total9,06,80,1003,600.00
Shareholding
CategoryPre IPOPost IPOPromoter Group97.26%74.79%Public2.74%25.21%
Objects of the Issue
- listing of the Equity Shares on the stock exchanges
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 4,827 | 5,468 | 4,890 | 5,404 | 5,663 |
| Operating ProfitCr | 571 | 612 | 815 | 925 | 943 |
| OPM% | 11.8 | 11.2 | 16.7 | 17.1 | 16.7 |
| PBTCr | 508 | 553 | 733 | 816 | 808 |
| PATCr | 381 | 417 | 553 | 604 | 602 |
| EPS | 8 | 9 | 14 | 15 | 15 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 313 | 214 | 404 | 404 | - |
| ReservesCr | 705 | 576 | 1,206 | 794 | - |
| BorrowingsCr | 31 | 15 | 20 | 0 | - |
| Fixed AssetsCr | - | - | 582 | 582 | - |
| Total AssetsCr | 2,430 | 2,136 | 2,832 | 2,537 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 538 | 488 | 562 | 1,429 | - |
| Investing Cash FlowCr | -13 | -30 | -27 | -69 | - |
| Financing Cash FlowCr | -394 | -686 | -433 | -1,075 | - |
| Net Cash FlowCr | 130 | -228 | 103 | 285 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Market leading supplier of critical, highly engineered and technology intensive clean air, powertrain and suspension solutions to leading Indian and global OEMs.
- Strategically diversified portfolio of proprietary products and solutions well positioned to capture market and industry trends.
- Innovation-focused approach aided by our ability to leverage Tenneco Group's global R&D initiatives to cross-deploy global technologies for proprietary, modular and customized products at Indian price points.
- Flexible and automated manufacturing footprint of 12 strategically located plants well-supported by a localized supply chain.
- Strong financial performance supported by growth, profitability and efficient use of capital.
- Qualified and experienced board of directors and management team supported by skilled work force.
Strategies · as stated in the DRHP
- Capturing market opportunities driven by tightening emission standards.
- Capitalizing on trends toward premiumization, SUVs, EVs and hybrids.
- Enhancing competitiveness through strategic localization - "Make in India".
- Positioning our operations in India as an export hub with global manufacturing standards.
- Continued focus on R&D and innovation.
- Further leverage efficiencies and cross-selling across two divisions to drive overall growth profile.
Risks · as stated in the DRHP
- The company depends on entities in the Tenneco Group for its operations, such as the license to use Tenneco Group's brands and patented designs, technical know-how, purchase of certain parts and materials, and R&D. Any adverse change in its relationship, including the termination of the company License Agreement, could have an adverse impact on its business, reputation, financial condition, and results of operations.
- The company derived a significant portion of its revenue from operations, i.e. 81.35%, 83.44%, 82.04%, 83.87% and 83.06% in the three months ended June 30, 2025 and June 30, 2024 and in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively, from the passenger vehicle ("PV") and commercial vehicle ("CV") sectors in India. Any adverse changes in these sectors in India could adversely impact its business, results of operations and financial condition.
- The company is dependent on its top ten customers. Its top ten customers (based on Fiscal 2025) contributed 80.57%, 82.32%, 81.54%, 83.92% and 77.79% of our revenue from operations in the three months ended June 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, respectively. If one or more of these customers chooses not to source products from it, the company business, financial condition and results of operations may be adversely affected.
- Its may be unable to realize sales represented by the company awarded programs as the company does not have firm volume commitments in customer agreements, which could materially and adversely impact its financial condition and results of operations.
- The company's business is heavily influenced by government policies and regulations regarding emission standards, which significantly impact its industry. Delays in the implementation of emission standards may affect the growth of the company business.
- The company's operations and profitability are substantially dependent on the availability and cost of raw materials, including steel and components such as pressed parts, electrodes and bimetal strips. In the three months ended June 30, 2025 and 2024 and Fiscals 2025, 2024 and 2023, cost of materials consumed accounted for 64.42%, 66.69%, 65.05%, 70.15% and 70.37% of its revenue from operations, and any volatility in the prices of these materials may adversely impact the company business. results of operations and financial condition.