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HomeIPOTenneco Clean Air India

About Tenneco Clean Air India

Established in 2018, Tenneco Clean Air India Limited is a subsidiary of Tenneco Inc., which is a world leader in the design and manufacture of clean air and powertrain products for automotive. The company operates under the Clean Air division with a focus on emission control technologies for light and commercial vehicles.Tenneco Clean Air in India offers sophisticated exhaust and after-treatment systems to enable vehicle makers to comply with tighter emission regulations like Bharat Stage VI. Its product offerings comprise catalytic converters, diesel particulate filters (DPFs), mufflers, and exhaust pipes.It has strategically located manufacturing plants in India to serve OEMs and Tier 1 customers. It focuses on sustainability, innovation, and environmental regulatory compliance through cutting-edge R&D and engineering expertise.As of March 31, 2025, the company have 12 plants, consisting of seven Clean Air & Powertrain Solutions plants and five Advanced Ride Technology plants, spread over seven states and a union territory in India.Products:The Clean Air & Powertrain Solutions business unit: Clean Air Solutions, Powertrain SolutionsThe Advanced Ride Technologies business unit develops, manufactures and markets shock absorbers, struts and advanced suspension systems.At March 31, 2025, the company employed 145 people in the design, engineering and R&D department.

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National Stock Exchange of India

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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National Stock Exchange of India

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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 66.00
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Tenneco Clean Air India

Tenneco Clean Air India

Open Date

12 Nov 2025

Close Date

14 Nov 2025

listed

Min Investment

₹14689

Lot Size

37 Shares

Issue Size

₹3600 Cr

Price Range

₹378 - ₹397

Listing Date

Nov 19, 2025

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RHP PDF

Revenue Growth

Company Valuation

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹102.5(+25.69%)GMP
25.82%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Tenneco Clean Air India IPO - Issue Objectives

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders. The company want to achieve the benefits of listing its shares on the stock exchanges.

1

Carry out the offer for sale

The IPO is a complete offer-for-sale (OFS). Net IPO proceeds will go to selling shareholders.

2

Listing on stock exchanges

The company want to achieve the benefits of listing its shares on the stock exchanges.

IPO Subscription Status

QIB
174.78x
NII
42.79x
Individual
5.37x
Total
61.79x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Tenneco Clean Air India

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1,316.434,931.455,537.394,886.96
EBITDA228.88815.24612.09570.63
Expenses
Profit After Tax168.09553.14416.79381.04
Assets2,918.772,831.582,136.262,429.65
Net Worth1,250.381,255.091,116.591,378.82
Reserves1,204.301,208.76767.26896.05
Borrowing0.86

Tenneco Clean Air India - Promoter(s)

Tenneco Mauritius Holdings Limited

Tenneco (Mauritius) Limited

Federal-Mogul Investments B.V.

Federal-Mogul Pty Ltd

Tenneco LLC

Pre Issue Share Holding

97.25%

Post Issue Share Holding

74.79%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market leadership in clean air solutions

In FY25, it commanded a 57% share in clean air solutions for commercial transport and 68% in off-highway vehicles, besides being among the top four suppliers for passenger vehicles at 19% market share. It also leads the shock absorbers and struts segment with a 52% share in PVs. The company served 101 OEM customers as of June 2025, including all top seven PV and top five CT OEMs in India.

02

Diversified portfolio

The company’s dual business verticals-clean air & powertrain solutions and advanced ride technologies accounted for 56.28% % and 43.72% as of June 2025, respectively. Its product mix spans across catalytic converters, bearings, sealings, spark plugs, and suspension systems. The company caters to PV, CV, and industrial segments with revenue contribution of 63.87% from PV, 22.76% from CV, and 6.11% from industrial/others as of June 2025. The inclusion of aftermarket and exports provides a natural hedge against cyclicality and strengthens earnings resilience.

03

Innovation-focused approach and R&D strength

Backed by the global Tenneco Group’s 5,000+ patents and 7,500 trademarks, the company benefits from shared innovation and cross-deployed technologies. Its two India-based R&D centres in Pune and Hosur are equipped for simulation, testing, and prototyping for localised solutions. Notable achievements include the first electronic suspension system for Mahindra EVs and the development of 45 BS6-compliant products across 26 platforms in just 13 months, reflecting strong innovation speed and adaptability to evolving emission norms.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on Tenneco Group

The company is highly dependent on the Tenneco Group for licensed technology, R&D support, raw material sourcing, and brand usage. The company and its subsidiaries (excluding FMBIL) are required to pay a royalty of 2.5% of gross revenue, amounting to ₹110.27 crore in FY25. Any termination or non-renewal of the license agreement after January 2031 could disrupt operations and restrict the use of Tenneco trademarks and technology.

02

Customer concentration

Tenneco Clean Air derived 80.57% of its revenue in Q1FY26 and 81.54% in FY25 from its top ten customers, with the top five alone contributing 62.27%. The absence of exclusivity or long-term volume contracts means the loss of even one key OEM could materially affect revenue, profitability, and capacity utilisation.

Contact Details

Tenneco Clean Air India

RNS2, Nissan Supplier Park SIPCOT Industrial Park, Oragadam Industrial Corridor Sriperumbudur Taluk, Kancheepuram, Tamil Nadu, 602105

+911244784530
TennecoIndiaInvestors@tenneco.com
http://www.tennecoindia.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
tennecocleanair.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Tenneco Clean Air India IPO - FAQs

Tenneco Clean Air India IPO is a Mainboard IPO. The issue is priced at ₹378-397 per equity share. The minimum order quantity is 37 Shares. The IPO opens on 12 Nov, and closes on 14 Nov. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-11-10
  • Bidding Starts2025-11-12
  • Bidding Ends2025-11-14
  • Allotment Finalisation2025-11-17
  • Release of Funds2025-11-18
  • Demat Transfer2025-11-18
  • Listing2025-11-19
04

Strategically located manufacturing and supply chain network

The company has 12 manufacturing facilities across 7 states and 1 union territory, including major hubs in Maharashtra, Tamil Nadu, NCR, and Gujarat. It operates seven clean air & powertrain solutions facilities and five advanced ride technology facilities, as of June 30, 2025. Further, 83.54% of its raw materials (excluding substrates) were sourced domestically in FY25, optimising costs and mitigating import dependence. Its automated plants deliver 99%+ on-time delivery and defect rates below 2 parts per million, highlighting strong operational discipline.

03

Dependence on PV and CV segments

The company earned 81.35% of revenue in Q1FY26 and 83.06% in FY25 from India’s passenger vehicle (PV) and commercial vehicle (CV) sectors. Any downturn in these segments due to lower demand, fuel price volatility, or policy changes could directly impact sales and margins.

04

Lack of firm volume commitments

The programs awarded typically last 3–7 years, and are without firm purchase commitments. In FY25, the company was awarded 114 programs, with 95 commencing production, yet any delays, cancellations, or inaccurate forecasts from OEMs could result in underutilised capacity and margin erosion. Customers can terminate contracts without compensation for development or capital costs, which may strain cash flows.