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Tenneco Clean Air IPO
Tenneco Clean Air India Ltd
₹13,986 /37 sharesMinimum Investment
Tenneco Clean Air IPO listing details
| Listed on | Issue price | Listing price | Listing gains |
|---|---|---|---|
| BSE | ₹397.00 | ₹505.00 | ₹108.00 (27.20%) |
Tenneco Clean Air IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 12 Nov ‘25 - 14 Nov ‘25 | ₹13,986 | 37 | ₹378 - ₹397 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 3,600 Cr | RHP PDF | 17 Nov ‘25 | 19 Nov ‘25 |
| Face value | Issue type |
|---|---|
| 10 | EQUITY |
Subscription rate
As of 14 Nov'25, 04:31 PM
| Qualified Institutional Buyers | 149.85x |
| Non-Institutional Investor | 40.44x |
| Retail Individual Investor | 4.66x |
| Total | 53.81x |
About Tenneco Clean Air
Founded in
2018
MD/CEO
Mr Arvind Chandrasekharan
Parent organisation
Tenneco Clean Air India Ltd
Strengths & Risks of Tenneco Clean Air
Strengths
Risks
Tenneco Clean Air India claims to be a leading supplier of clean air, powertrain, and suspension solutions for both Indian and global OEMs. According to the CRISIL report, the company held a 57 percent market share among Indian commercial truck OEMs, 68 percent among off-highway OEMs (excluding tractors), and 19 percent among passenger vehicle OEMs. The company is also the largest supplier of shock absorbers and struts to Indian passenger vehicle OEMs, with a 52 percent market share as of FY25. It further claims to have served 101 customers for the three months ended June 30, 2025, and 119 customers in FY25, including all top seven passenger vehicle and all top five commercial truck OEMs in India.
Tenneco Clean Air India claims to have a broad portfolio of proprietary and customised products that include exhaust aftertreatment systems, catalytic converters, mufflers, engine bearings, sealing systems, spark plugs, shock absorbers, struts, and advanced suspension systems. The company supplies to both OEMs and the aftermarket, while also generating export revenue through Tenneco Group entities and global OEMs. This diversified structure, covering multiple vehicle segments and geographies, is said to reduce dependency on any single market and provide financial stability against cyclical variations in the automotive industry.
Tenneco Clean Air India claims to leverage Tenneco Group’s extensive global R&D network, which holds over 5,000 patents and 7,500 trademarks worldwide, to develop proprietary, modular, and customised products suited to Indian market requirements. The company operates two R&D technical centres in India, one in Pune for clean air solutions and another in Hosur for advanced ride technologies, both equipped for advanced simulations, prototyping, and performance testing.
Tenneco Clean Air India operates 12 manufacturing facilities across seven states and one Union Territory, strategically located near key automotive hubs such as Maharashtra, Tamil Nadu, Delhi-NCR, and Gujarat. These facilities, comprising seven clean air & powertrain solutions and five advanced ride technology plants, are equipped with automated production systems, robotic welding, and laser-based quality inspection technologies. The company claims to maintain high operational standards, reporting a customer defect rate of less than two parts per million and a delivery rate above 99 percent in FY25.
The company has witnessed a consistent increase in its profit after tax (PAT). It increased from Rs 381.04 crore in FY23 to Rs 416.79 crore in FY24 and Rs 553.14 crore in FY25.
The company derives a significant portion of its revenue from passenger vehicle (PV) OEMs in India. They accounted for Rs 762.64 crore (59.32 percent) of the company’s total revenue for the three months ended June 30, 2025, and Rs 2,995.52 crore (61.26 percent) in FY25; Rs 3,358.03 crore (61.42 percent) in FY24; and Rs 2,935.04 crore (60.80 percent) in FY23. This concentration exposes the company to fluctuations in the Indian PV sector, which is influenced by factors such as consumer demand, income levels, fuel prices, interest rates, and government policies. Any slowdown or adverse developments in the Indian PV market could negatively affect the company’s business operations, revenue growth, and financial stability.
The top five customers accounted for Rs 798.43 crore (62.10 percent) of the company’s total revenue for the three months ended June 30, 2025, and Rs 3,045.30 crore (62.27 percent) in FY25, Rs 3,677.11 crore (67.25 percent) in FY24, and Rs 2,953.27 crore (61.18 percent) in FY23. The company does not have exclusivity agreements with these customers and competes for new business through supplier selection processes, which range from six to over 18 months. Any loss of one or more of these major customers, or a significant reduction in orders from them, could hurt the company’s business operations, financial condition, and cash flow.
Tenneco Clean Air India’s primary raw material is steel, which accounted for Rs 448.56 crore (63.25 percent) of the company’s total cost of raw materials consumed excluding substrates for the three months ended June 30, 2025, and Rs 1,665.34 crore (62.35 percent) in FY25; Rs 1,619.55 crore (61.43 percent) in FY24; and Rs 1,764.09 crore (71.38 percent) in FY23. The company remains exposed to fluctuations in steel prices driven by factors such as global demand-supply imbalances, import restrictions, tariffs, and currency movements. In FY25, for instance, the Government of India restricted imports of certain steel grades, requiring additional regulatory approvals. Any sharp rise in steel prices or supply disruptions could hurt the company’s cost structure, profitability, and ability to meet customer demand on schedule.
The company derived Rs 723.50 crore (56.28 percent) of the company’s total revenue in the three months ended June 30, 2025, and Rs 2,812.27 crore (57.51 percent) in FY25, Rs 3,603.11 crore (65.90 percent) in FY24, and Rs 3,040.35 crore (62.98 percent) in FY23 from its clean air & powertrain solutions division, which primarily serves the internal combustion engine (ICE) and hybrid vehicle segments. The growing shift toward electric vehicles (EVs), supported by regulatory incentives, evolving consumer preferences, and advancements in battery technology, may reduce long-term demand for ICE components such as exhaust after-treatment and powertrain systems. Any acceleration in EV adoption or reduction in diesel and gasoline engine production could adversely affect the company’s revenue, profitability, and growth prospects.
The top five suppliers accounted for Rs 171.52 crore (20.47 percent) of the company’s net raw material purchases in the three months ended June 30, 2025, and Rs 588.24 crore (18.78 percent) in FY25, Rs 1,155.74 crore (30.51 percent) in FY24, and Rs 1,108.05 crore (32.02 percent) in FY23. Any disruption in the supply chain, financial distress of key suppliers, or delays in sourcing alternative vendors could interrupt production, increase costs, and negatively affect the company’s operations and financial performance.
Imported raw materials accounted for Rs 140.41 crore (16.95 percent) of the company’s total cost of materials consumed in the three months ended June 30, 2025, and Rs 523.76 crore (16.46 percent) in FY25, Rs 1,135.09 crore (29.59 percent) in FY24, and Rs 898.65 crore (26.46 percent) in FY23. The company sources materials and components from countries such as Germany, China, the USA, Japan, and South Korea, exposing it to risks arising from geopolitical tensions, trade restrictions, and transportation disruptions. Events like China’s export restrictions on rare earth magnets and shipping delays through the Suez Canal have previously impacted supply schedules. Any future disruptions or policy changes in these regions could increase input costs and negatively affect the company’s production timelines and financial performance.
Tenneco Clean Air India and its subsidiaries have received multiple whistleblower complaints in recent years, some of which remain under investigation. Currently, there are 22 pending whistleblower complaints, and these complaints include allegations of fraud, conflict of interest, employee misconduct, and kickbacks. In FY25, a complaint at the Bawal facility alleged improper payments involving packaging suppliers, while in FY24, a fraud at TAIPL resulted in an estimated loss of Rs 19.44 crore due to the manipulation of vendor payments. While having a formal whistleblower policy in place is good, an increase in the number of complaints could hurt the company in various ways, including its business and finances.
The company, its subsidiaries, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company’s trade receivables came in at Rs 563.18 crore in FY23, Rs 559.76 crore in FY24, Rs 687.23 crore in FY25, and Rs 589.56 crore for the three months ended June 30, 2025, representing 11.67 percent, 10.24 percent, 14.05 percent, and 45.86 percent of the company’s revenue, respectively. Although it maintains a low expected credit loss allowance of 0.76 percent of receivables, delayed or defaulted payments from customers could strain working capital and cash flows.
As of June 30, 2025, the company had contingent liabilities of Rs 116.68 crore and also has contractual commitments amounting to Rs 47.84 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
Tenneco Clean Air Financials
*All values are in Rs. Cr
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Application Details of Tenneco Clean Air IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹378 - 397 | Upto ₹2 Lakh | 37 |
| High Networth Individual | ₹378 - 397 | ₹2 - 5 Lakh | 37 |
For Tenneco Clean Air IPO, eligible investors can apply as Regular.