Tenneco Clean Air India Limited manufactures and supplies technology-intensive clean air, powertrain and suspension solutions to Indian OEMs and export markets, operating multiple plants across India and selling aftermarket through Motocare; it converted to a public company in 2025 and targets both domestic leadership and export growth.

Q3 FY26 demonstrated strong execution with revenue from operations at INR12,853 million and value added revenue of INR11,941 million, reflecting 14–15% year-on-year growth; EBITDA for the quarter was INR2,225 million with margins at 18.6% of VAR, showing operating leverage and disciplined cost control across businesses.

Technology-led wins are driving near-term revenue: DaVinci DCx has an estimated annual revenue potential of ~INR2,200 million, while a modular in-line BS6 commercial vehicle Clean Air program carries an estimated ~INR1,150 million annual potential, indicating material program-level revenue concentration from strategic contracts.

Capital efficiency is a standout: management reports return on capital employed north of 80% for 9M FY26, a negative cash conversion cycle, and plans for INR710 million capex to develop a Kharkhoda greenfield plant targeting production start in Q3 FY27 to support growing Clean Air demand.

Export momentum and structural tailwinds: exports now represent over 20% of the order book, tariffs to US/EU are declining which improves competitiveness, and the company benefits from rising content per vehicle, regulatory tightening and premiumization that increase addressable value added content.