Tenneco Clean Air India544612Quarterly results

Q2 FY'27 results: value-added revenue up 32.2%, order book ~INR 165,000 million, new West India plant planned

Tenneco Clean Air India's Q2 FY'27 press release: revenue from operations INR 17,183 million, up 34.2% YoY; value-added revenue INR 15,229 million, up 32.2%; EBITDA INR 2,616 million, up 20.7%, with 17.2% margin on VAR (down 165 bps).

By ScoutQuest · Wed 4 Nov 2026, 10:37 PM IST · 3 min read

55%ART share of passenger vehicle market

ART share of passenger vehicle market: ~55%.

Revenue from operations: INR 17,183 million, up 34.2% YoY
PAT: INR 1,734 million, up 15.0%
Order book: ~INR 165,000 million covers more than 100% of the FY'30 revenue plan

Tenneco Clean Air India's press release covers unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, a business update, and a capacity expansion plan.

Q2 FY'27 scorecard

Revenue from operations: INR 17,183 million, up 34.2% from INR 12,806 million a year earlier.
Value-added revenue (VAR), the company's main performance metric: INR 15,229 million, up 32.2%.
EBITDA: INR 2,616 million, up 20.7%; EBITDA margin on VAR 17.2%, down 165 bps.
PAT: INR 1,734 million, up 15.0%; PAT margin on VAR 11.4%, down 170 bps.

The company explains VAR as revenue from operations excluding pass-through substrate costs, which it says better reflects underlying operating performance and margins across periods.

Half-year picture (H1 FY'27)

Revenue from operations: INR 32,631 million, up 27.2%.
VAR: INR 29,044 million, up 25.3%.
EBITDA: INR 5,085 million, up 14.1%; margin on VAR 17.5%, down 172 bps.
PAT: INR 3,386 million, up 6.2%; margin on VAR 11.7%, down 209 bps.

Why profit grew slower than revenue

The release states that EBITDA margin in Q2 FY'27 was affected by significant inflationary increases due to the current geopolitical situation and by the cost of moving from a private to a listed public company. It adds that H1 FY'26 PAT had included one-time interest income from the Motocare entity sale of INR 67 Mn (net of tax) in Q2 and INR 254 Mn (net of tax) in H1. Excluding that one-off interest income, PAT growth is stated as about 20.4% for Q2 and about 15.4% for H1.

Order book and new plant

Total order book about INR 165,000 million, split roughly 35% Clean Air / Powertrain and 65% Advanced Ride Technologies.
Overall booked business now covers more than 100% of the company's FY'30 revenue plan, per the release.
Booked business includes about INR 8,750 million from export programs.
A new Clean Air manufacturing plant in West India with capital expenditure of about INR 450 million, in addition to the North India plant announced in FY 26.

Business highlights

Advanced Ride Technologies held about 55% share of the entire passenger vehicle market in H1 FY'27, and the Clean Air business about 59% of the entire commercial truck market, with share figures sourced to a Crisil report cited by the company.
Volumes grew 25.4% in Q2 and 20.7% in H1.
Wins cited include: content on three new vehicle platforms with a leading Indo-Chinese JV; a suspension business win for an Indo-Korean JV, marking entry into three-wheelers; two next-generation models with an existing Japanese passenger vehicle OEM; scale-up with a Vietnamese OEM across three new platforms; a commercial vehicle exhaust program (hot end) with a leading Indian CV OEM; a CNG cold-end assembly program for a European passenger vehicle; and a spark plug award from a European passenger vehicle manufacturer.
Awards mentioned: Economic Times "Best Manufacturing Brand 2026" and a "National Green Future Leadership" award.

How the order book is defined

The release describes the lifetime order book as all orders secured based on OEM confirmation on volume and price but not yet put into production as of 30 September 2026, which it says enhances revenue visibility over the next 5-6 years approximately.

Company backdrop

Tenneco Clean Air India is part of the US-headquartered Tenneco Group and makes clean air, powertrain and suspension solutions for Indian OEMs and export markets. It operates 12 manufacturing facilities and two R&D centres in India, according to the release.

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