Tenneco Clean Air India (TENNIND) Q4 25/26 earnings summary

Executive summary

• Achieved record full-year results with strong double-digit revenue growth, record EBITDA margin, and highest ROCE, supported by robust order bookings and a lifetime order book of INR 124,000 million as of March 31, 2026.

• Completed a highly successful IPO in November, oversubscribed 61.8x, with share price up 56% since listing and outperforming major indices.

• Consolidated revenue for FY26 was INR 54,629.27 million, up from INR 49,314.45 million year-over-year; net profit attributable to owners was INR 6,035.80 million.

• Governance, operational discipline, and stakeholder trust remain key priorities.

• Strategic capacity expansions totaling INR 1,400 million announced in Northern and Western India to support future growth.

Financial highlights

• FY26 value-added revenue grew 12.3% year-over-year to INR 49,180 million; EBITDA up 13.5% to INR 9,255 million, with margin at 18.8%.

• Q4 FY26 VAR rose 17.5% year-over-year to INR 14,058 million; EBITDA up 17.6% to INR 2,573 million, with margin at 18.3%.

• FY26 profit after tax was INR 6,044 million, up 9.3% year-over-year, with margin at 12.3%; consolidated net profit margin was approximately 11.1%.

• Return on capital employed improved to 94% from 57% in FY25; fixed asset turnover at 9.6x.

• Cash conversion cycle at -23 days; generated cash flow equivalent to 58% of EBITDA after CapEx of INR 1,150 million.

Outlook and guidance

• Lifetime order book provides 100%+ visibility for FY28 internal revenue target, supporting a double-digit growth trajectory.

• Export order book strengthening, with ramp-up expected from 2027–2029 as new plants come online.

• Disciplined capacity investments underway, including new Clean Air and Advanced Ride Technologies plants.

• Auditor’s report confirms financial statements give a true and fair view and comply with Indian Accounting Standards and SEBI regulations.

• Well positioned for sustained profitable growth in FY27 and beyond.