Motilal Oswal's research report onTenneco Clean Air

Tenneco Clean Air (TENNIND) holds leading positions across Clean Air and suspension, with ~58% share in CV Clean Air, ~68% in off-highway Clean Air (ex-tractors), ~20% in PV Clean Air and ~55% in PV shock absorbers/struts. Deep OEM integration and access to Tenneco’s global technology and IP create strong entry barriers. Growth should be driven by premiumization, BSVII, CAFE III and TREM-V, alongside localization of advanced products, new customer programs and India’s emergence as an export hub. With a capitalefficient model, strong balance sheet and multiple avenues for market- and wallet-share gains, we see scope for sustained earnings growth.

We initiate coverage with a BUY rating and TP of INR673, based on 30x Sept-2028E earnings.

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