Date: May 31, 2026

Financial Results (Consolidated)

Revenue Metrics:

  • Value Added Revenue (VAR): ₹49,180.36 million
  • VAR Growth: 12.28% year-over-year
  • Revenue from Operations: ₹54,039.76 million
  • Revenue Growth: 10.50% year-over-year

Profitability Metrics:

  • EBITDA: ₹9,254.67 million
  • EBITDA Growth: 13.52% year-over-year
  • EBITDA Margin (VAR basis): 18.82%
  • EBITDA Margin (Revenue basis): 17.13%
  • Profit After Tax (PAT): ₹6,043.59 million
  • PAT Growth: 9.26% year-over-year
  • PAT Margin (VAR basis): 12.29%
  • PAT Margin (Revenue basis): 11.18%

Leverage & Liquidity Metrics:

  • Net Debt: (₹5,197.30) million (negative indicates net cash position)
  • Net Debt to Equity Ratio: (0.43)
  • Net Debt to EBITDA Ratio: (0.56)

Return Metrics:

  • Return on Equity (ROE): 42.97%
  • Return on Capital Employed (ROCE): 94.19%

Efficiency Metrics:

  • Fixed Assets Turnover Ratio: 9.55 times
  • Net Working Capital: ₹5,104.27 million
  • Net Working Capital Days: 34 days
  • Cash Conversion Cycle: (23) days

Business Division-wise Revenue:

  • Clean Air and Powertrain Solutions Division: ₹29,155.05 million
  • Advanced Ride Technologies Division: ₹24,884.71 million

Notes on Financial Metrics

Value Added Revenue Definition: VAR represents revenue from operations after excluding cost of substrate sales. Substrates are porous ceramic filters coated with precious metals (platinum, palladium, rhodium) supplied by Tier II suppliers at OEM direction. The company assembles substrates into final products but does not manufacture them. Substrate costs are passed through to customers at cost plus nominal handling fee. VAR eliminates the effect of uncontrollable precious metals price volatility on reported revenue.

Calculation Methodologies:

  • EBITDA: Profit for the year + total tax expense + finance cost + depreciation and amortization expense + statutory impact of new labour codes - other income
  • Net Debt: Total Debt (including Lease Liabilities) - cash and cash equivalents
  • ROE: Profit for the year ÷ Average Equity
  • ROCE: EBIT ÷ Capital Employed (EBIT = profit for the year + finance cost + total tax expense + statutory impact of new labour codes - other income)
  • Fixed Asset Turnover: Revenue from operations ÷ Average Net Fixed Assets
  • Net Working Capital: Current Assets (excluding assets held for sale and specific receivables) - Current Liabilities (excluding liabilities relating to assets held for sale)

Business Division Composition:

  • Clean Air and Powertrain Solutions Division includes revenue from Tenneco Clean Air India Limited and subsidiaries Federal-Mogul Ignition Products India Limited, Federal Mogul Bearings India Limited, and Federal-Mogul Sealings India Limited
  • Advanced Ride Technology Division consists of revenue from subsidiary Tenneco Automotive India Private Limited