Motilal Oswal Financial Services’ ₹673 target for Tenneco Clean Air India Limited stands 50.2% above a ₹448 share price NDTV Profit reported Oct. 22, widening the gap from the brokerage’s September valuation.
NDTV Profit did not say when it recorded the rounded ₹448 price. The comparison uses that figure and the brokerage’s earlier target; it does not represent a new target issued after the share-price report.
In a report dated Sept. 15, 2026, Motilal Oswal set the target using 30 times estimated September 2028 earnings. At its ₹506 reference price, the target represented 33% implied upside. The 50.2% figure comes from comparing ₹673 with ₹448.
The brokerage forecasts consolidated earnings growth of 19% a year over FY26–FY29E. It projects revenue CAGRs of about 17% for Clean Air and Powertrain over FY26–FY29 and about 20% for suspension over FY26–FY29E. Motilal Oswal points to emissions and fuel-efficiency requirements, premium vehicle content, localization, new customer programs and exports as growth drivers. These are brokerage estimates, not company guidance. Its thesis is that Tenneco may gain product content per vehicle and market share; the report also says export orders generally carry higher margins than domestic orders.
Tenneco reported value-added revenue of ₹49.18 billion for FY26, up 12.3% from a year earlier, and EBITDA of ₹9.255 billion, up 13.5%. Its FY26 EBITDA margin was 18.8%.
The company’s investor presentation put its incremental lifetime order book at ₹124 billion as of March 31, 2026. Tenneco said the OEM-confirmed programs had not entered production, together represented more than its FY28 revenue target and provided roughly five to six years of visibility. Management also reported a Clean Air program with an unnamed Japanese passenger-vehicle maker and a completed proof-of-concept for a Euro 7-compliant solution with a European truck manufacturer.
India’s Ministry of Power described CAFE III as a draft proposal in a July 16, 2026, notice. It proposed applying the norms to passenger vehicles made or imported for sale in India from 2027–28 through 2031–32; feedback was due Aug. 6, 2026. Motilal Oswal lists faster electric-vehicle adoption, possible technology-license termination, a private-equity exit overhang, stronger competition, commodity-price swings and the loss of key customers among the risks to its outlook.
