Analysts anticipate that Tenneco Clean Air shares will debut in the Indian market with a strong premium today.

The company has shown consistent performance, with net profit increasing from ₹381 crore in FY23 to ₹553 crore in FY25, while margins improved from 7.9% to 11.3%. This positive trend carried into the first quarter of FY26, which also recorded healthy profitability.

“However, with a P/E multiple of ~24x on annualized FY26 earnings, the issue is fairly valued and leaves limited listing gains on the table. Yet, its strong parentage, consistent dividend record, and high return ratios (RoCE above 50% in FY25) underscore sound fundamentals and disciplined capital allocation,” said Bhavik Joshi, Business Head, INVasset PMS.

Tenneco Clean Air is seeing a strong premium in the grey market today, with its IPO GMP quoted at ₹103 per share. This means the stock is currently trading ₹103 above its issue price in the unofficial market.

The current GMP for the Tenneco Clean Air IPO suggests that the shares may list at around ₹500 each, reflecting a 26% premium over the issue price of ₹397.

The shares of Tenneco Clean Air India will be making its stock market debut on Wednesday, November 19.

The shares of Tenneco Clean Air India will be making its stock market debut on Wednesday, November 19.