Slides
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Date | Strictly private and confidential P R E S E N TAT I O N Q 3 & 9 M ’ F Y 2 0 2 6 INVESTOR
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PRIVILEGED & CONFIDENTIAL This presentation and the accompanying slides (the “Presentation”), prepared by Tenneco Clean Air India Limited (the “Company” or “TCAIL”), is furnished solely for informational purposes without regard to any specific investment objectives, financial situations, or informational needs of any particular person, and shall not constitute, or be relied upon in connection with, any offer, solicitation, or invitation to subscribe for or purchase any securities of the Company. No offering of securities will be made except by means of a statutory offering document containing detailed information about the Company. Nothing herein shall form the basis of, or be relied on in connection with, any contract or binding commitment whatsoever. This presentation and its contents are confidential and may not be copied, reproduced, distributed, or disseminated, directly or indirectly, in any manner without the prior written consent of the Company. Any failure to comply with these restrictions may constitute a violation of applicable law in certain jurisdictions. By reviewing this presentation, you agree to be bound by these restrictions and to maintain strict confidentiality regarding the information contained herein. The information and data contained in this presentation have been compiled from sources the Company believes to be reliable; however, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness, or reasonableness of such information. This presentation may not contain all of the information that you may consider material, and no reliance should be placed on the contents herein. The Company expressly disclaims any and all liability for any loss arising from, or in reliance upon, the whole or any part of this presentation. This presentation may contain forward-looking statements, including, without limitation, statements regarding the Company’s market opportunity, financial performance, growth prospects, strategy, technological developments, and business plans. Such statements can often be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict, including but not limited to macro-economic conditions, competitive pressures, regulatory changes, changes in market preferences, execution challenges, and other risks. Actual results may differ materially and adversely from those expressed or implied herein. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Any forward-looking statements or projections made by third parties included in this Release are not adopted by the Company, and the Company is not responsible for such third-party information.
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3 Q3 AND 9M’ FY2026 FINANCIAL HIGHLIGHTS 13 th F e b r u a r y 2 0 2 6
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Q3 & 9M’ FY2026 Highlights STRONG FINANCIAL PERFORMANCE WITH CONTINUED STRATEGIC WIN MOMENTUM 4 18.6% / 19.0% EBITDA Margin Q3/ 9M’ (VAR) 9.9% / 12.5% PAT Margin Q3/ 9M’ (VAR)** ▪ Exports >20% of lifetime order book; recent U.S. tariff easing supports pipeline ▪ Order book covers 100% of FY2028 revenue, supporting double-digit CAGR over the next three years ▪ The order book is well balanced across Clean Air, Powertrain, and ART segments Strong order book underpins overall growth outlook >80% ROCE 9M’ FY2026 11,941 / 35,122 Value Added Revenue* Q3/9M’ *Value Added Revenue (VAR) is used as the primary metric as it excludes pass- through substrate costs from the revenue from operations and better reflects the underlying operating performance, **Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code In INR Mn ▪ Based on business growth, plan to setup a Clean Air greenfield plant in North India (Kharkhoda, Haryana), to strengthen proximity to key customer base and support growth across LV, OH and Tractor segments ▪ Plan envisages ~INR 710 Mn capex with estimated start of production in Q3 FY2027 Clean Air Capacity Expansion – North India Greenfield Plant New suspension technology launch (DaVinci) with leading OEM with higher CPV ▪ Launched DaVinci DCx suspension technology with a leading Indian passenger vehicle OEM (~INR 2,200 Mn in annual revenue), reinforcing our leadership position in shock absorbers in India ▪ The technology enhances driver and passenger comfort on different Indian road conditions through a patented shim stack disc design that enables selective control of hydraulic flow New Clean Air business win with a leading truck OEM, leading to market share gain ▪ Secured a strategic program win with a leading EU commercial truck OEM through an aftertreatment solution that meets customer affordability requirements (~INR 1,150 Mn in annual revenue potential) ▪ Enabled customer to retain its internal powertrain architecture vs. sourcing from a third-party supplier
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5 CEO Update Arvind Chandrasekharan WTD and CEO "The quarter demonstrated sustained execution across our business. We delivered strong business growth, resilient margins, and meaningful progress across Clean Air, Powertrain, and Advanced Ride Technologies. At Tenneco, we believe in engineering consumer experiences beyond just building automotive parts. The DaVinci DCx suspension system is our promise to India – bringing global suspension technology specifically tuned for Indian road conditions to provide superior comfort to drivers and passengers. The selection of DaVinci for a flagship SUV platform at a leading Indian OEM, positions us to capture additional opportunities as OEMs seek to differentiate through ride quality. Unlike conventional systems, the DaVinci technology uses specially designed discs (or shim stacks) to control hydraulic flow, delivering consistent comfort across varying speeds and road conditions, achieved affordably and with a fast time to market. Our Clean Air strategic program win at a leading Commercial Truck OEM, demonstrated our ability to translate the voice of the customer into high- velocity execution, enabled by resident engineering support and a disciplined focus on first-time-right validation. Supporting the Clean Air growth trajectory, the Board has approved to develop a greenfield plant in North India (Kharkhoda, Haryana) to strengthen proximity to the northern customer base and support awarded programs across LV, OH and Tractor segments. The project envisages ~INR 710 million capex with estimated start of production in Q3 FY27, further enhancing Tenneco’s operational footprint and customer responsiveness. In Exports, our order book remains very strong, reflecting a higher mix versus domestic business and supporting better margins. New tariff and duty reduction announcements by US and EU will strongly improve the tailwinds to allow us to grow our exports further. The overall order book already covers 100% of FY 2028 revenue, underpinning a double-digit CAGR growth over the next three years.” Note: *Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code Estimated annual revenue from the DaVinci Suspension Technology program awarded by a leading OEM Technology-Led Differentiation ~INR 2,200 Mn EBITDA Margins PAT Margins 18.6% 9.9%* Continued Robust Margin Delivery in Q3 FY2026 Scaling Exports > 20% Exports Portion of Lifetime Order Book DISCIPLINED EXECUTION DRIVING CONSISTENT PERFORMANCE AND ENHANCED REVENUE VISIBILITY
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6 CFO Update Mahender Chhabra Chief Financial Officer “We delivered a disciplined financial performance in Q3 and 9M’ FY2026, marked by steady revenue growth, expanding profitability and continued balance-sheet strength. VAR grew 15% YoY in the quarter, supported by strong PV demand. Q3 FY 2026 EBITDA margins improved ~151 bps YoY and remained at industry-leading levels, reflecting the benefits of commercial actions, mix improvements, and operational efficiencies. PAT impacted by -5% YoY,due to a one-time expense arising from incremental provisioning related to New Labour Code (~INR 203 Mn). We maintained a robust ROCE profile (> 80%) and continued to operate with the trend of negative cash conversion cycle - reinforcing our capital-efficient model.” EBITDA Q3 FY2026 Revenue YoY Revenue Growth 11,941 15% Value Added Revenue SUSTAINED REVENUE GROWTH WITH MARGIN EXPANSION AND EXCEPTIONAL BALANCE SHEET STRENGTH Q3 FY2026 EBITDA YoY EBITDA Growth 2,225 25% Q3 FY2026 PAT* YoY PAT Growth (New Labour code impact) 1,188 -5% PAT (INR Mn.)(INR Mn.)(INR Mn.) Note: Value Added Revenue (VAR) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. *Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code
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1,254 1,507 1,188 Q3' FY25 Q2' FY26 Q3' FY26 10,412 11,515 11,941 Q3' FY25 Q2' FY26 Q3' FY26 7 EBITDA & PAT Margin (% VAR) +25% +14% All numbers in INR Mn, unless specified 11,251 12,806 12,853 Q3' FY25 Q2' FY26 Q3' FY26 1,783 2,168 2,225 Q3' FY25 Q2' FY26 Q3' FY26 ▪ VAR growth of 15% YoY, demonstrating continued momentum, driven by increased volumes and new programs ▪ EBITDA margin (VAR) stood at 18.6%, benefiting from operating leverage, commercial actions, and effective cost management ▪ PAT includes a one-time impact of INR 203 Mn (1.7%) associated to new labour codes EBITDA Value Added Revenue PAT Note: Value Added Revenue (VAR) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. Audited by Independent Chartered Accountants Revenue from Operations (Includes pass-through substrates / catalyst components) (Excludes pass-through substrates / catalyst components) 18.6% -5% +15% SUSTAINED REVENUE GROWTH WITH INDUSTRY-LEADING MARGINS – Q3 FY2026 12.0% 13.1% 9.9%17.1% 18.8%
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8 EBITDA to PAT Bridge Q3’ FY2026 Exceptional item related to New Labour code impacting PAT 283 272 458 EBITDA Q3’ FY26 Depreciation Exceptional Item Taxes 24 Others PAT Q3’ FY26 2,225 1,188 -1,037 (-8.7%) -3.8% -2.4% -0.2%18.6% 9.9% - New Labour code (Gross Amount) -2.3% All numbers in INR Mn, unless specified
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31,838 35,122 9M' FY25 9M' FY26 9 EBITDA & PAT Margin (% VAR) +12% +8% All numbers in INR Mn, unless specified +10% 35,646 38,515 9M' FY25 9M' FY26 5,964 6,682 9M' FY25 9M' FY26 19.0% 4,128 9M' FY25 9M' FY26 ▪ VAR growth of 10% YoY, demonstrating continued momentum, driven by increased volumes incl. exports and a favorable product mix ▪ EBITDA margin (VAR) stood at 19.0%, benefiting from operating leverage, commercial actions, and effective cost management ▪ PAT includes a one-time impact of INR 203 Mn associated to new labour codes EBITDA Note: VAR (Value Added Revenue) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. Audited by Independent Chartered Accountants Revenue from Operations (Includes pass-through substrates / catalyst components) (Excludes pass-through substrates / catalyst components) 4,376 +6% CONSISTENT GROWTH WITH SUSTAINABLE MARGINS – 9M’ FY2026 (YTD) 18.7% 13% 12.5% Value Added Revenue PAT
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10 50.0%50.0% Segment-wise Split 9M’ FY2026 End Market-wise Split 93.1% 6.4% 0.5% Exports 9M’ FY2026 Clean Air & Powertrain Advanced Ride Technology Domestic Exports PV CV Industrial & Other Aftermarket Others 9M’ FY2026 1.8% 4.8% 6.5% 20.4% 66.4% Note: Calculations based on Value Added Revenue (VAR) DIVERSIFIED REVENUE MIX Other Operating Revenue
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11 About Tenneco Clean Air India Limited
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Product categories 12 • Global Tier 1 player and market leading automotive component supplier • Trusted partner of choice with long-term customer relationships across 100+ customers • Scale platform with high degree of localization manufacturing highly engineered products and systems for Automotive, Off-highway and Industrial segments • Global engineering and manufacturing footprint strategically located toserve global customer base with competitive cost position and scalable deployment 28 Countries1 180 Manufacturing plants1 US$16,777 Mn CY24 Revenue 39 R&D and Technical Centers1 ~59,400 Employees1 Global Presence Tenneco Group Awards Cummins’ Best Supplier Award 2024 GM Supplier of the Year Award 2024 Ethisphere’s World’s Most Ethical Companies 2023 EcoVadis’ Sustainability Ratings - Gold 2023 Source: RHP. Notes: 1. As of December 31, 2024. 2. As of June 30, 2025 Clean Air • Hot/ Cold end exhaust system Segment Product categories 5k+ Patents2 7.5k+ Trademarks2 Powertrain • Pistons • Piston rings • Valves, Valve seats & Guides, • Bearings & Sealings Ignition • Spark plugs • Ignition coils Performance solution • Advanced ride solutions • Braking • NVH • Systems protection DRiV • Aftermarket Tenneco Group Tenneco Global Strong Global Parentage With Long Term Customer Relationships
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45+ years of operations 20 Countries Exported Top 2 Market position across key segments2 12 Manufacturing facilities 2 R&D technical centers 119 customers served 1,950+ full-time people employed INR 44bn FY25 VAR (INR 49bn revenue from operations) 5.9% FY23–25 VAR CAGR 18.6% FY25 EBITDA margin3 (16.7% on revenue from operations) We build and supply the critical systems that keep India’s passenger, commercial and off-highway vehicles running cleaner, safer and smoother, supported by decades of engineering depth, diversified capabilities and consistent delivery to the country’s largest OEMs. 13 Leader in Clean Air Solutions to Off-Highway OEMs (68% market share)1 Leader in Clean Air Solutions to Indian Commercial Trucks OEMs (57% market share)1 #1 Leader in Shock Absorbers and Struts to Indian Passenger Vehicle OEMs (52% market share)1 #1 #1 13 Operational Highlights Financial Highlights 12.6% FY25 PAT margin4 (11.3% on revenue from operations) 56.8% FY25 ROCE5 (24) FY25 Cash Conversion Cycle Days6 VAR (Value Added Revenue) = Revenue from Operations - Cost of Substrates 1. Market Share in terms of value / revenue basis FY2025, 2. Key segments include clean air solutions to CT and OH (excluding tractors), 3. EBITDA Margin (%) (Basis VAR) is calculated as EBITDA as a percentage of VAR, 4. PAT Margin % (Basis VAR) is calculated as Restated profit for the year as a percentage of VAR, 5. Return on Capital Employed is calculated as earning before interest and taxes (EBIT) as a percentage of Capital Employed. EBIT is calculated as Restated profit for the year plus finance cost plus total tax expense less other income. Capital employed is calculated as sum of Total Equity, Total Debt (including lease liabilities), Deferred tax liabilities minus Intangible assets, Deferred tax assets, Capital redemption reserve, Capital Reserve on Business Combination and Capital reserve. 6. Cash Conversion Cycle is calculated as the sum of Receivable Days and Inventory Days less Payable Days, rounded to the nearest whole number. Receivable Days is calculated as average trade receivables divided by (revenue from operations divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Inventory Days is calculated as average inventories divided by (cost of goods sold divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Cost of goods sold comprises Cost of Materials Consumed, Purchases of Stock in Trade and Changes in inventories of finished goods, semi-finished goods and Stock in trade. Payable Days is calculated as average trade payables divided by (total purchases divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Purchases includes purchase of stock-in-trade, raw materials and packing materials. Average Trade payable included payables for purchases and vendor bill financing Tenneco Clean Air India Supplying Critical Systems That Keep India's Vehicles Running Cleaner, Safer And Smoother
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14 Shock absorbers & strut assembly Shock absorbers & strut assembly- passive Shock absorbers & strut assembly-semi active Shock absorbers & strut assembly- CV Clean Air and Powertrain Solutions Advanced Ride Technologies 47.4% Source: RHP Notes: 1 VAR: Value Added Revenue means revenue from operations after excluding the cost of substrates. Hot End / DOC & SDPF system Main bearing Cold End / Mufflers and resonators Hot gasket Heat shield Spark plug and Ignition coil 52.6% FY2025 VAR1 : ~INR23bn FY2025 VAR1: ~INR21bn Business Segments Delivering Diverse Products For Evolving Mobility Needs
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63.5% 21.5% 6.8% 5.5% 2.7% Passenger Vehicles Commercial Vehicles (CT + OH) Industrial / Others Aftermarket Other Operating Revenue INR 44 bn FY2025 Value Added Revenue1 Source: RHP, CRISIL Report dt. Oct 2025 Note: 1. Value added Revenue (VAR) means revenue from operations after excluding the cost of substrates 2. CT: Commercial Tr ucks and OH: Off Highway 3. Excludes Tractors 4. Market Share in terms of value / revenue basis FY2025 Passenger vehicles Leader & Top 2 with 52%, 44% market share4 in Shock absorbers & Struts and Engine Bearings, respectively Advanced Ride Technologies products Commercial Trucks Leader & Top 2 with 57%, 34% market share4 in Clean Air Solutions and Engine Bearings, respectively Engine bearings Clean Air Solutions Off Highway Leader with 68% market share4 in Clean Air Solutions Clean Air Solutions #2#1 Engine bearings 3 2 #2 #1 15 #1 Market Leadership Ensuring a leadership or a top 2 position in every end market segment we service
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We Serve All Top 7 PV OEMs1 and All Top 5 CV OEMs1 in India Source: RHP. Note: 1. Ranking of OEMs determined based on sales volume in Fiscal 2025. 93.1% 6.4% 0.5% Growing “Make in India” Platform FY25 VAR Domestic Export 21.1% 40.6%18.6% 19.7% No single customer contributes more than 22% of VAR FY25 VAR Top Customer Top 2–5 Customers Top 6–10 Customers Others Well diversified end markets 63.5% 21.5% 6.8% 5.5% 2.7% FY25 VAR CV Industrial/Others AftermarketPV 52.6% 47.4% Business Divisions FY25 VAR Advanced Ride Technologies Clean Air and Powertrain Solutions Other Operating Revenue 27 years 17 years 28 years 18 years 29 years # years of customer relationship 16 OEM 3OEM 2 OEM 4 OEM 5OEM 1 Long Standing Relationships and Revenue Profile Customized & tech intensive nature of products and time-consuming approval processes ensures sticky customers
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17 Upcoming emission regulations TREM2 V-2027 BS1 VII CAFE4 III-2027-32 • Increase in disposable income • Faster economic growth, younger population Low vehicle penetration – Significant growth headroom • Emission norms require investment in engine technology and after-treatment systems Tightening emissions norms increasing CPV3 • Indian market is shifting to premium vehicles including SUVs • Focus on driving experience, safety, advanced features and comfort Accelerating premiumization increasing CPV3 • Lower costs, supportive government policies & strategic location near growing market India evolving as a key export hub Volume CAGR FY2025-30P ~3-6% Domestic CTs ~4-6% Domestic PVs ~5-7% Domestic Tractors ~5-7% CEs Rising ASP trend5 Rising SUV share as a % of PV Auto components export outlook INRbn INR thousands Source: Crisil Report Notes: E: Estimated P: Projected 1. Bharat Stage; 2. Tractor Emission Regulation of India V emission standard; 3. CPV: Content per Vehicle; 4. Corporate Avera ge Fuel Economy; 5. Based on OEM factory cost for Indian PVs 1,923 2,550-2950 FY25 FY30P 5.8 – 8.9% CAGR 500 730 FY2020 FY2024 28.9% 65.4% FY2019 FY2025 Favourable Industry Tailwinds Uniquely Positioned To Benefit From Tailwinds Of Growing Customer Base, Stricter Emissions Norms And Premiumization
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18 INRbn Tenneco Clean Air India Limited relevant components B D Domestic suspension2 Bearings and sealings3 113 164-180 FY25 FY30P 20 26-29 FY25 FY30P 7.8-9.8% CAGR 5.8-7.9% CAGR A C Clean air solutions1 Domestic spark plug2 54 80-88 FY25 FY30P 13 17-19 FY25 FY30P 8-10% CAGR 5.2-7.4% CAGR Source: Crisil Report. Note: E: Estimated P: Projected OE: Original Equipment AM: Aftermarket 1. The catalytic converter considered above do not include the ceramic substrate or any catalyst elements. Tenneco only performs canning and packaging of the ceramic substrate and hence, it is not part of the current market size, or the Tenneco revenues considered for market positioning. 2. For OE and AM. OE includes 2W, 3W, PV, and SCV. AM includes 2W, 3W, PV, and SCV. 3. For OE and AM. OE includes PV, SCV, CT, OH and tractors for bearings and s ealings, AM includes 2W,3W, PV and SCV for bearings. Components included in sealings are: Cold gaskets, Heat shield, Cylindrical head gas ket, Turbo gasket and Exhaust system gasket Market Opportunity Auto Components Sector Expected To Grow Faster Than Overall Auto Market
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Advanced Ride Technologies SanandPondicherry BawalPune Hosur Clean Air and Powertrain Solutions Chakan I Chennai Pithampur Parwanoo - Bearings Bhiwadi - Ignition Chakan II Chakan - Sealings Source: RHP. Note: Data is as of March 31, 2025, and for Fiscal 2025 Parwanoo BhiwadiBawal Sanand Pithampur Chakan Chakan I & IIPune Hosur Pondicherry Chennai R&D Tech Center Clean Air and Powertrain Solutions Advanced Ride Technologies Auto OEM hubs 19 Clean Air Cold Ends Hot Ends Installed Capacity 3 Mn 2 Mn Capacity utilization 54.8% 80.6% Powertrain Spark Plugs Bearings Installed Capacity 51 Mn 43 Mn Capacity utilization 96% 80.8% Advanced Ride Technologies Struts & Shock Absorbers Installed Capacity 21 Mn Capacity utilization 83% Our R&D Tech Centers Hosur Chakan Our Manufacturing Excellence 12 Manufacturing Facilities And 2 R&D Centers Of Global Standards Strategically Located In Key Automotive OEM Hubs
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20 Years of experience Niranjan Kumar Gupta Chairman, Independent Director Ex-CEO, Hero MotoCorp Limited MMC 30+ Jaidit Singh Brar Independent Director Ex-Senior Partner, McKinsey & Company India LLP C MC 20+ Gopika Pant Independent Director Managing Partner, Indian Law Partners C C M 39+ Manavendra Singh Sial Non-Executive Director Executive VP and CFO, Tenneco LLC M M 25+1 Nathan Patrick Bowen Non-Executive Director Executive VP and Group President (Clean Air, Powertrain and Champion) Tenneco LLC M 24+ Prakash Mahesh Non-Executive Director Executive VP & President - Performance Solutions, Tenneco LLC M 28+1 Utsav Baijal Non-Executive Director Partner, Apollo Global Management M 24+ Stakeholders’ Relationship CommitteeNomination and Remuneration CommitteeAudit CommitteeM MemberC Chairperson Risk Management Committee CSR Committee Arvind Chandrasekharan Whole Time Director & CEO, Tenneco Clean Air India M 21+ Source: RHP. Notes: 1. Years since graduation Qualified And Experienced Board Of Directors
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Arvind Chandrasekharan WTD and CEO Mahender Chhabra CFO Rishi Verma President – India Delphi Faurecia Exhaust Systems WABCO Europe BVBA-SPRL Minda Corporation Motherson Sumi Wiring India HMD Mobile India (CFO) Microsoft India Bharti Airtel Pepsi Foods National Engineering Industries Dana India Technical Centre Walker Exhaust India Sankar Babu Sampangiappa Director- Advanced Ride Technologies Engineering R C Subramaniam ED and General Manager – Advanced Ride Technologies Bapu Shivaji Kumbhar Director- Clean Air Engineering Bharat Technologies Auto Components Minda HUF AISIN NTTF Renowned Auto Products MFRS General Motors India International Auto Saint-Gobain Glass India Balmer Lawrie & Co. Frito- Lay India Grupo Antolin Pune LML Limited Tractors and Farms Equipment 21 Source: Notes: Committed leadership along with Technically Qualified Workforce 21+ 18+ 17+ 18+ 15+ 27+ Source: RHP WTD – Whole Time Director; ED – Executive Director. # Years associated with Tenneco Group# Cumulative Years of experience Supported By An Experienced And Professional Management Team
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22 Term / Acronym Description PV Passenger Vehicles CT Commercial Trucks OH Off-Highway vehicles OE Original Equipment - parts supplied to vehicle manufacturers (OEMs) OEM Original Equipment Manufacturer CA Clean Air Solutions ART Advanced Ride Technologies VAR (Value Added Revenue) Revenue excluding pass-through substrate costs; better reflects core operating performance Substrates Substrates are porous ceramic filters coated with a catalyst - typically, precious metals such as platinum, palladium, and rhodium; treated as pass-through cost (excluded from VAR) CPV Content per vehicle BS6.2 / BS VII Bharat Stage emission standards (BS6 = current national standard; BS6.2/BS VII = subsequent tighter phases) TREM Tractor Emission Regulation of India (tractor-specific emission norms). CAFE Corporate Average Fuel Economy Glossary
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Date | Strictly private and confidential P R E S E N TAT I O N Q 3 & 9 M ’ F Y 2 0 2 6 INVESTOR
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PRIVILEGED & CONFIDENTIAL This presentation and the accompanying slides (the “Presentation”), prepared by Tenneco Clean Air India Limited (the “Company” or “TCAIL”), is furnished solely for informational purposes without regard to any specific investment objectives, financial situations, or informational needs of any particular person, and shall not constitute, or be relied upon in connection with, any offer, solicitation, or invitation to subscribe for or purchase any securities of the Company. No offering of securities will be made except by means of a statutory offering document containing detailed information about the Company. Nothing herein shall form the basis of, or be relied on in connection with, any contract or binding commitment whatsoever. This presentation and its contents are confidential and may not be copied, reproduced, distributed, or disseminated, directly or indirectly, in any manner without the prior written consent of the Company. Any failure to comply with these restrictions may constitute a violation of applicable law in certain jurisdictions. By reviewing this presentation, you agree to be bound by these restrictions and to maintain strict confidentiality regarding the information contained herein. The information and data contained in this presentation have been compiled from sources the Company believes to be reliable; however, the Company makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness, or reasonableness of such information. This presentation may not contain all of the information that you may consider material, and no reliance should be placed on the contents herein. The Company expressly disclaims any and all liability for any loss arising from, or in reliance upon, the whole or any part of this presentation. This presentation may contain forward-looking statements, including, without limitation, statements regarding the Company’s market opportunity, financial performance, growth prospects, strategy, technological developments, and business plans. Such statements can often be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict, including but not limited to macro-economic conditions, competitive pressures, regulatory changes, changes in market preferences, execution challenges, and other risks. Actual results may differ materially and adversely from those expressed or implied herein. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Any forward-looking statements or projections made by third parties included in this Release are not adopted by the Company, and the Company is not responsible for such third-party information.
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3 Q3 AND 9M’ FY2026 FINANCIAL HIGHLIGHTS 13 th F e b r u a r y 2 0 2 6
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Q3 & 9M’ FY2026 Highlights STRONG FINANCIAL PERFORMANCE WITH CONTINUED STRATEGIC WIN MOMENTUM 4 18.6% / 19.0% EBITDA Margin Q3/ 9M’ (VAR) 9.9% / 12.5% PAT Margin Q3/ 9M’ (VAR)** ▪ Exports >20% of lifetime order book; recent U.S. tariff easing supports pipeline ▪ Order book covers 100% of FY2028 revenue, supporting double-digit CAGR over the next three years ▪ The order book is well balanced across Clean Air, Powertrain, and ART segments Strong order book underpins overall growth outlook >80% ROCE 9M’ FY2026 11,941 / 35,122 Value Added Revenue* Q3/9M’ *Value Added Revenue (VAR) is used as the primary metric as it excludes pass- through substrate costs from the revenue from operations and better reflects the underlying operating performance, **Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code In INR Mn ▪ Based on business growth, plan to setup a Clean Air greenfield plant in North India (Kharkhoda, Haryana), to strengthen proximity to key customer base and support growth across LV, OH and Tractor segments ▪ Plan envisages ~INR 710 Mn capex with estimated start of production in Q3 FY2027 Clean Air Capacity Expansion – North India Greenfield Plant New suspension technology launch (DaVinci) with leading OEM with higher CPV ▪ Launched DaVinci DCx suspension technology with a leading Indian passenger vehicle OEM (~INR 2,200 Mn in annual revenue), reinforcing our leadership position in shock absorbers in India ▪ The technology enhances driver and passenger comfort on different Indian road conditions through a patented shim stack disc design that enables selective control of hydraulic flow New Clean Air business win with a leading truck OEM, leading to market share gain ▪ Secured a strategic program win with a leading EU commercial truck OEM through an aftertreatment solution that meets customer affordability requirements (~INR 1,150 Mn in annual revenue potential) ▪ Enabled customer to retain its internal powertrain architecture vs. sourcing from a third-party supplier
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5 CEO Update Arvind Chandrasekharan WTD and CEO "The quarter demonstrated sustained execution across our business. We delivered strong business growth, resilient margins, and meaningful progress across Clean Air, Powertrain, and Advanced Ride Technologies. At Tenneco, we believe in engineering consumer experiences beyond just building automotive parts. The DaVinci DCx suspension system is our promise to India – bringing global suspension technology specifically tuned for Indian road conditions to provide superior comfort to drivers and passengers. The selection of DaVinci for a flagship SUV platform at a leading Indian OEM, positions us to capture additional opportunities as OEMs seek to differentiate through ride quality. Unlike conventional systems, the DaVinci technology uses specially designed discs (or shim stacks) to control hydraulic flow, delivering consistent comfort across varying speeds and road conditions, achieved affordably and with a fast time to market. Our Clean Air strategic program win at a leading Commercial Truck OEM, demonstrated our ability to translate the voice of the customer into high- velocity execution, enabled by resident engineering support and a disciplined focus on first-time-right validation. Supporting the Clean Air growth trajectory, the Board has approved to develop a greenfield plant in North India (Kharkhoda, Haryana) to strengthen proximity to the northern customer base and support awarded programs across LV, OH and Tractor segments. The project envisages ~INR 710 million capex with estimated start of production in Q3 FY27, further enhancing Tenneco’s operational footprint and customer responsiveness. In Exports, our order book remains very strong, reflecting a higher mix versus domestic business and supporting better margins. New tariff and duty reduction announcements by US and EU will strongly improve the tailwinds to allow us to grow our exports further. The overall order book already covers 100% of FY 2028 revenue, underpinning a double-digit CAGR growth over the next three years.” Note: *Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code Estimated annual revenue from the DaVinci Suspension Technology program awarded by a leading OEM Technology-Led Differentiation ~INR 2,200 Mn EBITDA Margins PAT Margins 18.6% 9.9%* Continued Robust Margin Delivery in Q3 FY2026 Scaling Exports > 20% Exports Portion of Lifetime Order Book DISCIPLINED EXECUTION DRIVING CONSISTENT PERFORMANCE AND ENHANCED REVENUE VISIBILITY
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6 CFO Update Mahender Chhabra Chief Financial Officer “We delivered a disciplined financial performance in Q3 and 9M’ FY2026, marked by steady revenue growth, expanding profitability and continued balance-sheet strength. VAR grew 15% YoY in the quarter, supported by strong PV demand. Q3 FY 2026 EBITDA margins improved ~151 bps YoY and remained at industry-leading levels, reflecting the benefits of commercial actions, mix improvements, and operational efficiencies. PAT impacted by -5% YoY,due to a one-time expense arising from incremental provisioning related to New Labour Code (~INR 203 Mn). We maintained a robust ROCE profile (> 80%) and continued to operate with the trend of negative cash conversion cycle - reinforcing our capital-efficient model.” EBITDA Q3 FY2026 Revenue YoY Revenue Growth 11,941 15% Value Added Revenue SUSTAINED REVENUE GROWTH WITH MARGIN EXPANSION AND EXCEPTIONAL BALANCE SHEET STRENGTH Q3 FY2026 EBITDA YoY EBITDA Growth 2,225 25% Q3 FY2026 PAT* YoY PAT Growth (New Labour code impact) 1,188 -5% PAT (INR Mn.)(INR Mn.)(INR Mn.) Note: Value Added Revenue (VAR) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. *Q3 PAT margin includes one-time impact of INR 203 Mn (1.7%) due to new labour code
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1,254 1,507 1,188 Q3' FY25 Q2' FY26 Q3' FY26 10,412 11,515 11,941 Q3' FY25 Q2' FY26 Q3' FY26 7 EBITDA & PAT Margin (% VAR) +25% +14% All numbers in INR Mn, unless specified 11,251 12,806 12,853 Q3' FY25 Q2' FY26 Q3' FY26 1,783 2,168 2,225 Q3' FY25 Q2' FY26 Q3' FY26 ▪ VAR growth of 15% YoY, demonstrating continued momentum, driven by increased volumes and new programs ▪ EBITDA margin (VAR) stood at 18.6%, benefiting from operating leverage, commercial actions, and effective cost management ▪ PAT includes a one-time impact of INR 203 Mn (1.7%) associated to new labour codes EBITDA Value Added Revenue PAT Note: Value Added Revenue (VAR) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. Audited by Independent Chartered Accountants Revenue from Operations (Includes pass-through substrates / catalyst components) (Excludes pass-through substrates / catalyst components) 18.6% -5% +15% SUSTAINED REVENUE GROWTH WITH INDUSTRY-LEADING MARGINS – Q3 FY2026 12.0% 13.1% 9.9%17.1% 18.8%
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8 EBITDA to PAT Bridge Q3’ FY2026 Exceptional item related to New Labour code impacting PAT 283 272 458 EBITDA Q3’ FY26 Depreciation Exceptional Item Taxes 24 Others PAT Q3’ FY26 2,225 1,188 -1,037 (-8.7%) -3.8% -2.4% -0.2%18.6% 9.9% - New Labour code (Gross Amount) -2.3% All numbers in INR Mn, unless specified
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31,838 35,122 9M' FY25 9M' FY26 9 EBITDA & PAT Margin (% VAR) +12% +8% All numbers in INR Mn, unless specified +10% 35,646 38,515 9M' FY25 9M' FY26 5,964 6,682 9M' FY25 9M' FY26 19.0% 4,128 9M' FY25 9M' FY26 ▪ VAR growth of 10% YoY, demonstrating continued momentum, driven by increased volumes incl. exports and a favorable product mix ▪ EBITDA margin (VAR) stood at 19.0%, benefiting from operating leverage, commercial actions, and effective cost management ▪ PAT includes a one-time impact of INR 203 Mn associated to new labour codes EBITDA Note: VAR (Value Added Revenue) is used as the primary metric as it excludes pass-through substrate costs from the revenue from operations and better reflects the underlying operating performance, margins, and comparability across periods. Audited by Independent Chartered Accountants Revenue from Operations (Includes pass-through substrates / catalyst components) (Excludes pass-through substrates / catalyst components) 4,376 +6% CONSISTENT GROWTH WITH SUSTAINABLE MARGINS – 9M’ FY2026 (YTD) 18.7% 13% 12.5% Value Added Revenue PAT
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10 50.0%50.0% Segment-wise Split 9M’ FY2026 End Market-wise Split 93.1% 6.4% 0.5% Exports 9M’ FY2026 Clean Air & Powertrain Advanced Ride Technology Domestic Exports PV CV Industrial & Other Aftermarket Others 9M’ FY2026 1.8% 4.8% 6.5% 20.4% 66.4% Note: Calculations based on Value Added Revenue (VAR) DIVERSIFIED REVENUE MIX Other Operating Revenue
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11 About Tenneco Clean Air India Limited
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Product categories 12 • Global Tier 1 player and market leading automotive component supplier • Trusted partner of choice with long-term customer relationships across 100+ customers • Scale platform with high degree of localization manufacturing highly engineered products and systems for Automotive, Off-highway and Industrial segments • Global engineering and manufacturing footprint strategically located toserve global customer base with competitive cost position and scalable deployment 28 Countries1 180 Manufacturing plants1 US$16,777 Mn CY24 Revenue 39 R&D and Technical Centers1 ~59,400 Employees1 Global Presence Tenneco Group Awards Cummins’ Best Supplier Award 2024 GM Supplier of the Year Award 2024 Ethisphere’s World’s Most Ethical Companies 2023 EcoVadis’ Sustainability Ratings - Gold 2023 Source: RHP. Notes: 1. As of December 31, 2024. 2. As of June 30, 2025 Clean Air • Hot/ Cold end exhaust system Segment Product categories 5k+ Patents2 7.5k+ Trademarks2 Powertrain • Pistons • Piston rings • Valves, Valve seats & Guides, • Bearings & Sealings Ignition • Spark plugs • Ignition coils Performance solution • Advanced ride solutions • Braking • NVH • Systems protection DRiV • Aftermarket Tenneco Group Tenneco Global Strong Global Parentage With Long Term Customer Relationships
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45+ years of operations 20 Countries Exported Top 2 Market position across key segments2 12 Manufacturing facilities 2 R&D technical centers 119 customers served 1,950+ full-time people employed INR 44bn FY25 VAR (INR 49bn revenue from operations) 5.9% FY23–25 VAR CAGR 18.6% FY25 EBITDA margin3 (16.7% on revenue from operations) We build and supply the critical systems that keep India’s passenger, commercial and off-highway vehicles running cleaner, safer and smoother, supported by decades of engineering depth, diversified capabilities and consistent delivery to the country’s largest OEMs. 13 Leader in Clean Air Solutions to Off-Highway OEMs (68% market share)1 Leader in Clean Air Solutions to Indian Commercial Trucks OEMs (57% market share)1 #1 Leader in Shock Absorbers and Struts to Indian Passenger Vehicle OEMs (52% market share)1 #1 #1 13 Operational Highlights Financial Highlights 12.6% FY25 PAT margin4 (11.3% on revenue from operations) 56.8% FY25 ROCE5 (24) FY25 Cash Conversion Cycle Days6 VAR (Value Added Revenue) = Revenue from Operations - Cost of Substrates 1. Market Share in terms of value / revenue basis FY2025, 2. Key segments include clean air solutions to CT and OH (excluding tractors), 3. EBITDA Margin (%) (Basis VAR) is calculated as EBITDA as a percentage of VAR, 4. PAT Margin % (Basis VAR) is calculated as Restated profit for the year as a percentage of VAR, 5. Return on Capital Employed is calculated as earning before interest and taxes (EBIT) as a percentage of Capital Employed. EBIT is calculated as Restated profit for the year plus finance cost plus total tax expense less other income. Capital employed is calculated as sum of Total Equity, Total Debt (including lease liabilities), Deferred tax liabilities minus Intangible assets, Deferred tax assets, Capital redemption reserve, Capital Reserve on Business Combination and Capital reserve. 6. Cash Conversion Cycle is calculated as the sum of Receivable Days and Inventory Days less Payable Days, rounded to the nearest whole number. Receivable Days is calculated as average trade receivables divided by (revenue from operations divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Inventory Days is calculated as average inventories divided by (cost of goods sold divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Cost of goods sold comprises Cost of Materials Consumed, Purchases of Stock in Trade and Changes in inventories of finished goods, semi-finished goods and Stock in trade. Payable Days is calculated as average trade payables divided by (total purchases divided by 365 for Fiscals or 91 for the three months ended June 30 (as applicable)), rounded to the nearest whole number. Purchases includes purchase of stock-in-trade, raw materials and packing materials. Average Trade payable included payables for purchases and vendor bill financing Tenneco Clean Air India Supplying Critical Systems That Keep India's Vehicles Running Cleaner, Safer And Smoother
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14 Shock absorbers & strut assembly Shock absorbers & strut assembly- passive Shock absorbers & strut assembly-semi active Shock absorbers & strut assembly- CV Clean Air and Powertrain Solutions Advanced Ride Technologies 47.4% Source: RHP Notes: 1 VAR: Value Added Revenue means revenue from operations after excluding the cost of substrates. Hot End / DOC & SDPF system Main bearing Cold End / Mufflers and resonators Hot gasket Heat shield Spark plug and Ignition coil 52.6% FY2025 VAR1 : ~INR23bn FY2025 VAR1: ~INR21bn Business Segments Delivering Diverse Products For Evolving Mobility Needs
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63.5% 21.5% 6.8% 5.5% 2.7% Passenger Vehicles Commercial Vehicles (CT + OH) Industrial / Others Aftermarket Other Operating Revenue INR 44 bn FY2025 Value Added Revenue1 Source: RHP, CRISIL Report dt. Oct 2025 Note: 1. Value added Revenue (VAR) means revenue from operations after excluding the cost of substrates 2. CT: Commercial Tr ucks and OH: Off Highway 3. Excludes Tractors 4. Market Share in terms of value / revenue basis FY2025 Passenger vehicles Leader & Top 2 with 52%, 44% market share4 in Shock absorbers & Struts and Engine Bearings, respectively Advanced Ride Technologies products Commercial Trucks Leader & Top 2 with 57%, 34% market share4 in Clean Air Solutions and Engine Bearings, respectively Engine bearings Clean Air Solutions Off Highway Leader with 68% market share4 in Clean Air Solutions Clean Air Solutions #2#1 Engine bearings 3 2 #2 #1 15 #1 Market Leadership Ensuring a leadership or a top 2 position in every end market segment we service
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We Serve All Top 7 PV OEMs1 and All Top 5 CV OEMs1 in India Source: RHP. Note: 1. Ranking of OEMs determined based on sales volume in Fiscal 2025. 93.1% 6.4% 0.5% Growing “Make in India” Platform FY25 VAR Domestic Export 21.1% 40.6%18.6% 19.7% No single customer contributes more than 22% of VAR FY25 VAR Top Customer Top 2–5 Customers Top 6–10 Customers Others Well diversified end markets 63.5% 21.5% 6.8% 5.5% 2.7% FY25 VAR CV Industrial/Others AftermarketPV 52.6% 47.4% Business Divisions FY25 VAR Advanced Ride Technologies Clean Air and Powertrain Solutions Other Operating Revenue 27 years 17 years 28 years 18 years 29 years # years of customer relationship 16 OEM 3OEM 2 OEM 4 OEM 5OEM 1 Long Standing Relationships and Revenue Profile Customized & tech intensive nature of products and time-consuming approval processes ensures sticky customers
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17 Upcoming emission regulations TREM2 V-2027 BS1 VII CAFE4 III-2027-32 • Increase in disposable income • Faster economic growth, younger population Low vehicle penetration – Significant growth headroom • Emission norms require investment in engine technology and after-treatment systems Tightening emissions norms increasing CPV3 • Indian market is shifting to premium vehicles including SUVs • Focus on driving experience, safety, advanced features and comfort Accelerating premiumization increasing CPV3 • Lower costs, supportive government policies & strategic location near growing market India evolving as a key export hub Volume CAGR FY2025-30P ~3-6% Domestic CTs ~4-6% Domestic PVs ~5-7% Domestic Tractors ~5-7% CEs Rising ASP trend5 Rising SUV share as a % of PV Auto components export outlook INRbn INR thousands Source: Crisil Report Notes: E: Estimated P: Projected 1. Bharat Stage; 2. Tractor Emission Regulation of India V emission standard; 3. CPV: Content per Vehicle; 4. Corporate Avera ge Fuel Economy; 5. Based on OEM factory cost for Indian PVs 1,923 2,550-2950 FY25 FY30P 5.8 – 8.9% CAGR 500 730 FY2020 FY2024 28.9% 65.4% FY2019 FY2025 Favourable Industry Tailwinds Uniquely Positioned To Benefit From Tailwinds Of Growing Customer Base, Stricter Emissions Norms And Premiumization
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18 INRbn Tenneco Clean Air India Limited relevant components B D Domestic suspension2 Bearings and sealings3 113 164-180 FY25 FY30P 20 26-29 FY25 FY30P 7.8-9.8% CAGR 5.8-7.9% CAGR A C Clean air solutions1 Domestic spark plug2 54 80-88 FY25 FY30P 13 17-19 FY25 FY30P 8-10% CAGR 5.2-7.4% CAGR Source: Crisil Report. Note: E: Estimated P: Projected OE: Original Equipment AM: Aftermarket 1. The catalytic converter considered above do not include the ceramic substrate or any catalyst elements. Tenneco only performs canning and packaging of the ceramic substrate and hence, it is not part of the current market size, or the Tenneco revenues considered for market positioning. 2. For OE and AM. OE includes 2W, 3W, PV, and SCV. AM includes 2W, 3W, PV, and SCV. 3. For OE and AM. OE includes PV, SCV, CT, OH and tractors for bearings and s ealings, AM includes 2W,3W, PV and SCV for bearings. Components included in sealings are: Cold gaskets, Heat shield, Cylindrical head gas ket, Turbo gasket and Exhaust system gasket Market Opportunity Auto Components Sector Expected To Grow Faster Than Overall Auto Market
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Advanced Ride Technologies SanandPondicherry BawalPune Hosur Clean Air and Powertrain Solutions Chakan I Chennai Pithampur Parwanoo - Bearings Bhiwadi - Ignition Chakan II Chakan - Sealings Source: RHP. Note: Data is as of March 31, 2025, and for Fiscal 2025 Parwanoo BhiwadiBawal Sanand Pithampur Chakan Chakan I & IIPune Hosur Pondicherry Chennai R&D Tech Center Clean Air and Powertrain Solutions Advanced Ride Technologies Auto OEM hubs 19 Clean Air Cold Ends Hot Ends Installed Capacity 3 Mn 2 Mn Capacity utilization 54.8% 80.6% Powertrain Spark Plugs Bearings Installed Capacity 51 Mn 43 Mn Capacity utilization 96% 80.8% Advanced Ride Technologies Struts & Shock Absorbers Installed Capacity 21 Mn Capacity utilization 83% Our R&D Tech Centers Hosur Chakan Our Manufacturing Excellence 12 Manufacturing Facilities And 2 R&D Centers Of Global Standards Strategically Located In Key Automotive OEM Hubs
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20 Years of experience Niranjan Kumar Gupta Chairman, Independent Director Ex-CEO, Hero MotoCorp Limited MMC 30+ Jaidit Singh Brar Independent Director Ex-Senior Partner, McKinsey & Company India LLP C MC 20+ Gopika Pant Independent Director Managing Partner, Indian Law Partners C C M 39+ Manavendra Singh Sial Non-Executive Director Executive VP and CFO, Tenneco LLC M M 25+1 Nathan Patrick Bowen Non-Executive Director Executive VP and Group President (Clean Air, Powertrain and Champion) Tenneco LLC M 24+ Prakash Mahesh Non-Executive Director Executive VP & President - Performance Solutions, Tenneco LLC M 28+1 Utsav Baijal Non-Executive Director Partner, Apollo Global Management M 24+ Stakeholders’ Relationship CommitteeNomination and Remuneration CommitteeAudit CommitteeM MemberC Chairperson Risk Management Committee CSR Committee Arvind Chandrasekharan Whole Time Director & CEO, Tenneco Clean Air India M 21+ Source: RHP. Notes: 1. Years since graduation Qualified And Experienced Board Of Directors
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Arvind Chandrasekharan WTD and CEO Mahender Chhabra CFO Rishi Verma President – India Delphi Faurecia Exhaust Systems WABCO Europe BVBA-SPRL Minda Corporation Motherson Sumi Wiring India HMD Mobile India (CFO) Microsoft India Bharti Airtel Pepsi Foods National Engineering Industries Dana India Technical Centre Walker Exhaust India Sankar Babu Sampangiappa Director- Advanced Ride Technologies Engineering R C Subramaniam ED and General Manager – Advanced Ride Technologies Bapu Shivaji Kumbhar Director- Clean Air Engineering Bharat Technologies Auto Components Minda HUF AISIN NTTF Renowned Auto Products MFRS General Motors India International Auto Saint-Gobain Glass India Balmer Lawrie & Co. Frito- Lay India Grupo Antolin Pune LML Limited Tractors and Farms Equipment 21 Source: Notes: Committed leadership along with Technically Qualified Workforce 21+ 18+ 17+ 18+ 15+ 27+ Source: RHP WTD – Whole Time Director; ED – Executive Director. # Years associated with Tenneco Group# Cumulative Years of experience Supported By An Experienced And Professional Management Team
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22 Term / Acronym Description PV Passenger Vehicles CT Commercial Trucks OH Off-Highway vehicles OE Original Equipment - parts supplied to vehicle manufacturers (OEMs) OEM Original Equipment Manufacturer CA Clean Air Solutions ART Advanced Ride Technologies VAR (Value Added Revenue) Revenue excluding pass-through substrate costs; better reflects core operating performance Substrates Substrates are porous ceramic filters coated with a catalyst - typically, precious metals such as platinum, palladium, and rhodium; treated as pass-through cost (excluded from VAR) CPV Content per vehicle BS6.2 / BS VII Bharat Stage emission standards (BS6 = current national standard; BS6.2/BS VII = subsequent tighter phases) TREM Tractor Emission Regulation of India (tractor-specific emission norms). CAFE Corporate Average Fuel Economy Glossary