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1 Q2 FY’27 Strong Growth, Market Leadership and Profitability Resilience I n v e s t o r P r e s e n t a t i o n N o v e m b e r 5th , 2 0 2 6
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Disclaimer Important Disclosures and Forward-Looking Statement 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. 2
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3 Operational Highlights “Our strong momentum continued through Q2 and H1 FY’27, driven by overall market growth, market share gains and disciplined execution across the business. Value-Added Revenue grew 32.2% in Q2 and 25.3% in H1, Volumes grew 25.4% in Q2 and 20.7% in H1 in line with growth in our served markets and reinforcing our leadership positions across Clean Air Commercial Trucks and Passenger Vehicle Suspension Systems. During the period, we continued to deepen customer relationships and expand our technology footprint. In ART, we secured multiple platform wins across domestic and international OEMs, entered a new passenger vehicle whitespace, expanded engagement with leading Japanese and Vietnamese OEMs, and advanced our portfolio through successful commercialization and localization initiatives. In CA and PT, we strengthened our order pipeline through key wins across commercial vehicle, CNG, and spark plug applications. Our growing competitive strength is reflected in an incremental lifetime order book # of ~INR 165,000 Mn, providing revenue visibility exceeding 100% of our FY2030 target revenues, underpinning a healthy double-digit CAGR trajectory. Exports orderbook is at ~INR 8,750 Mn included in the overall incremental lifetime orderbook value. To support future growth, we continue to invest in capacity expansion, localization, and innovation, including a new West India Clean Air manufacturing facility (INR 450 Mn). We won the best manufacturing brand award from ET Edge and also the National Green Future Leadership Award from National CSR Leadership Congress, reflecting our unwavering commitment to operational excellence and sustainability. Supported by a robust order book, increasing domestic and export penetration, technology-led customer wins, and strategic investments, we remain well positioned to sustain above-market growth and drive superior shareholder returns over the long term.” CEO Update Strong Growth of Value Added Revenue and EBITDA with continued order book momentum Arvind Chandrasekharan WTD and CEO Note:: # Incremental lifetime order book includes all orders secured - based on OEM confirmation on volume and price, but not put into production, as of 30 Sep 2026 and enhances Company’s revenue visibility over the next 5-6 years approximately *Crisil Report Q2 FY’27 H1 FY’27 32.2% 25.3% VAR Growth (YoY) Incremental lifetime Order Book# as of 30th September 2026 Strong Order Book Provides Robust Revenue Visibility ~INR 165,000 Mn CA - CT ART - PV 59% 55% H1 FY’27 Market Share*
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4 Resilient Profitability and Disciplined Execution Despite Strong Inflationary Headwinds Mahender Chhabra Chief Financial Officer Operational Highlights “We delivered a strong performance in Q2 FY’27, building on the momentum from the start of the year. Revenue from operations increased 34.2% YoY to INR 17.2 billion, while Value Added Revenue1 grew 32.2% to INR 15.2 billion, driven by higher volumes and the continued ramp-up of new program launches. For H1 FY’27, revenue from operations stood at INR 32.6 billion (+27.2% YoY) and Value Added Revenue reached INR 29.0 billion (+25.3% YoY), reflecting sustained demand across our portfolio. EBITDA for the quarter grew 20.7% YoY to INR 2,616 million, taking H1 EBITDA to INR 5,085 million, up 14.1% year-on-year. Inflationary pressures linked to geopolitical developments remained elevated during the period; however, their impact was substantially offset through commercial recovery actions, productivity improvements, and disciplined cost control. PAT for Q2 FY2027 increased to INR 1,734 million (+15.0% YoY), while H1 PAT stood at INR 3,386 million (+6.2% YoY). Q2 / H1 FY’26 includes one-time interest income related to Motocare entity sale amounting to INR 67 Mn (Net of tax) and INR 254 Mn (Net of Tax) respectively. PAT Growth for Q2 / H1 FY’27 excluding this one-off interest income is 20.4% / 15.4% respectively. Our operating performance continues to benefit from the maturity of the P3 (People, Performance, Pride) framework, which has strengthened execution, enhanced accountability, and reinforced a culture of continuous improvement across the organization. This focus on operational excellence has enabled us to respond effectively to external challenges while maintaining strong delivery, quality, and cost performance. Supported by healthy cash generation and prudent capital allocation, our financial position remains robust, and we continue to operate with a net debt free balance sheet. While the external environment remains uncertain, we are confident in the resilience of our business and remain focused on disciplined execution, commercial rigor, and proactive risk management to deliver sustainable profitable growth and long-term value creation.” 50% FCF / EBITDA % Margin (%) YoY Growth (%) 11.4% 15.0% Margin (%) YoY Growth (%) 17.2% 20.7% EBITDA Q2 FY’27 H1 FY’27 Margin (%) YoY Growth (%) 17.5% 14.1% Margin (%) YoY Growth (%) 11.7% 6.2% PAT 69% CFO Update 1. 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.
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5 FINANCIAL HIGHLIGHTS Q 2 a n d H 1 F Y ’ 2 7
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6 ▪ Summary: VAR1 grew +32.2% (Q2 FY’27)/+25.3% (H1 FY’27) YoY, volumes grew +25.4% (Q2 FY’27)/+20.7% (H1 FY’27) YoY, while industry volumes by 26.0% and 21.4% YoY, respectively. ▪ ART Business: • Tenneco continues to be ART market leader with 55% share of entire PV market • Major conquest win with a leading Indo Chinese JV, securing content on three new vehicle platforms • Successfully entered the fast-growing 3W segment, winning suspension business for an Indo Korean JV • Da Vinci further grows production volumes through SOP of 3 Door Thar suspension program • Secured 2 next generation models with an existing leading Japanese PV OEM; also scaling up with a Vietnamese OEM with introduction of 3 new platforms • Demonstrated advanced technology capabilities by supplying Indias first semi active CVSAe locally produced ▪ CA & PT Business: ▪ Tenneco continues to be CA market leader with 59% share of entire CT market • A new commercial vehicle exhaust program introduced (Hot End) from a leading Indian CV OEM. • Strategic entry into the CNG market with a cold-end assembly program introduced for a European OEM. • Expanded customer wallet share with a new Spark Plug award from a European OEM Q2 FY’27 H1 FY’27 2,616 17.2% 5,085 17.5% +20.7% YoY -165 bps YoY +14.1% YoY 2 -172 bps YoY 6 Strong Growth of Value Added Revenue and EBITDA with continued order book momentumQ2 and H1 FY’27 Key Highlights All numbers in INR million, unless specified Q2 FY’27 H1 FY’27 15,229 29,044 +32.2% YoY +25.3% YoY Value Added Revenue1 EBITDA & EBITDA Margin (VAR) PAT & PAT Margin (VAR) ▪ Resilient profitability: Q2 FY’27 EBITDA grew +20.7% YoY with margin of 17.2%, H1 FY’27 EBITDA grew 14.1% YoY with margin of 17.5%. EBITDA reflected the strength of our operating model, underpinned by productivity gains, commercial discipline, and operational excellence despite commodity headwinds and public company transition costs Margin Resilience: Strong Profitability Despite Cost Headwinds ▪ Built strong growth visibility: • Order book at ~INR 165,000 Mn covers more than 100% of FY30 revenue target and underpinning a healthy double-digit CAGR trajectory (FY’25-30) • Exports orderbook is at ~INR 8,750 Mn included in the overall orderbook value ▪ Delivered strong cash flows: Robust operating cash flows with Q2 FY’27 FCF/EBITDA at 50% / H1 FY’27 FCF/EBITDA at 69%, reflecting disciplined execution and efficiency ▪ Maintained balance sheet strength: We continue to be a net debt free company in H1 FY’27, providing flexibility to navigate near-term volatility while capitalizing on medium- to long-term growth opportunities Healthy Cash Flows / Capital Efficiency: Balance sheet strength reinforced Market Share Gains, New Segment Entries and Strategic Wins Accelerated Growth 1. 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. 2. Q2 / H1 FY’26 includes one-time interest income related to Motocare entity sale amounting to INR 67 Mn (Net of tax) and INR 254 Mn (Net of Tax) respectively. PAT Growth for Q2 / H1 FY’27 excluding this one- off interest income is ~20.4% / ~15.4% respectively 3. EBITDA & PAT Margin (% VAR) Q2 FY’27 H1 FY’27 1,734 11.4% 3,386 11.7% +15.0% YoY -170 bps YoY 6.2% YoY 2 -209 bps YoY 94% Vs 57% in FY’25 ROCE FY’26 Robust Order Book Momentum: Strategic initiatives driving double digit CAGR
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Market Share Evolution (By Value) 7 19% 57% 52% 19% 58% 55% 18% 59% 55% Clean Air Solutions - Passenger Vehicles Clean Air Solutions - Commercial Trucks Shock absorbers & struts - Passenger Vehicles FY'25 FY'26 H1FY'27 Source: Crisil Report Consistent Market Share Wins in CA CT and ART PV Reflects • Technology Leadership • Strong Customer Relationships
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Quarterly Performance (Q2 FY’27) 8 12,806 15,448 17,183 Q2 FY'26 Q1 FY'27 Q2 FY'27 1,507 1,652 1,734 Q2 FY'26 Q1 FY'27 Q2 FY'27 2,168 2,469 2,616 Q2 FY'26 Q1 FY'27 Q2 FY'27 11,515 13,816 15,229 Q2 FY'26 Q1 FY'27 Q2 FY'27 +34.2% EBITDA VAR PAT Revenue from Operations +15.0% +32.2% +20.7% 18.8% 17.9% 17.2% 13.1% 12.0% 11.4% ▪ VAR grew 32.2% YoY, driven by higher volumes and new program wins. ▪ EBITDA grew 20.7% YoY, supported by strong topline growth and operating efficiencies, partially offsetting cost pressures from geopolitical situation and incremental administrative costs associated with being a listed entity. ▪ PAT grew 15.0% year-on-year driven by EBITDA growth. Q2 FY’26 includes one-time interest income related to Motocare entity sale amounting to INR 67 Mn (Net of tax). PAT Growth for Q2 FY’27 excluding this one-off interest income is 20.4%. All numbers in INR million, unless specified Note 1. 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 Note 2. EBITDA & PAT Margin (% VAR)
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3,188 3,386 H1 FY'26 H1 FY'27 +6.2% H1 Performance (FY’27) 9 EBITDA VAR PAT Revenue from Operations ▪ VAR grew 25.3% YoY, On the back of higher volumes and new program wins. ▪ EBITDA grew 14.1% YoY, on the back of P3 operating model driven efficiency improvements, better fixed cost absorption, and commercial actions. ▪ PAT grew 6.2% YoY : H1 FY’26 includes one-time interest income related to Motocare entity sale amounting to INR 254 MN (Net of tax). PAT Growth for H1 FY’27 excluding this one-off interest income is 15.4%. All numbers in INR million, unless specified 23,181 29,044 H1 FY'26 H1 FY'27 +14.1% +27.2% +25.3% 25,663 32,631 H1 FY'26 H1 FY'27 4,457 5,085 H1 FY'26 H1 FY'27 19.2% 17.5% 13.8% 11.7% Note 1. 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 Note 2. EBITDA & PAT Margin (% VAR)
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Key Metrics (H1 FY’27) Our ratios reflect financial strength, efficient operations and effective use of capital - 0.43 -0.38 -0.57 FY'26 H1 FY'26 H1 FY'27 Net Debt/Equity - 4 -5 -11 FY'26 H1 FY'26 H1 FY'27 Net Working Capital Days (Excluding Cash) 43% 25% 25% FY'26 H1 FY'26 H1 FY'27 -23 -22 -22 FY'26 H1 FY'26 H1 FY'27 10 ROE (%) Cash Conversion Cycle Days Fixed Asset Turnover Ratio 9.6 4.5 5.4 FY'26 H1 FY'26 H1 FY'27 10 * Not annualised * * * * 94% 71% 38% FY'26 H1 FY'26 H1 FY'27 ROCE (%) * *
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