• We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) ‘s IPO
• IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
• At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.

• Tenneco Clean Air India Ltd (1880671D IN)  is now looking to raise up to US$406m in its upcoming India IPO.
• TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.

• World Bank debarred TARIL from participating in its funded projects following old Nigerian contract issues; the company contests it.
• The incident has raised governance questions and led to an exaggerated stock sell-off, despite immaterial financial exposure and reaffirmed guidance. 
• Debarment is isolated and non-material. Execution delays are transitory. Strong order book, backward integration, and FY26 guidance make TARIL attractive on dips.

• Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the next-generation scaffolding system Iq System, launched in 2014.
• Its vision is to become the industry’s first scaffolding platform company, shifting from a flow-based to a stock-based business centered on the Takamiya Platform, with the aim of establishing a new profit structure and strengthening the balance sheet.
• Construction investment continues to trend upward, and construction volume among the Company’s customers remains resilient.

• Tenneco Clean Air India Ltd. is a leading Tier-I automotive component supplier in India with strong market positions in clean air and advanced ride technologies, poised to benefit from stricter emission norms and premiumization trends.
• The company has demonstrated robust profitability improvement through effective cost management, despite a recent decline in topline revenue, particularly in its clean air segment.
• The upcoming IPO is a 100% Offer for Sale by the promoter, which will not infuse capital into the company but aims to enhance visibility and provide a public market for its shares.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Sanyo Trading’s FY09/25 sales rose 2.7% YoY to JPY132.7bn, driven by strong Sustainability segment sales.
• Operating profit fell 9.1% YoY to JPY6.4bn due to higher SG&A expenses and investment valuation losses.
• FY09/26 forecasts project a 2.0% YoY sales decline to JPY130.0bn, with profit decreases at all levels.

• Leonardo DRS, in its third quarter fiscal year 2025 performance, displayed resilience and robust growth trends that highlight both the opportunities and challenges faced by the company.
• The company reported strong bookings and backlog figures, aligning closely with evolving customer priorities, particularly in areas such as counter unmanned aerial systems (UAS), advanced infrared sensing, naval network computing, and electric power and propulsion technologies.
• Bookings for the quarter reached $1.3 billion, contributing to a book-to-bill ratio of 1.4x, with the total backlog elevating to $8.9 billion, an 8% year-over-year increase.

• Revenue for cumulative Q3 FY12/25 declined YoY, with Machinery & Tools and Construction Machinery segments showing decreased revenue and profit.
• Domestic machinery sector revenue fell 9.7% YoY, while overseas revenue increased 2.1% YoY, with mixed regional performance.
• Steel construction materials sector revenue decreased 5.8% YoY, while housing equipment sector revenue grew 9.7% YoY.

• Regal Rexnord’s third quarter performance for 2025 was marked by some notable achievements and challenges.
• The company reported a 2% increase in sales and a 10% rise in orders, signaling a positive momentum in their operations.
• However, their adjusted gross margin decreased by 80 basis points due to unfavorable product mix and pressures from increased tariffs and rare earth magnet supply constraints.

• AMETEK, Inc. demonstrated robust performance during the third quarter of 2025, marked by noteworthy achievements across various financial metrics.
• The company announced double-digit growth in key areas such as sales, orders, operating profit, and diluted earnings per share.
• The quarter recorded a historical sales figure of $1.89 billion, reflecting an 11% increase compared to the same period in 2024.

• We present five reasons why there is no adrenaline rush for Tenneco Clean Air India Ltd (1880671D IN) ‘s IPO
• IPO is a complete offer for sale of USD 406 million. There is no fresh issue of equity.
• At 24x P/E on Q1FY26 annualized earnings, the IPO valuation appears fair.

• Tenneco Clean Air India Ltd (1880671D IN)  is now looking to raise up to US$406m in its upcoming India IPO.
• TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and valuations.

• World Bank debarred TARIL from participating in its funded projects following old Nigerian contract issues; the company contests it.
• The incident has raised governance questions and led to an exaggerated stock sell-off, despite immaterial financial exposure and reaffirmed guidance. 
• Debarment is isolated and non-material. Execution delays are transitory. Strong order book, backward integration, and FY26 guidance make TARIL attractive on dips.

• Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the next-generation scaffolding system Iq System, launched in 2014.
• Its vision is to become the industry’s first scaffolding platform company, shifting from a flow-based to a stock-based business centered on the Takamiya Platform, with the aim of establishing a new profit structure and strengthening the balance sheet.
• Construction investment continues to trend upward, and construction volume among the Company’s customers remains resilient.

• Tenneco Clean Air India Ltd. is a leading Tier-I automotive component supplier in India with strong market positions in clean air and advanced ride technologies, poised to benefit from stricter emission norms and premiumization trends.
• The company has demonstrated robust profitability improvement through effective cost management, despite a recent decline in topline revenue, particularly in its clean air segment.
• The upcoming IPO is a 100% Offer for Sale by the promoter, which will not infuse capital into the company but aims to enhance visibility and provide a public market for its shares.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Sanyo Trading’s FY09/25 sales rose 2.7% YoY to JPY132.7bn, driven by strong Sustainability segment sales.
• Operating profit fell 9.1% YoY to JPY6.4bn due to higher SG&A expenses and investment valuation losses.
• FY09/26 forecasts project a 2.0% YoY sales decline to JPY130.0bn, with profit decreases at all levels.

• Leonardo DRS, in its third quarter fiscal year 2025 performance, displayed resilience and robust growth trends that highlight both the opportunities and challenges faced by the company.
• The company reported strong bookings and backlog figures, aligning closely with evolving customer priorities, particularly in areas such as counter unmanned aerial systems (UAS), advanced infrared sensing, naval network computing, and electric power and propulsion technologies.
• Bookings for the quarter reached $1.3 billion, contributing to a book-to-bill ratio of 1.4x, with the total backlog elevating to $8.9 billion, an 8% year-over-year increase.

• Revenue for cumulative Q3 FY12/25 declined YoY, with Machinery & Tools and Construction Machinery segments showing decreased revenue and profit.
• Domestic machinery sector revenue fell 9.7% YoY, while overseas revenue increased 2.1% YoY, with mixed regional performance.
• Steel construction materials sector revenue decreased 5.8% YoY, while housing equipment sector revenue grew 9.7% YoY.

• Regal Rexnord’s third quarter performance for 2025 was marked by some notable achievements and challenges.
• The company reported a 2% increase in sales and a 10% rise in orders, signaling a positive momentum in their operations.
• However, their adjusted gross margin decreased by 80 basis points due to unfavorable product mix and pressures from increased tariffs and rare earth magnet supply constraints.

• AMETEK, Inc. demonstrated robust performance during the third quarter of 2025, marked by noteworthy achievements across various financial metrics.
• The company announced double-digit growth in key areas such as sales, orders, operating profit, and diluted earnings per share.
• The quarter recorded a historical sales figure of $1.89 billion, reflecting an 11% increase compared to the same period in 2024.