3MINDIA
Large Cap3M India Limited
Diversified
3M India Limited, incorporated in 1987 and publicly listed since 1991, operates 3 manufacturing facilities and 1 R&D center. It serves customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. FY25-26 sales were INR 5,090 crores with ~1,273 employees.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +17% YoY · PAT +203% YoY · +14% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,399 Cr | +16.8% | +13.9% |
| EBITDA | ₹257 Cr | +13.2% | +11.3% |
| Operating margin | 18.0% | -100 bps | -100 bps |
| PAT | ₹215 Cr | +202.8% | NDF |
| PAT margin | 15.4% | +944 bps | +2042 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
3M India reports FY25-26 sales of INR 5,090 cr, up 14.5% YoY, with PBT before exceptional items at 960 cr (18.7% of sales, +1.6 pt YoY). PAT declined slightly by 0.4 pt YoY to 10.2% of sales, but PAT excluding APA/VSV improved by 0.2 pt YoY to 12.9%.
The company delivered strong top-line growth and improved PBT margins in FY25-26, driven by all four business groups. While reported PAT margin saw a slight dip, adjusted PAT margin improved. Strategic focus on commercial excellence, local R&D, and supply chain strengthening positions the company for continued growth, though specific future targets are not disclosed.
FY 2025-26 Sales by Business Group
Latest issuer-disclosed distribution across 4 reported categories.
Commercial Excellence
Focus on stronger pipeline, commercial practices, winning specifications at key customers, and best-in-class customer experience and service.
Local R&D Capability
Developing 'For-India' new products for priority markets and leveraging global New Product Introductions (NPIs) for India.
Local Supply Chain
Strengthening outsourcing and contract manufacturing, alongside capacity expansion and new manufacturing lines for selected product portfolios.
Talent & Organization
Building a culture of bold aspiration, speed, and performance, and enhancing capability and depth across the company.
Ranjangaon Plant Expansion
The Ranjangaon plant has an identified expansion area, indicating future growth potential for materials like pipe coating, bottling, and kitting.
New Manufacturing Lines
Strategy includes capacity expansion and new manufacturing lines for selected product portfolios to strengthen local supply chain.
Customer Recognition
Received 'overall performance award' from Maruti Suzuki and 'Zero PPM award' from Toyota Kirloskar Motors for 6th consecutive year.
Innovation Partner
Recognized by BSES Delhi as 'Innovation Partner of the Year' and by Tata Motors with 'Atmanirbhar Excellence Award' for localizing 'absorber'.
Sustainability & CSR
Awarded by Pune Zilla Parishad for CSR in Environmental Protection and Conservation, and recognized among BW Businessworld's Top 40 Most Sustainable Companies.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports annual financial results, making year-over-year comparison most relevant for assessing overall performance and growth trends.
Sales
FY 2025-26 Sales: 5,090 cr, +14.5% vs. Prior Year.
PBT Before Exceptional Items
FY 2025-26 PBT Before Exceptional Items: 960 cr | 18.7% of Sales | +1.6 pt YoY.
PBT After Exceptional Items
FY 2025-26 PBT After Exceptional Items: 894 cr | 17.4% of Sales | +0.3 pt YoY.
PAT
FY 2025-26 PAT: 522 cr | 10.2% of Sales | -0.4 pt YoY. PAT (excl APA/VSV): 662 cr | 12.9% of Sales | +0.2 pt YoY.
Continued 3M Company Support
Management highlights continued support from 3M Company to all aspects of their business operations.
Team Commitment
Management appreciates the 3M India team's efforts and commitment towards the delivery of results.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Growth | +14.5% YoY (FY25-26) | Sustained double-digit growth across business groups, indicating effective commercial excellence initiatives. |
| PBT Margin (excl. exceptional items) | 18.7% of Sales (+1.6 pt YoY) | Further margin expansion, reflecting operational efficiencies and favorable product mix. |
| PAT Margin (excl. APA/VSV) | 12.9% of Sales (+0.2 pt YoY) | Continued improvement in adjusted PAT margin, indicating better profitability from core operations. |
| Local R&D and Supply Chain Execution | Strategic focus areas | Specific updates on new product launches from local R&D and commissioning of new manufacturing lines or expanded capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -6.2% / mo
Technical chart
3MINDIAweekly · 1Y+9.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~6.6% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -107.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 100th percentile within Diversified. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Diversified: 100th pctile, median 63 · Large: 89th pctile, median 74
26 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸11 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 65.60
- P/B
- 20.09
- EV/EBITDA
- 34.05
- Market Cap
- 35546.00Cr
Profitability
- ROE
- 30.00%
- ROCE
- 50.00%
- ROA
- 16.64%
- Dividend Y
- 0.51%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 22.41×
- Altman Z
- 9.65
- Book Value
- 1570.00
Cash Flow
- FCF Yield
- 1.42%
- FCF Positive Y
- 11/5
- OCF
- 514.00 Cr
- EPS TTM
- 463.66
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Diversified — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.