3M India Ltd
3MINDIA NSE
3M India Ltd
DiversifiedNSE: 3MINDIA BSE: 523395
3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial , Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Center in Bangalore.(Source : 202003 Annual Report Page No:137)
AI Verdict: HOLD Confidence: 5%
3M India delivers strong ROE of 30% and consistent sales growth of 14% TTM, but trades at an extremely rich valuation of 71.6x PE and 21.1x PB, leaving limited margin of safety. The quality franchise deserves a premium, but current pricing already discounts significant future growth.
Key Fundamentals
MidcapDiversified GroupDiversifiedMarket Cap
₹37,755 Cr
Volatility
Moderate
P/E Ratio
71.99
EBITDA
₹837 Cr
Return on Equity
27.17%
Debt to Equity
0.01
Book Value
₹1,568.9
EPS
₹542.46
52W High
₹38,030
52W Low
₹28,275
Technical Indicators
Key Insights
Strengths
2- Company has a good return on equity (ROE) track record: 3 Years ROE 27.4%
- Company has been maintaining a healthy dividend payout of 123%
Weaknesses
1- Stock is trading at 21.4 times its book value
Growth Rate
Revenue Growth
5.96% ↗
Net Income Growth
29.36% ↗
Cash Flow Change
38.14% ↗
ROE
1.04% ↗
ROCE
1.10% ↗
EBITDA Margin (Avg.)
17.49% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk medium
3M India delivers strong ROE of 30% and consistent sales growth of 14% TTM, but trades at an extremely rich valuation of 71.6x PE and 21.1x PB, leaving limited margin of safety. The quality franchise deserves a premium, but current pricing already discounts significant future growth.
Bull Case 8
- Exceptional return on equity at 30% last year, with a robust 3-year average of 27%, indicating highly efficient capital allocation
- Consistent compounded sales growth of 14% TTM and 11% over 3 years demonstrates steady demand across diversified product segments
- Compounded profit growth of 30% over 5 years reflects strong operating leverage and improving margins over time
- Healthy dividend payout ratio of 123% signals shareholder-friendly capital return policy and confidence in cash flow generation
- Dividend yield of 1.52% is reasonable for a growth compounder in the Indian diversified space
- 10-year stock CAGR of 11% and 10-year sales CAGR of 9% demonstrate long-term compounding track record
- Only 1 analyst covers the stock with a 100% buy rating, indicating under-researched opportunity with potential for re-rating as coverage expands
- Market cap of Rs 37,332 Cr with zero debt provides significant financial flexibility for growth investments in India
Bear Case 8
- PE ratio of 71.6x is excessively rich even for a quality compounder, pricing in years of flawless execution
- Price-to-book of 21.1x is extremely elevated, leaving no margin of safety if growth decelerates
- Stock CAGR of only 5% over 5 years and 8% over 3 years suggests market has already re-rated the stock and returns have plateaued
- Compounded profit growth of only 9% over 3 years lags the 5-year CAGR of 30%, indicating recent earnings momentum has slowed considerably
- Only 1 analyst rating total reflects extremely thin institutional coverage, which can lead to illiquidity and volatile price swings
- 10-year compounded profit growth of 11% does not justify a 71.6x PE multiple under any reasonable DCF framework
- 1-year stock return of 16% has further compressed the risk-reward ratio at current elevated multiples
- As an MNC subsidiary, growth is constrained by parent 3M Company's global strategy and transfer pricing policies, limiting independent value creation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 1
- Strong ESG score of 73 May 27
3M India received an ESG score of 73 (Leader category) for FY25 from NSE Sustainability Ratings, based on publicly available data.
Neutral 1
- No promoter share encumbrance FY26 Jun 20
3M Company, holding over 84 lakh shares, confirmed zero encumbrance on promoter holdings for FY ended March 31, 2026, complying with SEBI SAST regulations.
TL;DR: 3M India shows clean governance with no promoter encumbrance and solid ESG credentials with a Leader-category rating of 73. No visible headwinds from recent news flow. Limited news volume makes it difficult to assess operational momentum, but the governance and sustainability signals are constructive for long-term holders.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 986 | 977 | 1,040 | 1,006 | 1,033 | 1,047 | 1,111 | 1,090 | 1,198 | 1,196 | 1,266 | 1,228 | 1,399 |
| Expenses | 807 | 819 | 847 | 827 | 831 | 841 | 927 | 936 | 971 | 954 | 1,011 | 997 | 1,142 |
| Operating Profit | 180 | 158 | 192 | 179 | 202 | 205 | 183 | 154 | 227 | 242 | 256 | 231 | 257 |
| OPM % | 18% | 16% | 18% | 18% | 20% | 20% | 16% | 14% | 19% | 20% | 20% | 19% | 18% |
| Other Income | 8 | 13 | 17 | 17 | 27 | 22 | 18 | 17 | 14 | 15 | 12 | -65 | 52 |
| Interest | 6 | 1 | 1 | 1 | 1 | 3 | 4 | 3 | 1 | 2 | 2 | 35 | 4 |
| Depreciation | 14 | 14 | 13 | 13 | 13 | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 17 |
| PBT | 168 | 157 | 196 | 181 | 215 | 211 | 183 | 154 | 225 | 239 | 251 | 115 | 289 |
| Tax % | 27% | 25% | 25% | 25% | 25% | 26% | 27% | 26% | 68% | 26% | 24% | 154% | 26% |
| Net Profit | 123 | 117 | 146 | 135 | 161 | 157 | 134 | 114 | 71 | 178 | 191 | -62 | 215 |
| EPS in Rs | 109 | 104 | 130 | 120 | 143 | 140 | 119 | 101 | 63.35 | 158 | 170 | -55.08 | 191 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,840 | 2,140 | 2,363 | 2,556 | 2,809 | 2,765 | 2,420 | 3,078 | 3,733 | 4,189 | 4,446 | 5,090 |
| Expenses | 1,636 | 1,803 | 1,994 | 2,076 | 2,301 | 2,425 | 2,183 | 2,696 | 3,174 | 3,430 | 3,676 | 4,104 |
| Operating Profit | 204 | 337 | 369 | 480 | 508 | 340 | 238 | 382 | 560 | 759 | 770 | 986 |
| OPM % | 11% | 16% | 16% | 19% | 18% | 12% | 10% | 12% | 15% | 18% | 17% | 19% |
| Other Income | 14 | 18 | 49 | 44 | 33 | 42 | 27 | 35 | 64 | 78 | 70 | 14 |
| Interest | 4 | 2 | 2 | 2 | 1 | 4 | 2 | 4 | 7 | 3 | 11 | 44 |
| Depreciation | 50 | 49 | 47 | 42 | 42 | 57 | 60 | 53 | 56 | 53 | 55 | 63 |
| PBT | 165 | 303 | 369 | 480 | 497 | 320 | 202 | 360 | 561 | 781 | 773 | 894 |
| Tax % | 34% | 36% | 35% | 35% | 35% | 32% | 26% | 26% | 26% | 25% | 38% | 42% |
| Net Profit | 108 | 195 | 241 | 311 | 323 | 219 | 149 | 266 | 416 | 583 | 476 | 522 |
| EPS in Rs | 96.17 | 173 | 214 | 276 | 287 | 194 | 133 | 236 | 369 | 518 | 423 | 464 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 257% | 132% | 127% | 109% |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 796 | 977 | 1,215 | 1,525 | 1,848 | 2,064 | 2,210 | 2,478 | 1,937 | 2,136 | 1,835 | 1,757 |
| Borrowings | 14 | 11 | 10 | 9 | 14 | 42 | 23 | 24 | 27 | 18 | 100 | 170 |
| Other Liabilities | 306 | 430 | 695 | 589 | 621 | 537 | 672 | 744 | 940 | 1,083 | 1,069 | 1,199 |
| Total Liabilities | 1,128 | 1,429 | 1,932 | 2,135 | 2,494 | 2,653 | 2,917 | 3,257 | 2,914 | 3,248 | 3,015 | 3,137 |
| Fixed Assets | 388 | 349 | 315 | 285 | 269 | 287 | 248 | 291 | 322 | 332 | 417 | 335 |
| CWIP | 1 | 1 | 2 | 6 | 10 | 7 | 24 | 23 | 25 | 12 | 10 | 163 |
| Investments | 0 | 0 | 0 | 0 | 585 | 505 | 505 | 505 | 505 | 0 | 0 | 0 |
| Other Assets | 739 | 1,078 | 1,614 | 1,844 | 1,629 | 1,855 | 2,140 | 2,439 | 2,063 | 2,903 | 2,588 | 2,639 |
| Total Assets | 1,128 | 1,429 | 1,932 | 2,135 | 2,494 | 2,653 | 2,917 | 3,257 | 2,914 | 3,248 | 3,015 | 3,137 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 177 | 261 | 365 | 29 | 267 | 218 | 312 | 334 | 425 | 643 | 355 | 514 |
| Investing | -4 | 1 | 12 | 18 | -590 | 1 | -16 | -43 | -20 | -269 | 322 | -11 |
| Financing | -119 | -5 | -4 | -2 | 4 | -24 | -25 | -21 | -980 | -128 | -789 | -623 |
| Net Cash Flow | 54 | 257 | 373 | 45 | -319 | 195 | 271 | 269 | -575 | 246 | -112 | -121 |
| Free Cash Flow | 172 | 250 | 351 | 15 | 229 | 199 | 274 | 266 | 365 | 612 | 300 | 457 |
| CFO/OP | 113 | 114 | 132 | 47 | 92 | 101 | 164 | 114 | 103 | 111 | 73 | 82 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 54 | 63 | 76 | 71 | 67 | 69 | 58 | 58 | 61 | 65 | 60 |
| Inventory Days | 101 | 89 | 92 | 95 | 93 | 93 | 105 | 86 | 89 | 77 | 89 | 102 |
| Days Payable | 53 | 69 | 111 | 88 | 79 | 66 | 114 | 96 | 111 | 120 | 104 | 102 |
| Cash Conversion Cycle | 97 | 74 | 44 | 83 | 85 | 94 | 60 | 49 | 36 | 19 | 50 | 60 |
| Working Capital Days | 57 | 39 | 16 | 54 | 54 | 65 | 54 | 36 | 31 | 22 | 38 | 40 |
| ROCE % | 21% | 34% | 33% | 35% | 29% | 16% | 9% | 15% | 25% | 38% | 38% | 50% |
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - 3M India says it does not meet SEBI large corporate criteria. 30 Apr - 3M India says it does not meet SEBI large corporate criteria.
2
Announcement under Regulation 30 (LODR)-Change in Management
23 Apr - Rajiv Gupta ceases as Senior Management Personnel effective April 30, 2026, due to new 3M Group role. 23 Apr - Rajiv Gupta ceases as Senior Management Personnel effective April 30, 2026, due to new 3M Group role.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - 3M India says it does not meet SEBI large corporate criteria. 30 Apr - 3M India says it does not meet SEBI large corporate criteria.
4
Announcement Under Reg 30 (LODR) Change In Senior Management
16 Apr - 3M India appoints Jerry Daniel as Healthcare leader from May 1, 2026; Rajiv Gupta transitions within 3M Group. 16 Apr - 3M India appoints Jerry Daniel as Healthcare leader from May 1, 2026; Rajiv Gupta transitions within 3M Group.
5
Announcement under Regulation 30 (LODR)-Change in Management
13h - Rajiv Gupta ceases as Senior Management Personnel effective April 30, 2026, due to new 3M Group role. 13h - Rajiv Gupta ceases as Senior Management Personnel effective April 30, 2026, due to new 3M Group role.
Frequently Asked Questions about 3M India Ltd
What does 3M India Ltd do?
3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial , Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Center in Bangal...
Where is 3M India Ltd (3MINDIA) listed?
3M India Ltd is listed on the Indian stock exchanges. It is listed on NSE: 3MINDIA and BSE: 523395. You can view its live share price, financials, and ratios on Tapetide.
Which sector does 3M India Ltd belong to?
3M India Ltd operates in the Diversified sector. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of 3M India Ltd?
3M India Ltd has a market capitalisation of approximately ₹37754.88 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of 3M India Ltd?
The Price-to-Earnings (PE) ratio of 3M India Ltd is 71.99. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of 3M India Ltd?
Over the past 52 weeks, 3M India Ltd has traded between a low of ₹28,275 and a high of ₹38,030. This range helps investors understand the stock's price volatility and recent trading levels.
Does 3M India Ltd pay dividends?
Yes, 3M India Ltd has a dividend yield of 1.51%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of 3M India Ltd?
3M India Ltd has a Return on Equity (ROE) of 27.17%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research 3M India Ltd on Tapetide?
On Tapetide, you can view 3M India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
3M India is a subsidiary of 3M Company, USA. The Company manages its operations in four operating segments: Safety & Industrial , Transportation & Electronics, Health Care and Consumer. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Center in Bangalore.(Source : 202003 Annual Report Page No:137)
Website 3m.com/in
CEO Mr. Ramesh Ramadurai
Employees 1,213
Listed 2004-08-13
Face Value ₹ 10
Issued Size 1,12,65,070