3M India
3MINDIA NSE
3M India
DiversifiedNSE: 3MINDIA BSE: 523395 Diversified Group
Key Fundamentals
SmallcapDiversified GroupDiversifiedMarket Cap
₹35,479 Cr
Volatility
Moderate
P/E Ratio
60.05
EBITDA
₹837 Cr
Return on Equity
27.17%
Debt to Equity
0.1
Book Value
₹1,568.9
EPS
₹542.46
52W High
₹38,030
52W Low
₹28,730
Tapetide Score
Data-driven rating, 0–100. How it works →
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 19.6 times its book value
Growth Rate
Revenue Growth
5.96% lower than
3Y
Net Income Growth
29.36% higher than
3Y
Cash Flow Change
38.14% lower than
3Y
ROE
1.04% lower than
3Y
ROCE
1.1% lower than
3Y
EBITDA Margin (Avg.)
17.49% lower than
3Y
AI Analysis — Bull vs Bear
5d ago
AI opinion · based on fundamentals
Risk medium
3M India Ltd has a market capitalisation of about ₹38,825 crore and trades at a P/E of 67.4x and a price-to-book of 22.03x. ROE was 30% last year and has averaged 27% over 3 years. Sales grew 16% TTM, while TTM profit fell 11%. Over 3 years the stock returned a 3% CAGR, well below the 9% profit CAGR and 11% sales CAGR over the same period.
Bull Case 7
- ROE has risen over time: 19% over 10 years, 22% over 5 years, 27% over 3 years and 30% last year. This shows capital efficiency improving.
- The dividend payout ratio is about 123%, meaning the company paid out more than its annual earnings. This points to a cash-rich balance sheet and a willingness to return capital, with a current dividend yield of 1.46%.
- Sales grew 16% TTM, faster than the 3-year sales CAGR of 11% and double the 10-year CAGR of 9%. This suggests demand for the topline has picked up recently.
- Profit compounded at 30% over 5 years, well ahead of the 16% 5-year sales CAGR. This reflects meaningful operating leverage and margin expansion over that period.
- The stock has returned 16% over the last year, much faster than its 3-year CAGR of 3% and 5-year CAGR of 6%. Recent price momentum has improved.
- Over 10 years, profit compounded at 11% and sales at 9%. This long-term record of steady compounding supports the view that the business franchise is durable.
- Debt-to-equity was not provided. However, a payout ratio above 100% alongside a 30% ROE suggests the return profile does not depend on leverage.
Bear Case 8
- A P/E of 67.4x is a steep multiple, especially since TTM profit is down 11%. The valuation assumes an earnings recovery that has not yet shown up.
- At 22.03x book value (21.6x per the known cons), the stock trades far above its net assets. This leaves little valuation cushion if returns normalise.
- TTM profit fell 11% even as sales grew 16%. This points to margin compression from costs, product mix or pricing pressure.
- The stock's 3-year CAGR of 3% trails the 3-year profit CAGR of 9% and sales CAGR of 11%. Shareholders have not been rewarded in line with business growth, which may reflect de-rating from high starting multiples.
- The 5-year stock CAGR of 6% is far below the 30% 5-year profit CAGR. Strong earnings growth has not translated into price returns, which shows the risk of multiple compression.
- Profit growth has slowed sharply, from a 30% 5-year CAGR to a 9% 3-year CAGR to -11% TTM. The earnings trajectory has decelerated.
- A dividend payout of 123% exceeds earnings and cannot be sustained indefinitely without drawing down reserves. Future payouts could shrink toward sustainable levels, which would affect the 1.46% yield.
- The 1.46% dividend yield is modest compared with the valuation risk of a 67.4x P/E. If multiples contract, the income component offers limited downside cushion.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
5d ago
Neutral 1
- AGM approves all 7 resolutions Aug 27
Shareholders approved all seven agenda items at 3M India's 39th AGM on August 26, 2026. Promoter and institutional blocks voted in large numbers.
TL;DR: The only news item is a routine corporate governance event: every resolution passed at the 39th AGM, which points to steady shareholder support and no governance friction. It gives no operational, financial or sector-specific information, so it doesn't show whether the stock's trend is improving or getting worse. No risks or bullish triggers came up in this period. The next clear signals will likely come from quarterly earnings, demand trends across 3M India's diversified segments, and any updates tied to the parent company.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 977 | 1,040 | 1,006 | 1,033 | 1,047 | 1,111 | 1,090 | 1,198 | 1,196 | 1,266 | 1,228 | 1,399 | 1,423 |
| Expenses | 819 | 847 | 827 | 831 | 841 | 927 | 936 | 971 | 954 | 1,011 | 997 | 1,142 | 1,185 |
| Operating Profit | 158 | 192 | 179 | 202 | 205 | 183 | 154 | 227 | 242 | 256 | 231 | 257 | 238 |
| OPM % | 16% | 18% | 18% | 20% | 20% | 16% | 14% | 19% | 20% | 20% | 19% | 18% | 17% |
| Other Income | 13 | 17 | 17 | 27 | 22 | 18 | 17 | 14 | 15 | 12 | -65 | 52 | 85 |
| Interest | 1 | 1 | 1 | 1 | 3 | 4 | 3 | 1 | 2 | 2 | 35 | 4 | 4 |
| Depreciation | 14 | 13 | 13 | 13 | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 17 | 17 |
| PBT | 157 | 196 | 181 | 215 | 211 | 183 | 154 | 225 | 239 | 251 | 115 | 289 | 302 |
| Tax % | 25% | 25% | 25% | 25% | 26% | 27% | 26% | 68% | 26% | 24% | 154% | 26% | 23% |
| Net Profit | 117 | 146 | 135 | 161 | 157 | 134 | 114 | 71 | 178 | 191 | -62 | 215 | 233 |
| EPS in Rs | 104 | 130 | 120 | 143 | 140 | 119 | 101 | 63.35 | 158 | 170 | -55.08 | 191 | 207 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5,317 |
| 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 | 4,335 |
| Operating Profit | 204 | 337 | 369 | 480 | 508 | 340 | 238 | 382 | 560 | 759 | 770 | 986 | 982 |
| OPM % | 11% | 16% | 16% | 19% | 18% | 12% | 10% | 12% | 15% | 18% | 17% | 19% | 18% |
| Other Income | 14 | 18 | 49 | 44 | 33 | 42 | 27 | 35 | 64 | 78 | 70 | 14 | 84 |
| Interest | 4 | 2 | 2 | 2 | 1 | 4 | 2 | 4 | 7 | 3 | 11 | 44 | 45 |
| Depreciation | 50 | 49 | 47 | 42 | 42 | 57 | 60 | 53 | 56 | 53 | 55 | 63 | 64 |
| PBT | 165 | 303 | 369 | 480 | 497 | 320 | 202 | 360 | 561 | 781 | 773 | 894 | 957 |
| 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 | 578 |
| EPS in Rs | 96.17 | 173 | 214 | 276 | 287 | 194 | 133 | 236 | 369 | 518 | 423 | 464 | 513 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 257% | 132% | 127% | 109% | — |
Balance Sheet
| Particulars | 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 | 485 |
| CWIP | 1 | 1 | 2 | 6 | 10 | 7 | 24 | 23 | 25 | 12 | 10 | 14 |
| 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view 3M India insights
62 extracted metrics + investor summaries across FY02–FY27.
Documents
1
Clarification sought from 3M India Ltd
28 Aug - Exchange has sought clarification from 3M India Ltd on August 28, 2026, with reference to Movement in Volume. 28 Aug - Exchange has sought clarification from 3M India Ltd on August 28, 2026, with reference to Movement in Volume.
2
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.
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 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.
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
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 trades as 3MINDIA on the NSE and under code 523395 on the BSE.
Which sector does 3M India Ltd belong to?
3M India Ltd is classified under the Diversified sector, in the Diversified Group industry.
What is the market capitalisation of 3M India Ltd?
3M India Ltd has a market capitalisation of ₹35,479 Cr, which places it in the Large Cap band.
What is the PE ratio of 3M India Ltd?
3M India Ltd trades at a PE ratio of 60.05, on earnings per share of ₹542.46, against a book value of ₹1,568.9 per share.
What is the 52-week high and low of 3M India Ltd?
Over the last 52 weeks 3M India Ltd has traded between ₹28,730 and ₹38,030.
Does 3M India Ltd pay dividends?
3M India Ltd has a dividend yield of 1.57%.
What is the Return on Equity (ROE) of 3M India Ltd?
3M India Ltd reported a return on equity of 27.17%. Its debt-to-equity ratio is 0.10.
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
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