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3M India Ltd.
NSE: 3MINDIAIndustrialsConglomerates
- Last close
- ₹28,815.00
- Day change
- −₹955.00 (−3.21%)vs
- Market cap
- ₹34,511 crIndian rupees
- Research updated
- 1 report
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About 3M India
3M India Ltd. is a diversified industrial company that operates as a subsidiary of 3M Company, providing innovative solutions across various sectors in India. Its primary function is to manufacture and supply a wide range of products that cater to the safety, industrial, consumer, health care, and transportation segments. Known for its strong emphasis on research and development, 3M India creates products such as adhesives, abrasives, personal protective equipment, and filtration systems. In the healthcare sector, it offers medical supplies like surgical tapes and sterilization products, while in the consumer industry, it is well-known for brands such as Scotch-Brite and Post-it. 3M India plays a significant role in enhancing productivity and safety standards across multiple industries by leveraging cutting-edge technology and sustainable practices in its manufacturing processes. Its contribution to India's industrial growth and everyday consumer life underlines the company's market significance as a leader in innovation and quality.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: 3MINDIA
- Next results
- Employees
- 1,273
- Headquarters
- Bengaluru, India
- ISIN
- INE470A01017
- Website
- 3mindia.in
Public research · Report of
Business model & financial foundation
3M India (NSE: 3MINDIA), Science-led industrial, transportation, health-care and consumer products: revenue of ₹5,090 crore in FY26 (+14.5% on FY25), an EBITDA margin of 19.4%, net profit of ₹522.3 crore and net cash of ₹642.4 crore.
- Revenue, FY26 (₹ crore)
- 5,090
- standalone
- Revenue growth, FY26
- +14.5%
- on FY25
- EBITDA margin, FY26
- 19.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 522.3
- to owners
- Return on equity, FY26
- 28.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -642.4
- Net debt including leases less unrestricted liquidity
- Market capitalisation (₹ crore)
- 35,975
- at the close of 16 Oct 2026
Company profile
3M India manufactures, sources and distributes industrial consumables, tapes, abrasives, automotive/electronics solutions, hospital products and consumer brands through distributors and direct customers. The parent supplies intellectual property, materials and global products; the Indian company provides local application development, manufacturing and commercial execution. Domestic sales dominate, with healthcare retained under licensed manufacturing/distribution arrangements after the parent separation.
| Item | Value |
|---|---|
| Legal name | 3M India Limited |
| Exchange and ticker | NSE: 3MINDIA; BSE: 523395 |
| ISIN | INE470A01017 |
| CIN | L31300KA1987PLC013543 |
| Sector | Diversified industrials |
| Industry | Science-led industrial, transportation, health-care and consumer products |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹35,975 crore (16 Oct 2026) |
| Shares outstanding | 1.13 crore shares (FY26) |
| Price | ₹30,635 (close, 16 Oct 2026) |
| 52-week range | ₹28,730 - ₹38,030 (to 16 Oct 2026) |
| Website | https://www.3mindia.in/3M/en_IN/company-in/about-3m/financial-facts-local/ |
Corporate structure and shareholding
Parent: 3M Company, USA.
No subsidiary is recorded.
75% parent-owned; former wholly owned 3M Electro & Communication India merged effective 4 Sep 2024, appointed date 1 Apr 2023, without new shares. Healthcare remains in listed India through licensing/distribution arrangements after global Solventum separation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.50% | 3.52% | 3.50% | 3.69% |
| Domestic institutions | 8.39% | 8.33% | 8.16% | 7.99% |
| of which mutual funds | 7.40% | 7.38% | 7.26% | 7.27% |
| Retail | 8.45% | |||
| Other | 4.87% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
3M India (NSE3MINDIA/BSE523395) is a listed domestic application/manufacturing/distribution franchise,75% owned by3MCompany. Industrialsafety/abrasives, transportation/electronics, healthcare andconsumerproducts serve different demandpools; parent suppliesIP,globalproductsandsourcing, India addsapplicationR&D,localmanufactureandcommercialexecution. Domesticturnoverdominates;FY26exports50.37cr/~0.99%. Healthcare remains inlistedIndia underSolventumlicensedmanufacturing/reseller/distribution, notremovedwithglobalspinoff. Primarybasis standaloneIndAS,April-MarchFY,INRcrore/sharescrore. E&Ccommoncontrolmerger effective4Sep2024,appointed1Apr2023, poolingcomparatives, noissuance. No subsidiaries/associates/JVs currently;FY24-FY26and9quartersprimaryrestatedscope;oldervendorFY21-FY23 notusedformodelratiohistory. Exactshares1.126507crore.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | segment assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Safety and Industrial | 1,640 | 32.2% | 257.6 | 27.9% | 668.7 | 33.9% |
| Transportation and Electronics | 1,846 | 36.3% | 347.8 | 37.7% | 834.3 | 42.2% |
| Health Care | 1,017 | 20.0% | 209.8 | 22.7% | 324.1 | 16.4% |
| Consumer | 537.2 | 10.6% | 94.1 | 10.2% | 147.7 | 7.5% |
| Others | 50.4 | 1.0% | 13.8 | 1.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Pidilite Industries (PIDILITIND) | Branded industrial/consumer adhesion products and distribution; stronger domestic consumer mix. |
| Grindwell Norton (GRINDWELL) | Abrasives and engineered materials comparator for Safety & Industrial. |
| Honeywell Automation India (HONAUT) | Parent-owned imported-technology industrial solutions; different project mix. |
| ABB India (ABB) | Industrial technology and electrification exposure; capital-goods mix limits comparability. |
| Schaeffler India (SCHAEFFLER) | Technology-intensive auto/industrial products and multinational control. |
| SKF India (SKFINDIA) | Industrial and automotive bearings; corporate-action comparability requires caution. |
| Bosch (BOSCHLTD) | Multinational technology/automotive franchise, cash-rich capital structure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,334 | 3,957 | 4,189 | 4,446 | 5,090 |
| Cost of revenue (vendor classification) * | 2,148 | 2,529 | 2,596 | 2,746 | 3,046 |
| Other operating costs (vendor classification) * | 393.8 | 401.3 | 416.8 | 472.9 | 541.0 |
| EBITDA (vendor classification) * | 420.8 | 664.7 | 843.6 | 841.5 | 1,033 |
| Operating EBIT excluding other income and exceptional | 371.0 | 614.5 | 706.1 | 714.3 | 923.1 |
| Finance costs | 3.50 | 7.03 | 3.22 | 11.2 | 43.5 |
| Profit before tax | 367.5 | 607.4 | 781.2 | 773.4 | 894.0 |
| Current and deferred tax expense | 95.6 | 156.4 | 197.8 | 297.3 | 371.7 |
| Profit after tax | 272.0 | 451.0 | 583.4 | 476.1 | 522.3 |
| Diluted EPS (₹) | 241.4 | 400.4 | 517.9 | 422.6 | 463.7 |
| Cost of materials consumed | 1,599 | 1,708 | 1,791 | ||
| Purchases of stock in trade | 859.3 | 1,013 | 1,224 | ||
| Changes in inventories | 48.5 | -71.4 | -81.8 | ||
| Materials plus traded goods plus inventory change | 2,507 | 2,649 | 2,933 | ||
| Employee benefits expense | 391.9 | 437.8 | 481.7 | ||
| Other expenses | 531.2 | 588.8 | 689.0 | ||
| Operating EBITDA excluding other income | 759.1 | 769.6 | 985.8 | ||
| Company-definition EBITDA including other income | 837.4 | 839.9 | 1,035 | ||
| Other income | 78.3 | 70.3 | 48.7 | ||
| Depreciation and amortisation | 52.9 | 55.3 | 62.6 | ||
| Exceptional gain / (charge) | 0.00 | 0.00 | -34.3 | ||
| Profit attributable to owners | 583.4 | 476.1 | 522.3 | ||
| Non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,184 | 1,677 | 2,147 | 1,847 | 1,768 |
| Borrowings excluding lease liabilities | 24.6 | 26.8 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 1,328 | 798.2 | 1,044 | 932.8 | 812.1 |
| Trade receivables | 527.8 | 635.0 | 703.1 | 790.3 | 838.6 |
| Inventories | 489.6 | 610.7 | 531.8 | 648.2 | 823.0 |
| Trade payables | 538.4 | 764.4 | 823.9 | 756.0 | 820.4 |
| Net PPE excluding ROU | 10.1 | 12.7 | n.r. | 318.0 | 320.2 |
| Capital work in progress excluding intangible development | 23.0 | 24.6 | n.r. | 9.82 | 13.8 |
| Total assets | 3,006 | 2,714 | 3,248 | 3,015 | 3,137 |
| Current and non-current lease liabilities | 18.2 | 99.5 | 169.8 | ||
| Unrestricted bank deposits original maturity over3m | 311.1 | 0.00 | 0.00 | ||
| Net debt including leases less unrestricted liquidity | -1,337 | -833.3 | -642.4 | ||
| Right of use assets | 98.8 | 163.0 | |||
| Other intangible assets | 0.30 | 1.40 | |||
| Total non-current assets | 573.9 | 594.9 | |||
| Remaining non-current assets aggregate | 146.9 | 96.5 | |||
| Unclaimed dividend bank balances excluded from net debt | 4.60 | 5.64 | |||
| Other current assets | 51.6 | 53.0 | |||
| Assets held for sale | 7.61 | 7.61 | |||
| Total current assets | 2,441 | 2,542 | |||
| Equity share capital | 11.3 | 11.3 | |||
| Other equity | 1,835 | 1,757 | |||
| Non-current lease liabilities | 91.4 | 159.2 | |||
| Non-current provisions | 33.7 | 44.9 | |||
| Total non-current liabilities | 125.1 | 204.1 | |||
| Current lease liabilities | 8.12 | 10.5 | |||
| Trade payables micro and small enterprises | 55.3 | 86.2 | |||
| Trade payables other creditors | 700.7 | 734.2 | |||
| Other current financial liabilities | 88.7 | 91.0 | |||
| Other current liabilities | 57.3 | 55.0 | |||
| Current provisions | 80.8 | 83.0 | |||
| Current tax liabilities net | 52.0 | 105.2 | |||
| Total current liabilities | 1,043 | 1,165 | |||
| Total liabilities | 1,168 | 1,369 | |||
| Remaining current assets aggregate | 5.56 | 2.45 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 313.9 | 352.0 | 643.0 | 355.1 | 513.7 |
| Free cash flow (vendor definition) * | 257.1 | 405.3 | 611.6 | 299.7 | 455.4 |
| Dividends paid cash outflow positive | -955.1 | 112.7 | 771.7 | 602.7 | |
| Capital expenditure cash outflow positive | -68.3 | -59.6 | 31.4 | 55.4 | 58.3 |
| Free cash flow CFO less cash capex | 611.6 | 299.7 | 455.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,111 | 1,090 | 1,198 | 1,196 | 1,266 | 1,228 | 1,399 | 1,423 |
| Cost of revenue (vendor classification) * | 672.6 | 667.1 | 707.2 | 678.8 | 706.7 | 842.6 | 875.0 | |
| Other operating costs (vendor classification) * | 147.1 | 157.9 | 151.7 | 157.3 | 165.6 | 181.5 | 173.5 | |
| EBITDA (vendor classification) * | 201.5 | 170.9 | 240.3 | 256.7 | 240.1 | 269.5 | 249.7 | |
| Operating EBIT excluding other income and exceptional | 169.3 | 140.1 | 213.0 | 226.6 | 240.8 | 214.9 | 240.9 | 221.4 |
| Finance costs | 4.40 | 2.79 | 1.32 | 2.14 | 2.32 | 35.1 | 3.97 | 3.98 |
| Profit before tax | 183.1 | 154.1 | 225.2 | 239.4 | 250.8 | 114.6 | 289.2 | 302.2 |
| Current and deferred tax expense | 49.3 | 40.3 | 153.9 | 61.7 | 59.5 | 176.7 | 73.8 | 69.1 |
| Profit after tax | 133.8 | 113.8 | 71.4 | 177.7 | 191.3 | -62.1 | 215.3 | 233.1 |
| Diluted EPS (₹) | 118.8 | 101.0 | 63.36 | 157.7 | 169.9 | -55.09 | 191.2 | 206.9 |
| Cost of materials consumed | 452.8 | 490.1 | 331.3 | 431.5 | 439.8 | 440.4 | 479.0 | 549.8 |
| Purchases of stock in trade | 258.0 | 154.6 | 391.4 | 258.8 | 266.5 | 300.5 | 398.6 | 390.3 |
| Changes in inventories | -38.2 | 22.4 | -15.5 | -11.4 | -1.10 | -34.3 | -35.0 | -65.1 |
| Materials plus traded goods plus inventory change | 672.6 | 667.1 | 707.3 | 678.8 | 705.2 | 706.7 | 842.6 | 875.0 |
| Employee benefits expense | 107.8 | 110.9 | 112.6 | 118.1 | 120.9 | 125.1 | 117.6 | 136.7 |
| Other expenses | 147.1 | 157.9 | 151.7 | 157.3 | 184.5 | 165.6 | 181.5 | 173.5 |
| Operating EBITDA excluding other income | 183.3 | 154.1 | 226.8 | 241.8 | 255.9 | 230.7 | 257.5 | 238.1 |
| Company-definition EBITDA including other income | 201.5 | 170.9 | 240.3 | 256.7 | 268.2 | 240.2 | 269.5 | 249.7 |
| Other income | 18.2 | 16.8 | 13.5 | 15.0 | 12.3 | 9.45 | 12.0 | 11.6 |
| Depreciation and amortisation | 14.0 | 14.0 | 13.7 | 15.2 | 15.0 | 15.9 | 16.6 | 16.7 |
| Exceptional gain / (charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -74.6 | 40.2 | 73.1 |
| Profit attributable to owners | 133.8 | 113.8 | 71.4 | 177.7 | 191.3 | -62.1 | 215.3 | 233.1 |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 28.1% | 18.7% | 5.9% | 6.1% | 14.5% |
| EBITDA margin | 18.1% | 17.3% | 19.4% | ||
| Net margin | 13.9% | 10.7% | 10.3% | ||
| Return on equity | 30.5% | 23.8% | 28.9% | ||
| Return on capital employed | 17.9% | 31.4% | 36.7% | 35.8% | 51.1% |
| Return on assets | 19.6% | 15.2% | 17.0% | ||
| Net debt (₹ crore) | -1,337 | -833.3 | -642.4 | ||
| Net debt / EBITDA | -1.76x | -1.08x | -0.65x | ||
| Interest cover | 106.0x | 87.4x | 219.3x | 63.9x | 21.2x |
| Asset turnover | 1.18x | 1.38x | 1.41x | 1.42x | 1.65x |
| Receivable days | 58 | 59 | 61 | 65 | 60 |
| Inventory days (on revenue) | 54 | 56 | 46 | 53 | 59 |
| Payable days (on revenue) | 59 | 71 | 72 | 62 | 59 |
| Cash conversion | 1.10x | 0.75x | 0.98x | ||
| Capex intensity | 2.0% | 1.5% | 0.7% | 1.2% | 1.1% |
| Free cash flow (₹ crore) | 245.7 | 292.4 | 611.6 | 299.7 | 455.4 |
| Dividend payout | 19.3% | 162.1% | 115.4% | ||
| EPS, diluted (₹) | 241.4 | 400.4 | 517.9 | 422.6 | 463.7 |
| Book value per share (₹) | 1,938 | 1,489 | 1,906 | 1,639 | 1,570 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less unrestricted liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on 3M India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on 3M India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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