Diversified · Founded 1987 · www.3m.com/in · BSE 523395 · NSE 3M INDIA LTD · ISIN INE470A01017
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Business
3M India Ltd. is a subsidiary of the global diversified technology company 3M Company (USA). It manufactures, markets, and sells a wide range of innovative products and solutions across various industries in India. Its core business model involves leveraging 3M's global research and development capabilities to offer specialized products for industrial, healthcare, safety, consumer, and electronics markets. The company makes money by selling these diverse products and solutions to a broad base of customers, including businesses, government entities, and individual consumers.
Revenue Mix
While specific revenue contributions can fluctuate, 3M India typically operates across segments aligned with its global parent's structure. These broadly include:
Safety & Industrial: Products for industrial adhesives and tapes, abrasives, sealants, personal safety, automotive aftermarket, and electrical products.
Transportation & Electronics: Solutions for automotive, aerospace, commercial graphics, and display materials.
Healthcare: Products for medical, dental, and health information systems.
Consumer: Consumer retail products like Scotch-Brite, Scotch Tapes, Post-it Notes, and consumer health care products.
Exact percentage contributions are not consistently reported publicly for 3M India alone.
Industry
3M India operates in a highly diversified industry landscape, competing across numerous niche markets within manufacturing, healthcare, consumer goods, and electronics. The industry structure varies significantly by segment, ranging from fragmented (e.g., some consumer products) to concentrated (e.g., specialized industrial materials). 3M India positions itself as a provider of innovative, high-quality, and reliable solutions, leveraging its parent company's global technological expertise and strong brand reputation. It competes with both multinational corporations and local players depending on the specific product category.
MOAT
Brand Recognition: The "3M" brand is globally recognized and associated with quality, innovation, and reliability, providing a significant trust factor.
R&D and Innovation: Extensive global research and development capabilities from its parent company allow 3M India to continuously introduce new, specialized, and often patented products and solutions.
Diversification: Its wide product portfolio across multiple industries provides resilience and reduces dependence on any single market or product category.
Global Scale and Expertise: Benefits from the global purchasing power, manufacturing best practices, and technological know-how of its parent company.
Established Distribution Network: A widespread and entrenched distribution network across India serves its diverse customer base.
Growth Drivers
India's Economic Growth: Sustained growth in India's industrial output, infrastructure development, and rising consumer spending will drive demand across its segments.
Innovation and Product Development: Introduction of new and customized products tailored for the Indian market, leveraging global R&D, will unlock new revenue streams.
Increased Penetration: Expanding reach into Tier 2/3 cities and underserved markets for both industrial and consumer products.
Focus on High-Growth Segments: Growing demand in sectors like healthcare (medical devices, dental care) and industrial safety offers significant opportunities.
"Make in India" Initiative: Potential benefits from government policies promoting local manufacturing and consumption.
Risks
Economic Slowdown: A downturn in India's economic growth could negatively impact demand across its diversified portfolio.
Intense Competition: Faces significant competition from global and local players in most of its product categories, leading to potential pricing pressures and margin erosion.
Raw Material Price Volatility: Fluctuations in the prices of key raw materials can impact production costs and profitability.
Currency Fluctuations: As a subsidiary with global linkages, adverse movements in foreign exchange rates can affect import costs and profitability.
Regulatory Changes: Changes in import duties, tariffs, industrial safety norms, or healthcare regulations could impact operations and costs.
Supply Chain Disruptions: Global or local supply chain issues could affect product availability and timely delivery.
Management & Ownership
3M India Ltd. is primarily promoted by its parent company, 3M Company (USA), which holds a significant majority stake (typically around 75%). The management team generally comprises seasoned professionals, often benefiting from the global best practices and operational expertise of the 3M Corporation. The board of directors usually includes representatives from the parent company and independent directors, ensuring professional governance standards.
Outlook
3M India is well-positioned to capitalize on India's long-term growth trajectory due to its diversified portfolio, strong global brand backing, and continuous innovation. The company's presence across critical sectors like healthcare, industrial safety, and consumer goods provides multiple avenues for growth as the Indian economy expands. However, its performance is intricately linked to broader economic conditions and it operates in a highly competitive environment. Sustaining profitability will depend on its ability to manage input costs, adapt to local market pricing sensitivities, and continuously innovate to stay ahead of competition across its diverse product lines.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2017 | Jun 2017 | Sep 2017 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 648 | 689 | 567 | 1111 | 1090 | 1198 | 1196 | 1266 | 1228 | 1399 |
| Other Income | 16 | 14 | 9 | 18 | 17 | 14 | 15 | 12 | 9 | 12 |
| Total Income | 664 | 702 | 577 | 1129 | 1107 | 1212 | 1211 | 1279 | 1238 | 1411 |
| Total Expenditure | 513 | 590 | 475 | 927 | 936 | 971 | 954 | 1011 | 997 | 1142 |
| Operating Profit | 151 | 113 | 102 | 201 | 171 | 240 | 257 | 268 | 240 | 269 |
| Interest | 1 | 0 | 0 | 4 | 3 | 1 | 2 | 2 | 35 | 4 |
| Depreciation | 11 | 11 | 10 | 14 | 14 | 14 | 15 | 15 | 16 | 17 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75 | 40 |
| Profit Before Tax | 138 | 101 | 92 | 183 | 154 | 225 | 239 | 251 | 115 | 289 |
| Provision for Tax | 48 | 35 | 32 | 49 | 40 | 154 | 62 | 59 | 177 | 74 |
| Profit After Tax | 90 | 66 | 60 | 134 | 114 | 71 | 178 | 191 | -62 | 215 |
| Adjustments | -90 | -66 | -60 | 0 | 0 | 0 | -0 | 0 | -0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 134 | 114 | 71 | 178 | 191 | -62 | 215 |
| Adjusted Earnings Per Share | 80.2 | 58.7 | 53 | 118.8 | 101 | 63.3 | 157.7 | 169.9 | -55.1 | 191.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1840 | 2140 | 2363 | 2556 | 2809 | 2765 | 2420 | 3078 | 3733 | 4189 | 4446 | 5089 |
| Other Income | 14 | 18 | 49 | 44 | 33 | 42 | 27 | 35 | 64 | 86 | 70 | 48 |
| Total Income | 1855 | 2157 | 2412 | 2600 | 2842 | 2806 | 2447 | 3113 | 3798 | 4275 | 4516 | 5139 |
| Total Expenditure | 1637 | 1803 | 1994 | 2076 | 2301 | 2425 | 2183 | 2696 | 3174 | 3438 | 3676 | 4104 |
| Operating Profit | 218 | 354 | 418 | 523 | 540 | 381 | 265 | 417 | 624 | 837 | 840 | 1034 |
| Interest | 4 | 2 | 2 | 2 | 1 | 4 | 2 | 4 | 7 | 3 | 11 | 43 |
| Depreciation | 50 | 49 | 47 | 42 | 42 | 57 | 60 | 53 | 56 | 53 | 55 | 63 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35 |
| Profit Before Tax | 165 | 303 | 369 | 480 | 497 | 320 | 202 | 360 | 561 | 781 | 773 | 894 |
| Provision for Tax | 56 | 108 | 128 | 169 | 174 | 101 | 53 | 94 | 145 | 198 | 297 | 372 |
| Profit After Tax | 108 | 195 | 241 | 311 | 323 | 219 | 149 | 266 | 416 | 583 | 476 | 522 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 108 | 195 | 241 | 311 | 323 | 219 | 149 | 266 | 416 | 583 | 476 | 522 |
| Adjusted Earnings Per Share | 96.2 | 172.9 | 213.7 | 275.7 | 286.7 | 194.4 | 132.5 | 236.3 | 369.4 | 517.9 | 422.6 | 463.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | 13% | 10% | 9% |
| Operating Profit CAGR | 0% | 26% | 17% | 14% |
| PAT CAGR | -18% | 21% | 17% | 16% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 8% | 6% | 4% | 10% |
| ROE Average | 24% | 24% | 18% | 18% |
| ROCE Average | 39% | 34% | 26% | 27% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 808 | 988 | 1226 | 1537 | 1860 | 2075 | 2222 | 2489 | 1948 | 2147 | 1846 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 8 | 6 | 5 | 5 | 7 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 328 | 6 | 14 | 10 | 3 | 30 | 23 | 30 | 30 | 14 | 106 |
| Total Current Liabilities | 336 | 421 | 679 | 572 | 600 | 532 | 646 | 712 | 914 | 1059 | 1043 |
| Total Liabilities | 1479 | 1420 | 1924 | 2124 | 2470 | 2637 | 2891 | 3230 | 2892 | 3220 | 2995 |
| Fixed Assets | 388 | 349 | 315 | 285 | 269 | 287 | 248 | 291 | 322 | 332 | 417 |
| Other Non-Current Assets | 355 | 49 | 81 | 97 | 711 | 662 | 702 | 716 | 709 | 219 | 137 |
| Total Current Assets | 737 | 1022 | 1527 | 1742 | 1490 | 1688 | 1941 | 2224 | 1861 | 2668 | 2433 |
| Total Assets | 1479 | 1420 | 1924 | 2124 | 2470 | 2637 | 2891 | 3230 | 2892 | 3220 | 2995 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 60 | 114 | 371 | 744 | 789 | 470 | 666 | 937 | 1207 | 798 | 1044 |
| Cash Flow from Operating Activities | 177 | 261 | 365 | 29 | 267 | 218 | 312 | 334 | 425 | 643 | 355 |
| Cash Flow from Investing Activities | -4 | 1 | 12 | 18 | -590 | 1 | -16 | -43 | -20 | -269 | 322 |
| Cash Flow from Financing Activities | -119 | -5 | -4 | -2 | 4 | -24 | -25 | -21 | -980 | -128 | -789 |
| Net Cash Inflow / Outflow | 54 | 257 | 373 | 45 | -319 | 195 | 271 | 269 | -575 | 246 | -112 |
| Closing Cash & Cash Equivalent | 114 | 371 | 744 | 789 | 470 | 666 | 937 | 1207 | 632 | 1044 | 933 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 96.17 | 172.89 | 213.72 | 275.66 | 286.72 | 194.38 | 132.53 | 236.28 | 369.41 | 517.9 | 422.6 |
| CEPS(Rs) | 140.21 | 216.32 | 255.22 | 312.77 | 323.89 | 245.31 | 185.51 | 283.58 | 419.23 | 564.89 | 471.68 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 950 | 685 | 535 |
| Book NAV/Share(Rs) | 717.01 | 877.12 | 1088.67 | 1364.1 | 1650.7 | 1841.76 | 1972.03 | 2209.28 | 1729.09 | 1905.8 | 1639.13 |
| Core EBITDA Margin(%) | 10.57 | 15.13 | 15 | 18.59 | 18.07 | 12.29 | 9.82 | 12.41 | 14.99 | 17.95 | 17.31 |
| EBIT Margin(%) | 8.74 | 13.73 | 15.11 | 18.66 | 17.75 | 11.72 | 8.46 | 11.8 | 15.21 | 18.72 | 17.65 |
| Pre Tax Margin(%) | 8.54 | 13.63 | 15.02 | 18.59 | 17.71 | 11.59 | 8.36 | 11.68 | 15.02 | 18.65 | 17.4 |
| PAT Margin (%) | 5.62 | 8.76 | 9.8 | 12.03 | 11.5 | 7.92 | 6.17 | 8.65 | 11.15 | 13.93 | 10.71 |
| Cash Profit Margin (%) | 8.19 | 10.96 | 11.7 | 13.65 | 12.99 | 10 | 8.63 | 10.38 | 12.65 | 15.19 | 11.95 |
| ROA(%) | 7.55 | 13.43 | 14.4 | 15.34 | 14.06 | 8.58 | 5.4 | 8.7 | 13.59 | 19.09 | 15.32 |
| ROE(%) | 14.38 | 21.69 | 21.74 | 22.48 | 19.02 | 11.13 | 6.95 | 11.3 | 18.76 | 28.5 | 23.84 |
| ROCE(%) | 20.53 | 33.53 | 33.24 | 34.62 | 29.16 | 16.41 | 9.54 | 15.43 | 25.6 | 38.31 | 39.29 |
| Receivable days | 48.68 | 46.47 | 53.84 | 66.31 | 69.9 | 69.49 | 72.92 | 56.27 | 52.97 | 56.55 | 61.31 |
| Inventory Days | 52.42 | 48.25 | 46.34 | 48.03 | 47.2 | 52.16 | 63.44 | 52.39 | 49.91 | 47.89 | 48.44 |
| Payable days | 48.84 | 58.06 | 86.62 | 98.78 | 79.07 | 69.49 | 92.62 | 92.47 | 94.66 | 111.78 | 108.83 |
| PER(x) | 82.86 | 62.37 | 54.2 | 70.32 | 83.94 | 97.31 | 228.16 | 83.23 | 62.29 | 60.35 | 68.27 |
| Price/Book(x) | 11.11 | 12.29 | 10.64 | 14.21 | 14.58 | 10.27 | 15.33 | 8.9 | 13.31 | 16.4 | 17.6 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.13 | 2.19 | 1.85 |
| EV/Net Sales(x) | 4.82 | 5.51 | 5.21 | 8.24 | 9.49 | 7.47 | 13.69 | 6.8 | 6.77 | 8.08 | 7.1 |
| EV/Core EBITDA(x) | 40.69 | 33.27 | 29.44 | 40.23 | 49.32 | 54.12 | 125.22 | 50.28 | 40.52 | 40.42 | 37.58 |
| Net Sales Growth(%) | 5.62 | 16.26 | 10.44 | 8.17 | 9.88 | -1.56 | -12.46 | 27.18 | 21.28 | 12.21 | 6.12 |
| EBIT Growth(%) | 101.13 | 81.13 | 21.66 | 29.65 | 3.51 | -35.01 | -36.77 | 77.34 | 56.3 | 38.13 | 0.02 |
| PAT Growth(%) | 152.01 | 79.77 | 23.62 | 28.98 | 4.01 | -32.2 | -31.82 | 78.28 | 56.34 | 40.2 | -18.4 |
| EPS Growth(%) | 152.01 | 79.77 | 23.62 | 28.98 | 4.01 | -32.2 | -31.82 | 78.28 | 56.34 | 40.2 | -18.4 |
| Debt/Equity(x) | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.19 | 2.43 | 2.25 | 3.04 | 2.48 | 3.17 | 3 | 3.12 | 2.04 | 2.52 | 2.33 |
| Quick Ratio(x) | 1.31 | 1.73 | 1.76 | 2.44 | 1.85 | 2.4 | 2.34 | 2.49 | 1.42 | 2.02 | 1.71 |
| Interest Cover(x) | 41.98 | 135.8 | 163.52 | 248.17 | 456.63 | 89.73 | 84.23 | 99.94 | 79.99 | 243.88 | 70.21 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 3.56 | 3.64 | 3.77 | 4.07 | 4.01 | 3.78 | 3.84 | 3.43 | 3.5 | 3.52 |
| DII | 8.51 | 8.43 | 8.27 | 8.13 | 8.13 | 8.06 | 8.09 | 8.11 | 8.38 | 8.32 |
| Public | 12.93 | 12.92 | 12.95 | 12.81 | 12.86 | 13.16 | 13.07 | 13.46 | 13.12 | 13.16 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
| FII | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| DII | 0.1 | 0.1 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Public | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | +13% | +10% | +9% |
| Operating Profit CAGR | 0% | +26% | +17% | +14% |
| PAT CAGR | -18% | +21% | +17% | +16% |
| Share Price CAGR | +8% | +6% | +4% | +10% |
| ROE Average | +24% | +24% | +18% | +18% |
| ROCE Average | +39% | +34% | +26% | +27% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 3.56 | 3.64 | 3.77 | 4.07 | 4.01 | 3.78 | 3.84 | 3.43 | 3.5 | 3.52 |
| DII | 8.51 | 8.43 | 8.27 | 8.13 | 8.13 | 8.06 | 8.09 | 8.11 | 8.38 | 8.32 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 |
| FII | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| DII | 0.1 | 0.1 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
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