3M India Ltd
3MINDIA3M India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: the price moved +16.6% in a year while annual EPS moved −18.4% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is building a base (5 weeks in) while the P/E sits at the 41st percentile of its own 8-year range. Underneath, the last four quarters read improving — profit +42.5% year on year, and 97% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
3M India Ltd trades at ₹34,870, building a base and 5 weeks into that stage. That is +5.8% against its own 200-day average. It sits at 69% of a 52-week range of ₹29,135 to ₹37,505. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is building a base — week 5 of stage 1. At ₹34,870 it trades +5.8% versus its 200-day average and sits at 69% of its 52-week range (₹29,135–₹37,505).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +223% while the NIFTY 500 moved +272% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 41st percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
3M India Ltd trades at 65.4× P/E, mid-range by its own standards (41st percentile). Its long-run median P/E is 67.5×, measured across 7.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 65.4× is mid-range by its own standards (41st percentile), against a long-run median of 67.5× measured over 7.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −18.4% against a +16.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +7.1%/yr price move, ~+30.4%/yr came from earnings growth and ~−23.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
3M India Ltd reads as mixed on its fundamental arc. Mixed — profit and EPS growth are shrinking while ROCE is still lifting at 49.5% — falling growth against firm returns, so no single stage word fits yet. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +6.1% | +10.0% | +8.3% | +9.2% |
| Profit | −18.4% | +20.5% | +8.1% | +16.0% |
| EPS | −18.4% | +20.5% | +8.1% | +16.0% |
| Share price | +16.6% | +6.8% | +7.1% | +9.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
60.2/100 — rank 4 of 20 in Diversified · 90% evidence confidence
3M India Ltd scores 60.2 out of 100 against the 20 companies it is compared with in Diversified, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 17.8 + 19.9 + 11.6 + 10.9 = 60.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
3M India Ltd reported ₹1,266 Cr of revenue in the Sep 25 quarter, +14.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.2% a year. The last full year, FY25, came in at ₹4,446 Cr. The last four reported quarters add to ₹4,750 Cr.
3M India Ltd reported ₹1,266 Cr of revenue in the Sep 25 quarter, +14.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.2% a year. The last full year, FY25, came in at ₹4,446 Cr. The last four reported quarters add to ₹4,750 Cr.
FY25 revenue came in at ₹4,446 Cr (+6.1% on the year), capping 10 years at 9.2% compound. The latest quarter (Sep 25) printed ₹1,266 Cr, +14.0% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +11.5% growth against the decade's 9.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +11.5% over the last 4 quarters against +7.3%/yr over the last 8 — accelerating; TTM profit −7.5% vs +1.7%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 20.0% this quarter (+4.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
3M India Ltd's operating margin is 20.0% in the Sep 25 quarter, +4.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0% to 18.0%. The current quarter is running above every full year in that window.
3M India Ltd's operating margin is 20.0% in the Sep 25 quarter, +4.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0% to 18.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 20.0%, +4.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0%–18.0%.
Why the margin moved: operating margin went +3.1 pp year on year while gross margin went +3.2 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +42.5% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
3M India Ltd earned ₹191 Cr of net profit in the Sep 25 quarter, +42.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹476 Cr. The 10-year compound rate is 16.0%. That is 15.1% of the quarter's revenue. The same quarter a year earlier earned ₹134 Cr.
3M India Ltd earned ₹191 Cr of net profit in the Sep 25 quarter, +42.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹476 Cr. The 10-year compound rate is 16.0%. That is 15.1% of the quarter's revenue. The same quarter a year earlier earned ₹134 Cr.
Sep 25 profit was ₹191 Cr, +42.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY25 printed ₹476 Cr (−18.4%), and the 10-year compound rate is 16.0%.
Why profit moved: revenue contributed +14.0% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit −4.7% vs revenue +11.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 97% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 97% of 3M India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹355 Cr of operating cash against ₹476 Cr of profit. After ₹138 Cr of capital spending, ₹217 Cr was left as free cash.
FY25: operating cash of ₹355 Cr against reported profit of ₹476 Cr, leaving free cash of ₹217 Cr after ₹138 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 97% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 97%: the cash cycle tightened 42 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.6× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹263 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
3M India Ltd's cash conversion cycle runs 50 days in FY25, down from 92 days in FY20. Capital spending ran ₹263 Cr over the last 3 years. At FY25 sales of ₹4,446 Cr each day of that cycle holds about ₹12.2 Cr, so roughly ₹609 Cr sits inside the business at any moment.
FY25: debtors at 65 days, inventory at 89 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 50 days, tighter than FY20's 92.
The full loop: cash goes out to suppliers and production on day 0; stock waits 89 days to sell; customers pay about 65 days after that; and suppliers themselves are paid at 104 days — netting out to the 50-day cycle.
In money terms: at FY25 sales of ₹4,446 Cr, each day of the cycle holds about ₹12.2 Cr — so the 50-day loop keeps roughly ₹609 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹263 Cr over the last 3 fiscal years against ₹166 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹10.0 Cr (FY25) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 38% and the ROIC − WACC spread is +36.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
3M India Ltd earns a ROCE of 38% in FY25. That is up from a trough of 10% in FY14. Return on invested capital clears the cost of that capital by +36.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.7% net margin on 1.47× asset turns.
FY25 ROCE is 38%, recovered from a FY14 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY25): 10.7% net margin × 1.47× asset turns × 1.63× balance-sheet leverage ≈ 25.6% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 48.7% − 12.0% = a +36.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.05.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
3M India Ltd carries total debt of ₹170 Cr against shareholder equity of ₹1,768 Cr as of Mar 26, a debt-to-equity of 0.10 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.10 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹170 Cr against shareholder equity of ₹1,768 Cr — a debt-to-equity of 0.10. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.10 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of 3M India Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.1 points over the same window, to 8.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.3 points over 8 quarters to 3.5%; Domestic institutions: −0.1 points over 8 quarters to 8.2%; Promoters: +0.0 points over 8 quarters to 75.0%.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
3M India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| 3M India Ltd this page | 65.4× | ₹40,008 Cr | Mixed | |||
| Grasim Industries Ltd | 42.0× | ₹2.1L Cr | Mixed | |||
| Tube Investments of India Ltd | 81.0× | ₹53,560 Cr | Turning around | |||
| Piramal Enterprises Ltd(Merged) | 49.0× | ₹25,483 Cr | No read | |||
| Nava Ltd | 20.6× | ₹15,715 Cr | Mixed | |||
| Swan Corp Ltd | 35.7× | ₹9,792 Cr | No read | |||
| Swan Corp Ltd | 35.5× | ₹9,727 Cr | No read | |||
| Indiabulls Limited | 14.7× | ₹7,112 Cr | No read | |||
| Balmer Lawrie & Company Ltd | 10.8× | ₹2,986 Cr | Turning around | |||
| Bluspring Enterprises Ltd | — | ₹1,620 Cr | — | No read | ||
| Texmaco Infrastructure & Holdings Ltd | 131.0× | ₹1,433 Cr | Mixed | |||
| Andrew Yule & Company Ltd | — | ₹1,246 Cr | No read | |||
| Arunis Abode Ltd | 62.5× | ₹1,077 Cr | No read | |||
| BCL Industries Ltd | 9.2× | ₹1,055 Cr | Mixed | |||
| Kalind Ltd | 37.9× | ₹1,032 Cr | No read | |||
| Integrated Industries Ltd | 11.6× | ₹1,003 Cr | No read | |||
| Bharat Global Developers Ltd | 291.0× | ₹933 Cr | No read | |||
| Sobhagya Mercantile Ltd | 41.8× | ₹920 Cr | Mixed | |||
| Sobhagya Mercantile Ltd | 25.7× | ₹615 Cr | Mixed | |||
| Nurture Well Industries Ltd | 8.4× | ₹564 Cr | Mixed | |||
| Rossell India Ltd | 11.8× | ₹168 Cr | No read | |||
| Kesar Enterprises Ltd | — | ₹47 Cr | No read |
Frequently asked questions
What is 3M India Ltd's share price today?
3M India Ltd trades at ₹34,870, +16.6% over the past year. The company is valued at ₹40,008 Cr. The stock sits at 69% of its 52-week range of ₹29,135–₹37,505, +5.8% versus its 200-day average. On the tape, the price is building a base, 5 weeks in. — as of 24 July 2026.
What were 3M India Ltd's latest quarterly results?
3M India Ltd reported revenue of ₹1,266 Cr and net profit of ₹191 Cr for the Sep 25 quarter. Revenue rose 14.0% and profit rose 42.5% year on year. Earnings per share were ₹169.85. The operating margin was 20.0%, 4.0 pp higher than a year earlier. — as of 24 July 2026.
What is 3M India Ltd's revenue?
3M India Ltd reported revenue of ₹1,266 Cr in the Sep 25 quarter, +14.0% year on year. For the full FY25 fiscal year, revenue was ₹4,446 Cr (+6.1%). Over the last 10 years revenue compounded at 9.2% a year. — as of 24 July 2026.
What is 3M India Ltd's profit?
3M India Ltd earned ₹191 Cr of net profit in the Sep 25 quarter, +42.5% year on year — the 2nd straight quarter of growth. Full-year FY25 profit was ₹476 Cr. The operating margin ran 20.0% in the latest quarter. — as of 24 July 2026.
What is 3M India Ltd's market cap?
3M India Ltd's market capitalisation is ₹40,008 Cr at a share price of ₹34,870. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is 3M India Ltd's P/E ratio?
3M India Ltd trades at a P/E of 65.4×, at the 41st percentile of its own 8-year range, against a long-run median of 67.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does 3M India Ltd pay a dividend?
Yes — 3M India Ltd's dividend payout was 127% of profit in FY25, and it recorded a payout in 3 of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is 3M India Ltd overvalued?
On its own history, 3M India Ltd looks mid-range against its own history: its P/E of 65.4× sits at the 41st percentile of its 8-year range (long-run median 67.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is 3M India Ltd growing?
Yes — 3M India Ltd is growing: latest-quarter revenue +14.0% year on year, profit +42.5%, and the margin +4.0 pp at 20.0%. The 10-year compound rates are 9.2% (revenue) and 16.0% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is 3M India Ltd performing?
3M India Ltd is building a base, 5 weeks in. Its latest quarter's revenue rose 14.0% and profit rose 42.5% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is 3M India Ltd in?
Mixed — profit and EPS growth are shrinking while ROCE is still lifting at 49.5% — falling growth against firm returns, so no single stage word fits yet. The read comes from the last 12 quarters of growth (revenue growth +11.5% latest, profit growth −7.5% latest, eps growth −7.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is 3M India Ltd in an uptrend?
No — the price is building a base (week 5 of stage 1), trading +5.8% versus its 200-day average and at 69% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is 3M India Ltd beating the market?
On recent form, yes — 3M India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +223% against the NIFTY 500's +272% — behind the index over the full window. — as of 24 July 2026.
Will 3M India Ltd's share price go up?
This page publishes no price forecast for 3M India Ltd. What it measures instead: the share price is ₹34,870, the price is building a base 5 weeks in. Its P/E of 65.4× sits at the 41st percentile of its own 8-year range. — as of 24 July 2026.
Who owns 3M India Ltd?
Promoters hold 75.0% of 3M India Ltd, foreign institutions 3.5%, domestic institutions 8.2% and the public 13.3% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does 3M India Ltd have too much debt?
No — 3M India Ltd's debt-to-equity is 0.05, and operating profit covers the interest bill 70×. FY25 borrowings were ₹100 Cr against equity of ₹1,846 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is 3M India Ltd's capex?
3M India Ltd spent ₹263 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹138 Cr, with ₹10.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is 3M India Ltd's cash flow?
3M India Ltd generated ₹355 Cr of operating cash flow in FY25 and ₹217 Cr of free cash flow after ₹138 Cr of capital spending. Reported profit that year was ₹476 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is 3M India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 97% of 3M India Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹355 Cr against reported profit of ₹476 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is 3M India Ltd in its business cycle?
3M India Ltd's FY25 operating margin was 17.0%, against a 12-year band of 6.0%–18.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the 3M India Ltd story?
The sharpest disagreement: the price moved +16.6% in a year while annual EPS moved −18.4% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is 3M India Ltd a stock worth studying right now?
This is not investment advice. The machine read: 3M India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.