3MINDIA · Diversified
3M India Ltd. reported revenue of ₹1,228 cr for October to December 2025, +12.7% on the year and −3.0% on the quarter. Over the last four quarters revenue comes to ₹4,888 cr, +14.2% on the four before.
Operating profit (EBITDA) was ₹231 cr, a margin of 18.8%, +468 bps on the year and −141 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.1% to 20.2%, averaging 18.5%. Operating costs grew +6.5% against revenue growth of +12.7%, so more of each rupee of sales reached operating profit.
The company swung to a net loss of ₹62.0 cr from a profit of ₹114 cr a year earlier, with earnings per share of −₹55.08. Profit before other income, one-offs and tax grew faster, at +31.4%; other income, one-offs or tax held the headline back. Profit over the last four quarters totals ₹378 cr, −33.2% on the four before.
On earnings per share of ₹335.85 over the last four quarters, the stock at ₹30,375.00 trades at 90.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹35.0 cr, +1,066.7% on the year; 15% of EBITDA.
Source: Quarterly statements
Swung to a loss from a profit a year ago. One quarter, or a trend?
Net loss −₹62.0 cr against a profit of ₹114 cr.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −154.4% on the year; profit before other income, exceptional items and tax +31.4%.
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,040 cr | ₹1,006 cr | ₹1,033 cr | ₹1,047 cr | ₹1,111 cr | ₹1,090 cr | ₹1,198 cr | ₹1,196 cr | ₹1,266 cr | ₹1,228 cr | ₹1,399 cr | ₹1,423 cr |
| YoY | — | — | — | +7% | +7% | +8% | +16% | +14% | +14% | +13% | +17% | +19% |
| EBITDA margin | 18.5% | 17.8% | 19.6% | 19.6% | 16.5% | 14.1% | 18.9% | 20.2% | 20.2% | 18.8% | 18.4% | 16.7% |
| Other income, % of PBT | 9% | 9% | 13% | 10% | 10% | 11% | 6% | 6% | 5% | −57% | 18% | 28% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 26% | 27% | 26% | 68% | 26% | 24% | — | 26% | 23% |
| Net profit | ₹146 cr | ₹135 cr | ₹161 cr | ₹157 cr | ₹134 cr | ₹114 cr | ₹71.0 cr | ₹178 cr | ₹191 cr | −₹62.0 cr | ₹215 cr | ₹233 cr |
| YoY | — | — | — | +34% | −8% | −16% | −56% | +13% | +43% | −154% | +203% | +31% |
| Core profit YoY | — | — | — | +31% | −8% | −16% | +12% | +19% | +45% | +31% | +12% | −3% |
| EPS | ₹129.70 | ₹120.05 | ₹143.13 | ₹139.50 | ₹118.76 | ₹100.99 | ₹63.35 | ₹157.73 | ₹169.85 | −₹55.08 | ₹191.16 | ₹206.90 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | 2 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
3M India Ltd. reported revenue of ₹1,228 cr (+12.7% on the year) and net profit of −₹62.0 cr (−154.4% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +31.4% on the year, against −154.4% for reported profit.
2 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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