3MINDIA · Diversified
3M India Ltd. reported revenue of ₹1,399 cr for January to March 2026, +16.8% on the year and +13.9% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,089 cr, +14.5% on the four before.
Operating profit (EBITDA) was ₹257 cr, a margin of 18.4%, −58 bps on the year and −44 bps on the quarter. Over the last 8 quarters the margin has ranged from 14.1% to 20.2%, averaging 18.3%. Operating costs grew +17.6%, faster than revenue at +16.8%, so operating profit grew less than sales.
Net profit was ₹215 cr, +202.8% on the year and — on the quarter, with earnings per share of ₹191.16. Profit before other income, one-offs and tax grew 12.3%, so 190 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹522 cr, +9.7% on the four before.
On earnings per share of ₹463.66 over the last four quarters, the stock at ₹30,375.00 trades at 65.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +202.8% on the year; profit before other income, exceptional items and tax +12.3%.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 26.0% against 39.3% over the previous quarters, worth about ₹38.5 cr of profit.
Source: Quarterly statements
Could not run on this quarter: 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,399 cr (+16.8% on the year) and net profit of ₹215 cr (+202.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +12.3% on the year, against +202.8% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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