3M India Limited has informed the Exchange regarding Board meeting held on February 12, 2026.
3MINDIA · price
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On the reaction day the stock moved 1.1 pts more than Nifty Midcap 150 and 0.4 pts more than its Diversified peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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3M India reported Q3 FY26 revenue of Rs 1,228 crore, up 12.7% year-on-year, with EBITDA jumping 40.5% to Rs 240 crore. All four business segments posted YoY growth, led by Safety & Industrial at 20.1%. However, the company slipped to a loss of Rs 62 crore in Q3 (vs profit of Rs 114 crore a year ago) due to a Rs 74.6 crore one-time charge for the new Labour Codes' impact on gratuity, plus an additional tax expense of Rs 139.5 crore and interest of Rs 31.5 crore linked to a long-pending Advance Pricing Agreement (APA) with tax authorities covering FY2014-15 to FY2022-23. For the nine months ended December 2025, sales grew 13.6% and PAT stood at Rs 307 crore. The Board accepted the retirement of Managing Director Ramesh Ramadurai effective March 31, 2026, and appointed Aseem Kuldip Joshi as the new MD for five years starting April 1, 2026. Statutory auditor B S R & Co. LLP issued an unqualified limited review report.
The headline loss is driven by one-time regulatory and tax items, not core business weakness — underlying PBT (ex-special items) actually grew 43% YoY at 17.8% margins. Short-term stock reaction may be negative due to the reported loss, but the APA settlement removes years of tax uncertainty, and the orderly leadership transition with an internal successor is positive for stability.