3M India Limited has informed the Exchange regarding Change in Director(s) of the company.
3MINDIA · price
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Awaiting price reaction for this filing.
3M India's Board approved Q3 FY26 results showing 12.7% year-on-year sales growth to Rs 1,228 crore and a 40.5% jump in EBITDA to Rs 240 crore. However, the company slipped into a Rs 62 crore net loss for the quarter after booking two one-time charges: a Rs 139.5 crore tax expense and Rs 31.5 crore interest related to a finalized Advance Pricing Agreement (APA) covering transfer pricing for FY15–FY23, plus a Rs 74.6 crore exceptional hit from new Labour Codes on gratuity. Nine-month FY26 profit after tax stood at Rs 307 crore, with all four business segments posting sales growth. Managing Director Ramesh Ramadurai, who served 3M for over 36 years including ~7 years as MD, will retire on March 31, 2026, and will be succeeded by Aseem Kuldip Joshi (former CEO, India at GMM Pfaudler, with prior stints at IBM, McKinsey, Eaton and Honeywell) for a five-year term from April 1, 2026.
Underlying operating performance is healthy with broad-based double-digit sales growth, but headline Q3 earnings are heavily distorted by one-time tax and labour-code charges; the APA settlement removes a long-pending transfer-pricing litigation overhang. The orderly, planned MD transition to an externally-hired leader with global consulting and industrial experience is a strategic shift that investors may read as a positive growth-focused move.