3M India Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
3MINDIA · price
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3M India reported 12.7% year-on-year revenue growth for Q3 FY26 (Oct-Dec 2025), with sales rising to Rs. 1,228 crore from Rs. 1,090 crore in the same quarter last year. For the nine-month period, revenue grew 13.6% to Rs. 3,691 crore. Underlying EBITDA grew a strong 40.5% year-on-year, and excluding one-off items, profit before tax grew 43% at 17.8% margins. However, the company swung to a net loss of Rs. 62 crore in Q3 (vs profit of Rs. 114 crore last year) after booking two large exceptional charges: a Rs. 75 crore hit from new Labour Code gratuity re-measurement, and a Rs. 139 crore tax expense plus Rs. 31 crore interest linked to the Advance Pricing Agreement (APA) covering transfer pricing disputes from FY15 to FY23. Nine-month profit after tax still stood at Rs. 307 crore (down from Rs. 405 crore). The auditors (BSR & Co.) issued an unqualified limited review report. Separately, MD Ramesh Ramadurai will retire on March 31, 2026 after 36 years with 3M, and Aseem Kuldip Joshi (formerly CEO of GMM Pfaudler's India business) will take over as MD for a five-year term from April 1, 2026.
The headline Q3 loss looks alarming but is driven entirely by non-recurring tax and Labour Code charges; core operating performance was strong with broad-based growth across all four business segments. Investors should focus on the underlying 43% PBT growth and improving margins rather than the one-time loss. The APA settlement removes years of tax litigation overhang, and the planned MD transition appears orderly.