The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · 3M INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
3M INDIA LIMITED Discounted cash flow · base FY24
3M INDIA LIMITED
Value per share, this model₹9,134
CMP 2026-09-10₹32,595.00
Difference(72.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of 3M INDIA LIMITED, built on its filed FY24 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
6% a year
FY24 5.8% · 5-yr CAGR 6.8%
EBITDA margin
18.1%
FY24 18.1% · 5-yr average 14.0%
Depreciation · capex, % of revenue
1.3% · 0%, fading to 1.2× depreciation
FY24 1.3% · 0.0%
Working capital, % of added revenue · tax
9.8% · 25.3%
36 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.82
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,044) · ₹0 · ₹0 cr
FY24 net debt ₹(1,044) cr
Shares
1.13 crore
1.13 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
4,189
4,441
4,707
4,990
5,289
5,606
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
759
804
852
903
957
1,015
Depreciation
(53)
(58)
(61)
(65)
(69)
(73)
NOPAT
527
557
591
626
664
704
less capex
0
0
(18)
(39)
(62)
(87)
less working-capital build
—
(25)
(26)
(28)
(29)
(31)
Free cash flow to firm
—
590
607
624
641
658
Present value
560
519
481
445
411
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · 3M INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,417
PV of the terminal value (74% of EV)
6,832
Enterprise value
9,250
less net debt
1,044
less non-controlling interest
0
add non-operating investments
0
Equity value
10,294
÷ 1.13 crore shares
₹9,134
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
9,400
10,004
10,729
11,615
12,723
10.5%
8,764
9,266
9,859
10,571
11,441
11.0%
8,218
8,641
9,134
9,716
10,416
11.5%
7,746
8,106
8,521
9,005
9,577
12.0%
7,333
7,642
7,995
8,403
8,879
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
