3M India Limited announced the outcome of its Board Meeting held on February 12, 2026. The Board approved the Unaudited Financial Results for Q3 FY26, showing 12.7% YoY sales growth. Key leadership changes were confirmed: Managing Director Mr. Ramesh Ramadurai will retire effective March 31, 2026, and Mr. Aseem Kuldip Joshi will be appointed as the new Managing Director starting April 1, 2026.
Financial Performance Highlights (Q3 FY26)
3M India Limited reported strong quarterly performance, achieving sales growth of 12.7% year-over-year (YoY) for the quarter ending December 31, 2025, reaching total income of Rs. 123,750.16 Lakhs. EBITDA saw a substantial 40.5% YoY growth.
However, the period was impacted by exceptional items. Due to the recognition of liabilities arising from the implementation of new labor codes and costs related to the finalized Advance Pricing Agreement (APA), the company recorded a Net Loss After Tax of Rs. 6,205.39 Lakhs for the quarter.
For the nine months ended December 31, 2025, the company registered robust sales growth of 13.6% YoY, with Profit Before Tax (PBT) at Rs. 60,485.18 Lakhs (excluding exceptional items, this PBT showed a 29.7% YoY growth).
Significant Segment Growth
The commentary highlighted broad-based YoY growth across all four business segments in Q3. The highest growth rates were observed in Safety & Industrial sales (up 20.1%), followed by Healthcare (13.5%), Consumer (12.3%), and Transportation & Electronics (3.9%).
Leadership Transition Confirmed
The Board formally accepted the retirement notice from the current Managing Director, Mr. Ramesh Ramadurai (DIN: 07109252), effective at the close of business on March 31, 2026, following his service of nearly seven years in this role and over 36 years with the 3M Group.
Effective April 1, 2026, the Board appointed Mr. Aseem Kuldip Joshi (DIN: 07504624) as an Additional Director, categorized as the new Managing Director for a term of five years (until March 31, 2031). Mr. Joshi was already appointed as President and Managing Director (Designate) effective October 13, 2025.
Tax Litigation Update (APA Finalization)
The company confirmed receiving the final draft Advance Pricing Agreement (APA), approved by the Central Board of Direct Taxes on January 6, 2026, concerning transfer pricing matters from financial years 2014-15 to 2022–23. The terms have been accepted, and signing is expected shortly, which is anticipated to resolve long-pending litigation.
Exceptional Items Explained
The exceptional charge for the quarter mainly relates to the cost impact arising from the implementation of the recently notified Labour Codes (Code on Wages, Industrial Relations Code, etc.). The incremental impact on gratuity alone amounted to Rs. 7,457.26 Lakhs.
Source: BSE
