3M India Limited announced the outcome of its Board Meeting held on February 12, 2026. Key announcements included the approval of Unaudited Financial Results for Q3 FY26, which showed 12.7% YoY sales growth. The Board also noted the retirement of MD Mr. Ramesh Ramadurai effective March 31, 2026, and appointed Mr. Aseem Kuldip Joshi as the new Managing Director effective April 1, 2026.
Financial Highlights for Q3 FY26
The Board of Directors of 3M India Limited approved the Unaudited Financial Results for the quarter and nine months ended December 31, 2025. For the quarter ending December 2025, the company registered sales growth of 12.7% year-over-year (YoY), though sales declined by 3.0% quarter-over-quarter (QoQ). EBITDA for the quarter grew by 40.5% YoY.
For the nine months ended December 31, 2025, the company achieved a robust sales growth of 13.6% YoY, with growth reported across all four business segments: Safety and Industrial, Transportation & Electronics, Consumer, and Health Care. However, the company recorded a net loss (PAT) of (Rs. 62 crores) for the quarter due to exceptional items related to labor code implementation and costs associated with an Advance Pricing Agreement (APA).
Performance Comparison (Q3 FY26 vs. Q3 FY25)
| Particulars (Rs. Crores) | Oct–Dec 2025 | Oct–Dec 2024 | % Growth |
|---|---|---|---|
| Sales & Other Operating Income | 1,228 | 1,090 | 12.7% |
| EBITDA | 240 | 171 | 40.5% |
| PBT after exceptional item | 115 | 154 | -25.6% |
| PAT | (62) | 114 | -154.5% |
Leadership Transition Announced
The Board formally accepted the retirement notice from Mr. Ramesh Ramadurai, the Managing Director. His cessation from the position of Managing Director and as a Member of the Board will be effective close of business hours on March 31, 2026. Mr. Ramadurai has served the 3M Group for over 36 years.
Concurrently, based on the Nomination and Remuneration Committee recommendation, the Board appointed Mr. Aseem Kuldip Joshi (DIN: 07504624) as an Additional Director, categorized as Executive Director (designated as “Managing Director”), effective April 1, 2026. Mr. Joshi’s appointment is for a term of 5 years, until March 31, 2031. Mr. Joshi was previously appointed as President and Managing Director (Designate) effective October 13, 2025.
Key Regulatory Update
The company confirmed it has received the final draft of the Advance Pricing Agreement (APA) approved by the Central Board of Direct Taxes on January 6, 2026, concerning transfer pricing matters for financial years 2014-15 to 2022–23. The management has accepted the terms, and the signing is expected shortly. This resolution is anticipated to settle long-pending tax litigation.
Furthermore, the company has provided details regarding the exceptional charge recognized during the quarter related to the financial impact assessment of the recently notified four Labour Codes, primarily affecting the gratuity calculation.
Source: BSE
