3M India Limited (3MINDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+53.4%

₹44,314.18

vs ₹28,880.00 price

Levered DCF

₹27,147.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	64.96×	66.8×	58.96×	57.36×	81.59×	211.16×	65.83×	74.74×
P/B	22.86×	17.22×	16.02×	15.42×	10.16×	17.95×	12.11×	19.1×
P/S	7.94×	7.16×	8.22×	6.54×	6.66×	13.17×	7.11×	9.08×
EV / EBITDA	39.77×	36.89×	39.86×	37.34×	49.01×	116.98×	41.31×	46.86×
Gross margin	31.7%	38.2%	38.0%	36.1%	35.6%	37.1%	53.8%	61.7%
Operating margin	18.1%	16.3%	17.2%	14.6%	10.4%	7.7%	13.6%	16.8%
Net margin	10.3%	10.7%	13.9%	11.4%	8.2%	6.2%	10.8%	12.1%
Current ratio	2.18×	2.34×	2.52×	2.17×	3.2×	3.1×	3.27×	2.55×
Debt / equity	0.1×	0.05×	0.01×	0.02×	0.01×	0.01×	0.02×	0.01×
Interest coverage	21.22×	77.92×	224.29×	79.22×	154.88×	81.76×	110.82×	452.21×
Dividend yield	1.5%	2.4%	0.3%	3.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	115.4%	162.1%	19.3%	211.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	29.5%	25.8%	27.2%	26.9%	12.5%	8.5%	18.4%	25.6%
Return on invested capital	27.2%	22.6%	24.5%	24.5%	11.3%	7.5%	16.8%	22.4%
Return on assets	16.6%	15.8%	18.0%	16.6%	9.0%	6.1%	13.6%	17.3%
Free cash flow yield	1.2%	1.2%	1.8%	1.6%	1.2%	0.8%	1.1%	0.8%
Earnings yield	1.3%	1.5%	1.7%	1.7%	1.2%	0.5%	1.5%	1.3%
Enterprise value	₹397.8B	₹309.7B	₹333.7B	₹251B	₹208.9B	₹332.5B	₹204.7B	₹268.2B
Net debt / EBITDA	-0.65×	-1×	-1.23×	-1.15×	-3.06×	-3.66×	-1.49×	-0.95×
Cash conversion cycle (days)	60	51	21	36	54	66	102	93