3M India — Multiple Growth Drivers To Unfold In Medium Term; ICICI Securities Maintains 'Buy'

3M India has maintained its Ebitda margin in the range of 14–18% recently, and the brokerage believes current margins are in the range. Ebitda margin took a hit due to commodity inflation, INR depreciation and change in revenue mix. We model Ebitda margin steadily inching up in FY26–27E..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.We remain positive on 3M India Ltd. as we believe there are multiple growth tailwinds in medium-long term.Parent is considering sourcing the product from 3M India and it may result in export opportunities for 3M India. Margins are near the bottom end of the range and there is potential for expansion in upcoming quarters.Rise in scale of manufacturing activities in India’s economy shall continue to drive growth for 3M India. China’s manufacturing activity is ~6x of India. 3M China was able to grow with higher manufacturing in China. 3M India will also have strong manufacturing opportunities in electronics, automotive and infrastructure.Most of the healthcare portfolio is likely to be with 3M India. Wound care portfolio and certain products not launched by 3M India shall go to Solventum. While a slowdown in off-take of corrosion coatings for pipes led to slower revenue growth, 3M India is confident of posting revenue growth in excess of 7%, which was registered over FY19–25. .With ~10% correction in stock price over the past 12 months, we believe there is valuation support at current market price. We remain constructive. Retain Buy..Click on the attachment to read the full report:.Time Technoplast Gets Motilal Oswal's 'Buy' Initiation On Improving Return Ratios, Attractive Valuations.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

3M India — Multiple Growth Drivers To Unfold In Medium Term; ICICI Securities Maintains 'Buy'

With ~10% correction in stock price over the past 12 months, ICICI Securities believes there is valuation support at current market price, and remains constructive.

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