3M India Q2 Review: ICICI Securities Raises Target Price After Stellar Quarter — Check Details

The quarter marks a strong inflection point as cyclical tailwinds in autos, GST-related benefits and government-led infrastructure could help 3M sustain growth momentum in H2 FY26 as well. Favourable base of H2 FY25 will also aid..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.3M India Ltd. delivered a stellar Q2 FY26 performance with revenue growth of 14% YoY to ~Rs 12.7 billion, led by broad-based growth across all four verticals. Takeaways:It reported highest-ever gross and Ebitda margins in Q2 FY26 led by improved product mix.Margin expansion was robust, with gross/Ebitda/PAT margin improving by 487/370/306bps YoY, aided by higher utilisation, cost efficiencies and improved pricing discipline.Safety and industrials segment reported strong Ebit growth of 95.5% YoY led by improved product mix and low base. .We believe the quarter marks a strong inflection point as cyclical tailwinds in autos, GST-related benefits and government-led infrastructure could help the company sustain growth momentum in H2 FY26 as well. Favourable base of H2 FY25 will also aid. We raise FY26/27E earnings by 4.1%/2.2% to factor in Q2 FY26 result, potential auto demand recovery and increase in government-led infrastructure spending. We maintain Buy with DCF-based revised target price of Rs 35,700 (earlier Rs 35,610); implied P/E works out to 49x FY28E EPS..Click on the attachment to read the full report:.GAIL Q2 Review— Tariff Hikes, Volume Uplift Key Catalysts In H2 FY26-27; Motilal Oswal Maintains 'Buy'.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 Q2 Review: ICICI Securities Raises Target Price After Stellar Quarter — Check Details

3M reported highest-ever gross and Ebitda margins in Q2 FY26 led by improved product mix.

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