3M India financials and balance sheet

NSE: 3MINDIABSE: 523395DiversifiedMid Cap

Formerly Birla 3M

₹28,815.00₹955.00 (3.21%)BSE ₹28,804.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹29,770.00.

52-week range of traded prices to 23 Oct 2026

₹28,485.00Low, 23 Oct 2026₹38,030.00High, 10 Feb 2026

Next results date: the board meets on 6 Nov 2026 to consider: financial results and other business matters.

Market cap: ₹32,460 Cr232nd largest listed
P/E: 56.2
P/B: 18.4
Dividend yield: 1.76%
ROE: 32.0%
ROCE: 47.4%
Debt to equity: 0.10
Volume, NSE: 5,45249.7% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.3M India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 10.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue5,090
Materials and goods−2,933
Employee costs−482
Other expenses−689
Operating profit986
Depreciation−63
Other income+49
One-off items−34
Finance costs−44
Profit before tax894
Tax−372
Net profit522

What the company owns

Receivables₹839 Cr
Inventory₹823 Cr
Cash and bank₹818 Cr
Plant, investments and other assets₹658 Cr

What pays for it: net worth and liabilities

Net worth₹1,768 Cr
Owed to suppliers₹820 Cr
Other liabilities₹379 Cr
Borrowings₹170 Cr

3M India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.3M India segment results by quarter

Revenue by segment

₹5,090 CrTotal

Transportation & Electronics₹1,846 Cr36.3% of total
Safety & Industrial₹1,640 Cr32.2% of total
Health Care₹1,017 Cr20.0% of total
Consumer₹537 Cr10.6% of total
Others₹50 Cr1.0% of total

Profit by segment

Transportation & Electronics₹348 Cr37.7% of total
Safety & Industrial₹258 Cr27.9% of total
Health Care₹210 Cr22.7% of total
Consumer₹94 Cr10.2% of total
Others₹14 Cr1.5% of total

Segment results by year

Standalone from the year to Mar 2025, consolidated before, ₹ crore, years to March.

Transportation & Electronics
Revenue, ₹ crore
1,031
890
1,174
1,569
1,649
1,677
1,846
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
68
14
91
237
367
301
348
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Safety & Industrial
Revenue, ₹ crore
1,126
1,012
1,194
1,301
1,333
1,414
1,640
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
177
104
85
137
178
147
258
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Health Care
Revenue, ₹ crore
427
486
362
552
655
761
865
1,017
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
84
74
30
68
80
73
175
210
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consumer
Revenue, ₹ crore
303
320
313
387
410
428
465
537
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
55
66
40
77
83
81
82
94
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
31
24
27
28
25
18
25
50
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
5
9
13
10
8
10
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,017	2,987	2,605	3,336	3,959	4,189	4,446	5,090
Company revenue, as in its results	3,017	2,987	2,605	3,336	3,959	4,189	4,446	5,090
Revenue	–	1,031	890	1,174	1,569	1,649	1,677	1,846
Revenue growth	–	–	−13.6%	31.9%	33.6%	5.1%	–	10.1%
Profit	–	68	14	91	237	367	301	348
Profit growth	–	–	−79.1%	541.1%	160.4%	54.9%	–	15.6%
Margin	–	6.6%	1.6%	7.7%	15.1%	22.2%	17.9%	18.8%
Return on capital	–	18.7%	4.7%	27.6%	64.8%	106.7%	67.2%	66.5%
Assets	–	489	462	536	669	663	730	834
Liabilities	–	127	160	206	303	319	282	312
Capital employed	–	363	302	330	366	344	448	523
Revenue	–	1,126	1,012	1,194	1,301	1,333	1,414	1,640
Revenue growth	–	–	−10.1%	17.9%	9.0%	2.5%	–	16.0%
Profit	–	177	104	85	137	178	147	258
Profit growth	–	–	−41.2%	−18.2%	60.7%	30.1%	–	75.5%
Margin	–	15.7%	10.3%	7.1%	10.5%	13.3%	10.4%	15.7%
Return on capital	–	53.5%	37.0%	29.7%	53.2%	75.3%	45.3%	67.6%
Assets	–	447	448	494	546	541	600	669
Liabilities	–	117	167	208	289	305	277	288
Capital employed	–	330	281	286	257	236	324	381
Revenue	427	486	362	552	655	761	865	1,017
Revenue growth	–	13.7%	−25.5%	52.5%	18.6%	16.2%	–	17.5%
Profit	84	74	30	68	80	73	175	210
Profit growth	–	−12.0%	−58.9%	122.9%	18.0%	−9.2%	–	20.1%
Margin	19.7%	15.3%	8.4%	12.3%	12.2%	9.6%	20.2%	20.6%
Return on capital	80.5%	54.1%	27.0%	61.5%	62.3%	68.2%	107.7%	124.9%
Assets	183	185	164	193	251	270	301	324
Liabilities	78	48	51	82	122	163	139	156
Capital employed	105	137	113	111	129	107	162	168
Revenue	303	320	313	387	410	428	465	537
Revenue growth	–	5.3%	−2.1%	23.9%	5.7%	4.5%	–	15.6%
Profit	55	66	40	77	83	81	82	94
Profit growth	–	20.6%	−40.0%	94.2%	6.9%	−2.1%	–	14.3%
Margin	18.2%	20.8%	12.7%	20.0%	20.2%	18.9%	17.7%	17.5%
Return on capital	59.8%	72.3%	56.6%	194.0%	206.5%	231.8%	121.3%	112.6%
Assets	114	114	105	84	94	97	125	148
Liabilities	22	22	34	45	54	62	57	64
Capital employed	92	92	70	40	40	35	68	84
Revenue	31	24	27	28	25	18	25	50
Revenue growth	–	−22.1%	–	4.5%	–	–	–	–
Profit	7	5	9	13	10	8	10	14
Profit growth	–	−29.1%	–	38.8%	–	–	–	–
Margin	23.6%	21.5%	33.9%	45.0%	41.1%	42.9%	38.6%	27.5%
Return on capital	1.3%	0.6%	–	–	–	0.5%	1.1%	–
Assets	844	1,137	0	0	0	1,677	1,259	0
Liabilities	294	308	0	0	0	252	414	0
Capital employed	550	829	0	0	0	1,425	845	0
Revenue	1,175	–	–	–	–	–	–	–
Profit	204	–	–	–	–	–	–	–
Margin	17.3%	–	–	–	–	–	–	–
Return on capital	56.8%	–	–	–	–	–	–	–
Assets	513	–	–	–	–	–	–	–
Liabilities	155	–	–	–	–	–	–	–
Capital employed	359	–	–	–	–	–	–	–
Revenue	713	–	–	–	–	–	–	–
Profit	88	–	–	–	–	–	–	–
Margin	12.4%	–	–	–	–	–	–	–
Return on capital	32.7%	–	–	–	–	–	–	–
Assets	314	–	–	–	–	–	–	–
Liabilities	44	–	–	–	–	–	–	–
Capital employed	270	–	–	–	–	–	–	–
Revenue	368	–	–	–	–	–	–	–
Profit	53	–	–	–	–	–	–	–
Margin	14.5%	–	–	–	–	–	–	–
Return on capital	92.1%	–	–	–	–	–	–	–
Assets	150	–	–	–	–	–	–	–
Liabilities	92	–	–	–	–	–	–	–
Capital employed	58	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.3M India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 May	Mar 2021Filed 28 May	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue from operations	2,458	2,580	2,809	2,765	2,420	3,078	3,733	3,927	4,446	5,090
	2,089	2,101	2,301	2,425	2,183	2,696	3,174	3,221	3,676	4,104
Materials and goods bought	1,318	1,331	1,487	1,612	1,494	1,914	2,340	2,358	2,649	2,933
Employee costs	–	–	301	298	337	349	366	359	438	482
Other expenses	–	–	513	515	351	433	468	504	589	689
Operating profit before depreciation	369	480	508	340	238	382	560	706	770	986
Operating margin	15.0%	18.6%	18.1%	12.3%	9.8%	12.4%	15.0%	18.0%	17.3%	19.4%
Materials, % of revenue	–	–	52.9%	58.3%	61.7%	62.2%	62.7%	60.1%	59.6%	57.6%
Employee costs, % of revenue	–	–	10.7%	10.8%	13.9%	11.4%	9.8%	9.1%	9.8%	9.5%
Other expenses, % of revenue	–	–	18.3%	18.6%	14.5%	14.1%	12.5%	12.8%	13.2%	13.5%
Depreciation and amortisation	47	42	42	57	60	53	56	52	55	63
Operating profit after depreciation	322	438	466	282	178	329	504	654	714	923
Other income	49	44	33	42	27	35	64	67	70	49
Finance costs	2	2	1	4	2	4	7	3	11	44
Profit before one-off items and tax	369	480	497	320	202	360	561	718	773	928
One-off items	–	–	0	0	0	0	0	0	0	−34
Profit before tax	369	480	497	320	202	360	561	718	773	894
	128	169	174	101	53	94	145	182	297	372
Current tax	128	173	187	93	61	96	140	182	288	374
Deferred tax	1	−3	−12	8	−8	−2	5	0	10	−3
Net profit	241	311	323	219	149	266	416	536	476	522
Other comprehensive income	–	–	0	−4	−3	1	0	−1	−5	0
Total comprehensive income	–	–	323	215	147	267	417	535	471	522
Net margin	9.8%	12.0%	11.5%	7.9%	6.2%	8.6%	11.1%	13.7%	10.7%	10.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Earlier years, Dec 2007 to Mar 2016

₹ crore	Dec 2007	Dec 2008	Mar 201015 months	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	611	743	1,087	1,191	1,405	1,574	1,742	1,840	2,103
	506	653	–	1,036	1,284	1,464	1,631	1,637	1,761
Materials and goods bought	340	266	–	692	868	994	1,095	1,100	1,202
Employee costs	–	–	–	149	186	213	243	246	253
Other expenses	–	–	–	195	231	257	293	291	307
Operating profit before depreciation	105	89	–	156	121	111	111	203	342
Operating margin	17.2%	12.0%	–	13.1%	8.6%	7.0%	6.4%	11.0%	16.3%
Materials, % of revenue	–	–	–	58.1%	61.8%	63.1%	62.9%	59.8%	57.1%
Employee costs, % of revenue	–	–	–	12.5%	13.2%	13.5%	14.0%	13.4%	12.0%
Other expenses, % of revenue	–	–	–	16.3%	16.4%	16.3%	16.8%	15.8%	14.6%
Depreciation and amortisation	6	7	17	17	27	36	48	50	49
Operating profit after depreciation	99	82	–	138	94	74	63	154	293
Other income	8	10	8	11	5	11	20	14	17
Finance costs	0	0	1	1	3	10	14	3	2
Profit before tax	107	91	141	148	96	75	69	165	308
	39	34	48	49	31	23	26	56	107
Current tax	–	–	–	47	29	28	30	53	113
Deferred tax	–	–	–	2	2	−5	−4	3	−6
Net profit	68	57	93	99	65	52	43	108	201
Net margin	11.1%	7.7%	8.5%	8.3%	4.6%	3.3%	2.5%	5.9%	9.6%

Standalone, ₹ crore, years to December, then March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 29 May	Mar 2021Filed 28 May	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	1,860	2,075	2,222	2,489	1,948	2,370	1,846	1,768
Share capital	11	11	11	11	11	11	11	11
Reserves	1,848	2,063	2,210	2,478	1,937	2,359	1,835	1,757
	7	0	0	0	0	0	0	170
Repayable after a year	7	0	0	0	0	0	0	159
Repayable within a year	0	0	0	0	0	0	0	11
	600	532	646	712	914	990	1,043	1,165
Trade payables	323	290	387	502	712	769	756	820
Other financial liabilities	152	103	149	79	75	59	97	91
Other liabilities	41	56	28	35	42	54	57	55
Provisions	66	60	47	54	51	71	81	83
Tax owed	18	23	35	41	34	37	52	105
	34	46	49	57	53	38	125	204
Other financial liabilities	–	17	10	7	14	9	91	–
Provisions	26	29	38	50	39	30	34	45
Total assets	2,494	2,653	2,917	3,257	2,914	3,399	3,015	3,137
	1,004	966	976	1,034	1,053	1,047	574	595
Plant in use, after depreciation	269	243	224	265	293	297	318	483
Plant being built	10	7	23	23	25	12	10	14
Intangible assets	0	44	24	26	29	20	0	1
Property held to earn rent	–	–	0	0	0	0	99	0
Investments	585	505	505	505	505	505	0	0
Loans given	9	0	0	0	0	0	0	0
Other financial assets	–	–	0	7	6	9	7	29
Deferred tax	23	17	26	27	22	22	20	22
Trade receivables	–	13	8	0	–	0	0	0
Other assets	106	138	166	181	174	180	120	45
	1,490	1,688	1,941	2,224	1,861	2,352	2,441	2,542
Inventories	379	411	430	453	568	498	648	823
Trade receivables	546	507	461	489	595	679	790	839
Cash and cash equivalents	470	666	937	1,207	632	859	933	812
Other bank balances	0	0	0	0	2	259	5	6
Loans given	5	1	7	0	0	0	0	0
Other financial assets	30	–	21	26	8	9	5	63
Other assets	59	103	85	49	55	48	59	–
Net debt	−463	−666	−937	−1,207	−634	−1,118	−937	−648

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
	312	334	425	583	355	514
	391	435	577	769	624	804
	147	47	−3	57	−213	−149
Receivables	41	−25	−108	−85	−93	−46
Inventories	−19	−23	−114	70	−116	−175
Payables	97	35	215	56	−66	65
Other working capital	28	60	4	17	62	7
Tax paid	−79	−101	−152	−186	−207	−290
Capital spending	40	70	60	0	55	58
Free cash flow	272	264	365	583	300	455
	−16	−43	−20	−229	322	−11
Plant and property sold	2	2	1	−31	0	1
Interest received	22	25	40	56	69	46
	−25	−21	−980	−128	−789	−623
Lease payments	−25	−21	−24	−15	−17	−20
Dividends paid	0	0	955	113	772	603
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	271	269	−575	227	−112	−121

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.3M India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 May	Mar 2021Filed 28 May	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Earnings per share	₹213.72	₹275.66	₹286.72	₹194.38	₹132.53	₹236.28	₹369.41	₹476.05	₹422.60	₹463.66
Diluted earnings per share	₹213.72	₹275.66	₹286.72	₹194.38	₹132.53	₹236.28	₹369.41	₹476.05	₹422.60	₹463.66
Dividend per share	–	–	–	–	–	–	₹950.00	₹685.00	₹535.00	₹506.00
Book value per share	–	–	₹1,650.70	₹1,841.76	₹1,972.03	₹2,209.28	₹1,729.09	₹2,104.02	₹1,639.13	₹1,568.90
Dividend payout	–	–	–	–	–	–	257.2%	143.9%	126.6%	109.2%
Shareholder yield	–	–	–	–	0.0%	0.0%	3.7%	0.3%	2.4%	1.8%
Market cap at the year end (₹ crore)	13,031	21,869	27,330	21,210	34,287	22,189	25,869	35,140	32,544	33,930

Ratios

Standalone, years to March.3M India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 29 May	Mar 2021Filed 28 May	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 29 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 May
Revenue growth	–	–	–	−1.6%	−12.5%	27.2%	21.3%	5.2%	13.2%	14.5%
Operating profit growth	–	30.1%	5.8%	−33.1%	−30.1%	60.7%	46.6%	26.1%	9.0%	28.1%
Net profit growth	19.8%	29.0%	4.0%	−32.2%	−31.8%	78.3%	56.3%	28.9%	−11.2%	9.7%
Earnings per share growth	–	29.0%	4.0%	−32.2%	−31.8%	78.3%	56.3%	28.9%	−11.2%	9.7%
	–	–	17.4%	11.1%	7.0%	11.3%	18.8%	24.8%	22.6%	28.9%
	–	–	–	−6.2 pts	−4.2 pts	4.4 pts	7.5 pts	6.1 pts	−2.3 pts	6.3 pts
From the net margin	–	–	–	−5.4 pts	−2.5 pts	2.8 pts	3.3 pts	4.2 pts	−5.4 pts	−0.9 pts
From asset turnover	–	–	–	−0.6 pts	−1.7 pts	1.4 pts	3.1 pts	0.6 pts	2.2 pts	4.2 pts
From borrowing	–	–	–	−0.3 pts	−0.1 pts	0.1 pts	1.1 pts	1.2 pts	0.9 pts	3.1 pts
Return on capital employed	–	–	24.9%	13.6%	8.0%	13.2%	25.9%	27.6%	38.7%	47.6%
Cash conversion	–	–	–	–	209.0%	125.3%	102.0%	108.8%	74.6%	98.4%
Interest cover	141.7	225.7	426.6	78.2	73.2	90.4	70.9	204.2	63.9	21.2
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10
Receivable days	–	–	71	67	69	58	58	63	65	60
Inventory days	–	–	93	93	105	86	89	77	89	102
Payable days	–	–	79	66	95	96	111	119	104	102
Cash conversion cycle, days	–	–	85	94	80	49	36	21	50	60
Working capital days	–	–	54	65	54	36	31	23	38	41
Asset turnover	–	–	1.13	1.07	0.87	1.00	1.21	1.24	1.39	1.65
Assets per rupee of net worth	–	–	1.34	1.31	1.30	1.31	1.39	1.46	1.52	1.70
Sales per rupee of plant	–	–	10.43	11.39	10.81	11.62	12.74	13.21	13.98	10.53
Capital spending to depreciation	–	–	–	–	0.68	1.31	1.07	0.00	1.00	0.93
Plant being built, % of plant in use	–	–	3.8%	2.7%	10.5%	8.5%	8.4%	4.1%	3.1%	2.9%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 17.0%
Cash from operations against operating profit: 52.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.2%	16.0%	10.9%
Profit growth, yearly rate	10.0%	28.5%	7.9%
Return on equity, average	–	21.3%	25.4%
Return on capital employed, average	–	30.6%	38.0%
Operating margin, average	15.6%	16.4%	18.2%
Net margin, average	10.2%	10.9%	11.5%
Asset turnover, average	–	1.30	1.43
Cash conversion cycle, days, average	–	43	44
Interest cover, average	139.6	90.1	96.5
Debt to equity, average	–	0.02	0.03

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,211	1,452	514
Cash from investing	19	82	−11
Cash from financing	−2,540	−1,539	−623
Capital spending	244	114	58
Dividends paid	2,442	1,487	603
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	–	–	4	5
Altman Z-scorePublished threshold 1.1	–	–	–	–	–	–	–	–	8.43	8.07
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	–	–	−2.15	−2.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	–	–	−6.27	0.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	0.95	0.95
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	–	–	–	3.17	−8.37
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	–	–	17.82	16.24
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	–	–	–	0.19	−0.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	–	–	0.13	0.06
Effective tax ratePublished threshold 17.16 per cent	34.79	35.26	–	–	–	–	–	–	38.45	41.58
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	11.67	9.16

A threshold marked as ours has no published figure; it is the line we read the check against.