Maruti Suzuki's quarterly margin figures differ by measure, not by error

Maruti Suzuki's July–September 2026 results drew different margin figures from different outlets, including 5.9%, 5.5%, and 8.9%. The variation comes from measuring profit at different levels: EBITDA counts only running costs, EBIT also deducts depreciation, and pre-tax margin further adjusts for interest and other income. Maruti's large cash holdings lift its other income, which is why its pre-tax margin sits above its EBIT margin. The author notes that Indian filings are not uniformly labelled, so the platform standardised on pre-tax profit divided by sales for all Indian stocks. The piece argues that data should always be shown alongside the name of the measure used.