Maruti margins look weak on paper, but per-car profitability holds up
The Maruti Suzuki India Ltd stock has slipped from its 52-week high of ₹17,370 seen earlier this month and fell a further ~3% on Thursday. In the December quarter (Q3FY26), normalized operating margin (adjusted for the one-time labor code impact of ₹594 crore) declined 70 basis points year-on-year to 12.4%. However, this does not fully…

