One Business, Two Filings, and the Line Between Them

Nearly a fifth of Suzuki's profit for the year to March 2026 belongs to the outside holders of its subsidiaries. Rebuild that line from another company's own announcement, at the rate the deck prints, and you land within 0.2 percent.

Slide 25 of Suzuki's results presentation for the year to 31 March 2026 carries an income statement denominated in rupees. Revenue ₹1,743.8 billion, operating profit ₹147.1 billion, profit before tax ₹191.2 billion, profit after tax ₹146.8 billion. Below it, volumes: 1,975 thousand units domestic, 448 thousand exported, 2,423 thousand in total, OEM supply included. The note says these are figures announced by Maruti Suzuki India Ltd. itself, prepared under IndAS, which it glosses as the Indian version of IFRS, presented as reference values with a yen conversion alongside. A Japanese company's results deck, reprinting another company's accounts, on another standard.

The annual securities report for the same year counts 121 consolidated subsidiaries, 68 domestic and 53 overseas, plus 37 equity-method affiliates. One row of the related-companies table is Maruti Suzuki India Ltd., New Delhi, capital ₹1,572,012 thousand, 58.5% of voting rights held, carrying a note that its revenue exceeds 10% of consolidated revenue. The other 41.5% of the voting rights is held by people who are not Suzuki. Their claim on the year has to surface somewhere in the Japanese accounts, and it surfaces as a single line.

The history section records that in July 2003 the company listed on the Mumbai Stock Exchange, now the Bombay Stock Exchange, and on the National Stock Exchange of India; where those shares trade in 2026 is a question the excerpt does not reach. The related-companies table lists Maruti Suzuki as a consolidated subsidiary, which is what puts its operations inside the group totals, and the securities report states its consolidated indicators under IFRS, in yen. So the same vehicles are counted twice over in the same season: once inside a Japanese report on one standard and one currency, and once on slide 25, in rupees, under IndAS, reprinted as reference values from the subsidiary's own announcement.

The line is non-controlling interests. Profit for the year was ¥543,886 million (US$3,320 million), of which ¥439,267 million (US$2,682 million) is attributable to owners of the parent and ¥104,619 million (US$638.7 million) to non-controlling interests. That is 19.24% of group profit (104,619 ÷ 543,886). The per-share figures use only the parent portion: basic earnings of ¥227.69 (US$1.39) on an average 1,929,274,468 shares. The non-controlling line names no company. It arrives as one number.

It can be rebuilt from outside. Maruti Suzuki's announced profit after tax, ₹146.8 billion, converted at the ¥1.72 per rupee the presentation gives as the year's rate, is ¥252,496 million (US$1,541 million). Multiply by the 41.5% of voting rights not held: ¥104,786 million (US$639.7 million). The consolidated statement says ¥104,619 million. The two are 0.16% apart. The caveats are not decorative — voting rights are not necessarily economic interest, IndAS is not IFRS, 1.72 carries three digits, and other subsidiaries have minorities too, with Pak Suzuki at 99.1%, PT Suzuki Indomobil at 94.9% and Thai Suzuki at 97.5%. The arithmetic is mine, not the report's.

In cash the same seam is smaller and firmer. The cash flow discussion gives dividends paid to owners of the parent of ¥83,000 million (US$507 million) and to non-controlling interests of ¥30,600 million (US$187 million). Set against the profit lines of the consolidated income statement — ¥439,267 million to owners of the parent, ¥104,619 million to non-controlling interests — those are 18.90% and 29.25%, in that order. Neither is the payout ratio the company states. The consolidated payout ratio of 20.2% is a declared per-share measure, ¥46 (US$0.28) over earnings of ¥227.69 (US$1.39), and it computes to 20.20%. Cash paid in a year and dividends declared for a year are different things, and on the parent side the two sit about 1.3 points apart.

Revenue is where the two disclosures stop lining up. Consolidated revenue was ¥6,292,967 million (US$38,420 million) under IFRS. Maruti Suzuki's announced revenue, ₹1,743.8 billion at ¥1.72, is about ¥2,999 billion, roughly US$18.3 billion, which is 47.7% of the group figure. The report's own risk section puts India, across four-wheel, two-wheel and other businesses, at a little over 40% of consolidated revenue. Both statements hold: the subsidiary's figure is its own consolidated revenue on IndAS including its own subsidiaries, the group's is after elimination of intra-group transactions, the India business spans more companies than this one, and the rate carries three digits. The 47.7% is not a share of anything. It is two numbers divided.

Units behave the same way. The group's four-wheel sales table prints a world figure of 3,320 thousand: Japan 725, Europe 187, India 1,862, Asia excluding India 213, other 334. Those come to 3,321, one thousand above the printed total, which is what rounding to thousands does. India is 56.1% of world four-wheel sales on that table. The subsidiary's own announcement gives 1,975 thousand domestic, 113 thousand above the group's India line, and it includes OEM supply. The two tables answer different questions; laying one over the other is my arithmetic, not theirs. Two-wheel sales were 2,261 thousand worldwide, 1,202 of them in India.

Capital expenditure is disclosed in two brackets, and they are not the same bracket. Group capital expenditure was ¥350,670 million (US$2,141 million), of which the securities report's table assigns ¥165,729 million (US$1,012 million) to Maruti Suzuki alone, or 47.3%. The presentation's India line — six companies, Maruti Suzuki including Gujarat, SMIPL, TDSG, SRDI, S Digital and NBV — is ¥175,300 million (US$1,070 million): 49.99% against the securities report's group total, 50.00% against the presentation's own ¥350,600 million, the same year carried to millions in one document and to hundred-millions in the other. Within the six, the one company is 94.5%. The same slide splits the year as parent alone ¥108,800 million (US$664 million) and subsidiaries ¥241,800 million (US$1,476 million), adding to ¥350,600 million (US$2,140 million).

The subsidiary's name also appears inside the operating-profit factors. The note to slide 9 splits two of them: volume effect, +¥900 million (US$5.5 million) at the parent alone and +¥43,600 million (US$266.2 million) at Maruti Suzuki; change in sales mix and similar, +¥31,900 million (US$194.7 million) and +¥48,600 million (US$296.7 million). Across those two lines the subsidiary accounts for ¥92,200 million (US$562.9 million) of ¥125,000 million (US$763.1 million), or 73.8%. Operating profit for the year fell ¥19,900 million (US$121.5 million) to ¥622,909 million (US$3,803 million). The note's other itemised figures — labour costs −¥47,800 million (US$291.8 million), excluding external factors +¥58,600 million (US$357.8 million), sales policy expense +¥2,300 million (US$14.0 million), quality-related expense +¥8,000 million (US$48.8 million) — are components of a set whose full line amounts are not in the material these come from. They do not reconcile to the ¥19,900 million, and we am not going to arrange them as though they did.

Forward, the weighting is stated outright. Next year's capital expenditure plan is ¥380,000 million (US$2,320 million): parent ¥110,000 million (US$672 million), domestic subsidiaries ¥20,000 million (US$122 million), overseas subsidiaries ¥250,000 million (US$1,526 million), which is 65.8% of it. Across the mid-term plan running to March 2031, capital expenditure of ¥2,000,000 million (US$12,210 million) includes India at ¥1,200,000 million (US$7,326 million), or 60%; research and development of ¥2,000,000 million (US$12,210 million) includes ¥1,350,000 million (US$8,242 million) toward minimising energy consumption; dividends are planned at ¥600,000 million (US$3,663 million).

Between the two sets of accounts sits one number, and it is a rate. The year ran at ¥1.72 to the rupee. Next year's forecast assumes ¥1.70, and so does the 2030 plan, alongside ¥140 to the dollar and ¥150 to the euro. In the forecast slide's column of FX impacts on operating profit, the Indian rupee carries ¥3,500 million (US$21.4 million), and the footnote says the figures are for a ¥1 move except the rand, the peso, the Pakistan rupee and the Indian rupee, which are per ¥0.01. Extend that per-¥0.01 figure linearly — my arithmetic, on the forecast year's base, applied across documents the deck does not join — and the 0.02 between the year's realised rate and the plan's assumption is ¥7,000 million (US$42.7 million), about 1.2% of the ¥570,000 million (US$3,480 million) operating profit forecast, running against profit rather than for it, because ¥1.70 is the stronger yen.

Suzuki's own register carries a second layer of outside ownership. In the ownership-by-category table at 31 March 2026, the row for foreign corporations and others splits into non-individuals at 8,931,071 units and individuals at 2,275, against a total of 19,642,353 units of 100 shares each. That is 45.4800%. The report prints the two components as 45.468% and 0.011% on separate lines, and the form carries no combined subtotal for them — the 計 column totals all seven ownership categories — so the number usually quoted as foreign ownership is a sum the reader performs. Across the 3,167 companies measured the same way from EDINET's XBRL, the median is 7.31%. Issued shares are 1,964,586,400 and total voting rights 19,286,968.

Two percentages in the same chapter run on different denominators. The 45.48% is on units including the 349,496 units of treasury stock, which sit inside the individuals-and-others column; the top-ten table's 42.80% is on shares excluding treasury. Put the same foreign numerator on the ex-treasury denominator and it becomes 46.30% (8,933,346 ÷ 19,292,857). The two largest holders are trust-bank accounts at 15.08% and 6.49%, followed by Toyota Motor Corporation at 4.98%; the remaining seven places are bank, custodian and securities-company accounts.

The English integrated report describes a different year. Its stated scope is FY2024, 1 April 2024 to 31 March 2025, and it counts 122 consolidated subsidiaries, 68 domestic and 54 overseas, at end-March 2025, against 121 a year later in the Japanese report. Its consolidated financial block shows net sales of ¥5,825,200 million (US$35,560 million), operating profit of ¥416,100 million (US$2,540 million), and profit attributable to owners of parent of ¥642,900 million (US$3,925 million). The Japanese presentation gives the prior period's operating profit as ¥642,900 million (US$3,925 million) at an 11.0% margin, and ¥642,900 ÷ ¥5,825,200 is 11.04%. Same twelve months, one figure, two labels, and we am not adjudicating which label the figure was born under. The Japanese securities report states its consolidated indicators under IFRS. The two documents were written a year apart for different readers, and nothing requires them to line up.

It also has its own table of contents, and that is worth reading beside the Japanese one. Integrated Report 2025 divides into Introduction - About Suzuki, Suzuki's Value Creation, Governance and Data. Under Suzuki's Value Creation the contents and page headings run Message from the President, Mid-Term Management Plan "By Your Side", Financial Strategy, Technology Strategy, Human Capital Strategy, Carbon Neutrality, Digital Transformation Strategy, Strategies by Business, Feature 1 and Feature 2, then Governance, then Data. How those divisions correspond to the chapters of the Japanese annual securities report is not stated in the excerpt read here, in either direction. One segment note does arrive in English at the granularity the Japanese report works at: Personal Mobility is included in the "Other" segment, and Other includes motorized wheelchairs, solar power generation and real estate. The amounts behind that sentence are not in the excerpt. An English version of the annual securities report itself is outside what the Financial Instruments and Exchange Act asks of a filer, so the comparison here is between a required Japanese filing and a voluntary English report, not between a document and its translation.

Against the arithmetic above, part of the English report can be checked and part we could not check. Sales volumes and market share by business are readable in the excerpt. The table this piece would need to carry its regional work across — India, Japan, Europe, Others, in revenue and in units — is not in that excerpt, so the correspondence between the English presentation and the Japanese report's regional and segment breakdowns is something we could not verify either way. The same holds for three subjects this piece turns on: capital allocation and shareholder returns; non-controlling interests and minority holders, the ¥104,619 million (US$638.7 million) line itself; and the governance of a listed overseas subsidiary. The Governance division is there as a heading, and specific text on those three is not in the excerpt. That is a statement about the excerpt, not a finding about the full report, which we did not read end to end. The 45.48% of the register held by foreign corporations and others reach, in English, a document scoped to FY2024 with the contents listed above; the ¥1.72 rate and the 41.5% arithmetic came out of the Japanese filing and the Japanese deck.

A smaller version of the doubling sits inside one year's research and development. The annual report's segment figures are four-wheel ¥243,400 million (US$1,486 million), two-wheel ¥21,000 million (US$128 million), marine ¥5,800 million (US$35 million) and other ¥300 million (US$2 million), adding to ¥270,500 million (US$1,651 million). The presentation gives ¥271,100 million (US$1,655 million) on the profit-and-loss recognised basis, which it says it has used from this period, and ¥270,400 million (US$1,651 million) on a spend basis. Three figures for the same year's R&D, spread across ¥700 million (US$4.3 million), each carrying the basis that produced it.

In the climate numbers the second document explains the first. The Japanese report gives carbon neutrality for Scope 1 and 2 globally, India included, by 2050, with a 42% total reduction by FY2030 against FY2022. The English report gives the same 2050 and the same 42%, and adds that a 2070 date for India, published in a January 2023 growth strategy in line with the Indian government's target, was updated to the global 2050. For FY2024 the value chain totalled 110.91 million t-CO2, of which Scope 3 was 110.01 million and category 11, the use of sold products, was 86.33 million, or 77.8%.

The targets appear in both languages and agree. For FY2030: revenue of ¥8,000,000 million (US$48,840 million), operating profit of ¥800,000 million (US$4,884 million), a 10.0% margin, ROE of 13.0%, on assumed rates of ¥140 to the dollar, ¥150 to the euro and ¥1.70 to the rupee. Four-wheel volume of 4.20 million units includes India at 2.54 million, or 60.5%; two-wheel volume of 2.54 million includes India at 1.39 million, or 54.7%. Next year's forecast: revenue ¥6,800,000 million (US$41,510 million), operating profit ¥570,000 million (US$3,480 million), profit attributable to owners ¥380,000 million (US$2,320 million), earnings of ¥196.97 (US$1.20) a share.

The calendars come last. The results release carries its own date, 14 May 2026; the annual securities report was filed on 23 June 2026; the general meeting was set for 25 June 2026, where the ¥24 (US$0.15) final dividend and the ¥46,311 million (US$282.7 million) it represents were, as of filing, a proposal. When the other company published its own account of the same twelve months is a question for the other document; the release does not carry that date. One line of this one, ¥104,619 million (US$638.7 million), is profit attributable to non-controlling interests.

On conversion: yen amounts are stated at ¥163.8 = US$1, the rate on 24 July 2026, applied to every period here regardless of when the yen figure arose. The rate itself carries four significant figures, so no dollar figure above is written with more than four, and with fewer where the yen original carries fewer, which is why a component and a total can round a unit apart. Rupee amounts, where converted, are taken first at ¥1.72 to the rupee — the rate the company's presentation gives for the year to 31 March 2026 — and then at the same dollar rate, a chain that carries only three significant figures. Percentages, ratios, multiples and unit counts are not converted.