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What is EBITDA? Meaning, with real Indian companies

EBITDA in plain English: profit before interest, tax and wear and tear, how Cityfort works it out from filings, with real Indian company figures.

Reviewed by Cityfort Research on , 1 min read

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What does EBITDA mean?

EBITDA stands for earnings before interest, tax, depreciation and amortisation. It is the profit a business makes from its day-to-day work.

Depreciation is the yearly wear and tear on machines and buildings. Amortisation is the same idea for things like software and licences.

Why leave those four costs out?

Interest depends on how much the company borrowed. Tax depends on the law. Depreciation depends on how much it built in the past.

Leaving them out shows what the operations earn before those choices.

How does Cityfort work it out?

Start from profit before tax. Add back finance costs and depreciation. Then take away other income, such as interest on cash, which is not from the main business.

Is EBITDA printed in the accounts?

Not as a standard line. Ind AS 1 lets companies add subtotals when they help explain performance, so some do print one.[S1]

Each company's version can differ. Asian Paints' FY26 annual report shows an EBITDA line that includes other income, unlike Cityfort's figure.[S2]

See it in real companies

EBITDA at companies on Cityfort

12 companies on Cityfort, listed A–Z (not ranked).

Asian Paints
₹6,704 crFY26 · consolidated · source S2
Bharti Airtel
₹119,675 crFY26 · consolidated · source S1
Eternal
₹1,208 crFY26 · consolidated · source S1, S7
Hindustan Unilever
₹14,804 crFY26 · consolidated · source S1
Infosys
₹40,991 crFY26 · consolidated · source S1
ITC
₹27,403 crFY26 · consolidated · source S1
Kalyani Steels
₹353 crFY26 · standalone · source S1
L&T
₹29,151 crFY26 · consolidated · source S1
Reliance Industries
₹178,949 crFY26 · consolidated · source S1
Saksoft
₹182 crFY26 · consolidated · source S1
TCS
₹67,872 crFY26 · consolidated · source S1
Titan
₹8,255 crFY26 · consolidated · source S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

See it in real companies

Operating (EBITDA) margin at companies on Cityfort

12 companies on Cityfort, listed A–Z (not ranked).

Asian Paints
18.8%FY26 · consolidated · source S2
Bharti Airtel
56.7%FY26 · consolidated · source S1
Eternal
2.2%FY26 · consolidated · source S1, S7
Hindustan Unilever
23.0%FY26 · consolidated · source S1
Infosys
22.9%FY26 · consolidated · source S1
ITC
30.5%FY26 · consolidated · source S1
Kalyani Steels
19.1%FY26 · standalone · source S1
L&T
10.2%FY26 · consolidated · source S1
Reliance Industries
16.6%FY26 · consolidated · source S1
Saksoft
18.1%FY26 · consolidated · source S1
TCS
25.4%FY26 · consolidated · source S1
Titan
9.4%FY26 · consolidated · source S1

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

Is EBITDA the same as operating profit?
Not always. Some companies use operating profit to mean profit after depreciation (EBIT). Check how each filing defines it.
Why can a company's own EBITDA differ from Cityfort's?
Companies define it in their own way. Asian Paints' FY26 annual report, for example, shows an EBITDA line that includes other income. Cityfort leaves other income out.[S2]
Why do bank pages not show EBITDA?
Interest is a bank's main cost of doing business, so a profit before interest says little about it. Bank pages show net interest income instead.

Sources

  1. S1Ind AS 1, Presentation of Financial Statements, paragraph 85 (as notified by MCA, amended to 13 Aug 2025) · ICAI, Compendium of Indian Accounting Standards 2025-26Tier 1: company or exchange filing · 13 Aug 2025
  2. S2Asian Paints Integrated Annual Report FY26, Consolidated Financial Statements · Asian Paints Limited (filed with BSE and NSE)Tier 1: company or exchange filing · 12 Jun 2026

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Disclaimer

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a SEBI-registered investment adviser.

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Statements by company management are reported as statements, with their date and source; they are not our forecasts.