This study undertaken in Punjab on kinnow mandarin has suggested to include marketing loss in the estimation of marketing margins, price spread and efficiency and has used a modified formula for it. It has been observed that a majority of kinnow producers sell their orchards to the pre-harvest contractors/ traders at different stages. The aggregate post-harvest losses from orchards to consumers in kinnow in two different markets ranges from 14.87 per cent in Delhi market to 21.91 per cent in Bangalore market. It has indicated the necessity of establishing kinnow processing industries for development of value-added ready-to-serve (RTS) quality products, minimizing post-harvest losses and providing remunerative price to the producers. The results have emphasized that efforts should be made to adopt improved packaging techniques, cushioning material and cold storage facilities at the retail level. The producer’s share in consumer’s price as estimated by old method has been found higher in local market than Bangalore and Delhi markets, largely because of lower marketing costs and profit margins of traders. The inclusion of marketing loss in the estimation of marketing margins, price spread and efficiency has indicated that the old estimation method unduly over-states the farmers’ net price and profit margins to the market middlemen. It is appropriate to use modified method for the estimation of marketing margins and price spread.