diff --git a/src/ol_dbt_cli/ol_dbt_cli/lib/sql_parser.py b/src/ol_dbt_cli/ol_dbt_cli/lib/sql_parser.py
index 2a5d84713..760a9df12 100644
--- a/src/ol_dbt_cli/ol_dbt_cli/lib/sql_parser.py
+++ b/src/ol_dbt_cli/ol_dbt_cli/lib/sql_parser.py
@@ -197,15 +197,29 @@ def _render_jinja(sql: str) -> tuple[str, list[str], list[str], dict[str, str],
 #   , __jinja__) as array (varchar)), ', '   <- orphaned tail (array(varchar) is a cast)
 #   ) as course_level                        <- real alias, must be last token on its line
 #
-# The regex uses a tempered greedy token `(?:(?!<next_jinja_col>)[^\n]*\n)*?` to
-# avoid consuming past the next broken-column placeholder.
+# The regex uses a tempered greedy token `(?:(?!<next_jinja_col>)[^\n]*\n){0,6}?` to
+# avoid consuming past the next broken-column placeholder. The repeat count is
+# capped (rather than unbounded `*?`) because a *bare* placeholder that never
+# gets an alias at all — e.g. the same macro call repeated, unaliased, inside a
+# GROUP BY list — has no real terminal to find. Left unbounded, the lazy search
+# happily scans past the GROUP BY, the CTE's closing paren, and even a `select`
+# keyword to seize on some unrelated downstream `) as alias`, corrupting the
+# SQL by deleting everything in between. Real broken-macro tails (see the two
+# test cases below) resolve within 1-4 lines, so a small bound safely covers
+# genuine cases while making runaway cross-CTE matches structurally impossible:
+# past the bound the regex simply fails to match and the bare placeholder is
+# left as-is (a harmless unresolved identifier) instead of eating the file.
 # Matches both ``__jinja__`` (regex path) and ``__macro__`` (Jinja2 path) placeholders.
 _BROKEN_COL_PLACEHOLDER = r"(?:__jinja__|__macro__|__undefined__)"
 _BROKEN_COL_RE = re.compile(
     rf"([ \t]*,[ \t]*){_BROKEN_COL_PLACEHOLDER}(?![ \t]+as\b)"  # column-sep + placeholder, no direct alias
     r"[^\n]*\n"  # rest of the first (broken) line
-    rf"(?:(?![ \t]*,[ \t]*{_BROKEN_COL_PLACEHOLDER})[^\n]*\n)*?"  # optional continuation lines
-    r"[ \t]*\)[ \t]+as[ \t]+(\w+)[ \t]*(?:--[^\n]*)?(?:\n|$)",  # ) as alias — must be last token on line
+    rf"(?:(?![ \t]*,[ \t]*{_BROKEN_COL_PLACEHOLDER})[^\n]*\n){{0,6}}?"  # bounded continuation lines
+    r"[ \t]*\)?[ \t]*as[ \t]+(\w+)[ \t]*(?:--[^\n]*)?(?:\n|$)",  # [)] as alias — must be last token on line.
+    # The ')' is optional: a plain macro call (e.g. a UDF-style {{ macro(...) }})
+    # followed by `as alias` alone on the next line has no stray tokens to
+    # collapse, so the lazy loop must terminate there instead of overrunning
+    # into an unrelated later `) as ...` several columns/CTEs downstream.
 )
 
 
diff --git a/src/ol_dbt_cli/tests/test_sql_parser.py b/src/ol_dbt_cli/tests/test_sql_parser.py
index d8d4d344c..302ac5d3c 100644
--- a/src/ol_dbt_cli/tests/test_sql_parser.py
+++ b/src/ol_dbt_cli/tests/test_sql_parser.py
@@ -270,6 +270,40 @@ def test_broken_column_macro_multiline_case(self) -> None:
         assert "item_id" in result.output_columns
         assert "item_types" in result.output_columns
 
+    def test_broken_column_regex_stops_at_plain_multiline_alias(self) -> None:
+        """A plain macro call aliased on the next line must not swallow later columns.
+
+        Unlike the orphaned-tail cases above, ``{{ macro(...) }}`` here has no stray
+        tokens trailing it — the very next line is just ``as alias``. The collapse
+        regex must terminate there instead of lazily overrunning into unrelated
+        later columns (and even later CTEs) looking for the next ``) as ...``.
+        """
+        sql = (
+            "with combined as (\n"
+            "    select\n"
+            "        raw_source.platform_name\n"
+            "        , {{ generate_hash_id('cast(raw_source.user_id as varchar)') }}\n"
+            "            as user_hashed_id\n"
+            "        , raw_source.user_id\n"
+            "        , count(distinct raw_source.course_id) as unique_courses\n"
+            "    from raw_source\n"
+            "    group by\n"
+            "        raw_source.platform_name\n"
+            "        , {{ generate_hash_id('cast(raw_source.user_id as varchar)') }}\n"
+            "        , raw_source.user_id\n"
+            ")\n"
+            "select\n"
+            "    combined.platform_name\n"
+            "    , combined.user_hashed_id\n"
+            "    , combined.unique_courses\n"
+            "from combined"
+        )
+        result = parse_model_sql("my_model", sql)
+        assert result.parse_error is None
+        assert "platform_name" in result.output_columns
+        assert "user_hashed_id" in result.output_columns
+        assert "unique_courses" in result.output_columns
+
     def test_var_in_where_clause_parseable(self) -> None:
         """A model with '{{ var(...) }}' in WHERE must parse without error."""
         sql = (