External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Mari Energies (MARI) reported a 15% YoY growth in its earnings to Rs10.66/share in 2QFY26, taking 1HFY26 earnings to Rs23.89/share, down 6% YoY.</li><li>The company posted net sales of Rs44.7bn, up 8% YoY but down 1% QoQ.</li><li>Royalty expense clocked in at Rs10.6bn, up 33% YoY.</li></ul>

Mari Energies (MARI) reported a 15% YoY growth in its earnings to Rs10.66/share in 2QFY26, taking 1HFY26 earnings to Rs23.89/share, down 6% YoY.The company posted net sales of Rs44.7bn, up 8% YoY but down 1% QoQ.Royalty expense clocked in at Rs10.6bn, up 33% YoY.

Mari Energies (MARI): Earnings Down 18% QoQ To Rs10.66/Share