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 33% YoY growth in its earnings to Rs17.63/share in 3QFY26, bringing 9MFY26 earnings to Rs41.32/share (up 7% YoY).</li><li>The company posted net sales of Rs48.2bn, up 6% YoY and 6% QoQ. This takes 9MFY26 sales to Rs138.3bn, reflecting a 5% YoY increase.</li><li>Royalty expense clocked in at Rs11.2bn, down 3% YoY. Royalty as a % of net sales stood at 23%, compared to 25% in 3QFY25 and 24% in 2QFY26.</li></ul>

Mari Energies (MARI) reported a 33% YoY growth in its earnings to Rs17.63/share in 3QFY26, bringing 9MFY26 earnings to Rs41.32/share (up 7% YoY).The company posted net sales of Rs48.2bn, up 6% YoY and 6% QoQ. This takes 9MFY26 sales to Rs138.3bn, reflecting a 5% YoY increase.Royalty expense clocked in at Rs11.2bn, down 3% YoY. Royalty as a % of net sales stood at 23%, compared to 25% in 3QFY25 and 24% in 2QFY26.

Mari Energies (MARI): Earnings Up 65% QoQ To Rs17.63/Share