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 reported earnings of Rs31.2/share in 4QFY26, up 99% YoY, taking FY26 EPS to Rs72.5/share, reflecting a 34% YoY increase.</li>
<li>The quarterly earnings came in above industry expectations, primarily driven by a tax reversal following the Super Tax-related verdict.</li>
<li>In absolute terms, the reversal clocked at Rs18.3bn during 4QFY26, resulting in a tax reversal of Rs3.8bn for FY26, compared to a tax expense of Rs23.0bn during FY25.</li>
</ul>


MARI reported earnings of Rs31.2/share in 4QFY26, up 99% YoY, taking FY26 EPS to Rs72.5/share, reflecting a 34% YoY increase.
The quarterly earnings came in above industry expectations, primarily driven by a tax reversal following the Super Tax-related verdict.
In absolute terms, the reversal clocked at Rs18.3bn during 4QFY26, resulting in a tax reversal of Rs3.8bn for FY26, compared to a tax expense of Rs23.0bn during FY25.


Mari Energies (MARI) – MARI Earnings Up by 99% YoY to Rs31.2/Share in 4QFY26