MARI Mari Energies Limited

Mari Energies Limited (MARI) valuation

At Rs 630.73 (close on 16 Oct 2026) MARI trades at 8.7× earnings (FY2026), above its five-year average of 7.2× and above the Oil & Gas Exploration Companies median of 5.9×. The shares are priced at 2.35× book value (sector median 1.43×). Enterprise value of Rs 705.4 bn is 7.0× EBITDA. The dividend yield is 4.3%, against a five-year average of 4.8%.

P/E · today: 8.7×; FY2026; 5-yr average7.2× Sector median5.9×
P/B · today: 2.35×; FY2026; 5-yr average2.11× Sector median1.43×
EV/EBITDA · today: 7.0×; 5-yr average4.5× Sector median3.6×
Dividend yield · today: 4.3%; FY2026; 5-yr average4.8% Payers' median5.6%

Market value Rs 757.3 bn at Rs 630.73. Sector medians use the latest close of 4 Oil & Gas Exploration Companies companies; P/E and P/B only where earnings / book value are positive; the yield median covers dividend payers only. Not investment advice.

P/E history P/E at fiscal year-end 5-year average

Valuation history

At each fiscal year-end price.

MARI valuation history (annual) (Rs bn)
Rs bn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Market capitalisation	809.6	752.7	361.8	202.1	232.1	203.4	165.0	122.4	166.1	173.7	100.1	51.7	34.3	12.5	8.6	7.9	9.5	5.5	9.9	6.4
Enterprise value	764.7	675.7	287.7	160.9	191.3	154.7	114.6	95.1	150.5	171.9	111.2	57.7	30.7	8.5	7.1	5.8	8.0	5.0	8.2	3.7
Share price (period end) Rs	674.29	626.89	301.37	168.29	193.30	169.38	137.41	101.95	138.31	144.69	83.40	43.03	28.58	10.45	7.18	6.57	7.92	4.56	8.25	5.36
P/E (diluted)	9.32×	11.51×	4.68×	3.60×	7.02×	6.47×	5.44×	5.03×	10.80×	19.01×	16.55×	9.14×	8.70×	5.18×	7.73×	4.57×	8.02×	1.27×	1.93×	4.70×
Price to book	2.51×	2.77×	1.61×	1.20×	1.77×	1.76×	1.77×	1.92×	4.13×	6.80×	15.70×	5.07×	2.04×	0.93×	0.75×	0.74×	1.03×	0.33×	0.80×	0.86×
Price to sales	4.22×	4.25×	1.99×	1.39×	2.44×	2.79×	2.61×	2.36×	4.68×	7.06×	4.61×	3.06×	2.65×	1.22×	1.31×	1.26×	2.08×	0.54×	0.85×	1.00×
EV / EBITDA	7.58×	6.90×	2.48×	1.83×	3.39×	3.40×	2.82×	2.61×	6.38×	12.41×	13.69×	6.76×	6.12×	2.31×	1.89×	1.63×	3.75×	1.59×	1.83×	2.00×
EV / Sales	3.99×	3.82×	1.58×	1.10×	2.01×	2.12×	1.81×	1.83×	4.24×	6.99×	5.12×	3.42×	2.37×	0.83×	1.07×	0.93×	1.75×	0.98×	1.40×	1.15×
Dividend yield (gross)	4.4%	2.4%	5.8%	10.0%	7.9%	4.5%	0.5%	0.6%	0.4%	0.3%	0.5%	0.8%	1.0%	2.7%	3.6%	3.1%	2.4%	2.8%	1.2%	1.8%
Free cash flow yield	1.0%	4.9%	17.0%	8.9%	5.4%	3.7%	14.4%	10.1%	8.7%	1.7%	6.4%	2.0%	(2.0%)	21.6%	(2.4%)	9.3%	13.2%	(40.3%)	(18.2%)	0.1%
PEG ratio	0.28×	(0.75×)	0.12×	0.05×	1.36×	1.73×	0.22×	0.09×	0.16×	0.37×	2.33×	0.21×	0.14×	0.04×	(0.22×)	0.10×	(0.11×)	(0.08×)	0.01×	0.02×
P/E (diluted, normalised)	9.32×	11.51×	4.68×	3.60×	7.02×	6.47×	5.44×	5.03×	10.80×	19.01×	16.55×	9.14×	8.70×	5.18×	3.64×	4.57×	8.02×	1.27×	3.34×	4.70×
Price to book — 5-year average	2.11×	1.92×	1.59×	1.62×	2.00×	2.46×	3.18×	4.21×	5.31×	5.14×	3.55×	1.83×	1.18×	0.72×	0.69×	0.70×	0.71×	0.72×	0.89×	0.89×
EV / EBITDA — 5-year average	4.53×	3.64×	2.63×	2.69×	3.49×	4.29×	5.25×	6.48×	8.83×	9.69×	7.40×	4.47×	3.31×	2.11×	2.00×	2.02×	2.16×	2.09×	2.14×	2.11×
Dividend yield — 5-year average	4.8%	4.9%	5.9%	5.3%	3.3%	1.4%	0.4%	0.5%	0.5%	0.6%	0.9%	1.4%	2.0%	2.9%	2.6%	2.2%	2.1%	1.9%	1.9%	2.5%

MARI valuation: frequently asked questions

What is MARI's P/E ratio?

At the closing price of Rs 630.73 on 16 Oct 2026, MARI trades at a P/E of 8.7× based on EPS of Rs 72.36 (FY2026).

What is MARI's book value per share?

Mari Energies Limited's book value per share was Rs 268.62 at the end of FY2026. The shares trade at 2.35× book value.

Information only, not investment advice.