Indus Motor Company Limited (INDU): 1HFY25 Analyst Briefing Key Takeaways - By Foundation Research

Mar 13 2025


Foundation Securities


  • Indus Motor Company Limited (INDU PA) held its analyst briefing today to discuss the company’s financial performance during 1HFY25 and future outlook.
  • INDU posted net sales of PKR 84.8Bn (↑67% YoY) in 1HFY25, which were driven by surge in volumes. INDU sold 12,541 units (↑82% YoY) in 1HFY25, with contribution from Corolla+Yaris+Cross & Fortuner+Hilux of 9,633 & 2,908 units respectively, up 83% & 52% YoY.
  • The company’s gross margin improved from 9.3% to 13.8% in 1HFY25 given lower input cost aided by favorable exchange rate, cost optimization, and localization efforts. Additionally, investment in green energy has also been fruitful in reducing cost as Solar Energy contributes ~25% in the power mix.
Oil & Gas Marketing Companies: Gas Tariff Hike: Positive for Gas Utilities, Negative for Industry - By AHCML Research

Jun 30 2025


Al Habib Capital Markets


  • The Oil and Gas Regulatory Authority (OGRA) has approved a significant gas tariff hike across all consumer categories effective July 1, 2025. The revised structure includes increase in fixed monthly charges, PKR600 for protected households, PKR1,500 for non-protected users, and PKR3,000 for high-usage domestic consumers. The adjustment is part of broader IMF-led reforms to improve cost recovery, reduce subsidies, and contain circular debt in the energy sector.
  • The gas tariff hike is a structurally positive development for SSGC, SNGP, PPL, PSO, and OGDC, it poses near-term risks for industrial players. The policy supports energy sector sustainability and aligns with macroeconomic reform goals but warrants caution in sectors exposed to high gas input costs. Investors may consider overweighting gas utilities and upstream names while remaining selective in industrial exposure.
Economy: Large Scale Manufacturing Industrial activity posts modest growth - By Foundation Research

Jun 18 2025


Foundation Securities


  • LSM output witnessed an increase of 2.3% YoY in Apr’25 due to low base effect. During 10MFY25, output contracted 1.5% YoY given lagged second round effects of tight monetary stance and weak domestic demand. Prominent sectors that fueled the monthly progress were Automobiles (↑60.2%), Other transport Equipment (↑41.6%), Paper & Board (↑12.1%), Tobacco (↑9.1%), Textile (↑7.9%), Pharmaceuticals (↑7.5%), Coke & Petroleum Products (↑5.5%), Computer, electronics & Op prods (↑5.1%), Fertilizers (↑5.1%), Beverages (↑4.3%), Food (↑3.5%), Wood Products (↑3.0%), Electrical Equipment (↑2.6%), Rubber Products (↑2.3%), Non Metallic Mineral Products (↑1.9%) and Leather Products(↑1.8%). On the flipside, negative contributors were Machinery and Equipment (↓50.7%), Other Manufacturing (Football) (↓41.5%), Furniture (↓40.3%), Chemicals Products (↓10.8%), Wearing Apparel (↓8.6%), Iron & Steel Products (↓1.8%), and Fabricated Metal (↓0.1%).
  • Textile sector underwent a surge of 7.9% YoY as spinning/weaving reported enhancement of 8.7/0.4% YoY. Food production rose 3.5% YoY as sugar, bakery, & chocolate production shot up by 184% YoY during the month. Pharma output grew 7.5% YoY on the back of 6.7/10.3% YoY increase in tablets/syrups production.
Ghani Chemical Industries Limited (GCIL): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 9 2025


Taurus Securities


  • Ghani Chemical Industries Limited (GCIL) is a leading manufacturer of medical and industrial gases in Pakistan. It operates state-of-the-art facilities across Phool Nagar (Punjab), Port Qasim (Sindh), and Hattar Special Economic Zone (KPK). The Company recently underwent a significant restructuring involving the demerger of its Calcium Carbide project and a share swap with Ghani Chemworld Limited and Ghani Products Limited.
  • GCIL reported net sales of PKR 1.67Bn in 3QFY25, reflecting a 41% increase from PKR 1.18Bn in 3QFY24. Gross profit rose significantly to PKR 1.01Bn from PKR 305Mn, boosting the gross margin to 60.8% from 25.8% year-over-year. Net profit increased by 145% to PKR 514n compared to PKR 210Mn last year, with earnings per share (EPS) improving to PKR 1.03 from PKR 0.42.
  • GCIL commenced operations of its 5th Air Separation Unit (ASU) at Hattar SEZ, with a 275 TPD capacity, making it the largest such facility in Pakistan. This addition positions GCIL as the dominant player in the industrial gases market. Management expects this to substantially increase both top-line and bottom-line going forward.
Indus Motor Company Limited (INDU): 3QFY25 EPS arrived at PKR 84; PAT up 48%YoY - By Taurus Research

Apr 28 2025


Taurus Securities


  • As per the results of 3QFY25, INDU’s sales revenue clocked in at ~PKR 61Bn, up 28%YoY and 40%QoQ, primarily driven by a sharp recovery in passenger car volumes  which surged 40%YoY and 42%QoQ amid easing macroeconomic conditions such as an uptick in demand, lower inflation, and declining interest rates.
  • Administrative and other expenses remained elevated, reflecting an increase of 62%YoY and 4.6xYoY, respectively. Furthermore, other income declined by 32%YoY, mainly due to lower interest rates during the period.
  • Finance cost increased by 1.5xYoY and 94%QoQ, owing to a higher level of borrowings.
Indus Motor Company Limited (INDU): Result Preview 3QFY25 - By AHCML Research

Apr 24 2025


Al Habib Capital Markets


  • Indus Motor Company is anticipated to report a PAT of PKR 5,662 million (EPS: PKR 72.03) for 3QFY25, reflecting 27% YoY increase.
  • Sales revenue for the quarter is expected to reach PKR 61,256 million, reflecting a robust 29% YoY and 41.5% QoQ growth. This performance is primarily driven by a significant increase in volumetric sales, which rose by approximately 40% YoY and 42% QoQ
  • Fortuner Sales volume witnessed a substantial rise of 159% YoY and 110% QoQ, highlighting strong consumer demand and improved supply chain efficiency.
Indus Motor Company Limited (INDU): 3QFY25 EPS to arrive at PKR 73; PAT up 28%YoY - By Taurus Research

Apr 21 2025


Taurus Securities


  • Board Meeting: 25th April 2025
  • INDU’s net sales are projected to clock in at PKR 59.7Bn in 3QFY25, up 26%YoY and 38%QoQ, primarily driven by a sharp recovery in passenger car volumes — which surged 40%YoY and 42%QoQ — amid easing macroeconomic conditions like uptick in demand, lower inflation and lower interest rates.
  • Gross margins are expected at 13.4% in 3QFY25 (14.7% in SPLY), with the slight decline likely due to cost-side pressures.
Ghandhara Industries Limited (GHNI): Financial Snapshot - By Chase Research

Apr 21 2025



  • We are initiating coverage on GHNI with a “BUY” stance and a DCF based Dec-25 target price of PKR 1,033, indicating a potential upside of 35%.
  • Strong mining sector activity to drive demand growth for prime movers and trucks.
  • Sustained implementation of the axle load regime to lend support to expansion of the national fleet.
Bank Alfalah (BAFL): 1Q2025 EPS at Rs4.49, up 65% QoQ (Earnings lower than industry expectations) - By Topline Reseach

Apr 17 2025


Topline Securities


  • Bank Alfalah (BAFL) announced its 1Q2025 result today, where the bank recorded consolidated earnings of Rs7.1bn (EPS of Rs4.49), down 29% YoY while up 53% QoQ.
  • Alongside the results, the bank also announced a first interim cash dividend of Rs2.5/share, which came in higher than expectations.
  • Net Interest Income (NII) for 1Q2025 settled at Rs33.6bn, up 6% YoY and 5% QoQ, driven by (1) higher asset yields and (
Mughal Iron & Steel Industries Limited (MUGHAL): 1HFY25 Analyst Briefing Key Takeaways - By Foundation Research

Apr 9 2025


Foundation Securities


  • Mughal Iron & Steel Industries Limited (MUGHAL PA) held its analyst briefing to discuss the company’s financial performance during 1HFY25 and outlook.
  • Mughal Iron & Steels Industries Ltd’s(MUGHAL PA) profitability clocked in at PKR 210Mn (EPS PKR 0.63, down 73% YoY) in 2QFY25 against PKR 773Mn (EPS PKR 2.30) in 2QFY24. This takes 1HFY25 profitability to PKR 217Mn (EPS PKR 0.65, down 83% YoY) as compared to profit of PKR 1.3Bn (EPS 3.84) in 1HFY24.
  • Currently, the company is operating at maximum operational capacity; capacity utilization of furnace plant for melting is 80% and 65-67% for re-rolling. Moreover, the production mix for girders and rebars is 40-45% and 50-55%, respectively.
Mughal Iron & Steel Industries Limited (MUGHAL): 1HFY25 Corporate Briefing Takeaways - By Taurus Research

Apr 9 2025


Taurus Securities


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  • With regards to the non-ferrous sales, the management discussed that the Company’s exports of Copper and Aluminum would remain subdued due to ongoing geo-political issues (US – China trade war), recent price competition in the EVs globally and sluggish growth in China’s industrial activity. However, the management expects slight recovery in exports on the back of anticipating some recovery in Chinese Economy during 2nd half of 2025.
  • The management shared some views regarding benefiting from the recent changes globally i.e. imposition of US tariffs. They told that the US administration did not discuss specifically about imposing tariffs on steel products. So, they expect steel market to remain stable and may not consider a backlash on the recent changes in global dynamics
Textiles: Pause-period for US tariffs ending today - By JS Research

Jul 8 2025


JS Global Capital


  • The 90-day pause period for the implementation of reciprocal tariffs expires today. Meanwhile, US govt plans to issue letters to all countries which have not struck a deal yet and are likely to face higher than previously announced tariffs effective 1st August, 2025.
  • Countries having completed successful round of bilateral trade agreements including Pakistan, are expected to face a lower tariff, however, a minimum baseline tariff of 10% is likely to remain. A formal notification of the same is likely to be announced along with other trading partners with negotiated contracts.
  • With softening of US stance towards Pakistan since the cease-fire between India and Pakistan and a potential successful round of dialogues between the two, optimism towards Pak Textile sector has gained strength, with an upside of 38% from its low seen in May-2025 and 21% from the pre-tariff announcement levels.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Morning News: Reserves up: SBP eyes global bond market - By Next Research

Jul 8 2025


Next Capital


  • According to the central bank, reserves reached $14.5 billion by the end of June, surpassing the IMF’s target of $13.9 billion and exceeding even the Governor’s own projections. The hard work is paying off. SBP has been persistent in buying dollars from the interbank market, and now, finally, the international commercial financing channel has reopened. The next move is to tap into the international bond market — starting with the Panda bond, followed by a Eurobond issuance.
  • In a significant economic achievement, the government of Pakistan has demonstrated its firm commitment to fiscal discipline and long-term stability by retiring Rs 1.5 trillion in public debt ahead of schedule in FY25. This substantial early repayment has contributed to a notable improvement in Pakistan’s fiscal indicators, bringing the debt-to-GDP ratio down from 75 percent in FY23 to 69 percent in FY25.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said on Monday.
Technical Outlook: KSE-100; Upside likely - By JS Research

Jul 8 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session to close at 133,370, up 1,421 points DoD. Volumes stood at 920mn shares compared to 733mn shares traded in the previous session. The index is likely to retest yesterday’s high of 133,862; a break above this level could target 135,232, with potential to rise further towards 137,549 level. Meanwhile, any downside will be tested between 132,460 and 132,610 levels, respectively. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. The support and resistance are placed at 132,604 and 133,999, respectively.
Morning News: SBP governor speaks of policy mix: - By HMFS Research

Jul 8 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile, and populist ‘sugar rush’. Governor SBP also assured that SBP is fully committed to undertake structural reforms and lay the foundation for sustainable and inclusive economic growth. Both SBP and the government remain steadfast in their approach to transitioning from recently hard-earned economic stability to a medium-term economic transformation. This resolve is reflected in our prudent and cautious monetary policy stance, and fundamentals aligned exchange rate, and ongoing fiscal consolidation and improving debt dynamics.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said. Pakistan’s debtto-GDP ratio decreased from 75 percent in FY23 to 69 percent in FY25 due to early debt repayments. The successful buyback of Rs1 trillion in market debt, completed by December 2024, marked the first such operation in Pakistan’s history. Alongside this, the early repayment of the SBP Rs500 billion debt has collectively led to the early retirement of Rs1.5 trillion in public debt during FY25, said Khurram Schehzad, an advisor to the finance minister. The early retirement of central bank debt, executed by the Debt Management Office (DMO), marks a breakthrough in Pakistan’s debt management strategy. Early debt retirement while converting shorter tenure with longer-tenure debt significantly reduces concentration risk, lowers future liabilities, and strengthens the country’s macroeconomic foundations by curbing reliance on borrowings.
  • The Federal Board of Revenue (FBR) has notified businesses, including importers, suppliers, and manufacturers, of tightened restrictions under Section 21 of the Income Tax Ordinance for FY26, aimed at discouraging excessive cash dealings and broadening the tax net. Under the directive, any cash transaction exceeding PKR 200,000 will not be treated as an allowable business expense. Consequently: 50% of such expenditure will be recognized for tax purposes. The disallowed portion will attract an additional tax burden, effectively raising the cost by 20.5%.For completely disallowed transactions, the effective impact could surge to 79.5%. Businesses are urged to ensure all supplier and client payments are processed through proper banking channels to avoid heavy penalties and additional scrutiny by FBR
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Autos: Marking FY25 as a year of recovery - By JS Research

Jul 7 2025


JS Global Capital


  • We preview automobile sales volumes for Jun-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd to post combined growth of 33%/9% YoY/MoM, reaching ~14.5k units – highest since Dec-2022.
  • All three companies are projected to post strong YoY volume growth, with HCAR leading peers with 65% YoY growth in Jun2025, followed by PSMC (+31% YoY), and INDU (+25% YoY), helped by pre-budget buying ahead of anticipated negative budgetary measures. Meanwhile, Sazgar Engineering Works Ltd (SAZEW) volumes also rose 55% YoY in Jun-2025.
  • For FY25 cumulatively, the auto sector witnessed a strong recovery, with volumes expected to grow by 37% to ~121k units, supported by improving macroeconomic stability and a rebound in consumer confidence amid stable car prices.
Mari Energies Limited (MARI): Analyst Briefing Key Takeaways - By Foundation Research

Jul 1 2025


Foundation Securities


  • Mari Energies Limited (MARI) held its Conference call yesterday to discuss the company’s financial performance in 9MFY25 and future plans. Following are the key takeaways of the call:
  • Mari Energies Limited’s (MARI) profitability clocked-in at PKR 15.9Bn (EPS PKR 13.25, up 13% YoY) in 3QFY25 as compared to profit of PKR 14.1Bn (EPS PKR 11.76) in 3QFY24. In 9MFY25, profits contracted 10% YoY to PKR 46.3Bn (EPS PKR 38.56) vs. PKR 51.6Bn (EPS PKR 43.00) in the SPLY. This decline in profitability was on the back of 1) incremental royalty of 15%, 2) forced curtailment of indigenous production due to back pressure in the system, and 3) FX stability.
  • The management reiterated the company’s dominance in the exploration and production sector with an area under exploration and production of 97,166 square km while boasting 46 exploration blocks and 14 D&P licenses.
Indus Motor Company Limited (INDU): 1HFY25 Analyst Briefing Key Takeaways - By Foundation Research

Mar 13 2025


Foundation Securities


  • Indus Motor Company Limited (INDU PA) held its analyst briefing today to discuss the company’s financial performance during 1HFY25 and future outlook.
  • INDU posted net sales of PKR 84.8Bn (↑67% YoY) in 1HFY25, which were driven by surge in volumes. INDU sold 12,541 units (↑82% YoY) in 1HFY25, with contribution from Corolla+Yaris+Cross & Fortuner+Hilux of 9,633 & 2,908 units respectively, up 83% & 52% YoY.
  • The company’s gross margin improved from 9.3% to 13.8% in 1HFY25 given lower input cost aided by favorable exchange rate, cost optimization, and localization efforts. Additionally, investment in green energy has also been fruitful in reducing cost as Solar Energy contributes ~25% in the power mix.
Pakistan Fertilizer: Higher offtake sowing the seeds for better profitability - By Foundation Research

Jan 27 2025


Foundation Securities


  • FSL Fertilizer Universe profitability is anticipated to surge 52% YoY to PKR 39.4Bn in 4QCY24. We attribute the incline in profitability to (1) 8-year high Urea/DAP offtake given peak Rabi sowing, (2) impressive other income of PKR 10.1Bn (↑10% YoY) and (3) receding finance cost due to lower interest rates (↓19% YoY). Resultantly, CY24 profits are expected to swell to PKR 121.5Bn, up 51% YoY. Company-wise, we expect FFC/EFERT’s profitability to rise 167/17% YoY in CY24 to EPS of PKR 63.9/22.8 respectively. Expected DPS of FFC/EFERT for 4QCY24 is PKR 24.0/8.0, taking their annual payout to 39.5/21.5, respectively.
  • FFC: FFC’s post-amalgamation profitability is expected to jump 160% YoY to PKR 29.9Bn in 4QCY24 (EPS: 21.0) fueled primarily by ~11.1/4.6% YoY incline in Urea/DAP offtake to 839/380KT given strong Rabi season. Furthermore, lower gas cost than peers for approx. 80% of the total urea produced by the company will keep margins upwelling in addition to robust other income from subsidiaries and investments (up 3.4x YoY). FFC’s gross margins are expected to reach 35% in 4QCY24, which are lower post-merger because DAP is being produced at higher gas prices. Furthermore, among other major heads, finance cost is expected to decrease 53% YoY in 4QCY24 due to (1) FFBL’s debt retiring exercise, (2) lower interest rates and (3) persistent deleveraging efforts by FFC.
  • For 4QCY24, we expect a dividend of PKR 24.0/sh. This higher payout is due to (1) higher EPS due to amalgamation of FFBL with and into FFC, (2) the company uncharacteristically skipping dividend in 3QCY24 on the back of ongoing acquisition of AGL and (3) no dividend announced by FFBL in 9MCY24.
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