Pakistan Automobiles: YoY recovery continues despite sequential slowdown amid floods – By Foundation Research
Oct 13 2025
Foundation Securities
- Automobile sales increased 67% YoY (22% MoM) to 17.2K units
on the back of strong showing in 800cc segment in Sep’25. In 1QFY26, sales went
up 53% YoY to 42.3K units. Segment-wise analysis reveals that sales of
800cc/1300cc/1000cc/jeeps spiked 50/64/80/61% YoY in Sep’25. Player-wise
breakdown exhibited that INDU/SAZEW/HCAR sales rose 33/73/82% YoY in Sep’25.
- INDU maintains strong YoY momentum despite sequential dip:
During Sep’25 INDU sales reached 3,152 units, up 33% YoY (↓ 7% MoM) in Sep’25.
The YoY surge is driven by a jump in Corolla+Cross+Yaris to 2,655 units, up
41/4% YoY/MoM, which is primarily owed to Yaris sales, in our opinion.
Additionally, Fortuner+Hilux sales climbed 3% YoY (↓ 41% MoM) to 497 which, in
our view, the unappealing demand was mainly due to flood related disruptions
and reduced urban demand. On a quarterly basis, INDU sales increased by a hefty
61% YoY to 9.9K units against 6.2K units in 1QFY25.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research
Feb 19 2026
HMFS Research
- The KSE-100 index endured intense selling pressure today as
investors aggressively moved to lock in gains, resulting in a sharp and
broad-based correction across the equity market. The benchmark plunged to an
intra-day low of 7,206 points, with heavyweights from the fertilizer, banking,
and E&P sectors leading the downturn. Escalating geopolitical tensions
between the US and Iran dampened investor sentiment, triggering widespread
profit-taking and amplifying volatility. By the close of the session, the index
settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from
the previous day’s close.
- Trading activity remained relatively moderate, with volumes
recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall
market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1
(46mn). Going forward, market direction is likely to remain contingent upon
geopolitical developments and evolving domestic economic indicators.
Additionally, forthcoming result announcements from blue-chip companies could
provide selective support to the benchmark. In this environment, investors are
advised to remain vigilant, carefully assess market dynamics, and focus on
fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research
Feb 19 2026
Ismail Iqbal Securities
- The benchmark index closed on a sharply negative note,
declining from the outset amid global uncertainty and rising oil prices, which
weighed on investor sentiment. Trading volumes decreased to 229mn shares today
as compared to 425mn shares in the previous session. Today, the KSE-100 index
lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement,
and E&Ps sectors were the major laggards in today's session, cumulatively
shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research
Feb 19 2026
Topline Securities
- We reiterate our BUY stance on Oil and Gas Development
Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a
total return of 48% (including dividend yield of 5%). The stock was highlighted
as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then,
OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
- This is despite a recent correction of 12.1% in the stock
price over the last one month, amid concerns surrounding the Reko Diq project,
which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research
Feb 19 2026
Alpha Capital
- The equity market commenced the session on a negative
footing and remained under sustained selling pressure throughout the day. The
KSE-100 Index witnessed significant intraday volatility, fluctuating between
171,647 and 179,280 before settling at 172,170—down 6,683 points at close.
Total traded volume on the main board reached 215.5 million shares, with an
aggregate value of PKR 21.2 billion.
- Key contributors to the index decline included FFC (-3.3%, -
539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC
(-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL
and BOP dominated volumes, with 58.8 million and 28.1 million shares traded,
respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research
Feb 19 2026
AKD Securities
- Faysal Bank Ltd (FABL) announced its 4QCY25 financial
results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4)
for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due
to higher than anticipated gain on sale of securities. In addition to the
result, bank announced a final cash payout of PkR2.0/ sh, below our
expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
- Net spread earned was recorded at PkR17.6bn in 4QCY25, down
by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR
introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research
Feb 19 2026
Al Habib Capital Markets
- D.G. Khan Cement Company Limited is scheduled to announce
its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR
2,652 million (EPS: PKR 6.05), down 2.5% YoY.
- Quarterly sales are projected at PKR 19,932mn, down 8.1%
YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research
Feb 19 2026
Al Habib Capital Markets
- Attock Cement Pakistan Limited is scheduled to announce its
2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR
1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices,
volumetric growth, and the addition of a 4.8MW wind mill.
- Sales revenue for the quarter is expected to reach PKR
11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research
Feb 19 2026
Taurus Securities
- 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down
6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh.,
taking the CY25 dividend payout to PKR 6.5/sh.
- Net Spread Earned (NSE): Remained flattish compared to the
previous quarter on account of pressure on margins due to plateauing asset
yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research
Feb 19 2026
JS Global Capital
- KSE-100 index showed sharp recovery to close at 178,853
level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares
traded previously. The index is expected to test resistance at 179,699 (50-DMA)
where a break above that will target the 30-DMA currently at 184,064 level.
However, any downside will find support between 175,800 and 177,385 levels,
respectively. The RSI and the Stochastic Oscillator have moved up, supporting a
recovery view. Investors are recommended to 'Buy on dips', with risk defined
below 175,796 level. The support and resistance are at 175,796 and 180,442
levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research
Feb 19 2026
Ismail Iqbal Securities
- Information technology (IT) exports surged 20 per cent
year-on year (YoY) to reach $2.6 billion in the first seven months of FY26,
according to a Topline Research report issued on Wednesday.
- Foreign Direct Investment (FDI) in Pakistan fell sharply 51
percent during the first seven months of the current fiscal year (FY26).
Pakistan Petroleum Limited (PPL): Earning Review – By Foundation Research
Feb 13 2026
Foundation Securities
- Pakistan Petroleum Limited (PPL) standalone profitability
clocked-in at PKR 20.3Bn (EPS PKR 7.5), ↓/↑ 26/1% YoY/QoQ, during 2QFY26
against profitability of PKR 27.3Bn (EPS PKR 10.0) in the same period last
year. This cumulates into 1HFY26 profitability of PKR 40.4Bn (EPS PKR 14.8),
down 21% YoY. PPL also announced an interim dividend of PKR 2.0/sh in 2QFY26,
this bring 1H payout to PKR 4.0.
- The result is lower than our expectations given higher than
anticipated OPEX and higher than expected suppression in non-core income.
Pakistan Economy: MSCI Feb’26 Quarterly Index Review – By Foundation Research
Feb 11 2026
Foundation Securities
- MSCI, the leading global provider of research-based indexes
and analytics, earlier today announced the results of its Feb’26 Frontier
Markets Quarterly Index Review. All changes will be implemented from 27th
February 2026.
- We believe the slightly decreased weight of Pakistan in MSCI
Frontier Market Indices after the above deletions would have a mildly negative
impact on foreign flows. To highlight, foreigners have been net sellers of
US$337.0Mn FY26TD against foreign selling of US$304.4Mn in FY25.
Pakistan Cement: South exports amplified industry utilization – By Foundation Research
Feb 4 2026
Foundation Securities
- Cement sector dispatches rose by 12.4% YoY in Jan’26 to
4.5Mn tons, resulting in enhanced capacity utilization of 60.7% vs. 55.6% in
the SPLY. Despite peak winter season, local sales continued their growth
momentum exhibiting a jump of 4.2% YoY to 3.6Mn tons, portraying demand
recovery trend amid improved macros. Similarly, exports spiked to 0.9Mn tons
with a remarkable growth of 61.1% YoY. Resurgence in exports were on account of
low base effect from South exports, even in the absence of North exports due to
Afghan border closure and also compensating for weakness in domestic demand in
the South region.
- Seasonality witnessed on a MoM bases where local demand fell
by 3.4% given fewer day light hours, fog etc. This decline was driven by North
sales exhibiting a decline of 6.5% MoM which was compensated by uptick in South
sales of 13.8% MoM. However, exports in North region were significantly
impacted owing to Afghan border closure. Increase in both local dispatches and
exports of South region MoM resulted in overall industry dispatches reaching
4.5Mn tons, maintaining growth of 4.4% MoM.
Agritech Limited (AGL): Earning Review – By Foundation Research
Jan 29 2026
Foundation Securities
- Agritech Limited (AGL PA) profitability clocked-in at PKR
694Mn (EPS PKR 1.2) in 4QCY25, down 29% YoY, compared to PKR 971Mn (EPS PKR
1.6) in 4QCY24.
- This takes CY25 profitability to PKR 2.9Bn (EPS PKR 4.8), as
compared to loss of PKR 1.1Bn in CY24.
- AGL’s topline reported at PKR 12.2Bn (flat/up 18% YoY/QoQ)
in 4QCY25, however, full year net revenue was recorded at PKR 35.9Bn,
portraying a YoY growth of 15%.
Pakistan Cement: Profitability to drop 5% YoY in 2QFY26 – By Foundation Research
Jan 14 2026
Foundation Securities
- FSL Cement universe profitability is forecasted to slide 5%
YoY in 2QFY26 despite uptick in domestic sales and easing coal prices. This
suppression in the profitability is mainly accredited to (1) normalization of
gross margins, (2) higher energy cost, (3) lower exports due to Afghan border
closure along with 23% YoY dip in South exports, and (4) weak prices (down 6%
YoY).
- On a quarterly basis, profitability is estimated to recede
19% QoQ in 2QFY26 owing to (1) weak domestic prices in North, (2) shift in
energy mix, (3) slump in exports by 21% QoQ, and (4) attrition in other income.
Pakistan Cement: Demand remains strong – By Foundation Research
Jan 6 2026
Foundation Securities
- Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn
tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4%
in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY
to 3.7Mn tons, showing demand recovery trend amid improved macros. However,
exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports
were on account of high base effect from South exports, absence of North
exports due to Afghan border closure and compensating rise in domestic demand
post floods.
- Demand continues its uptrend where local dispatches grew by
4.9% MoM despite the winter season as historically cement sales dip during
these months. Local demand continued to show early signs of recovery in the
aftermath of floods, aided by improved macros. However, exports were
significantly impacted, owing to Afghan border closure given absence of North
exports and improved local sales.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research
Jan 5 2026
Foundation Securities
- Petroleum sales reversed the decline of last month to post
positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD
sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25.
Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales
witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO.
Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively,
while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
- White oil: Domestic petroleum sales (ex-non Energy) depicted
a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down
9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at
628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during
Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in
White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in
1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average
Rs265.2/274.3/liter, respectively, during Dec’25.
Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research
Dec 30 2025
Foundation Securities
- Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst
briefing today to discuss financial/operational performance and outlook of the
company. Below are key takeaways from the session.
- To recall, Lucky Cement Limited’s (LUCK PA) consolidated
profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in
1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
- On a standalone basis, profitability was recorded at PKR
14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of
PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Fatima Fertilizer Company Ltd. (FATIMA): 9MCY25 Analyst Briefing Key Takeaways – By Foundation Research
Dec 26 2025
Foundation Securities
- Fatima Fertilizer Company Limited (FATIMA PA) held its
analyst briefing on 24 December 2025 to discuss its 9MCY25
financial/operational results and outlook of the company. Following are the key
takeaways.
- Total fertilizer industry volumes declined 3.5% YoY during
9MCY25 as nitrogen fell 1.7% YoY and phosphate plummeted 8.7% YoY. FATIMA
increased its market share by 4.6/4.2ppts YoY in Nit/Phos to 26.9/40.9%
respectively.
Pakistan Economy: MPS Surprise 50bps cut in policy rate – By Foundation Research
Dec 15 2025
Foundation Securities
- Today, the Monetary Policy Committee (MPC) decided to cut
the policy rate by 50bps to 10.5%. The decision was made considering inflation
remained within the target range of 5-7% during 5MFY26, despite relatively
sticky core inflation. The MPC believes economic activity is gaining traction,
driven by improvements in key indicators like large-scale manufacturing.
However, global challenges, particularly for exports, may impact the
macroeconomic outlook. The MPC noted the available space to reduce the policy rate
to support growth on a sustainable basis while maintaining price stability.
- MPC noted several key developments. The FY25 Labor Force
Survey indicates an increase in the unemployment rate from FY21, despite faster
employment growth. SBP's FX reserves have risen to USD 15.8Bn, aided by a USD
1.2Bn IMF receipt. Consumer confidence has improved, while business confidence
has moderated slightly. The overall and primary fiscal balances recorded
surpluses in 1QFY26, led by a sizable SBP profit transfer. Globally, commodity
prices are supportive, but financial conditions remain challenging with
evolving tariff dynamics.
