Pakistan Refinery Limited (PRL): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • Pakistan Refinery Limited (PRL) reported loss per share of PKR 7.40 for FY25, compared to earnings per share of PKR 6.45 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 1.61, compared to loss per share of PKR 3.73 in the same period last year (SPLY).
  • During FY25, the company produced 796k tons of HSD and 300k tons of MS. Crude sourcing relied primarily on the Middle East roughly 70% from ADNOC, 20% from Aramco, and 10% local crude.
  • Capacity utilization remained around 80–85%. Management highlighted that increasing utilization further would require running heavier crude, which would alter yields by increasing furnace oil production. Given the record MS and HSD output this year, management aims to improve efficiency and sustain higher production.
Pakistan Refinery Limited (PRL): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • Pakistan Refinery Limited (PRL) reported loss per share of PKR 7.40 for FY25, compared to earnings per share of PKR 6.45 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 1.61, compared to loss per share of PKR 3.73 in the same period last year (SPLY).
  • During FY25, the company produced 796k tons of HSD and 300k tons of MS. Crude sourcing relied primarily on the Middle East roughly 70% from ADNOC, 20% from Aramco, and 10% local crude.
  • Capacity utilization remained around 80–85%. Management highlighted that increasing utilization further would require running heavier crude, which would alter yields by increasing furnace oil production. Given the record MS and HSD output this year, management aims to improve efficiency and sustain higher production.
Pakistan Refinery Limited (PRL): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Oct 21 2025


Taurus Securities


  • The management of PRL held a corporate briefing session for the results of FY25 and 1QFY26– discussing the achievement of highest ever HSD production i.e. 796,261 MT in FY25 which had minimized overall losses. Further, the Company also achieved highest ever average daily production of MS amounting to 833 MT (7,447 barrels) during FY25. Regarding the update on ongoing Refinery Expansion & Upgrade project (REUP), the management told that EPC-F bids have been received and under evaluation (to be materialized in 1 year) and then major work will be started.
  • In case of crude imports, the Company procured ~70%, 20% and 10% crude from Dubai, Aramco and local channel, respectively during 1QFY26. The current utilization stood at 80-85%. The Company procured a bulk of Bonny crude (Nigerian crude) during FY25 and in 1QFY26 as it is the reason for increase in HSD production due to low sulfur content in it.
  • The current custom duties of crude, HSD and MS are 5%, 10% (2.5% in escrow account) and 10%, respectively. Overall crude average purchase price in FY25 was USD 75/bbl. Moreover, average freight/barrel in FY25 amounted to USD 1.3-1.5. Whereas, average operating/conversion cost in FY25 was USD 3.5/bbl. The management also shared average energy cost per barrel for FY25 which was USD 1/bbl. Total energy requirement per day was PKR 3.5-4 per Megawatt in FY25. As per the management, the average payment cycle from bill of lading to payment (suppliers) is 30 days. The management also highlighted that the IPPs didn’t purchase furnace oil (FO) from the refineries since the imposition of levies on FO.
Interloop Limited (ILP): Reinitiating with a BUY — Back in the Fast Lane – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • We reinitiate coverage on Interloop Limited (ILP) with a ‘BUY’ recommendation. ILP is one of Pakistan’s largest textile exporters and a global leader in socks, supplying renowned brands such as Nike, Adidas, Puma, and H&M. Our positive stance reflects ILP’s strong export driven earnings trajectory, expected recovery in apparel and denim margins, and robust expansion pipeline across the Denim and Yarn segments following the completion of Hosiery Plant 6.
  • Our DCF based target price for ILP is PKR 108/share by June 2026, representing an upside of 38% from the last closing price of PKR 80.6/share. The stock also offers a dividend yield of 4%. Overall, ILP offers a compelling risk reward profile, supported by strong fundamentals, diversified export relationships, and strategic growth initiatives. With a 38% upside to our target price and ongoing expansion in high margin segments, ILP is well positioned to sustain its leadership in global textile exports while delivering attractive shareholder returns.
Technical Outlook: KSE-100 testing resistance at the 30-DMA – By JS Research

Nov 4 2025


JS Global Capital


  • KSE-100 index showed positive movement to close at the 162,803 level, up 1,171 points. Volumes stood at 949mn shares versus 953mn shares traded previously. The index is expected to face resistance between 163,490 and 163,940 levels where a break above the said range will target 165,828 and 168,414 levels, respectively. However, any downside will find support within 160,830-161,900 range. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below the 50-DMA at 159,566 level. The support and resistance are at 161,819 and 163,861 levels, respectively.
Morning News: Pakistan sets three-year economic plan targeting 5.7% growth – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The federal government has set ambitious economic targets for the next three years, aiming to raise the GDP growth rate to between 4.2% and 5.7%. Other targets include increasing the size of the national economy to PKR 162,513bn, boosting exports by more than USD 10bn, and increasing remittances to a record USD 44.8bn.
  • Exposing the Power Division’s claims of reforms in the power sector, the Asian Development Bank (ADB) has observed that weak regulatory frameworks and governance issues — including lack of transparency and poor performance — continue to prevent power distribution companies (Discos) from accessing commercial borrowing.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research

Nov 4 2025


Vector Securities


  • Gold reserves worth $636 billion have been discovered at Tarbela and a briefing on these reserves has been given to the chief of army staff, who responded positively. This revelation was made by Hanif Gohar, Chairman of Air Karachi. He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
  • Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has ruled out any contingency plan in terms of implementing new taxation measures despite a revenue shortfall of Rs 275 billion during the July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs 275 billion during the first four months of 2025-26, but noted that no emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 3 2025


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 3 2025


Al Habib Capital Markets


  • The KSE-100 Index extended its bullish momentum from the previous session, reaching an intraday high of 162,803.15 before settling at 161,631.73, up by 1,171.42 points (0.72%).
  • Investor confidence strengthened amid easing rollover week pressure and a calmer political environment. Sustained buying interest across key sectors including Automobile Assemblers, Cement, Commercial Banks, Fertilizer, Oil & Gas Exploration, OMCs, Power Generation, and Refinery fueled the market’s upward momentum. On the macroeconomic front, Pakistan’s headline inflation for October 2025 came in at 6.2% YoY, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday, slightly above the Ministry of Finance’s projected range of 5–6%. Major contributors to the index included FFC, ENGRO, NBP, HUBC, and TRG, collectively adding 1,131.47 points to the benchmark. HASCOL led the volume chart with 119.51 million shares traded, while overall market turnover stood at 947.85 million shares.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Nov 3 2025


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, with momentum supported by easing rollover week pressure and a relatively stable political backdrop. Trading volumes decreased to 353mn shares today as compared to 409mn shares in the previous session. Today, the KSE-100 index gained 1,171 points to close at 162,803 level, up by 0.72% DoD. Fertilizer, Power Generation & Distribution, and Oil & Gas Exploration Companies sectors were the major contributors in today's session, cumulatively adding 751 points to the index.
Pakistan Markets: TEL and TNTPL achieve project completion; HUBC and FFC to be beneficiaries – By AKD Research

Nov 3 2025


AKD Securities


  • Hub Power Company (HUBC) has announced that lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (TN) have formally declared Project Completion Date (PCD) for both 330MW Thar-based coal IPPs as of Oct 31, 2025. With PCD achieved, both projects are now eligible to commence dividend payouts, HUBC holds 60% in TEL and 38.3% in TN. Notably, TEL achieved COD in Oct'22, while TNTPL reached COD in Feb'23, compared to the targeted COD date of Mar'21 for both plants.
  • Notably, we have already incorporated gross dividend assumptions of ~PkR3.0/5.0 per share for both TEL and TNTPL in FY26/27E.
Pakistan Economy: Geo-politics outweigh fundamentals – By JS Research

Nov 3 2025


JS Global Capital


  • The KSE-100 Index corrected 7% from its recent peak, closing 2.3% lower MoM – its first decline after five months of MoM gains. Profit-taking by insurance companies, mutual funds, and foreign investors led to net selling of US$104mn amid geopolitical unrest. Notably, border tensions with Afghanistan weighed on sentiment, though markets recovered slightly following a ceasefire. Despite strong corporate results and IMF Staff level agreement, external political concerns overshadowed the positive developments. Top gainers included AKBL (+16%), ABL (+8%), ILP (+7%), and FFC (+6%), while trading volumes rose 7% MoM in Oct-2025.
  • Oil prices (WTI) fell to a 5month low in October, closing at US$61/bbl, being the 3rd consecutive monthly decline. The drop was driven by supply-side concerns as OPEC members increased output and US production reached record levels. Meanwhile, the PKR/US$ appreciated by 0.1% MoM, closing at 280.91 – a 6 month high on the back of strong inflows. We believe the continuation of such trend could help in easing pressure on import bill and inflation.
Technical Outlook: KSE-100: Rebounds amidst good volumes – By AKD Research

Nov 3 2025


AKD Securities


  • The index opened on a positive note and maintained strong bullish momentum throughout the session. It hit an intraday high of 5,461 points before ending with a substantial gain of 4,899 points at 161,632. Market activity improved modestly, with trading volumes rising by 8% compared to the previous session. A large bullish candle formed on the chart, indicating strong upward sentiment as the index closed significantly above its opening level reinforcing the strength of underlying support. Over the last 10 trading sessions, the index has recorded 3 positive and 7 negative closings, resulting in a net of 4 negative sessions.
  • Technically, the immediate support is seen at 161,100 and a breach below this could extend the decline toward 160,700 and 159,700. Conversely, resistance is expected around 161,800, followed by 162,500 and 163,100. It is recommended to accumulate positions near support zone with risk defined closing below it.
National Foods Limited (NATF): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • National Foods Limited (NATF) reported earnings per share of PKR 13.65 for FY25 (FY24: 5.44). Furthermore, in 4QFY25, the company reported earnings per share of PKR 1.40 (4QFY24: 1.23).
  • Gross margins improved in 1QFY26 to 38% from average of 36% in FY25 primarily due to pricing factor and cost efficiencies associated with the Faisalabad plant. Management is confident that this margin is sustainable for the rest of FY26.
  • In the overall portfolio mix, the Faisalabad plant contributes around 70%. While Karachi plant caters the southern part of the country and exports. A critical distribution hub has been set in Canada to serve customers and improve speed to the market.
Pakistan Refinery Limited (PRL): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • Pakistan Refinery Limited (PRL) reported loss per share of PKR 7.40 for FY25, compared to earnings per share of PKR 6.45 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 1.61, compared to loss per share of PKR 3.73 in the same period last year (SPLY).
  • During FY25, the company produced 796k tons of HSD and 300k tons of MS. Crude sourcing relied primarily on the Middle East roughly 70% from ADNOC, 20% from Aramco, and 10% local crude.
  • Capacity utilization remained around 80–85%. Management highlighted that increasing utilization further would require running heavier crude, which would alter yields by increasing furnace oil production. Given the record MS and HSD output this year, management aims to improve efficiency and sustain higher production.
Attock Cement Pakistan Limited (ACPL): Corporate Briefing Notes – By Chase Research

Oct 16 2025



  • Attock Cement Pakistan Limited (ACPL) reported earnings per share of PKR 25.95 for FY25 (FY24: 12.60). Furthermore, in 4QFY25, the company reported earnings per share of PKR 9.81 (4QFY24: 3.07).
  • Overall production cost saw a reduction of approximately Rs 800 per ton. Fuel cost reduced by 8% due to decline in international coal prices. Power cost decreased by 40% mainly due to enhancement in company’s own power generation capacity through the induction of 9-10 MW of CFB annexed with Line 4 and newly commissioned 4.8 MW wind power plant.
  • Clinker production was 2,801,955 tons (up 18%) compared to FY 2024, mainly because Line 4 became fully operational. Overall plant capacity utilization was 55% in FY25 (FY24: 54%). Management prioritized the more efficient Line 4 and Line 3 for production, keeping the less efficient Line 1 and Line 2 on standby.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By Chase Research

Oct 14 2025



  • Mari Energies Limited (MARI) reported earnings per share of PKR 54.25 for FY25, compared to PKR 64.37 in FY24. Furthermore, in 4QFY25, the company reported earnings per share of PKR 15.69, compared to earnings per share of PKR 21.37 in the same period last year (SPLY).
  • The company is working on Block 5 in partnership with ADNOC, where three discoveries are currently under development. The development plan has been approved by ADNOC, and production is targeted at approximately 25,000 barrels per day.
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