Indus Motor Company Limited (INDU): 1QFY26 EPS clocked in at PKR85.5 – Above expectation – By Insight Research

Oct 28 2025


Insight Securities


  • INDU has announced its 1QFY26 result, wherein company has posted PAT of PKR6.7bn (EPS: PKR85.5) vs. PAT of PKR5.1bn (EPS: PKR64.8) in SPLY. The result is above our expectation mainly due to higher than estimated gross margins.
  • During 1QFY26, revenue witnessed an increase of ~48% YoY to clock in at PKR61.7bn, primarily due to higher volumetric sales.
Quice Food Industries Limited (QUICE): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Nov 26 2025


Taurus Securities


  • QUICE is engaged in manufacturing syrups, juices, and carbonated soft drinks, primarily.
  • InFY25, QUICE recorded a topline of PKR 1.1Bn compared to PKR 903Mn in FY24. Its gross margin grew from 14% in FY24 to 17% in FY25. Distribution and Administrative costs increased by PKR 33Mn and PKR 8Mn, respectively. As a result, QUICE posted an operating loss of PKR 3.1Mn in FY25 compared to an operating loss of PKR 23Mn in FY24. QUICE’s finance cost decreased to PKR 62Mn in FY25 from PKR 128Mn in FY24. As a result, QUICE posted a loss after tax of PKR 12Mn in FY25 compared to a loss after tax of PKR 27Mn in FY24. Resultantly, the Company’s loss per share was recorded at PKR 0.12/sh in FY25 compared to PKR0.28/sh in FY24.
Pakistan Market Wrap: PSX Extends Gains on Industrial Recovery and Strategic Corporate Moves – By HMFS Research

Nov 20 2025


HMFS Research


  • Buying interest remained firmly in play at the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 Index advancing by over 700 points at 162,937 level as investors extended the recent rally. Positive momentum held through the entire session, driving the index to an intra-day peak of 163,818 level before settling comfortably in the green. On the macro front, confidence was further supported by encouraging economic data, as Pakistan’s Large-Scale Manufacturing (LSM) sector posted a 4.08% y/y expansion in the 1QFY26. In corporate developments, Ghani Chemical Industries Limited (GCIL) drew notable investor attention after announcing a PKR 14bn joint venture with Mari Energies Limited.
  • The partnership—positioned at the intersection of energy and industrial chemicals—signals a strategic push toward diversification and value creation. Market participation remained steady, with volumes clocking in at 208mn shares on the KSE-100 and 725mn shares on the All-Share Index. Among the most active names for the day were BML (104mn), WTL (71mn), and FNEL (38mn). Going forward, we expect market performance to remain sensitive to macro indicators, including inflation prints, policy rate changes, and foreign inflow dynamics, while corporate earnings visibility will play an increasingly central role in guiding sentiment. For investors, a selective accumulation strategy remains prudent, with a preference for fundamentally strong sectors, while maintaining discipline around valuations as the index approaches new highs.
Emco Industries Limited (EMCO): FY25 & 1QFY26Corporate Briefing Takeaways – By Taurus Research

Nov 13 2025


Taurus Securities


  • Emco Industries Limited (EMCO) principal activity is manufacturing and marketing products required for transmission and distribution lines, and substations.
  • During FY25, domestic demand for EMCO’s products was sluggish because of fiscal tightening in public sector spending. The Management reported that the budget allocated to DISCOs by the Ministry of Energy was only 25% of what it has historically been. The Management also noted that DISCOs’ tenders can get scrapped after they have been announced and the Company’s margins were under pressure because of import costs and its manufacturing facilities not running at capacity. Further, expanding its export footprint in FY26 has involved introductory pricing strategies which has also pressured margins.
Agriauto Industries Limited (AGIL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • Agriauto Industries Limited recorded consolidated earnings per share of PKR 6.62 in FY25, as compared to loss per share of PKR 9.65 in FY24.
  • The company recorded net sales of PKR 11.9 Bn, up 39% from PKR 8.5 Bn in FY24. Along with this, it saw its gross margin expand from 5% in FY24 to 10% in FY25. As a result, gross profit surged 216% from PKR 389 Mn in FY24 to PKR 1.2 Bn in FY25.
Morning News: Govt awaits IMF nod to unveil first industrial policy – By HMFS Research

Nov 10 2025


HMFS Research


  • The government has presented the country’s first National Industrial Policy (NIP) to the federal cabinet for approval, outlining major constraints to industrial growth and proposing reforms to revitalise the manufacturing sector. However, the Ministry of Finance has asked the Ministry of Industries and Production to first seek the IMF’s clearance for the incentives proposed under the new policy. The policy targets $60 billion in exports by 2030, GDP growth of 6pc and manufacturing growth of 8pc annually by the end of the decade. It aims to provide a roadmap for industrial competitiveness, job creation and export expansion. The NIP identifies a range of structural and policy-related challenges impeding industrial growth. These include macroeconomic instability, policy uncertainty, costly industrial land, excessive regulation, unreliable and expensive power supply, and limited access to long term credit.
  • The United States and Pakistan early on Saturday reaffirmed their commitment to strengthening bilateral ties between the two countries, with Islamabad’s envoy describing it as an effort to build an “economically entrenched strategic partnership“. The development came as S. Paul Kapur — who assumed charge as the US assistant secretary of state for South and Central Asian affairs on October 22 — met Pakistan’s Ambassador to the US Rizwan Saeed Sheikh at the State Department for what was described as a cordial and forward-looking exchange. “We discussed the ways and means of translating the resolve — expressed at the leadership level — of developing Pakistan–US ties into an economically entrenched strategic partnership, through sustained engagement in multiple domains of mutual interest,” he said in a post on social media platform X.
Pakistan Automobiles: INDU to keep the throne in the auto arena – By AKD Research

Nov 4 2025


AKD Securities


  • INDU’s continues to benefit from strong volumetric growth, diversified product portfolio, extensive dealership network, higher localization, strong brand equity, high presence in rural areas, and superior cash-conversion cycle. Moreover, higher localization would shield against currency devaluation and provide edge over new entrants. We reiterate our ‘Buy’ stance on INDU, with Jun’26 target price of PkR3,681/sh with forward dividend yield of 9.3%, led by sustained earnings, higher-than-anticipated volumetric and margins.
  • Accelerating beyond industry growth: We anticipate sustained volumetric growth primarily supported by i) rising income of farmers (with 50% of sales coming from rural areas), ii) strong brand equity, iii) the company’s extensive dealership network, being the largest in the country with 57 3S dealerships, and iv) strong parent book to be leveraged in case of absence of customer advances. Underpinned by the company’s recent performance, where INDU recorded a 61%YoY rise in volumes during FY25, significantly outperforming the industry’s 43%YoY growth in Passenger cars and LCVs, even amid the entry of multiple new competitors into the market. Against this backdrop, we project volumes to grow at an annual rate of 14% through FY28, reaching 49k units. Subsequently, we expect the company’s revenue to grow at a CAGR of 15.3%, up to FY28. Where, we forecast overall market to expand to 222k units by FY28, driven by i) moderation in prices, ii) increasing model availability, iii) improving per capita income, and iv) lowest per-capita vehicle penetration in the region.
Indus Motors Company Limited (INDU): Result Review – By AKD Research

Oct 28 2025


AKD Securities


  • Indus Motor Company Limited (INDU) announced its 1QFY26 results earlier today where the company posted PAT of PkR6.7bn (EPS: PkR85.5) vs. PkR5.1bn (EPS: PkR64.8) in SPLY, up 32%YoY primarily due to increase in volumetric sales, along with improved margins. The result was above our expectation due to higher-than anticipated gross margins. Additionally, company announced an interim cash dividend of PkR51.0/sh.
  • Company’s revenue clocked in at PkR61.7bn vs. PkR41.6bn in 1QFY25, up 48% YoY. The surge was primarily driven by a 61%YoY increase in sales volumes, totaling 9,889 units compared to 6,160 units in SPLY, with the rise attributed to the increase in sales of Yaris amid facelift launch and elevated IMV sales.
  • We maintain our ’Buy’ stance with Jun’26 target price of PkR3,585/sh for the scrip due to: i) high localization reduces exposure to potential currency devalu ation, ii) first mover advantage in the HEV segment, and iii) strong presence in rural areas.
Indus Motor Company Limited (INDU): 1QFY26 EPS clocked in at PKR85.5 – Above expectation – By Insight Research

Oct 28 2025


Insight Securities


  • INDU has announced its 1QFY26 result, wherein company has posted PAT of PKR6.7bn (EPS: PKR85.5) vs. PAT of PKR5.1bn (EPS: PKR64.8) in SPLY. The result is above our expectation mainly due to higher than estimated gross margins.
  • During 1QFY26, revenue witnessed an increase of ~48% YoY to clock in at PKR61.7bn, primarily due to higher volumetric sales.
Agha Steel Industries Limited (AGHA): 1QFY26 Result Review – By Taurus Research

Oct 23 2025


Taurus Securities


  • 1QFY26 LPS: PKR 1.9; LAT: PKR 1.2Bn, down 43%QoQ – lower loss than expected.
  • AGHA’s net sales arrived at ~PKR 2.2Bn, down 17%QoQ due to lower construction demand; resulting in a decline of sales volume i.e. mainly in the South region. Gross loss hovered at 15% in 1QFY26, down 16ppts compared to the previous quarter. Albeit, higher cost of production and lower capacity utilization will keep the margins under pressure, going forward. Further, selling and admin expenses went up significantly by 3.0xQoQ and 29%QoQ in 1QFY26. Moreover, finance cost arrived at PKR 731Mn in 1QFY26, down 4%QoQ due to lower interest rates during the period. 1QFY26 LAT clocked-in at PKR 1.2Bn, down significantly by 43%QoQ. Lastly, the Company posted LPS of PKR 1.9 during the quarter.
Tariq Glass Industries Limited (TGL): FY25 Corporate Analyst Briefing – By JS Research

Oct 15 2025


JS Global Capital


  • Tariq Glass Industries Limited (TGL) conducted its corporate briefing today to discuss the FY25 results and outlook. To recall, TGL announced FY25 EPS of Rs27.75, reflecting a 9% YoY increase. The company announced a cash dividend of Rs4/sh alongside the results. We present key takeaways from the briefing session.
  • TGL reported a 9% YoY increase in net earnings during FY25, mainly due to improved pricing, recovery in margins and 31% YoY decline in financial charges. We highlight, TGL recorded Rs915mn one-time gain led by the acquisition of Baluchistan Glass (BGL) last year, thus excluding the impact of this, the recurring PBT is up 37% YoY in FY25.
  • During the year, MMM Holding (50% owned by TGL) converted its long-term debt given to BGL, into equity thus increasing its stake in the company to 94% from 84% and thereby increasing TGL’s indirect stake to 47% from 42% earlier.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Dec 12 2025


Al Habib Capital Markets


  • The KSE-100 Index staged a rebound session today, climbing to an intraday high of 170,052.87 before settling at all time high of 169,864.52, up by 1,289.83 points (0.77%). The upward momentum was fuelled by robust buying interest in fertilizer, commercial banks, Technology & Communication, oil and gas exploration companies, OMCs and Cement.
  • On the economic front, the International Monetary Fund (IMF) slapped 11 new structural benchmarks (SBs) on Pakistan, including developing and publishing a comprehensive medium-term (3 to 5 years) tax reform strategy, asset declarations of high-level federal civil servants and an action plan to mitigate corruption vulnerabilities in identified departments. Meanwhile, Pakistan’s central bank is expected to retain interest rates at 11% on Monday as analysts push back rate-cut forecasts to late 2026 after the IMF warned inflation risks persist and policy must stay “appropriately tight”. Among major contributors FFC, MCB, SYS, PPL, & HUBC, which collectively added 783.31 points to the benchmark index. HUMNL led volumes with 71.84 million shares; as overall market participation reached 873.03 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Dec 12 2025


Vector Securities


  • Evening Note.
Pakistan Market Wrap: View from the Desk – By JS Research

Dec 12 2025


JS Global Capital


  • PSX rebounded strongly as the KSE 100 Index surged 1,289 points to close at 169,864. The market opened soft but quickly recovered with steady upward momentum. Intraday high touched 170,052, showing strong buying interest. Overall volumes remained healthy at 873mn shares. Optimism returned after yesterday’s pullback, lifting major sectors. Buyers remained dominant throughout the session, driving sustained strength. Near-term outlook stays positive as the market attempts another breakout above170k.
Pakistan Market Wrap: Market Sustains Upward Trajectory Amid Renewed Inflows and Sectoral Developments – By HMFS Research

Dec 12 2025


HMFS Research


  • The KSE-100 Index sustained its upward momentum today, with investors displaying renewed optimism on the back of IMF tranche inflows and the World Bank’s approval of a USD 400mn Urban Water and Resilience Project. Sentiment was further reinforced by positive movements in the energy chain, where payments of circular debt provided an additional uplift. Benchmark index touched an intra-day high of 1,478 points before settling at 169,865 points, reflecting a gain of 1,290 points. Market participation remained healthy, with 310mn shares traded on the KSE-100 and overall market volumes reaching 872mn shares.
  • The most actively traded scrips included HUMNL (72mn), DSL (47mn), and WTL (41mn). On the policy front, the IMF has proposed 11 new structural benchmarks aimed at strengthening tax administration and reducing systemic leakages. As discussions continue, the clarity and trajectory of these reforms are likely to guide near-term market direction. Additionally, the MPC meeting scheduled for December 15 is expected to retain the policy rate at 11%. While a status quo stance aligns with market expectations, any deviation would shape the market accordingly. Overall, the improving macroeconomic backdrop and steady progress on policy measures are expected to keep the market supported. Investors are advised to maintain a vigilant stance and allocate capital toward fundamentally strong, long-term growth stories.
Pakistan Market Wrap: KSE-100 closes at 169,865 up 1,290 points – By Alpha-Akseer Research

Dec 12 2025


Alpha Capital


  • The equity market opened on a strong note and maintained its momentum throughout the session. The KSE-100 Index touched an intraday high of 170,053 and a low of 168,422, before settling at 169,865—up 1,290 points. Trading activity remained healthy, with 310 million shares changing hands and an estimated turnover of PKR 27 billion.
  • Major contributors to the index’s gain included FFC (up 2.2%, adding 372 points), MCB (3%, 150 points), SYS (2.3%, 116 points), PPL (1.5%, 74 points), and HUBC (1.1%, 72 points). In terms of volumes, HUMNL and SSGC led the market with 71.8 million and 31.1 million shares traded, respectively.
Pakistan Economy: SBP Expected to keep Policy Rate unchanged at 11% – By AHCML Research

Dec 12 2025


Al Habib Capital Markets


  • The State Bank of Pakistan's Monetary Policy Committee (MPC) is highly anticipated to maintain the policy rate unchanged at 11% in its upcoming meeting on December 15, 2025. This decision is driven by a complex mix of opposing economic forces. Significant upside risks to inflation from recent flood disruptions is the primary culprits. However, this is countered by strengthening external sector stability, evidenced by a strong forex reserves level along with massive foreign inflows from international financial institutions. Along with stable PKR and a rebound in industrial activity, with the LSM index growing at 4.08%YoY in 1QFY26. The MPC is expected to prioritize anchoring inflation expectations while leveraging the improved external position to adopt a "wait-and-see" approach, assessing the full impact of the flood-induced economic disruptions before making any policy rate cut.
Pakistan Economy: IMF: Further reforms needed – By Foundation Research

Dec 12 2025


Foundation Securities


  • The International Monetary Fund (IMF) has released the detailed report upon approval by its Executive Board of the 2nd review of the USD 7.0Bn Extended Fund Facility (EFF) and 1st review of the USD 1.3Bn Resilience and Sustainability Facility (RSF). The IMF report cited the governments’ strong program implementation as 6 of 7 quantitative criteria, 4 of 8 indicative targets, and most continuous and other structural benchmarks were met at end-June 2025. This has maintained stability and improved financing and external conditions.
  • Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. The program’s priorities remain centered on (i) entrenching macroeconomic stability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; and (iii) reforming SOEs and improving public service provision, developing human and physical capital, and restoring energy sector viability.
Pakistan Economy: IMF releases staff report following review completion – By JS Research

Dec 12 2025


JS Global Capital


  • A detailed Staff report has been released by IMF, following IMF Executive Board’s approval of the second review for the Extended Fund Facility (EFF). Completion of the second EFF review has made available SDR 760mn (about US$1bn) bringing total disbursements to US$3.3bn (SDR 2,434mn) including US$200mn (SDR 154mn) under the RSF.
  • IMF’s key priorities include cementing macroeconomic stability through consistent implementation of sound macro policies, including rebuilding international reserve buffers, and broadening the tax base implementation of reforms to boost market competition, enhance productivity & competitiveness, reform state-owned enterprises (SOEs), improve the delivery of public services and ensure the financial viability of the energy sector.
Automobile Assemblers: Nov’25: Passenger Vehicle Sales down 11%MoM – By Taurus Research

Dec 12 2025


Taurus Securities


  • According to data from the Pakistan Automotive Manufacturing Association (PAMA), automobile sales in Nov’25 showed a de crease of 11%MoM in volumes for Passenger Cars, Light Commercial Vehicles (LCVs), and Jeeps, totaling 15,420 units. Moreover, on a yearly basis sales experienced a 53% surge as compared to the SPLY. INDU’s market share marginally decreased by 1ppts MoM to 25%, while HCAR’s share improved 2ppts to 17%. Hyundai’s market share remained unchanged, whereas SAZEW’s share marginally decreased~ 1% to 7%. Meanwhile, PSMC’s market share remained stable at 43%. Moreover, 5MFY26 car sales rose 48%YoY to 74,835 units compared to 50,669 units sold last year.
  • The yearly growth in sales during Nov’25 can be attributed to several factors, stable inflation, fuel prices, interest rates and dis counted car prices along with the release of new variants. Moreover, the MoM decrease in auto sales was led by decrease in volumes for PSMC, INDU, Hyundai, SAZEW, GAL and DFML and increase in GHNI reflecting strong competition between the companies in the market. This results in a mixed performance that limits overall growth. Going forward, easing inflation and declining interest rates are expected to support demand recovery, partially offsetting the negative impact of the recent fiscal measures.
Morning News: Pakistan receives $1.2bn from IMF, confirms SBP – By HMFS Research

Dec 12 2025


HMFS Research


  • The State Bank of Pakistan (SBP) on Thursday said it has received about $1.2 billion from the International Monetary Fund (IMF) under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF). The amount would be reflected in SBP’s foreign exchange reserves for the week ending 12 December 2025, which are expected to be published next week, it added.
  • The IMF has imposed 11 new structural benchmarks on Pakistan to strengthen fiscal management, governance, and sectoral reforms after noting that the country met 8 of 13 earlier targets. These new benchmarks require the government to finalize an FBR reform roadmap, publish a medium-term tax reform strategy, and enhance transparency by making senior civil servants’ asset declarations public and issuing an action plan to address corruption risks. Additional conditions include studies and action plans to lower remittance costs, boost FX inflows, and develop the local currency bond market. The IMF also demands progress on energy sector reforms by preparing HESCO and SEPCO for private sector participation, signing PSO agreements with major SOEs to improve transparency, and adopting a national sugar market liberalization policy.
Indus Motor Company Limited (INDU): 1QFY26 EPS clocked in at PKR85.5 – Above expectation – By Insight Research

Oct 28 2025


Insight Securities


  • INDU has announced its 1QFY26 result, wherein company has posted PAT of PKR6.7bn (EPS: PKR85.5) vs. PAT of PKR5.1bn (EPS: PKR64.8) in SPLY. The result is above our expectation mainly due to higher than estimated gross margins.
  • During 1QFY26, revenue witnessed an increase of ~48% YoY to clock in at PKR61.7bn, primarily due to higher volumetric sales.
Engro Polymer & Chemical Limited (EPCL): 3QCY25 LPS clocked in at PKR0.24 – Above expectation – By Insight Research

Oct 22 2025


Insight Securities


  • In 3QCY25, revenue remain flat YoY/QoQ to clock in at PKR20.0bn.
  • Gross margins of the company clocked in at 11.3%, up by 580bps YoY, possibly due to higher realized product prices coupled with lower gas levy. However, we await clarity on this front.
  • Selling & distribution cost increased by 34%/31% YoY/QoQ.
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