Pakistan Cements: 1QFY26 in pictures – By JS Research

Oct 31 2025


JS Global Capital


  • We review 1QFY26 performance of the Cement sector in this report with our sample size of 8 companies.
  • Our sample posted a 56% YoY surge in standalone earnings during the quarter, driven by a 17% YoY rise in dispatches, better export prices, and a 56% YoY decline in financial charges amid lower interest rates and deleveraging efforts owing to improved cashflows for cement players.
  • On a QoQ basis, standalone profitability rose 27%, primarily driven by a 7% QoQ increase in dispatches and higher dividend income, e.g. LUCK receiving ~Rs6bn from LEPCL.
Kohat Cement Company Limited (KOHC): FY25 Analyst Briefing Takeaways – By Foundation Research

Nov 11 2025


Foundation Securities


  • Kohat Cement Company Limited (KOHC PA) held its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company.
  • Kohat Cement Company Limited (KOHC PA) profitability clocked in at PKR 2.9Bn (EPS: PKR 3.20/sh) in 1QFY26 vs. PKR 3.4Bn (EPS: PKR 3.74/sh) during 1QFY25. In FY25, KOHC profitability was reported at PKR 11.6Bn (EPS: PKR 12.59/sh) as compared to PKR 8.9Bn (EPS: PKR 9.67/sh) in FY24.
  • In 1QFY26, local retention prices settled at PKR 14.6k/ton vs. cost incurred of PKR 9.6k/ton. However retention prices in FY25 stood at PKR 16.1k/ton vs. PKR 14.9k/ton in the year prior. Recently prices have increased which would offset impact of surge in coal prices thereby gross margins will sustain.
Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research

Nov 11 2025


Topline Securities


  • As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.
  • For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.
  • FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.
Pakistan Market Wrap: Pakistan Stock Exchange Suffers Sharp Sell-off Amid Renewed Geopolitical Tensions – By HMFS Research

Nov 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) witnessed a sharp downturn today, as the benchmark KSE-100 Index plunged over 3,700 points, marking one of the steepest single-day declines in recent sessions. The sell-off came amid renewed geopolitical tensions and a fragile domestic security environment, prompting investors to adopt a distinctly risk-averse stance. Selling pressure persisted throughout the session, dragging the benchmark to an intra-day low of 157,766, before closing marginally higher at 157,871, down 3,668 points for the day. Volumes remained steady, with 291mn shares changing hands on the KSE-100 Index and 835mn on the broader All-Share Index. The most actively traded scrips included FNEL (77mn), KEL (67mn), and WTL (47mn). The sharp reversal came on the heels of Monday’s rally, as political and security developments took center stage once again.
  • A day after the Senate passed “The Constitution (Twenty-Seventh Amendment) Bill, 2025”, added an element of political uncertainty to the trading floor. Investor sentiment was further undermined following a blast in Islamabad, intensifying concerns over the domestic security outlook. Going forward, market sentiment is expected to remain largely cautious, with investors likely to seek clarity on both the evolving political landscape and security situation, alongside monitoring external cues. Investors are advised to exercise prudence in short-term positioning, focusing on fundamentally resilient names with stable earnings visibility and opportunities.
Pakistan Market Wrap: The benchmark index closed on a negative note today – By IIS Research

Nov 11 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note today, weighed down by heightened geopolitical tensions and a bomb blast incident in Islamabad. The compromised security environment hurt investor sentiment, leading to aggressive profit-taking and dampening market momentum. Trading volumes increased to 291mn shares today as compared to 225mn shares in the previous session. Today, the KSE-100 index lost 3,668 points to close at 157,871 level, down by -2.27% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1721 points from the index.
Pakistan Market Wrap: KSE-100 closes at 157,871 down 3,668 points – By Alpha-Akseer Research

Nov 11 2025


Alpha Capital


  • The equity market opened on a weak note and continued to trade in negative territory throughout the session. The KSE-100 Index recorded an intraday high of 161,517 and a low of 157,766, before settling at 157,871 — down by 3,668 points. Overall market activity remained muted, with a total trading volume of 289.3 million shares and a traded value of approximately PKR 25.8 billion.
  • Key stocks contributing to the index’s decline included ENGROH (-3.5%, -264 points), OGDC (-3.9%, -220 points), HUBC (-3.0%, -198 points), NBP (-4.4%, -173 points), and MARI (-2.9%, -168 points). In terms of volumes, KEL and BOP dominated the activity with 66.8 million and 45.2 million shares traded, respectively.
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.
Nishat Chunian Limited (NCL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • NCL has reported standalone earnings per share of PKR 3.29 in FY25 (FY24: PKR 2.88). Furthermore, in 1QFY26 the company reported EPS of PKR 2.18 (1QFY25: PKR 0.15).
  • The company generated 63% of its sales from the domestic market and 37% from exports. Spinning remained the leading revenue contributor with a 57% share, followed by Home Textile at 27% and weaving at 16%, while a minor portion was contributed by external power sales.
The Organic Meat Company Limited (TOMCL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • TOMCL has reported earnings per share of PKR 2.31 in FY25 (FY24: PKR 2.94). Furthermore, in 1QFY26 the company reported EPS of PKR 0.92 (1QFY25: PKR 1.01). The net profit margin has fallen predominantly because of the change in taxation. The effective tax rate has increased significantly.
  • Previously, under final fixed tax regime, where income tax was pegged at 1% on export turnover/proceeds. The effective tax rate was previously around 18.5% to 20%.
Pakistan Petroleum Limited (PPL): Corporate Briefing Session Insights – By HMFS Research

Nov 11 2025


HMFS Research


  • Pakistan Petroleum Limited (PPL) conducted its corporate briefing session, outlining operational highlights, strategic developments, and future growth priorities. The management emphasized stability in core operations, progress on international ventures, and diversification into minerals as key pillars for sustaining long-term value.
  • PPL’s portfolio remains extensive, comprising 21 producing fields (nine operated and twelve partner-operated) and 46 exploratory blocks (twenty-five operated). The company contributes nearly 19% of the country’s total gas production (~3.8 BCFD in FY25) and 16% of local oil output (~406,000 bpd), reaffirming its leading role in Pakistan’s E&P landscape.
Meezan Bank Limited (MEBL): 9MCY25 Analyst Briefing Takeaways – By AKD Research

Nov 11 2025


AKD Securities


  • Bank’s profit for 9MCY25 stood at PkR67.2bn (EPS: PkR37.4), down 13%YoY, due to lower Net Spread Earned on the back of lower policy rate.
  • Return on financings, investments and placements fell to PkR312.1bn in 9MCY25, down 18%YoY from PkR378.3bn in 9MCY24, due to falling yields.
Maple Leaf Cement Factory Limited (MLCF): Solid core, value from diversification; Buy – By JS Research

Nov 10 2025


JS Global Capital


  • We reiterate our Buy rating for Maple Leaf Cement (MLCF), despite a downward revision of 14-15% in FY26E/FY27F EPS estimates to Rs11.08/12.94, reflecting softer North region cement prices. Meanwhile, we maintain our SOTP based TP of Rs140, where a drop-in core value is offset by rise in the portfolio value to Rs32/share (vs Rs26 earlier) and rolling forward of TP to Dec-2026.
  • MLCF management expects a turnaround in Agritech Ltd (AGL) post-restructuring, with Fauji Fertilizer’s (FFC) dealership network and expertise likely to further support AGL’s outlook, as shared in its recently held analyst briefing session.
Technical Outlook: KSE-100; Resistance at the 50-DMA – By JS Research

Nov 10 2025


JS Global Capital


  • The KSE-100 index showed positive movement on Friday to close at 159,593 level, up 496 points DoD. Volumes stood at 769mn shares versus 957mn shares traded previously. The index is expected to re-test resistance at the 50-DMA that currently stands at 160,520 level. A break above that will target the 30-DMA at 163,554 level. However, any downside will find support between 158,240 and 159,010 range. The momentum indicators are mixed, signaling no clear trading view. We recommend investors to stay cautious on the higher side. The support and resistance are at 158,920 and 160,350 levels, respectively.
Pakistan Automobiles: Volumetric growth to continue its momentum – By JS Research

Nov 7 2025


JS Global Capital


  • We expect, the three major auto players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR) and Pak Suzuki Motor Company Ltd to post a cumulative growth of 28% YoY to ~14.5k units in Oct-2025. On a MoM basis, volumes are likely to remain flat weighed down by a drop in Pak Suzuki sales.
  • INDU and HCAR are expected to drive the YoY surge in volumes, rising 79% and 72% YoY, respectively, while PSMC volumes are likely to remain flat. Overall, auto sales for our sample companies are projected to post 45% YoY growth in 4MFY26, with broad-based strength across all three OEMs.
Technical Outlook: KSE-100; Upside restricted at the 50-DMA – By JS Research

Nov 7 2025


JS Global Capital


  • The KSE-100 index declined for another session to close at 159,097 level, down 481 points DoD. Volumes stood at 957mn shares versus 860mn shares traded previously. The index is trading below the 50-DMA that will restrict upside at 160,300 level where a break above that will target the 30-DMA at 163,643 level. However, a fall below 158,253 (yesterday's low) will extend the decline towards the recent low at 156,328. The RSI and the Stochastic Oscillator are moving down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 158,036 and 160,374 levels, respectively.
Pakistan Fertilizers: Urea off-take likely to see a marginal dip in Oct-2025 – By JS Research

Nov 6 2025


JS Global Capital


  • The YoY decline in cumulative urea off-take is likely to ease to 7.6% during 10MCY25, as monthly volumes in Oct-2025 are expected to remain stable with a marginal dip on a YoY basis. To close industry off-take above 6mn tons during CY25, Urea off-take has to cross 1.4mn tons during Nov-Dec 2025, implying softening of closing inventory position from current levels.
  • Notably, Urea off-take during Oct-2025 is likely to clock in at 351k tons (-2%YoY). Specifically, FFC is likely to report a sales volume of 166k tons, down 7% YoY which includes 25k tons of granular Urea. EFERT, on the other hand, is likely to report sales of 122k tons (+22%YoY). While FATIMA is likely to report a volume of 43k tons, down 27% YoY.
  • DAP off-take for the month of Oct-2025 is expected at 140k tons (-55%YoY/+44%MoM), the sequential rise is mainly led by seasonal impacts. Albeit, the volumes remained under pressure led by significantly higher prices and sub-optimal farm economics.
National Foods Limited (NATF): Strong footings at home, unlocking valuations for foreign investment; Buy – By JS Research

Nov 5 2025


JS Global Capital


  • We reinitiate coverage on one of Pakistan’s leading food products company, National Foods Ltd (NATF) with a Buy rating, arriving at a DCF-based Target Price (TP) of Rs485, implying a 28% upside.
  • With over 90% of NATF’s consol. earnings derived from its Pakistan operations, where it enjoys strong brand footing, we expect the company’s Standalone earnings to grow at a 5-yr. CAGR of 28%. while also contributing 76% to our TP.
  • Growing demand for convenience food ingredients in Pakistan with evolving demographics & distribution network, coupled with NATF’s effective brand positioning & pricing power is expected to result in a 5-yr. sales CAGR of 15%.
Technical Outlook: KSE-100 expected to trade between key averages – By JS Research

Nov 5 2025


JS Global Capital


  • Bears dominated the session as KSE-100 index closed the session at 161,282 level, down 1,521 points. Volumes stood at 899mn shares versus 949mn shares traded previously. The index is likely to trade between the 50-DMA and the 30-DMA that stands at 159,823 and 163,604 levels, respectively. A break above or below is needed for a directional move. The RSI has moved down, while the Stochastic Oscillator is heading up, signaling no clear trading view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 160,499 and 162,725 levels, respectively.
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.
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.
Pakistan Cements: 1QFY26 in pictures – By JS Research

Oct 31 2025


JS Global Capital


  • We review 1QFY26 performance of the Cement sector in this report with our sample size of 8 companies.
  • Our sample posted a 56% YoY surge in standalone earnings during the quarter, driven by a 17% YoY rise in dispatches, better export prices, and a 56% YoY decline in financial charges amid lower interest rates and deleveraging efforts owing to improved cashflows for cement players.
  • On a QoQ basis, standalone profitability rose 27%, primarily driven by a 7% QoQ increase in dispatches and higher dividend income, e.g. LUCK receiving ~Rs6bn from LEPCL.