Shabbir Tiles & Ceramics Limited (STCL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • STCL was founded in 1978 by one of Pakistan’s largest conglomerates - House of Habib. STCL is the pioneer and first private sector enterprise in the ceramic industry of Pakistan. The Company is primarily engaged in the manufacture and sale of tiles and trading of allied building products. The Company’s brand “STILE” enjoys the leading position in the tile industry of Pakistan. It is the only Company in Pakistan which produces Porcelain.
  • In FY25, the Company’s sales declined 11%YoY to PKR 13.8Bn from PKR 15.6Bn, mainly due to decline in sales volumes and slowdown within construction sector. To add the volumes declined 20%YoY during the year. Gross margins declined 3ppts. Consequently, LAT arrived at PKR 192Mn as compared to the PAT in the SPLY of PKR 320Mn, down 1.6xYoY. Resultantly, LPS arrived at PKR 0.80/sh.
Shabbir Tiles & Ceramics Limited (STCL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • STCL was founded in 1978 by one of Pakistan’s largest conglomerates - House of Habib. STCL is the pioneer and first private sector enterprise in the ceramic industry of Pakistan. The Company is primarily engaged in the manufacture and sale of tiles and trading of allied building products. The Company’s brand “STILE” enjoys the leading position in the tile industry of Pakistan. It is the only Company in Pakistan which produces Porcelain.
  • In FY25, the Company’s sales declined 11%YoY to PKR 13.8Bn from PKR 15.6Bn, mainly due to decline in sales volumes and slowdown within construction sector. To add the volumes declined 20%YoY during the year. Gross margins declined 3ppts. Consequently, LAT arrived at PKR 192Mn as compared to the PAT in the SPLY of PKR 320Mn, down 1.6xYoY. Resultantly, LPS arrived at PKR 0.80/sh.
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.
Fast Cables Limited (FCL): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Nov 7 2025


Taurus Securities


  • Fast Cables Limited (FCL) manufactures over 10 types of cables with over 6,000 product SKUs. It has a nationwide network of 350+ dealers and branch offices in every province. Its products and state of the art manufacturing and testing facilities are internationally certified. FCL has the privilege of being the only Pakistani Company to have acquired a number of these certifications. As the market leader in its industry, FCL has a large number of clients for whom it has facilitated industrial, commercial, housing, and public sector projects. FCL’s product portfolio also includes lights, metals, and PVC.
  • FCL’s ‘Fast Tasdeeq’ service allows its customers to verify whether or not they have purchased a counterfeit product. The service can be used via SMS and each cable coil’s unique identification code.
  • During FY25, FCL recorded PKR 32Bn in revenue, down 11%YoY. The gross margin decreased by ~2ppts to 17%. Its net profit was recorded at PKR 1.27Bn, down 32%YoY. As a result, FCL recorded an EPS of PKR 2.03/sh compared to PKR 3.68/sh in the SPLY. FCL paid a 5% dividend at PKR0.5/sh in addition to bonus shares of 2.5% (25 for every 100).
Waves Home Appliances Limited (WAVESAPP): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025


Taurus Securities


  • Waves Home Appliances Limited (WAVESAPP) is a subsidiary of Waves Corporation Limited (WAVES). The principal activity of the business is manufacturing domestic consumer appliances. WAVESAPP produces deep freezers, coolers, refrigerators, air conditioners, washing machines, microwaves, water dispensers and heaters, geysers, and cooking ranges.
  • The Management noted that they will be relaunching certain discontinued products such as air conditioners in the coming year. They also noted that WAVES is still the market leader in the deep freezers segment.
Waves Corporation Limited (WAVES): 9MCY25 & CY24 Corporate Briefing Takeaways – By Taurus Research

Nov 5 2025


Taurus Securities


  • Waves Corporation Limited (WAVES) is the parent company of Waves Home Appliances Limited (WAVESAPP), Waves Marketplace Limited (WMPL), and Waves Builders & Developers Private Limited (WBDL), of which it has stakes of 50%, 100%, and 100%, respectively. WAVES went through corporate restructuring in FY22 which separated WAVESAPP, i.e. the home appliances business, from WAVES which fully retained the retail and real estate businesses.
  • As part of this restructuring, WAVESAPP issued a total of 256Mn shares of which 199Mn were allotted to WAVES, while the remaining 56Mn were allotted to shareholders of WAVES in the ratio of 20 WAVESAPP shares for every 100 WAVES shares held. Further, PKR 2Bn in cash were payable to WAVES by WAVESAPP with in two years of the restructuring.
Shabbir Tiles & Ceramics Limited (STCL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • STCL was founded in 1978 by one of Pakistan’s largest conglomerates - House of Habib. STCL is the pioneer and first private sector enterprise in the ceramic industry of Pakistan. The Company is primarily engaged in the manufacture and sale of tiles and trading of allied building products. The Company’s brand “STILE” enjoys the leading position in the tile industry of Pakistan. It is the only Company in Pakistan which produces Porcelain.
  • In FY25, the Company’s sales declined 11%YoY to PKR 13.8Bn from PKR 15.6Bn, mainly due to decline in sales volumes and slowdown within construction sector. To add the volumes declined 20%YoY during the year. Gross margins declined 3ppts. Consequently, LAT arrived at PKR 192Mn as compared to the PAT in the SPLY of PKR 320Mn, down 1.6xYoY. Resultantly, LPS arrived at PKR 0.80/sh.
Attock Refinery Limited (ATRL): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 31 2025


Taurus Securities


  • ATRL’s management discussed some major developments during FY25 results; depicting pressure on utilization (65% in FY25) due to lower crude receipts i.e. SNGPL gas issues and lower demand which reduced crude production in the North region – forcing ATRL to refine less crude during the period. In order to mitigate this issue, the management requested the Government to procure local crude (~5K barrels per day) from the South region to maintain utilization while giving incentives on the transportation cost through IFEM disbursement – decision is still in pending.
  • During FY25, gross margins plunged by ~5pptsYoY due to lower GRM amid normalized international crude prices (inventory losses) along with lower throughput due to lower crude receipts from North region. Inventory losses during 1QFY26 were recorded at PKR 1Bn. GRMs during FY25 and 1QFY26 were recorded at USD 9/bbl and USD 8/bbl, respectively. Moreover, the Company exported LSFO (Low sulphur furnace oil) during FY25 at a premium to domestic LSFO sales but the margins deteriorated due to higher transportation cost from Site to Karachi port i.e. PKR 13-15K/bbl. The current conversion cost is in between USD 6-7/bbl.
Century Paper & Board Mills Limited (CEPB): FY25 & 1QFY26 Corporate Briefing Takeaways – By Taurus Research

Oct 30 2025


Taurus Securities


  • Century Paper and Board Mills Limited (CEPB) is involved in manufacturing and marketing paper, board, and related products. CEPB produces: multi-ply, clay-coated and uncoated packaging boards for folding carton needs; machine-finished writing and printing papers for the publishing, exercise books, computer stationery, photocopying, inkjet/laser printing, and general printing markets; machine-glazed papers designed for foil/poly lamination and wrappings; and corrugated boxes.
  • CEPB has annual capacities of 280,000MT for paper and paper board production and 35,000 for their conversion. In FY25, it produced 157,285MT (down 12%YoY) and converted 24,353MT (up 11%YoY) of paper and board.
Interloop Limited (ILP): FY25 Corporate Briefing Takeaways – By Taurus Research

Oct 30 2025


Taurus Securities


  • Sales clocked in at PKR 173Bn as compared to PKR 156Bn, up 11% in FY25, attributable to a multi-category strategy. Gross margin decreased ~8ppts arriving at 20% primarily due to inflationary pressure of costs, high energy costs, PKR depreciation and higher costs of ramp up phase of apparel division. Finance costs declined ~6%YoY driven by lower interest rates.
  • Consequently, PAT clocked in at PKR 5Bn as compared to PKR 16Bn, down 69%. As a result, EPS arrived at PKR 3.84/sh. ILP also announced a dividend of PKR 1/share for FY25.
The Hub Power Company Limited (HUBC): 1QFY26 Result Review – By Taurus Research

Oct 30 2025


Taurus Securities


  • Net sales declined 46%YoY to PKR 17.4Bn, mainly due to the absence of the base plant’s earnings and lower tariffs for NEL. On a QoQ basis, revenue fell 7%, reflecting lower plant utilization at Laraib.
  • Earnings from associates came around PKR 10.8Bn, up 4%YoY, primarily due to better profit contribution from CPHGC. However, sequentially, contribution from Mega Motors is also likely to have increased.
  • Finance costs declined 54%YoY to PKR 2.5Bn, driven by lower interest rates and debt repayments on loans previously taken for Chinese IPPs, which have eased borrowing pressures. The Company continues deleveraging its balance sheet, containing finance charges.
Pakistan Petroleum Limited (PPL): 1QFY26 Result Review - By Taurus Research

Oct 29 2025


Taurus Securities


  • 1QFY26 EPS: PKR 7.4; 1QFY26 DPS: 2.0. 1QFY26 PAT: ~PKR 20Bn; down 15%YoY/up 4%QoQ – in line with expectations. Additionally, the Company also announced an interim cash dividend of PKR 2.0.
  • Net sales for the quarter arrived at PKR 56.8Bn, down 14%YoY, up 10%QoQ. Wherein, the YoY decline is mainly attributable to lower production amid continuing forced curtailment as well as lower realized prices. However, QoQ uptick can be attributed to slightly better flows, and 4%QoQ increase in average Arab Light prices.
Power Generation & Distribution: 1QFY26 Result Previews – By Taurus Research

Oct 27 2025


Taurus Securities


  • NPL is expected to post a PAT of PKR 431Mn (EPS: PKR 1.22) in 1QFY26, down 74%YoY/1xQoQ. Revenues are estimated at PKR 1.7Bn, declining 37%YoY due to lower plant utilization, which restricted capacity payments as ROE entitlement remained capped at 35%. Moreover, revenue also declined 7%QoQ on sea sonal fall in demand. Other income is expected at PKR 532Mn, supported by interest earnings on sizable cash reserves. Finally, we expect NPL to announce an interim cash dividend of PKR 2.0/sh. for the quarter.
  • NCPL is projected to post a PAT of PKR 280Mn (EPS: PKR 0.76) in 1QFY26, down 39%YoY/17%QoQ, driven by lower plant utilization. Net sales are expected at PKR 1.3Bn, down 39%YoY, de spite flat generation, primarily due to lower fuel indexation. On a sequential basis, revenue to drop 17%, reflecting lower dispatch es. On the back of healthy cash reserves, we expect the Company to announce an interim cash dividend of PKR 2.00/sh. in 1QFY26.
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