Oil Marketing Companies (OMC): OMC sales down 10% YoY and 5% MoM in Nov 2025; 5MFY26 sales up 1% YoY – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.
  • The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.
  • This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.
Oil Marketing Companies (OMC): OMC sales dip 10%YoY in Nov’25 – AKD Research

Dec 2 2025


AKD Securities


  • Industry offtake stood at ~1.42mn tons, slipping YoY as high-base effects from smuggling clampdowns during Nov’24, while sequentially volumes eased post-harvest season.
  • Volumetric sales for PSO clocked in at 643k tons during Nov’25, down 19%YoY, translating into a market share of ~45.4% for the month vs. 43.0% in Oct’25.
  • WAFI continued to outperform peers, posting total sales of 112k tons during Nov’25, registering an 8%YoY.
Oil Marketing Companies (OMC): 10% YoY decline in Nov-2025 sales – By JS Research

Dec 2 2025


JS Global Capital


  • OMC sales volume clocked in at 1.4mn tons, down 10% on a YoY basis during Nov-2025. On a product-wise basis, Motor Spirit (MS) volume dropped 9% YoY, Hi-Speed Diesel (HSD) volume decreased 13% YoY, whereas Furnace Oil (FO) sales dropped 32% YoY during the month. Cumulatively, OMC sales volumes recorded a 1% YoY growth during 5MFY26.
  • PSO’s market share has stabilized recently, rising to 45% in Nov-2025, its highest level in nearly a year versus the 41–43% range over the past 10 months.
  • We estimate PDL collection for 5MFY26 to be around Rs642bn. We believe that with elevated rates of levy for MS & HSD, the annual target is likely to be achieved at sticky volumes.
Oil Marketing Companies (OMC): OMC sales down 10% YoY and 5% MoM in Nov 2025; 5MFY26 sales up 1% YoY – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.
  • The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.
  • This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.
The Organic Meat Company Ltd. (TOMCL): FY25 Analyst Briefing Takeaways – By AKD Research

Nov 12 2025


AKD Securities


  • Company posted revenue of PkR14.0bn in FY25, compared to PkR11.8bn in SPLY, up 19%YoY. The said growth in topline can be attributed to the increase in capacity and introduction of new products in the sales mix.
  • Earnings for the year clocked in at PkR430mn (EPS: PkR2.76), compared to PkR497mn (EPS: PkR3.35) in FY24. The said decline in earnings was primarily attributable to gross margin attrition during FY25.
  • Notably, gross margins declined to 9.1%, primarily due to higher throughput and increasing energy costs.
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 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.
Pakistan Economy: Monetary Policy Survey – By Topline Research

Dec 9 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold last Monetary Policy Committee (MPC) meeting of this calendar year 2025 on Dec 15, 2025. Majority of the market participants are expecting no change in interest rate. Similarly, we also expect status quo in upcoming monetary policy meeting.
  • In a Poll conducted by Topline Securities, 70% of the market participant expect interest rate to remain unchanged. This is almost like last poll result where 72% were expecting rate to remain unchanged.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
Pakistan Fertilizers: Pakistan’s Urea sales for Nov 2025 Surged 133% MoM and 25% YoY; Inventory at 1.05mn tons – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers. As per our checks, EFERT has maintained discount between the range of Rs300-350/bag during the month, while FFC maintained the avg. discount of Rs80/bag, respectively.
  • However, in 11M2025, urea offtakes slightly declined to 5.37mn tons, down 4% YoY compared to 5.58mn tons in 11M2024, respectively.
Oil Marketing Companies (OMC): OMC sales down 10% YoY and 5% MoM in Nov 2025; 5MFY26 sales up 1% YoY – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.
  • The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.
  • This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.
Nishat Mills Limited (NML): Corporate Briefing Key Takeaways – By Topline Research

Nov 27 2025


Topline Securities


  • Nishat Mills (NML) conducted its corporate briefing session today, where the management discussed financial performance and the future outlook of the company.
  • Management mentioned that margins are getting competitive in Europe as countries with higher tariff from USA i.e. Bangladesh are now rotating to Europe.
  • Future plans include further investment in renewable energy, with 38MW of solar already installed and an additional 4MW under planning, alongside proposed investments in a 45TP steam boiler and battery-storage infrastructure. The company also plans to expand its open-end yarn capacity by adding 3,000 rotors, taking the total to 13,000. Construction is underway for a workwear garments unit, commissioned in FY25, with a pilot project set up to fully utilize its potential. In addition, the company is investing in Nishat Sutas Dairy Limited, where up to Rs5bn has been approved, and Rs3.9bn has been invested as of June 2025.
Pakistan Economy: Pakistan Inflation to clock in at 6.5-7.0% in Nov 2025 – By Topline Research

Nov 27 2025


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Nov 2025 is expected to clock in at 6.5-7.0% YoY compared to 6.25% in Oct 2025 and 4.86% in Nov 2024. On a MoM basis, inflation for Nov 2025 is projected at +0.8%.
  • The MoM increase was driven by a rise of 1.52% food prices due to aftereffects of floods and closure of Afghan Border in the country, affecting food supplies.
  • Key contributors to food inflation are Onions (59%), Chicken (16%), Meat (15%) and fresh vegetables (12%). However, Tomatoes were down significantly by 56% mainly due to a surge seen last month, which off set the major rise in other segments.
Local Mobile Phones: Local Manufacturing/Assembly of Mobile Phones down 23% MoM in Oct-25 – By Topline Research

Nov 25 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.
  • According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.
Millat Tractors Limited (MTL): Corporate Briefing Key Takeaways – By Topline Research

Nov 18 2025


Topline Securities


  • Millat Tractors (MTL) conducted its corporate briefing session today, where the management discussed the financial performance and the outlook of the company.
  • Management believes Belarus tractors will be a new addition that will bring healthy competition. This is not their first entry into the market, as they have entered several times before. MTL, however, has a strong market position and does not expect any negative impact.
  • We maintain our SELL call on MTL as company trades at FY26E/27F PE of 18.1x/12.5x.
Oil & Gas Exploration: Qatar cargo diversion to help lift volumes – By Topline Research

Nov 13 2025


Topline Securities


  • According to news reports, Pakistan is considering deferring 2-3 RLNG cargoes per month (29 in a year) from Qatar under its existing take-or-pay contracts for 9 cargoes per month to address the current gas surplus issues in the country. Pakistan has signed 2 long-term RLNG agreements with Qatar; the first agreement is for 15-year supply contract for 5 cargoes a month at a pricing slope of 13.37% of Brent and the second is a 10-year contract for the supply of 4 cargoes per month at a pricing slope of 10.20% of Brent.
  • Current gas supply situation in country: Currently Pakistan’s indigenous gas supply stands at 2,770 mmcfd, based on the last six months avg, while RLNG imports average 936 mmcfd, taking the total supply to an average of 3,707 mmcfd. Meanwhile, over the last 2 months, total supply has averaged 3,600mmcfd (Indigenous: 2,792 mmcfd).
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.
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