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 sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
Oil Marketing Companies (OMC): Oil Marketing Companies Sales—Dec’25 – By Taurus Research

Jan 5 2026


Taurus Securities


  • Petroleum products off-take for Dec’25 stood at ~1.3Mn tons, reflecting a decrease of 5%MoM and an increase of 6%YoY. MS volumes increased 3%MoM and 11%YoY. Meanwhile, HSD volumes decreased by 19%MoM and 4%YoY, respectively. During 6MFY26, industry volumes were up 2%YoY with MS and HSD up 3%YoY respectively.
  • Industry sources report a combination of factors that the MoM decline was a result of, particularly typical seasonal demand variations after a peak in Nov’25. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger sales sup porting demand too.
Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.
  • The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.
  • This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.
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 Note – By Vector Research

Feb 3 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note opening high early in the session, with momentum further supported by record monthly exports of USD 3.06bn. Trading volumes increased to 390mn shares today as compared to 216mn shares in the previous session. Today, the KSE-100 index gained 1,843 points to close at 186,901 level, up by 1.00% DoD. Banks, Fertilizer, and Technology sectors were the major contributors in today's session, cumulatively adding 1242 points to the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) KSE-100 Index extended its upward momentum, hitting an intraday high of 187,519 before closing at 186,901, up 1,843 points (+1.00%). The rally was driven by broad-based buying in Commercial Banks, Fertilizer, Technology, Pharmaceuticals, and Textile composite sectors. Sentiment was further supported by strengthened trade and investment cooperation between Pakistan and Uzbekistan, Moreover, hopes of a de-escalation in US-Iran tensions. In terms of index contribution FFC, UBL, ENGROH, MEBL, and SYS collectively added 734.81 points. On the volume front, KEL led trading with 99.51 million shares, while total market turnover stood at 846.50 million shares.
Interloop Limited (ILP): Result Preview 2QFY26 – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • Interloop Ltd (ILP) is scheduled to announce its financial results for 2QFY26 on February 4, 2026. Interloop Ltd (ILP) reports robust 2QFY26 results with PAT surging 124% YoY to PKR2,580mn, driven by strong sales growth, improved gross margins, and a significant reduction in finance costs. However, PAT declined 7.8% QoQ due to gross margin compression from lower international textile prices and adverse currency movements, which outweighed a sequential sales increase and led to declines in operating and pre-tax profit.
  • We reiterate our Buy recommendation with Target Price of PKR115 per share, reflecting confidence in the company's continued execution and growth prospects.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
Lucky Cement Limited (LUCK): Analyst Briefing 2QFY26 Highlights – By AHCML Research

Feb 3 2026


Al Habib Capital Markets


  • LUCK has held an analyst briefing yesterday to discuss its financial results and future outlook. Below are the key takeaways from the briefing.
  • Pakistan cement domestic demand grew 12.5% YoY in 1HFY26 and Lucky Cement 1HFY26 sales increased to 3.36mn tons vs. 2.98mn tons in 1HFY25.
  • Approximately 56 - 57% of Lucky Cement’s energy mix comes from renewables, comprising 89.3 MW of solar capacity (including a planned 15 MW addition by Mar’26) and 28.8 MW of wind power. The remaining renewable contribution is generated through WHR systems.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Commercial Banks: Flat Earnings; Payouts Intact – By IIS Research

Feb 3 2026


Ismail Iqbal Securities


  • We preview the IIS Banking Universe’s 4QCY25 results, where aggregate earnings are expected to remain largely flat QoQ at PKR 100bn, while delivering a 16.5% YoY growth. Despite continued pressure on net interest margins amid a declining interest-rate environment, earnings remained resilient, supported by balance-sheet expansion, contained credit costs, and disciplined expense management.
  • Net interest income is expected to increase 3.6% QoQ to PKR 340.5bn and 11.7% YoY, even as reinvestment yields remained under pressure. Margin compression was partially offset by volumetric growth, with deposits rising 20% YoY and 5.7% QoQ, supporting earning asset expansion. An improving deposit mix further helped cushion margins. On a full-year basis, CY25E NII is projected to grow 15.4% YoY, reflecting the sector’s ability to navigate a softer rate cycle.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Lucky Cement Ltd (LUCK): Cost optimization initiatives continue; Buy – By JS Research

Feb 3 2026


JS Global Capital


  • Lucky Cement Ltd (LUCK) held its corporate briefing yesterday to discuss 1HFY26 results and outlook. To recall, LUCK reported standalone EPS of Rs15.86 for 1HFY26, up 68% YoY, driven by stronger core performance and higher dividend income from subsidiaries. On a consolidated basis, earnings increased 13% YoY to Rs30.45/ sh.
  • Management shared that UC 3.0 technology has been commissioned on two production lines at the Karachi plant at a cost of Rs3-3.5bn, with plans to expand it to the two remaining lines. The technology is expected to improve cost efficiency by reducing coal consumption per ton of clinker produced and allowing the use of lower-cost, high-sulphur coal, with an estimated payback of 5 to 7 years.
Technical Outlook: KSE-100 expected to consolidate above 30-DMA – By JS Research

Feb 3 2026


JS Global Capital


  • The KSE-100 index extended the gain to close at 185,058 level, up 883 points. Volumes stood at 740mn shares versus 805mn shares traded previously. The index is expected to test resistance at yesterday's high of 185,612 where a break above that will resume the uptrend with 187,567 and 191,033 as the upside targets. However, any downside will find support between 181,990 and 182,800 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 183,363 and 186,182 levels, respectively.
Pakistan Economy: KSE-100 stays above 180k, highest monthly ADTO since Jun-08 – By JS Research

Feb 2 2026


JS Global Capital


  • Fresh inflows continue to re-rate KSE100, rallying to a new high of 189k during the month of Jan-2026. However, escalating tensions between the US and Iran led to some correction towards the end of the month, closing the market at 184k, still implying decent monthly return of 5.8%. Average trading volumes were up 25% MoM in terms of shares traded while in terms of value (US$224mn) recorded the highest levels seen since Jun-2008. Banks rallied during the month as SBP maintained policy rate and reduced CRR by 100bps to 5%, whereas FFC corrected 13% from its high on weaker than expected earnings and dividend announcement. Mutual funds, corporates and retailers recorded a combined net inflow of US$194mn, comfortably absorbing the net outflow by foreigners, banks and insurance companies.
  • Secondary market T-bill yields fell to single digits on rate-cut expectations for the first time in four years, but later reversed after the central bank kept the policy rate unchanged at 10.5%. In its MPC meeting, SBP cited sticky core inflation, a wide trade deficit, and stronger-than-expected domestic growth as reasons for maintaining the status quo. Banking stocks remained favored, as stable rates support sustainable yields, while a CRR cut improves the availability of income generating assets.
Technical Outlook: KSE-100; Consolidation expected above 30-DMA – By JS Research

Feb 2 2026


JS Global Capital


  • The KSE-100 index showed positive movement to close at 184,174 level, up 1,836 points DoD. Volumes stood at 805mn shares versus 933mn shares traded previously. The index is trading above the 30-DMA which will provide support at 181,536 level. However, a fall below that will target the 50-DMA at 175,829. Meanwhile, any upside will face resistance between 184,380 and 186,620 levels, respectively. The indicators are mixed, 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 182,141 and 186,414 levels, respectively.
Interloop Limited (ILP): Earnings recovery to extend into 2QFY26; Buy – By JS Research

Jan 30 2026


JS Global Capital


  • Interloop Ltd (ILP) is scheduled to announce its 2QFY26 results on 4th Feb 2026. We expect the company to post an EPS of Rs1.49 for 2QFY26E, reflecting a 1.8x YoY increase, taking 1HFY26E EPS to Rs3.49 (+3.6x higher YoY).
  • Our estimates incorporate a gradual decline in Apparel segment’s operating losses, expected increase in Hosiery segment revenues from capacity addition completed earlier this year, YoY expansion in margins and 35% YoY drop in financial charges.
Technical Outlook: KSE-100 reaching the 30-DMA support – By JS Research

Jan 30 2026


JS Global Capital


  • The KSE-100 index showed negative movement to close at 182,338 level, down 6,042 points DoD. Volumes stood at 933mn shares versus 954mn shares traded previously. The index is reaching the 30-DMA support currently at 181,129 level. However, a fall below this level will target the 50-DMA at 175,404 level. Meanwhile, any upside will face resistance between 184,400 and 186,850 levels, respectively. The RSI and the MACD are heading down, supporting a negative view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 179,891 and 186,854 levels, respectively.
Pakistan Economy: Jan-2026: CPI likely to arrive at 5.7% - By JS Research

Jan 29 2026


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 5.7% for Jan-2026. For 7MFY26E, average inflation is likely to clock in at ~5.2%, compared to 6.6% during same period last year.
  • We expect food inflation to clock in at 4.7% YoY; on MoM basis, an 80bp increase is expected, driven by increase in wheat, chicken and fresh vegetable prices.
  • State Bank of Pakistan (SBP) maintained the policy rate at 10.5% in the recent MPC meeting, citing risks from sticky core inflation, wide trade deficit, and better than anticipated domestic growth, reducing the need for monetary easing.
Technical Outlook: KSE-100 expected to trade in a range – By JS Research

Jan 29 2026


JS Global Capital


  • Range bound activity continued as KSE-100 closed the session at 188,380 level, up 178 points DoD. Volumes stood at 954mn shares versus 749mn shares traded previously. The current pattern suggests further consolidation ahead. Meanwhile, a fall below 188,180 (yesterday's low) will initiate a corrective trend with 187,044 and 184,579 as the downside targets. However, any upside will face resistance between 188,580 and 189,190 levels, followed by 191,033. The RSI has improved, while the MACD is heading down 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 187,978 and 188,983 levels, respectively.
Pakistan Market Wrap: Evening Note – By JS Research

Jan 28 2026


Vector Securities


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

Jan 28 2026


JS Global Capital


  • Buying interest in oil stocks kept sentiment positive at the PSX today, with the benchmark KSE-100 Index closing up 177 points at 188,380. Key oil & gas stocks - PPL, PSO, and OGDC - remained in the limelight, driving the index to an intraday high of 189,183 points (+981). However, profit-taking emerged at higher levels as investors preferred to stay cautious amid ongoing tensions in the Middle East.
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