Indus Motor Company Limited (INDU): Automobile Assembler – By WE Research

Dec 29 2025



  • We initiate coverage on Indus Motor Company Limited (INDU) with a recommendation. Our preference for INDU is underpinned by its sustained leadership in key automotive segments, robust operational strengths, and friendly policies for shareholders.
  • INDU remains a dominant player in Pakistan’s automotive industry, particularly in the car segment (~6.47% of total vehicle sales) and jeeps and pickups segment (~2.32% of total vehicle sales), which rank second and third respectively after two/three-wheeler category (~89.40% of total vehicles sales).
Morning News: Pakistan to establish 14,590-acre Port Qasim Industrial Complex – By Alpha-Akseer Research

Jan 13 2026


Alpha Capital


  • The government on Monday rolled out a long-term master plan to establish a Port Industrial Complex at Port Qasim, a project expected to strengthen Pakistan’s industrial base, boost exports and enhance the port’s role as a regional trade and logistics hub.
  • The National Electric Power Regulatory Authority (Nepra) has approved uniform national average tariff for Discos and KE for CY26 despite serious concerns of industry and export sector.
Agriauto Industries Limited (AGIL): Strong OEM Recovery Driving – By Chase Research

Jan 9 2026



  • Gross margin has climbed from 7% to 15% in 5 quarters.
  • Demand tailwind remains strong with passenger car OEM volumes up 43% FYTD.
  • At this run rate we expect the company to post an EPS of PKR 30.60 in FY26. As such, we believe it is undervalued at current prices and there is potential upside if volumes sustain.
Indus Motor Company Limited (INDU): Automobile Assembler – By WE Research

Dec 29 2025



  • We initiate coverage on Indus Motor Company Limited (INDU) with a recommendation. Our preference for INDU is underpinned by its sustained leadership in key automotive segments, robust operational strengths, and friendly policies for shareholders.
  • INDU remains a dominant player in Pakistan’s automotive industry, particularly in the car segment (~6.47% of total vehicle sales) and jeeps and pickups segment (~2.32% of total vehicle sales), which rank second and third respectively after two/three-wheeler category (~89.40% of total vehicles sales).
Morning News: Pakistan, China discuss $2.2bn maritime industrial complex at Port Qasim – By Vector Research

Dec 19 2025


Vector Securities


  • Pakistan and China discussed plans for a large maritime industrial complex at Port Qasim involving up to 2 billion euros ($2.2 billion) in investment on Thursday, as Islamabad seeks to modernize its ports and position itself as a regional trade and logistics hub, a government statement said. (The News)
  • Pakistan has signed a euro 60 million credit financing agreement with the European Investment Bank (EIB) to fund priority water and sanitation infrastructure projects across the country. (BR)
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.
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.
Morning News: Pakistan could earn up to $60 billion from defence exports: report – By WE Research

Jan 14 2026



  • A report by KASB securities highlights that Pakistan’s defence export pipeline could generate up to $60 billion between 2026 and 2030. The report notes that tracked defence deals already amount to $13 billion, with additional potential agreements under negotiation. Improved diplomatic standing following operation Bunyan e Marsous has strengthened Pakistan’s geostrategic defence ties, opening new export-driven opportunities. Defence exports are expected to become a significant driver of external economic indicators and foreign exchange inflows.
  • This development is positive for the Pakistan stock exchange (PSX). Defence related industries, particularly listed companies in engineering, heavy manufacturing, and technology, could see investor interest rise due to anticipated export revenues. The inflow of foreign exchange would strengthen Pakistan’s external accounts, potentially stabilizing the rupee and improving investor sentiment. Broader market confidence may increase as defence exports diversify Pakistan’s revenue streams, reducing reliance on traditional sectors like textiles and agriculture.
Morning News: FBR misses out on tax collection target for 6 months by Rs. 321 billion – By WE Research

Jan 1 2026



  • The federal board of revenue (FBR) reported a shortfall of Rs. 321 billion in tax collection during the first six months of fy26. Against a target of Rs. 5.42 trillion, actual collections stood at Rs. 5.1 trillion. The shortfall is attributed to weaker-than-expected direct tax receipts and slower growth in customs duties. This underperformance raises concerns about fiscal consolidation and Pakistan’s commitments under IMF programs.
  • The government announced a significant reduction in petrol and diesel prices effective January 1, 2026. Petrol prices were cut by Rs. 14 per liter, while diesel prices dropped by Rs. 12 per liter. The decision was made in response to declining global oil prices and aims to provide relief to consumers amid inflationary pressures. This move is expected to lower transportation costs and ease inflationary trends in the economy.
Indus Motor Company Limited (INDU): Automobile Assembler – By WE Research

Dec 29 2025



  • We initiate coverage on Indus Motor Company Limited (INDU) with a recommendation. Our preference for INDU is underpinned by its sustained leadership in key automotive segments, robust operational strengths, and friendly policies for shareholders.
  • INDU remains a dominant player in Pakistan’s automotive industry, particularly in the car segment (~6.47% of total vehicle sales) and jeeps and pickups segment (~2.32% of total vehicle sales), which rank second and third respectively after two/three-wheeler category (~89.40% of total vehicles sales).
Morning News: IMF Sees 6.5% GDP Upside If Pakistan Fixes Corruption, Governance – By WE Research

Nov 21 2025



  • The IMF has released a diagnostic report stating that Pakistan’s GDP could grow by 5–6.5% over five years if corruption and governance issues are addressed. The report highlights weaknesses in taxation, procurement, and oversight of the federal board of revenue (FBR), alongside risks from state-owned enterprises. It calls for reforms in tax policy, restructuring of the FBR, and stronger audits to improve transparency. The IMF also flagged political interference, opaque budgeting, and weak contract enforcement as barriers to investment.
  • The IMF has highlighted that elite capture in Pakistan—where influential groups secure preferential access to subsidies, tax breaks, and policy exemptions—costs the economy billions annually. The report points to energy subsidies, tax concessions, and regulatory loopholes that disproportionately benefit politically connected businesses and wealthy individuals. It stresses that such practices undermine fiscal capacity, widen inequality, and reduce resources available for public investment. The IMF recommends curbing preferential treatment and strengthening transparency in fiscal policy.
Morning News: Gold Price Per Tola Sheds Rs3,500 In Pakistan – By WE Research

Nov 5 2025



  • Gold prices in Pakistan dropped by rs3,500 per tola, bringing the local rate to rs420,362. Similarly, 10-gram gold fell by rs3,001 to rs360,392. The decline followed a fall in international gold prices, which slipped by $35 per ounce to $3,980 (with a $20 premium). Silver prices also decreased by rs130 per tola to rs5,022.
  • Pakistan and Iran have agreed to strengthen agricultural trade, with Iran set to import 350,000 livestock from Pakistan. The move is part of broader bilateral cooperation in food security and trade. This agreement is expected to enhance Pakistan’s livestock exports and provide new opportunities for farmers and exporters.
Morning News: Pakistan Seeks Peace but Won’t Tolerate Cross-Border Terrorism – By WE Research

Oct 31 2025



  • The chief of army staff (COAS) stated that Pakistan desires regional peace but will not compromise on national security in the face of cross-border terrorism. He emphasized that Pakistan reserves the right to respond firmly to any aggression. The remarks came during a high-level meeting with military officials, underscoring the country’s stance on maintaining internal stability while addressing external threats.
  • Prime minister Shehbaz sharif inaugurated the youth laptop scheme 2025, aimed at distributing laptops to students across Pakistan. He emphasized that the government will significantly increase investment in education and technology to empower youth and strengthen the digital economy. The initiative is part of broader efforts to enhance skills, promote innovation, and expand access to digital tools for students nationwide.
Morning News: Pakistan, Saudi Arabia agree to launch economic cooperation framework – By WE Research

Oct 29 2025



  • Pakistan and Saudi Arabia have signed an agreement to establish a structured framework for economic cooperation. The framework aims to expand collaboration in energy, trade, investment, and infrastructure projects. It is expected to pave the way for Saudi investments in Pakistan’s energy and industrial sectors, while also strengthening bilateral trade ties. The agreement signals a deepening of economic relations between the two countries.
  • According to a report, the state bank of Pakistan bought $7.15 billion from the interbank market during the past year. The purchases were part of efforts to strengthen foreign exchange reserves and manage external account pressures. While this helped shore up reserves, it also absorbed dollar liquidity from the market, impacting importers and businesses reliant on foreign currency. The move reflects SBP’s strategy to maintain currency stability amid external financing challenges.
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