Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research

Dec 30 2025


Foundation Securities


  • Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company. Below are key takeaways from the session.
  • To recall, Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in 1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
  • On a standalone basis, profitability was recorded at PKR 14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Lucky Core Industries Limited (LCI): Corporate Briefing Notes – By Chase Research

Feb 13 2026



  • Lucky Core Industries Limited reported earnings per share (EPS) of PKR 120.62 in FY24, compared to PKR 149.12 in FY23. In 1QFY25, the company posted an EPS of PKR 28.10, slightly higher than PKR 27.21 in the same period last year.
  • The polyester and pharmaceutical segments performed well during the year, driving improved operating performance.
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.
Lucky Cement Limited (LUCK): Analyst briefing takeaways – By Insight Research

Feb 2 2026


Insight Securities


  • Lucky Cement Limited has conducted its analyst briefing to discuss its financial result and outlook. We have summarized following key takeaways from the briefing.
  • Regarding domestic cement sales outlook, management highlighted that given the 12.5% YoY increase in 6MFY26, local sales are expected to grow by at least 8–9% in FY26.
Lucky Cement Limited (LUCK): 1HFY26 Corporate Briefing Takeaways – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • Lucky Cement Limited held it’s corporate briefing today to discuss the financial results of 1HFY26 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches increased by 7% to 1.7mn tons in 2QFY26 (vs. 1.6mn tons in 1QFY26), in line with improving industry demand, which rose to 11.6mn tons from 9.6mn tons. Consequently, domestic market share declined to 15.9% in 1HFY26 from 16.0% in SPLY.
  • On the export front, market share fell to 32.5% from 37.6% due to lower volumetric dispatches, which declined to 1.5mn tons in 1HFY26 from 1.8mn tons in SPLY. Exports to Afghanistan were impacted by 100k tons in 1HFY26 following border closures.
Lucky Cement Limited (LUCK): Result Review – By Taurus Research

Jan 28 2026


Taurus Securities


  • 2QFY26 EPS (Un-consolidated): PKR 5.9; 2QFY26 EPS (Consolidated): PKR 15.4 – inline with expectations.
  • LUCK’s net sales clocked-in at ~PKR 34Bn, remained flat compared to the previous quarter on account of increase in total dispatches merely by ~1% along with lower retention prices i.e. domestic dispatches up 8%QoQ, while exports were down 12%QoQ during 2QFY26. Gross margins hovered around 36% during 2QFY26, down 3pptsQoQ due to lower retention prices. Net earnings arrived at PKR 8.6Bn in 2QFY26, down 41%QoQ mainly due to lower other income i.e. down 58%QoQ on the back of absence of dividend income from LEPCL. Moreover, consolidated EPS clocked-in at ~PKR 15.4/sh. in 2QFY26, driven by continued contribution from subsidiaries including LCI, Lucky Electric & Lucky Motors etc, respectively.
Lucky Cement Limited (LUCK): Core improvement to uplift valuation; Buy – By JS Research

Dec 31 2025


JS Global Capital


  • We upgrade LUCK to Buy from Hold, raising our SoTP-based TP to Rs570/sh from Rs480/sh, implying a 17% upside, driven mainly by a stronger contribution from core cement operations (Rs286/sh; 50% of SoTP) following an 8%/ 6% increase in our FY26E/ FY27F standalone earnings forecasts and a reduction in our risk-free rate assumption to 11% from 12% previously.
  • Management apprised that the 1.31mtpa cement capacity expansion through its JV in Congo was long overdue, as the company risked losing market share, with all three overseas cement operations currently running at over 90% capacity utilization. On the domestic front, management expects minimum demand growth of 9% in FY26.
Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research

Dec 30 2025


Foundation Securities


  • Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company. Below are key takeaways from the session.
  • To recall, Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in 1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
  • On a standalone basis, profitability was recorded at PKR 14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Lucky Cement (LUCK): 1QFY26 EPS at Rs15.0, up by 23% YoY & 12% QoQ – By Topline Research

Oct 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.
  • Alongside the result, the company did not announce any cash dividend, in-line with our expectations.
  • On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.
Lucky Cement Limited (LUCK): 1QFY26 Result Review – By AKD Research

Oct 28 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK) announced its 1QFY26 financial results, reporting standalone earnings of PkR14.6bn (EPS: PkR10.0), compared to PkR6.6bn (EPS: PkR4.5) in SPLY, up 2.2x YoY. Earnings came above our expectations, mainly due to higher dividends from subsidiaries and associates. On a consolidated basis, profitability increased by 23%YoY to PkR22.0bn, primarily driven by improved performance of core cement operations.
  • Standalone revenue clocked in at PkR33.9bn, up 14%YoY from PkR29.8bn in SPLY, mainly on the back of 11%YoY increase in company’s offtakes during the period.
  • We have a ‘Buy’ stance on the stock with Jun’26 SOTP target price of PkR558.6/sh. Our liking for LUCK stems from; i) improvement in core margins, ii) increase in dividend from power segment and iii) expected recovery in cyclical segments benefiting its subsidiaries.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Pakistan Petroleum Limited (PPL): Earning Review – By Foundation Research

Feb 13 2026


Foundation Securities


  • Pakistan Petroleum Limited (PPL) standalone profitability clocked-in at PKR 20.3Bn (EPS PKR 7.5), ↓/↑ 26/1% YoY/QoQ, during 2QFY26 against profitability of PKR 27.3Bn (EPS PKR 10.0) in the same period last year. This cumulates into 1HFY26 profitability of PKR 40.4Bn (EPS PKR 14.8), down 21% YoY. PPL also announced an interim dividend of PKR 2.0/sh in 2QFY26, this bring 1H payout to PKR 4.0.
  • The result is lower than our expectations given higher than anticipated OPEX and higher than expected suppression in non-core income.
Pakistan Economy: MSCI Feb’26 Quarterly Index Review – By Foundation Research

Feb 11 2026


Foundation Securities


  • MSCI, the leading global provider of research-based indexes and analytics, earlier today announced the results of its Feb’26 Frontier Markets Quarterly Index Review. All changes will be implemented from 27th February 2026.
  • We believe the slightly decreased weight of Pakistan in MSCI Frontier Market Indices after the above deletions would have a mildly negative impact on foreign flows. To highlight, foreigners have been net sellers of US$337.0Mn FY26TD against foreign selling of US$304.4Mn in FY25.
Pakistan Cement: South exports amplified industry utilization – By Foundation Research

Feb 4 2026


Foundation Securities


  • Cement sector dispatches rose by 12.4% YoY in Jan’26 to 4.5Mn tons, resulting in enhanced capacity utilization of 60.7% vs. 55.6% in the SPLY. Despite peak winter season, local sales continued their growth momentum exhibiting a jump of 4.2% YoY to 3.6Mn tons, portraying demand recovery trend amid improved macros. Similarly, exports spiked to 0.9Mn tons with a remarkable growth of 61.1% YoY. Resurgence in exports were on account of low base effect from South exports, even in the absence of North exports due to Afghan border closure and also compensating for weakness in domestic demand in the South region.
  • Seasonality witnessed on a MoM bases where local demand fell by 3.4% given fewer day light hours, fog etc. This decline was driven by North sales exhibiting a decline of 6.5% MoM which was compensated by uptick in South sales of 13.8% MoM. However, exports in North region were significantly impacted owing to Afghan border closure. Increase in both local dispatches and exports of South region MoM resulted in overall industry dispatches reaching 4.5Mn tons, maintaining growth of 4.4% MoM.
Agritech Limited (AGL): Earning Review – By Foundation Research

Jan 29 2026


Foundation Securities


  • Agritech Limited (AGL PA) profitability clocked-in at PKR 694Mn (EPS PKR 1.2) in 4QCY25, down 29% YoY, compared to PKR 971Mn (EPS PKR 1.6) in 4QCY24.
  • This takes CY25 profitability to PKR 2.9Bn (EPS PKR 4.8), as compared to loss of PKR 1.1Bn in CY24.
  • AGL’s topline reported at PKR 12.2Bn (flat/up 18% YoY/QoQ) in 4QCY25, however, full year net revenue was recorded at PKR 35.9Bn, portraying a YoY growth of 15%.
Pakistan Cement: Profitability to drop 5% YoY in 2QFY26 – By Foundation Research

Jan 14 2026


Foundation Securities


  • FSL Cement universe profitability is forecasted to slide 5% YoY in 2QFY26 despite uptick in domestic sales and easing coal prices. This suppression in the profitability is mainly accredited to (1) normalization of gross margins, (2) higher energy cost, (3) lower exports due to Afghan border closure along with 23% YoY dip in South exports, and (4) weak prices (down 6% YoY).
  • On a quarterly basis, profitability is estimated to recede 19% QoQ in 2QFY26 owing to (1) weak domestic prices in North, (2) shift in energy mix, (3) slump in exports by 21% QoQ, and (4) attrition in other income.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
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.
Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research

Dec 30 2025


Foundation Securities


  • Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company. Below are key takeaways from the session.
  • To recall, Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in 1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
  • On a standalone basis, profitability was recorded at PKR 14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Fatima Fertilizer Company Ltd. (FATIMA): 9MCY25 Analyst Briefing Key Takeaways – By Foundation Research

Dec 26 2025


Foundation Securities


  • Fatima Fertilizer Company Limited (FATIMA PA) held its analyst briefing on 24 December 2025 to discuss its 9MCY25 financial/operational results and outlook of the company. Following are the key takeaways.
  • Total fertilizer industry volumes declined 3.5% YoY during 9MCY25 as nitrogen fell 1.7% YoY and phosphate plummeted 8.7% YoY. FATIMA increased its market share by 4.6/4.2ppts YoY in Nit/Phos to 26.9/40.9% respectively.
Pakistan Economy: MPS Surprise 50bps cut in policy rate – By Foundation Research

Dec 15 2025


Foundation Securities


  • Today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 50bps to 10.5%. The decision was made considering inflation remained within the target range of 5-7% during 5MFY26, despite relatively sticky core inflation. The MPC believes economic activity is gaining traction, driven by improvements in key indicators like large-scale manufacturing. However, global challenges, particularly for exports, may impact the macroeconomic outlook. The MPC noted the available space to reduce the policy rate to support growth on a sustainable basis while maintaining price stability.
  • MPC noted several key developments. The FY25 Labor Force Survey indicates an increase in the unemployment rate from FY21, despite faster employment growth. SBP's FX reserves have risen to USD 15.8Bn, aided by a USD 1.2Bn IMF receipt. Consumer confidence has improved, while business confidence has moderated slightly. The overall and primary fiscal balances recorded surpluses in 1QFY26, led by a sizable SBP profit transfer. Globally, commodity prices are supportive, but financial conditions remain challenging with evolving tariff dynamics.
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