Pakistan Economy: Jan’26 MPC: Expecting 50bps cut in the policy rate – By Taurus Research

Jan 22 2026


Taurus Securities


  • The State Bank of Pakistan’s Monetary Policy Committee (MPC) meeting is scheduled for January 26, 2026; wherein we expect the MPC to reduce the benchmark policy rate by 50bps to 10%. Our stance for the rate cut is primarily based on: i) well-anchored for ward inflation expectations which appear to be trending down wards contrary to earlier expectations; ii) stable external sector outlook; and iii) building market expectations & confidence in the economy as reflected in the latest T-Bills auction.
  • For context, headline inflation for Dec’25 clocked-in at 5.6%YoY on the back of negative MoM food inflation and sluggish performance of the core segments. Looking ahead, food prices are likely to remain stable amid smooth supply situation in Jan’26 also. While, reduction in fuel prices coupled with fuel cost adjustments and minimal uptick in core inflation are expected to keep Jan’26 NCPI in check too i.e. 4.9%YoY expected (despite the base effect).
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.
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.
Pakistan Economy: Jan’26 NCPI arrives at 5.8%YoY/0.4%MoM – By Taurus Research

Feb 3 2026


Taurus Securities


  • Headline inflation for Jan’26 arrived at 5.8%YoY/0.4%MoM, in line with expectations. Consequently, taking the NCPI for FY26 to date to 5.21%YoY. However, core inflation edged up slightly in both Urban & Rural areas for Jan’26 to 7.2%YoY (6.9%YoY in Dec’25) and 8.3%YoY (8.1%YoY in Dec’25), respectively.
  • To note, food inflation (~35% weight) for the month stood at 0.06% only on account of ~13%MoM decrease in the prices of perishable items. These include ~28%MoM decline in the prices of Potatoes and Onions along with a ~17%MoM decrease in the prices of other fresh vegetables during the month. Resultantly, offsetting the impact of the surge in prices of Wheat & Chicken.
Pakistan Refinery Limited (PRL): 2QFY26 Result Review – By Taurus Research

Feb 2 2026


Taurus Securities


  • 2QFY26 – EPS: PKR 1.8, PAT: ~PKR 1.1Bn – below expectations.
  • PRL’s net sales clocked-in at PKR 75.3Bn in 2QFY26, up 22%QoQ on account of increase in the volumes by 28%QoQ. Gross margins hovered at 5% in 2QFY26, remained flat compared to the previous quarter despite surge in HSD and MS sales as increase in FO sales i.e. 31%QoQ is likely to have balanced out margin growth. During 2QFY26, selling and admin expenses went up significantly by 27%QoQ and 61%QoQ, respectively. Further, Finance cost arrived at PKR 1.1Bn in 2QFY26, up 2%QoQ due to working capital requirements for the ongoing REUP project. Further, PRL posted a PAT of PKR 1.1Bn in 2QFY26, up 10%QoQ. 1HFY26 EPS arrived at PKR 3.4, turning positive compared to LPS of PKR 3.2 during the SPLY.
Commercial Banks: 4QCY25 Result Previews – By Taurus Research

Feb 2 2026


Taurus Securities


  • We expect 4QCY25 TSL Banking Universe earnings to post a dip of 2% on a sequential basis on account of flattish margins overall, including the impact of slightly lower cost of funds and uptick in expected credit losses and operating expenses for the quarter. Ac cordingly, CY25 PAT for our coverage banks is expected to grow 5%YoY, arriving at ~PKR 513Bn.
  • Relatively stagnant asset yields (declining in some cases) coupled with slightly lower cost of funds, we expect net-interest income to grow 3%QoQ only. Wherein, the 50bps cut in the policy rate to wards the year-end and the build-up in current accounts as well as the re-pricing of costly deposits in case of some of the banks, are the major factors likely to contribute to lower cost of funds.
Power Generation & Distribution: 2QFY26 Result Previews – By Taurus Research

Feb 2 2026


Taurus Securities


  • NPL is expected to post a PAT of PKR 640Mn (EPS: PKR 1.81) in 2QFY26, up 9%QoQ. Revenues are estimated at ~PKR 1.2Bn, reflecting a 58%YoY increase due to improved plant utilization. Moreover, revenue declined 26%QoQ on seasonal fall in demand. Other income is expected at PKR 414Mn, decreased QoQ due to lower interest earnings because of declining interest rate. Gross margins are expected to increase from 23% to 39%QoQ.
  • The sharp YoY turnaround from loss to profit is primarily due to adjustments with CPPA-G including waiver of delayed payment surcharge etc. which had adversely impacted earnings last year. Finally, we expect NPL to announce no interim dividend for the quarter.
Ghani Dairies Limited (GDL): Initial Public Offering (IPO) – By Taurus Research

Jan 28 2026


Taurus Securities


  • Ghani Dairies Limited was incorporated in October 2020 as a private company before becoming a public company in July 2025. It is part of the Ghani Group, a long-standing Pakistani business group known for operating in line with Shariah principles. The Company’s core business is running a modern, large-scale dairy farm focused on producing fresh, high-quality raw milk.
  • The Company started its commercial operations in October 2021 with imported heifers. Ghani Dairies has steadily grown its herd to 2,487 cattle through strategic imports and purchases. To ensure top-tier production, the farm is managed by expert dairy professionals using advanced international technology, including automated feed mixers, milking parlors, and digital herd management systems, all following global best practices for animal health and milk quality.
Pakistan Oilfields Limited (POL): 2QFY26 Result Preview – By Taurus Research

Jan 28 2026


Taurus Securities


  • 2QFY26 EPS: PKR 18.5; 2QFY26 PAT down 3%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 12.7Bn, down 14%YoY. Royalty expenses are expected to be recorded at ~PKR 1.4Bn, down 12%YoY, while operating expense is expected to decline by 10%YoY, supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 18.5, down 31%YoY and 3%QoQ, primarily attributable to higher exploration expenses, which are expected to arrive at ~PKR 1.4Bn, up 1.2xYoY, due to the ongoing drilling activity at Jhandial-4 and continuing seismic activities at the Ikhlas EL and Pariwali D&PL blocks.
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.
Honda Atlas Cars Limited (HCAR): 3QMY26 EPS clocked-in at PKR 4.59; PAT up 16% YoY – By Taurus Research

Jan 27 2026


Taurus Securities


  • 3QMY26: EPS: PKR 4.59; DPS: NIL; PAT: PKR 655Mn, up 16%YoY.
  • HCAR’s net sales clocked-in at ~PKR 33Bn in 3QMY26, up 30%QoQ due to increase in sales volume by 47%QoQ. However, sales were up 85%YoY; primarily attributed to the robust growth in volumes, with unit sales rising to 7,159 compared to 3,736 during the SPLY. This is due to improved supply chain dynamics and relative stability in auto financing. Further, distribution expense remained on a higher side, arriving at ~PKR 451Mn, up 2.1xYoY/51%QoQ. Similarly, finance cost increased robustly by 76%QoQ to PKR 553Mn in 3QMY26. Further, HCAR’s quarterly PAT arrived at ~PKR 655Mn, down 12%MoM on account of significant increase in the finance cost despite improved core earnings. Lastly, the Company did not announce a cash dividend for the quarter.
Pakistan Petroleum Limited (PPL): 2QFY26 Result Preview – By Taurus Research

Jan 27 2026


Taurus Securities


  • 2QFY26 EPS: PKR 7.41; 2QFY26 PAT up 0.4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 58.7n, down 3%YoY. Royalty expenses are expected to be recorded at ~PKR 8.9Bn, down 1%YoY, while exploration expenditure is expected to decline by 87%YoY supporting profitability.
  • 2QFY26 EPS is expected to arrive at PKR 7.41, down 26%YoY, primarily attributable to a one-time benefit in other income during 2QFY25 from the reversal of an impairment loss in PPLA. Hence, other income is expected to decline by 76%YoY in 2QFY26.