Honda Atlas Car (HCAR): 3QMY26 EPS at Rs4.59,up 16% YoY while down 12% QoQ – lower than expectations – By Topline Research

Jan 27 2026


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY26, result today, where the company recorded profit of Rs655mn (EPS of Rs4.59), up 16% YoY while down 12% QoQ.
  • The result came lower than industry expectations due to lower-than-expected gross margins and higher-than-expected effective tax rate.
  • Gross margins clocked in at 7.55% in 3QMY26 vs 9.21% in 3QMY25 and 7.56% in 2QMY26. Despite increased sales, gross margins fell as compared to last year, however the margins remained flattish on QoQ basis. We were expecting gross margins at 9%.
Honda Atlas Cars Limited (HCAR): Result review – By HMFS Research

Jan 27 2026


HMFS Research


  • Honda Atlas Cars (Pakistan) Limited (HCAR) announced its 3QMY26 results, reporting a profit after tax (PAT) of PKR 655mn (EPS: PKR 4.59), down 12% QoQ but up 16% YoY. The QoQ decline in earnings was primarily driven by a sharp rise in finance costs and distribution & marketing expenses, which more than offset healthy revenue growth.
  • On a YoY basis, earnings improved on the back of strong topline growth, reflecting higher sales volumes amid improving demand conditions.
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.
Honda Atlas Car (HCAR): 3QMY26 EPS at Rs4.59,up 16% YoY while down 12% QoQ – lower than expectations – By Topline Research

Jan 27 2026


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY26, result today, where the company recorded profit of Rs655mn (EPS of Rs4.59), up 16% YoY while down 12% QoQ.
  • The result came lower than industry expectations due to lower-than-expected gross margins and higher-than-expected effective tax rate.
  • Gross margins clocked in at 7.55% in 3QMY26 vs 9.21% in 3QMY25 and 7.56% in 2QMY26. Despite increased sales, gross margins fell as compared to last year, however the margins remained flattish on QoQ basis. We were expecting gross margins at 9%.
Honda Atlas Cars Limited (HCAR): Result Preview – By Taurus Research

Nov 19 2025


Taurus Securities


  • Board Meeting: November 20, 2025.
  • 2QMY26: EPS: PKR 4.5; DPS: NIL; PAT: PKR 649Mn, Up 1.5x YoY.
  • HCAR’s net sales are expected to clock in at ~PKR 24Bn in 2QMY26, down 9%QoQ due to drop in sales volume by 12%QoQ. However, sales were up 45%YoY; primarily attributed to the robust recovery in volumes, with unit sales rising to 4,880 compared to 3,348 during the SPLY. This is due to improved supply chain dynamics and relative stability in auto financing. Further, distribution expense is expected to remain on a higher side, arriving at ~PKR 318Mn, up 75%YoY/down 9%QoQ. Similarly, finance cost is expected to arrive at ~PKR 179Mn, down 7%YoY/12%QoQ due to lower interest rates. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 649Mn, down 22%QoQ/up 1.5xYoY. We do not expect the Company to declare any cash dividend for the quarter.
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.
Honda Atlas Car (HCAR): 3QMY26 EPS at Rs4.59,up 16% YoY while down 12% QoQ – lower than expectations – By Topline Research

Jan 27 2026


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY26, result today, where the company recorded profit of Rs655mn (EPS of Rs4.59), up 16% YoY while down 12% QoQ.
  • The result came lower than industry expectations due to lower-than-expected gross margins and higher-than-expected effective tax rate.
  • Gross margins clocked in at 7.55% in 3QMY26 vs 9.21% in 3QMY25 and 7.56% in 2QMY26. Despite increased sales, gross margins fell as compared to last year, however the margins remained flattish on QoQ basis. We were expecting gross margins at 9%.
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