National Foods Limited (NATF): Seasoned for Sustained Growth – By Insight Research

Jan 28 2026


Insight Securities


  • National Foods Limited (NATF) remains a dominant household brand in Pakistan, supported by its diverse product portfolio and an extensive distribution network. The company has demonstrated commendable operational performance in recent years, with unconsolidated profit surging by ~2.5x YoY to PKR3.2bn in FY25. This growth was primarily driven by strong momentum in both domestic and international markets, along with efficiency gains from the newly inaugurated Faisalabad facility.
  • Backed by National Foods strong topline momentum, with unconsolidated revenues posting a 5-year CAGR of 18% while consolidated revenues expanded at 29% CAGR, along with management’s emphasis on international expansion and inorganic growth opportunities, we recommend a BUY stance with a Dec’26 SOTP based target price of PKR548/sh, implying a capital upside of 34%.
National Foods Limited (NATF): Seasoned for Sustained Growth – By Insight Research

Jan 28 2026


Insight Securities


  • National Foods Limited (NATF) remains a dominant household brand in Pakistan, supported by its diverse product portfolio and an extensive distribution network. The company has demonstrated commendable operational performance in recent years, with unconsolidated profit surging by ~2.5x YoY to PKR3.2bn in FY25. This growth was primarily driven by strong momentum in both domestic and international markets, along with efficiency gains from the newly inaugurated Faisalabad facility.
  • Backed by National Foods strong topline momentum, with unconsolidated revenues posting a 5-year CAGR of 18% while consolidated revenues expanded at 29% CAGR, along with management’s emphasis on international expansion and inorganic growth opportunities, we recommend a BUY stance with a Dec’26 SOTP based target price of PKR548/sh, implying a capital upside of 34%.
National Foods Limited (NATF): Strong footings at home, unlocking valuations for foreign investment; Buy – By JS Research

Nov 5 2025


JS Global Capital


  • We reinitiate coverage on one of Pakistan’s leading food products company, National Foods Ltd (NATF) with a Buy rating, arriving at a DCF-based Target Price (TP) of Rs485, implying a 28% upside.
  • With over 90% of NATF’s consol. earnings derived from its Pakistan operations, where it enjoys strong brand footing, we expect the company’s Standalone earnings to grow at a 5-yr. CAGR of 28%. while also contributing 76% to our TP.
  • Growing demand for convenience food ingredients in Pakistan with evolving demographics & distribution network, coupled with NATF’s effective brand positioning & pricing power is expected to result in a 5-yr. sales CAGR of 15%.
National Foods Limited (NATF): FY25Corporate Briefing Takeaways – By Taurus Research

Oct 22 2025


Taurus Securities


  • National Foods Limited (NATF) was founded in 1970 as a spice company. It is now owned by ATC Holdings and has 5 subsidiaries which operate across 40 countries with 391 distributors. National Foods DMCC is its Dubai based subsidiary which was established in 2012; National Epicure Inc. Canada, National Epicure Inc. USA, and National Foods Pakistan UK Limited serve its North American and European markets. Most recently in 2017, National Epicure Inc. Canada acquired 60% of A-1 Bags and Supplies which specializes in the distribution of restaurant, industrial, and retail supplies. In 1QFY26, NATF divested 50.5% of its shareholding in A-1 and the latter grew in size from USD 50Mn to USD 300Mn during FY17-25.
  • NATF has 11 key product categories with some of these having several product ranges within them, these include: recipe mixes, ingredients, sauces, salt, ketchup and Chinese sauces, pickles, mayonnaise, desserts, jams and jellies, and seasonings.
National Foods Limited (NATF): FY25 Analyst Briefing Takeaways – By AKD Research

Oct 21 2025


AKD Securities


  • Company has two operating segments i.e. its core business and retail (cash and carry). The first encompasses NATF's traditional food and food-related products, while the latter centers on its acquisition of A1 Cash & Carry, a Canadian retail chain.
  • In FY25, NATF reported consolidated earnings of PkR4.4bn (EPS: PkR14.9), against PkR2.8bn in FY24, up 58%YoY, primarily due to operational efficiencies created by the Faisalabad plant.
  • Both the retail segment and the core business delivered growth, with company’s net sales increasing from PkR37bn to PkR45bn, up 19%YoY, while the retail segment also saw a 22%YoY increase in revenue.
National Foods Limited (NATF): Corporate Briefing Notes – By Chase Research

Oct 21 2025



  • National Foods Limited (NATF) reported earnings per share of PKR 13.65 for FY25 (FY24: 5.44). Furthermore, in 4QFY25, the company reported earnings per share of PKR 1.40 (4QFY24: 1.23).
  • Gross margins improved in 1QFY26 to 38% from average of 36% in FY25 primarily due to pricing factor and cost efficiencies associated with the Faisalabad plant. Management is confident that this margin is sustainable for the rest of FY26.
  • In the overall portfolio mix, the Faisalabad plant contributes around 70%. While Karachi plant caters the southern part of the country and exports. A critical distribution hub has been set in Canada to serve customers and improve speed to the market.
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.
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 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.
Pakistan Economy: Jan’26 CPI likely to clock in at 6.1% - By Insight Research

Jan 30 2026


Insight Securities


  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Chicken (14.8↑%), Wheat flour (10.4↑%), Tomatoes (10.2%↑), Spices (6.3%↑) & Fresh fruits (4.9%↑). On the flip side, prices of the following items eased off during the month, Potatoes (30.9%↓), Onions (24.6%↓), Sugar (8.6%↓), Pulse gram (6.5%↓) & Motor fuel (4.8%↓).
  • Following a 50bps policy rate cut in Dec’25 MPC meeting, after maintaining status quo across the preceding four meetings, SBP signaled the possibility of further monetary easing in CY26. Market expectations were consequently anchored around an additional 50–75bps cut in the Jan’26 MPC meeting. However, contrary to street consensus, SBP opted to keep policy rate unchanged while reducing the Cash Reserve Requirement (CRR) for banks by 100bps to 5%. This appears prudent in the context of geopolitical tensions and its potential spillover impact on global commodity prices, which have been a key anchor for Pakistan’s macroeconomic stability in recent quarters. The import bill has already begun to inch up, while the export sector continues to face structural constraints. Given sticky core inflation and an elevated imports, a cautious policy stance remains essential to preserve macroeconomic stability.
Fauji Fertilizer Company Limited (FFC): 4QCY25 EPS clocked in at PKR11.2 – Below expectation – By Insight Research

Jan 29 2026


Insight Securities


  • FFC has announced its 4QCY25 result, wherein company has posted unconsolidated PAT of PKR15.9bn (EPS: PKR11.2) vs. PAT of PKR14.2bn (EPS: PKR10.0) in SPLY. The result is below our expectation primarily due to lower than expected gross margins and higher ETR.
  • Revenue for the quarter increased by 18% QoQ to clock in at PKR149.7bn, mainly attributable to higher offtakes coupled with increase in DAP prices.
National Foods Limited (NATF): Seasoned for Sustained Growth – By Insight Research

Jan 28 2026


Insight Securities


  • National Foods Limited (NATF) remains a dominant household brand in Pakistan, supported by its diverse product portfolio and an extensive distribution network. The company has demonstrated commendable operational performance in recent years, with unconsolidated profit surging by ~2.5x YoY to PKR3.2bn in FY25. This growth was primarily driven by strong momentum in both domestic and international markets, along with efficiency gains from the newly inaugurated Faisalabad facility.
  • Backed by National Foods strong topline momentum, with unconsolidated revenues posting a 5-year CAGR of 18% while consolidated revenues expanded at 29% CAGR, along with management’s emphasis on international expansion and inorganic growth opportunities, we recommend a BUY stance with a Dec’26 SOTP based target price of PKR548/sh, implying a capital upside of 34%.
Sazgar Engineering Works Limited (SAZEW): 2QFY26 EPS clocked in at PKR66.6 – Below expectation – By Insight Research

Jan 27 2026


Insight Securities


  • SAZEW has announced its 2QFY26 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR66.6) vs. PAT of PKR2.4bn (EPS: PKR39.8) in SPLY. The result is below our expectation mainly due to lower than estimated topline and higher S&D expenses.
  • During 2QFY26, revenue witnessed an increase of ~85%/1% YoY/QoQ, to clock in at PKR34.0bn, primarily due to higher volumetric sales.
Oil & Gas Exploration: Mining to drive next leg up – By Insight Research

Jan 27 2026


Insight Securities


  • Mining represents a strategic opportunity for Pakistan, supported by the country’s significant deposits of copper, gold and other mineral resources. The government’s renewed focus on regulatory reforms, resolution of legacy disputes and facilitation of large scale mining projects has materially improved the sector’s long term investment outlook. As a result, mining is increasingly being positioned as a key pillar for economic growth, export diversification and foreign investment inflows.
  • This structural improvement in the domestic mining landscape has coincided with a favorable global commodity price environment. Copper prices remain elevated, underpinned by strong long term demand from electrification, renewable energy and electric vehicle adoption, while gold prices have stayed firm amid global macro uncertainty. Elevated and supportive price dynamics materially enhance project economics, improve internal rates of return and accelerate value realization for large scale copper & gold projects.
Pakistan Economy: SBP reduces CRR by 1%; keeps benchmark rate unchanged – By Insight Research

Jan 27 2026


Insight Securities


  • In yesterday’s MPC meeting, the central bank maintained the policy rate, contrary to market expectations of a 50–75bps cut, as reflected in recent treasury auctions and secondary market yields. The decision surprised many, amid widespread speculation around single-digit policy rate. Nevertheless, SBP opted for a prudent stance, realizing emerging risks from a growth in imports at a time when geopolitical tensions remain elevated.
  • However, to support the economy which continues to face challenges in sustaining a recovery and reviving growth, central bank announced a reduction in the Cash Reserve Requirement (CRR) for banks to 5% from 6% on a fortnightly average basis, while also lowering the daily minimum maintenance requirement to 3% from 4%.
Oil & Gas Exploration: Earning remains under pressure – By Insight Research

Jan 26 2026


Insight Securities


  • We preview ISL E&P universe 2QFY26 results, wherein we estimate sector’s profitability to decrease by 15%/6% YoY/QoQ to clock in at ~PKR74bn. The decrease is mainly attributable to lower oil prices coupled with decline in gas production.
  • Revenue of our universe is expected to decrease by 15%/6% YoY/QoQ amid aforementioned reason. Company wise, we estimate 2QFY26 EPS for OGDC/PPL/MARI/POL at PKR7.9/7.6/12.2/18.7, respectively. Along with the result we expect OGDC/PPL/MARI/POL to announce a DPS of PKR4.0/2.0/11.0/25.0.
Pakistan Cements: 2QFY26 Previews: Profitability to decline by 5% YoY – By Insight Research

Jan 23 2026


Insight Securities


  • We expect ISL cement universe to post a PAT of ~PKR22.4bn in 2QFY26 down by 5%/19% YoY/QoQ. Revenue is anticipated to increase by 2%/6% YoY/QoQ due to higher volumetric sales. Gross margins are expected to decline by 248bps/33bps YoY/QoQ due to decline in retention prices and higher fuel cost, attributable to unavailability of Afghan coal. Other income is expected to decline by 20%YoY due to decline in interest rates, while on QoQ same is down by 47% due to decline in dividend income. Finance cost is expected to decline by 56%/11% YoY/QoQ amid lower interest rates and debt levels. On company specific basis, we expect LUCK/DGKC/MLCF/FCCL/PIOC/ACPL/KOHC to post EPS of PKR5.1/6.2/3.1/1.5/7.5/6.7/2.9 in 2QFY26, respectively. Moreover, we expect PIOC to announce cash dividend of PKR5.0/sh.
  • During the quarter, local cement dispatches increased by 12%/17% YoY/QoQ. However cement exports declined by 24%/21% YoY QoQ to clock in at 2.0mn tons. To note, capacity utilization of the sector clocked in at 61% in 2QFY26 vs 48% in SPLY.
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