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 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.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
Pakistan Market Wrap: PSX Ends Higher Despite Choppy Trade – By HMFS Research

Feb 11 2026


HMFS Research


  • The Pakistan Stock Exchange (PSX) experienced a choppy yet decisively positive session, as early selling pressure dragged the index lower before a strong recovery took hold mid-morning. Sentiment improved after the State Bank of Pakistan’s governor signaled confidence in the economic outlook, projecting FY26 growth of up to 4.75%—countering the IMF’s recent downgrade. The SBP has revised its growth range upward to 3.75–4.75%, reflecting improved domestic momentum despite weaker exports and a widening trade gap in the first half of the fiscal year. Additionally, remittance inflows provided further support, rising over 11% YoY to USD 23.2bn during 7MFY26, reinforcing external account stability.
  • Strong accumulation in the final trading hours propelled the benchmark index firmly into positive territory, with the KSE-100 closing at 183,050 level—up 896 points. Market participation remained elevated, with traded volumes reaching 350mn shares on the KSE-100 and 731mn shares on the All-Share Index, reflecting sustained investor engagement. KEL (121mn shares), CNERGY (82mn shares), and FNEL (52mn shares) led the activity chart, dominating turnover for the session. In the short term, the market is likely to move within a limited range as investors assess elevated valuations alongside selective earnings strength and evolving macroeconomic and geopolitical landscape. Given this backdrop, a disciplined, stock-specific strategy remains prudent. Investors should capitalize on intermittent pullbacks to build exposure in fundamentally strong counters, while exercising caution in index-heavy names where valuations appear extended.
Pakistan Market Wrap: KSE-100 closes at 183,050 up 896 points – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • The equity market commenced the session on a strong footing and remained largely steady throughout the day. However, the KSE-100 Index witnessed notable intraday volatility, fluctuating between a low of 182,055 and a high of 183,802 before settling at 183,050, reflecting a gain of 896 points. Total volumes on the main board reached 349.6 million shares, with an aggregate traded value of PKR 25 billion.
  • Key contributors to the index’s positive performance were ENGROH (4.4%, 412 points), LUCK (2.5%, 172 points), FABL (9.1%, 126 points), MCB (2.1%, 124 points), and BAFL (2.9%, 86 points). In terms of trading activity, KEL and CNERGY led the volumes chart, recording 120.6 million and 81.6 million shares traded, respectively.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 11 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Trading activity remained largely stock specific in the absence of any strong positive trigger, as investors positioned themselves ahead of the ongoing results season. Trading volumes decreased to 350mn shares today as compared to 636mn shares in the previous session. Today, the KSE-100 index gained 896 points to close at 183,050 level, up by 0.49% DoD. Banks, Cement, and Power sectors were the major contributors in today's session, cumulatively adding 619 points to the index.
Pakistan Chemicals: Profitability to remain muted – By Insight Research

Feb 11 2026


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR263mn (EPS: PKR0.17) in 4QCY25 vs. LAT of PKR19mn (LPS: PKR0.01) in SPLY and PAT of PKR94mn (EPS: PKR0.06) in preceding quarter. To note, International PTA prices plunged by ~4%/2% YoY/QoQ to clock in at ~US$644/ton. Consequently, core delta declined by ~16%/5% YoY/QoQ to clock in at ~US$86/ton. Company’s topline is expected to decrease by 4% YoY/QoQ to clock in at PKR19.6bn in 4QCY25 amid lower product prices. Gross margins of the company are estimated to clock in at 2.6% in 4QCY25, witnessing an increase of ~180bps YoY amid one-off in SPLY.
  • EPCL is expected to post a consolidated LAT of PKR1.2bn (LPS: PKR1.30) in 4QCY25 vs. PAT of PKR3.4bn (EPS: PKR3.75) in SPLY and LAT of PKR0.2bn (LPS: PKR0.24) in preceding quarter. Company’s topline is expected to decrease by 15%/10% YoY/QoQ to clock in at PKR18.0bn in 4QCY25, amid lower product price. Gross margins are estimated to clock in at 6.2% in 4QCY25. To note, International PVC prices decline by ~19%/7% YoY/QoQ to clock in at ~US$649/ton. Consequently, PVC-Ethylene margins witnessed a decline of ~16%/1% YoY/QoQ. Admin expense is expected to increase by 26% YoY amid higher volumetric sales, whereas same is expected to go down by ~10% QoQ. Financial charges are anticipated to decrease by 24%/6% YoY/QoQ to clock in at PKR1.3bn, primarily due to decline in interest rates and debt level.
Pioneer Cement Limited (PIOC): 2QFY26 EPS clocks in at PKR 7.04, down 9% YoY – By Alpha-Akseer Research

Feb 11 2026


Alpha Capital


  • PIOC announced its 2QFY26 results today wherein the company reported an EPS of PKR 7.04, down 9% YoY. This takes cumulative earnings for 1HFY26 to PKR 12.65/share, up 4% YoY. Contrary to expectations, no dividend was announced along with the results.
  • Net sales for 2QFY26 clock in at PKR 10.3bn, up 15% YoY from PKR 8.9bn SPLY, driven by a 28% YoY increase in local dispatches to ~0.7mn tons, outpacing the North’s 12% YoY growth and offsetting a 4% YoY decline in net retention.
  • Gross margins for 2QFY26 clocked in at 30%, down 12 ppts YoY primarily reflecting the effect of increased royalty charge on 6% of ex-factory price instead of net retention. The compression in margins also reflect upward pressure on fuel cost driven by Afghan border closure.
Pakistan Economy: Sequential dip likely for Banks – By JS Research

Feb 11 2026


JS Global Capital


  • We preview 4QCY25 results for Pakistan banks which are expected to broadly report YoY decline in core income due to NIMs contraction amid declining yields.
  • Quarterly profits are likely to face pressure from weaker core income and declining asset yields, though non-interest income should offer partial support. Dividend policies for 4QCY25 are expected to be maintained.
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.
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.
Technical Outlook: KSE-100; 30-DMA to restrict upside – By JS Research

Feb 11 2026


JS Global Capital


  • KSE-100 index witnessed a volatile session to close at 182,154 level, down 187 points. Volumes stood at 1,062mn shares versus 931mn shares traded previously. The index is expected to test support at 181,499 (yesterday's low) where a fall below that will target the 50-DMA at 178,377 level. However, any upside will face resistance at the 30-DMA that is currently at 184,123 level. A break above that will cause the uptrend to resume. The RSI and the MACD are moving down, supporting a negative view. We recommend investors to stay cautious on the higher side. The support and resistance are at 181,363 and 183,080 levels, respectively.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 11 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Trading activity remained largely stock specific in the absence of any strong positive trigger, as investors positioned themselves ahead of the ongoing results season. Trading volumes decreased to 350mn shares today as compared to 636mn shares in the previous session. Today, the KSE-100 index gained 896 points to close at 183,050 level, up by 0.49% DoD. Banks, Cement, and Power sectors were the major contributors in today's session, cumulatively adding 619 points to the index.
Pakistan Market Wrap: The benchmark index closed on a flat note – By IIS Research

Feb 10 2026


Ismail Iqbal Securities


  • The benchmark index closed on a flat note after a volatile trading session, with early selling pressure weighing on the market. However, a modest recovery from the day’s low was observed toward the close of the session. Trading volumes increased to 636mn shares today as compared to 598mn shares in the previous session. Today, the KSE-100 index lost 187 points to close at 182,154 level, down by -0.10% DoD. Banks, Technology, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 727 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery from the day’s low was observed toward the end of the session Trading volumes decreased to 598mn shares today as compared to 799mn shares in the previous session. Today, the KSE-100 index lost 1,789 points to close at 182,340 level, down by -0.97% DoD. Banks, E&Ps, and Cement sectors were the major laggards in today's session, cumulatively shedding 1499 points from the index.
Meezan Bank Limited (MEBL): Stable Sequential Performance, In Line with Expectations – By IIS Research

Feb 9 2026


Ismail Iqbal Securities


  • Meezan Bank Limited (MEBL) announced its 4QCY25 results, posting unconsolidated earnings of PKR 12.1/share, down 11% YoY while up by 4% QoQ. The result is inline with our expectations. The bank also declared final cash dividend of PKR 7/share, taking the cumulative CY25 payout to PKR 28/share.
  • Net Interest Income (NII) declined by 12% YoY while up by 3% QoQ, indicating that the major impact of asset repricing has already been incurred. Non markup income declined by 36% YoY and 27% on QoQ basis, due to absence of gain on sale of securities and loss on FX income while fee income remained flat on YoY/QoQ basis.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 6 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery was observed by the end of the first session, the momentum weakened again following news of the Islamabad blast. Trading volumes increased to 799mn shares today as compared to 768mn shares in the previous session. Today, the KSE-100 index lost 3,703 points to close at 184,130 level, down by -1.97% DoD. Banks, E&Ps, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 2494 points from the index.
Interloop Limited (ILP): Earnings Beat Expectations on Higher Other Income – By IIS Research

Feb 4 2026


Ismail Iqbal Securities


  • ILP reported an unconsolidated EPS of PKR 2.47 for 2QFY26, up 3x YoY and 24% QoQ, materially above our expectation of PKR 1.9. The earnings surprise was largely driven by higher than expected other income, which we believe likely stems from derivative financial instruments, similar to last quarter, where other income of PKR 700mn was primarily attributable to FX derivative gains on forward dollar bookings. However, detailed account is awaited. The results were accompanied by a cash dividend of PKR 2.00 per share, which was above consensus expectations and likely reflects an improved cash position.
  • Net sales clocked in at PKR 43.6bn, up 3% YoY but flat QoQ. Cost discipline remained evident as cost of sales declined 2% YoY, leading to an improvement in gross margins to 24% versus 23% in the previous quarter and 20% in 2QFY25. This margin expansion reflects better pricing, product mix, and input cost management.
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.
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.
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.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 2 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Activity remained largely stock specific as investors positioned themselves for the ongoing results season. Trading volumes decreased to 216mn shares today as compared to 344mn shares in the previous session. Today, the KSE-100 index gained 883 points to close at 185,058 level, up by 0.48% DoD. Banks, E&Ps, and Autos sectors were the major contributors in today's session, cumulatively adding 707 points to the index.
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