Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Engro Fertilizers Limited (EFERT): Unfavourable dynamics weigh on earnings – By JS Research

Oct 21 2025


JS Global Capital


  • Engro Fertilizers Ltd. (EFERT) has underperformed the KSE-100 index by 38% CYTD, mainly led by the unfavorable business dynamics that has adversely impacted the company throughout the year. To recall, the company posted earnings of Rs14bn, down 21% YoY led by the slowdown in sales volume, ongoing discounts, and higher financial charges.
  • The company’s Urea inventory remained elevated, currently hovering around 550k tons owing to subdued local demand. This led to discount offerings in the range of Rs250-325/bag in the outgoing quarter which are still in place. The management in its recently held corporate briefing session apprised that industry’s inventory levels are likely to remain at 1mn tons by year end.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 12 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, hitting an intraday high of 182,757 before closing at 180,513 down 2,537 points (-1.39%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Oil & Gas Exploration, Technology & Communication, Cement, and Power Generation & Distribution. Market sentiment remained under pressure due to EFERT’s below expected results. Additionally, Barrick Gold Corporation’s Reko Diq copper-gold project in Balochistan faces uncertainty as the company reviews its development timeline and capital budget amid escalating security risks. Among major laggards, PPL, EFERT, HUBC, SYS, and OGDC collectively erased 902 points from the index. On the volume front, K-Electric (KEL) led with 176.91 million shares traded, while total market turnover stood at 868.95 million shares.
Pakistan Market Wrap: Profit-Taking Storm Hits Market, Benchmark Closes Lower – By HMFS Research

Feb 12 2026


HMFS Research


  • The KSE-100 index opened in the red today, setting the stage for a profittaking session as investors adopted a cautious stance. Significant selling pressure was observed, with the E&P and Fertilizer sectors bearing the brunt of the declines. The index touched an intra-day low of 4324.56 points before gradually recovering to close at 180,512.64 level, down 2,537.16 points. The downward pressure was largely influenced by rising inflation projections for Q4, estimated at 8%, which diminished expectations of a policy rate cut, creating a tense market environment.
  • Political uncertainties further added to the bearish sentiment. Trading volumes remained healthy, with 448mn shares exchanged on the KSE-100 index and 869mn shares traded across the broader market. Key volume leaders included KEL (177mn), CNERGY (52mn), and AMTEX (40mn). Looking ahead, the market’s direction will remain sensitive to regional developments and domestic economic trends. Upcoming results from blue-chip companies and dividend-yielding stocks are expected to provide support over the longer term. Investors are advised to maintain vigilance, focusing on fundamentally strong stocks with long-term growth potential.
The Hub Power Company Limited (HUBC): Steady Earnings Despite Mixed Generation Trends – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • As per NEPRA, total power generation in the country during 1HFY26 stood at 67,357 GWh, reflecting a 1.1% YoY increase. This growth was primarily driven by lower consumer tariffs following major PPA revisions and suspensions last year, along with government efforts to bring consumers back onto the national grid.
  • Within HUBCO’s portfolio, plant wise generation showed a mixed trend during the quarter. TEL’s load factor improved to 64% (from 58% SPLY), while Narowal’s utilization increased to 2% (from 0.1%). In contrast, CPHGC and TNPTL recorded lower utilization, declining to 1% (from 5%) and 51% (from 59%), respectively. Laraib’s generation declined to 101 GWh, reflecting seasonal trend. On the automobile front, PAMA data indicates consistent growth in auto sales, and we expect a similar trend for mega motors. The company has also launched two new models Sealion 7 and Atto 2 in Jan ‘26, profit contributions are expected to materialize going forward.
Pakistan Cements: 2QFY26 result previews – By JS Research

Feb 12 2026


JS Global Capital


  • We present 2QFY26 earnings expectations for D.G. Khan Cement Ltd (DGKC), Cherat Cement Ltd (CHCC), and Kohat Cement Ltd (KOHC).
  • We expect DGKC to report EPS of Rs6.98 in 2QFY26E, up 13% YoY, supported by improved margins on the back of softer coal prices and a significant reduction in financial charges amid aggressive deleveraging and monetary easing.
  • In contrast, CHCC and KOHC are expected to witness earnings decline of 20% and 22% YoY in 2QFY26E, with EPS projected at Rs9.4 and Rs2.91, respectively, primarily due to margin compression amid lower YoY retention prices in the North and relatively higher coal costs owing to the Afghan border closure.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Morning News: SBP chief expects broader recovery than IMF forecast – By HMFS Research

Feb 12 2026


HMFS Research


  • Central bank chief expects the economy to grow as much as 4.75 percent this fiscal year, pushing back against a recent downgrade by the International Monetary Fund. Governor Jameel Ahmad, in written responses to Reuters, argued the recovery is broader and more durable than headline export data suggest. The State Bank of Pakistan (SBP) raised its FY26 growth forecast to 3.75–4.75 percent at its January meeting, 0.5 percentage point higher than its previous range, despite a contraction in exports in the first half of the year and a widening trade deficit.
  • The Finance Minister welcomed Pommersheim, Deputy Assistant Secretary, and appreciated the longstanding support and engagement of the United States in Pakistan’s economic development, particularly cooperation in multilateral financial frameworks. Both sides exchanged views on Pakistan’s economic outlook, reform agenda, and avenues for enhancing bilateral economic cooperation. The Finance Minister also highlighted growing investor confidence, citing recent indigenous investment initiatives and increased private-sector participation.
Morning News: Saudi Arabia eyes Pakistan’s rice sector – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • Saudi Arabia has shown interest in investing in corporate farming in Pakistan’s rice sector to ensure a stable, reliable supply of rice through structured, long-term arrangements between the two countries.
  • The Saudi government has dispatched a high-level delegation to Pakistan to explore avenues of cooperation in various sectors, apparently to finalise a priority agenda ahead of the expected visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
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%.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
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%.
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.
Fertilizers: Pakistan’s urea sales for Jan 2026, 75 months low of 218k tons; Inventory at 0.63mn tons – By Topline Research

Feb 2 2026


Topline Securities


  • Pakistan urea sales in Jan 2026 is expected to clock in at 218k tons (75 months low), down by 84% MoM and 51% YoY. The sharp slowdown follows advance purchases in Dec-25, driven by higher manufacturer discounts, which pushed Dec-25 sales to an all-time high of 1.36mn tons.
  • Discounts offered by select manufacturers decreased in Jan-26, with EFERT offering Rs100 150/bag compared to Rs400/bag in Dec-25, while FFC did not offer any discounts in Jan-26 after providing Rs150-200/bag in Dec-25, as per our channel checks.
Fauji Fertilizer Company Limited (FFC): 4Q2025 EPS at Rs11.20, down 17% QoQ – By Topline Research

Jan 29 2026


Topline Securities


  • Fauji Fertilizer Company (FFC) announced its 4Q2025 financial result today, wherein the company recorded the unconsolidated quarterly profit of Rs15.9bn (EPS: Rs11.20), up 12% YoY and down by 17% QoQ. This takes 2025 earnings to Rs73.5bn (EPS: Rs51.69), up 14% YoY.
  • The 4Q2025 result came lower than industry expectations primarily due to lower-than expected gross margins.
Pakistan Cement: Local cement dispatches to be up by 11% YoY in 7MFY26 – By Topline Research

Jan 28 2026


Topline Securities


  • Pakistan local cement dispatches are likely to be down by 4% on YoY basis to clock in at 3.32mn tons in Jan-2026.
  • Our analysis is based on the actual numbers for 18 days, where local sales stand at 1.93mn tons.
  • The average daily domestic sales in the North were 96k tons in the first week (working days), which increased to 103k tons per day in the second week, and then rose to 105k tons per day in the third week. However, sales in the last week have declined , reaching over 100-102k tons per day in the North.
Pakistan Economy: Super tax case verdict; E&Ps to benefit – By Topline Research

Jan 28 2026


Topline Securities


  • The Federal Constitution Court has announced short verdict on Super tax, which is “With respect to E&P Companies, the Commissioner shall compute the tax payable in accordance with Fifth Schedule after examining each PCA and applicable law and no super tax will be chargeable beyond the limit specified in Rule 4 of the Fifth Schedule.”
  • Based on our discussion with listed E&P companies, the super tax will now be treated in accordance with tax liability threshold given in Petroleum Concession Agreement (PCA) and Fifth Schedule of Income Tax Ordinance.
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%.
Pakistan Economy: Pakistan Inflation to clock in at 5.75-6.25% in Jan 2026 – By Topline Research

Jan 27 2026


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Jan 2026 is expected to clock in at 5.75-6.25% YoY vs. 5.61% in Dec 2025 and 2.40% in Jan 2025. On a MoM basis, inflation for Jan 2026 is projected at +0.57%.
  • Food Inflation has risen 1.02% MoM with key contributors to the monthly food inflation being Chicken (+21%), Wheat (+14%) and Wheat Flour (+10%). However, Potatoes, Onions and Sugar fell 34%, 26% and 11% respectively.
Pakistan Economy: SBP has decreased the Cash Reserves Ratio (CRR) to 5% - By Topline Research

Jan 26 2026


Topline Securities


  • As per the SBP governor press briefing, the Cash Reserve Requirement (CRR) has been reduced by 100bps to 5% on a weekly average basis and 3% daily basis, which is likely to create additional liquidity for banks. To highlight, CRR requirement for banks was increased in Nov 2021 to mop up liquidity from market amidst higher inflation levels. Reverting to old ratio shows central bank’s comfort in inflation outlook.
  • The Cash Reserve Requirement (CRR) is the proportion of banks’ applicable time and demand liabilities (TDLs) that they are required to hold in the form of cash with the SBP on a fortnightly average basis. Since SBP does not remunerate deposits that banks keep with it to meet the CRR, these funds do not generate any return.
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