Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Notes – By Chase Research

Feb 13 2026



  • Mirpurkhas Sugar Mills Limited (MIRKS) reported loss per share of PKR 3.77 for SY25, compared to loss per share of PKR 38.63 in SY24. Furthermore, in 1QSY26, the company reported loss per share of PKR 2.60, compared to loss per share of PKR 0.90 in the same period last year (SPLY).
  • National sugar production is projected at 6.8–7.0 million tons against estimated consumption of 6.3–6.4 million tons, resulting in a surplus of 0.5–0.7 million tons. Management expects prices to remain range bound due to this surplus.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
Mutual Funds: Assets Under Management Remain Stagnant – By AHCML Research

Feb 13 2026


Al Habib Capital Markets


  • The mutual fund industry continues to witness strong structural traction, underpinned by the robust rally at the Pakistan Stock Exchange (PSX), ample market liquidity, and rising investor penetration. As of Jan’26, industry AUMs surged to PKR 4.48 trillion, reflecting a solid 11.52% YoY expansion, despite a marginal 0.49% MoM dip. The underlying trend remains constructive, with 16 out of 21 listed AMCs posting AUM growth during the month signaling broad based participation, improving risk appetite, and sustained confidence in professionally managed investment vehicles.
  • Based on AMC wise data Al Meezan Investment Management Limited retained its industry leadership in Jan’26 with AUMs of PKR 658bn, reinforcing its dominant franchise strength, sustained investor confidence, and consistent inflow momentum across diversified mandates.
Pakistan Market Wrap: Market Tests 180K Level: From 2,200-Point Plunge to 909- Point Loss – By HMFS Research

Feb 13 2026


HMFS Research


  • The Pakistan Stock Exchange (PSX) came under significant pressure on Friday, as aggressive early-session selling dragged the benchmark KSE-100 Index down by more than 2,200 points intraday. The sharp decline reflected heightened geopolitical and domestic political uncertainties, which dampened investor risk appetite at the outset. However, value hunting and selective accumulation in the latter half of the session helped the index recover a substantial portion of its losses. The KSE-100 ultimately closed at 179,604 level, down 909 points day-on-day, signaling resilience despite elevated volatility. Despite the volatility, market activity remained robust.
  • Trading volumes on the KSE-100 reached 380mn shares, while total market volumes stood at 706mn shares—indicating continued participation and liquidity. Among volume leaders, KEL (131mn shares), PIBTL (35mn shares), and WTL (34mn shares) dominated turnover. Going forward, market direction will remain highly sensitive to regional geopolitical developments and evolving domestic macroeconomic landscape. Inflation trajectory and clarity on monetary policy will be key determinants of short-term sentiment. That said, upcoming corporate earnings announcements—particularly from index-heavy blue-chip names—along with attractive dividend yields in select sectors, are expected to offer valuation support at lower levels. Investors are advised to adopt a selective and disciplined strategy, prioritizing fundamentally strong companies with earnings visibility, stable cash flows, and resilient balance sheets. In the current environment, prudence and portfolio quality will remain critical to navigating volatility while positioning for medium-term recovery.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 13 2026


Al Habib Capital Markets


  • The KSE-100 Index saw another volatile session, hitting an intraday high of 180,833 before closing at 179,604, down 909 points (-0.50%) amid profit-taking. Broad-based selling weighed on key sectors, including Commercial Banks, E&P companies, OMCs, and Auto stocks, while Cement and Fertilizer shares also declined sharply. Heightened political tensions further dampened investor sentiment.
  • On the macro front, the government is reportedly considering a cess on fertilizer companies to capture windfall profits, with proceeds earmarked for farmers’ benefit. Among major laggards, LUCK, UBL, OGDC, SYS, and EFERT collectively shaved 617.05 points off the benchmark. K-Electric (KEL) led trading activity with 131.14 million shares, as total market turnover reached 705.75 million shares.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 13 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note due to the absence of any major triggers, following an overall volatile session. The first half saw early selling pressure, but the market recovered from its lowest point by the end of the session. Trading volumes decreased to 380mn shares today as compared to 448mn shares in the previous session. Today, the KSE-100 index lost 909 points to close at 179,604 level, down by -0.50% DoD. Cement, Fertilizer, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 533 points from the index.
Pakistan Market Wrap: KSE-100 closes at 179,604 down 909 points – By Alpha-Akseer Research

Feb 13 2026


Alpha Capital


  • The equity market began the session on a mixed footing and remained volatile throughout the day. The KSE-100 Index witnessed notable intraday fluctuations, moving within a range of 178,237 to 180,833 before settling at 179,604, reflecting a decline of 909 points. Total traded volume on the main board reached 377 million shares, with an aggregate value of PKR 30.5 billion.
  • Key stocks weighing on the index included LUCK (-2.5%, -179 points), UBL (-1%, -144 points), OGDC (-1.9%, -125 points), SYS (-2%, -90 points), and EFERT (-1.8%, -79 points). In terms of trading activity, KEL and PIBTL dominated the volume leaderboard, recording 176.9 million and 52.2 million shares traded, respectively.
Pakistan Petroleum Limited (PPL): Earnings dip on higher opex and normalized taxation charge – By AKD Research

Feb 13 2026


AKD Securities


  • Pakistan Petroleum Limited (PPL) reported 2QFY26 financial results earlier today, with consolidated earnings clocking in at PkR20bn for the second quarter (EPS: PkR7.40), down 26% YoY — slightly below expectations. Alongside the result, company also announced a half-yearly cash dividend of PkR2.0/sh, taking cumu lative cash payout to PkR4.0/sh for the first half (payout ratio: 27%).
  • Net Sales stood at PkR61.8bn during 2QFY26, up 1%YoY. Regarding hydrocar bon production, PPL’s estimated oil and gas output clocked in at 11.1kbpd (up 4%YoY) and 554mmcfd (down 1%YoY) as per PPIS data.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Notes – By Chase Research

Feb 13 2026



  • Mirpurkhas Sugar Mills Limited (MIRKS) reported loss per share of PKR 3.77 for SY25, compared to loss per share of PKR 38.63 in SY24. Furthermore, in 1QSY26, the company reported loss per share of PKR 2.60, compared to loss per share of PKR 0.90 in the same period last year (SPLY).
  • National sugar production is projected at 6.8–7.0 million tons against estimated consumption of 6.3–6.4 million tons, resulting in a surplus of 0.5–0.7 million tons. Management expects prices to remain range bound due to this surplus.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
Pakistan Petroleum Limited (PPL): 2QFY26 EPS down 26% YoY to Rs7.44/share – In line with expectations – By Topline Research

Feb 13 2026


Topline Securities


  • Pakistan Petroleum Limited (PPL) reported its 2QFY26 results, posting earnings of Rs20.3bn (EPS: Rs7.44), down 26% YoY while remaining largely flat on a QoQ basis (up 1%). The YoY decline is primarily driven by lower hydrocarbon production and weaker oil prices.
  • This brings 1HFY26 earnings to Rs40.4bn (EPS: 14.84), reflecting a 21% YoY decline.
  • The company reported net sales of Rs61.2bn, up 1% YoY and 8% QoQ. The QoQ growth is attributable to a slight recovery in oil and gas volumes.
Pakistan Petroleum Limited (PPL): Result Review – By IIS Research

Feb 13 2026


Ismail Iqbal Securities


  • Pakistan Petroleum Limited (PPL PA) reported 2QFY26 profit after tax of PKR 20.3bn (EPS: PKR 7.46), reflecting a 26% YoY decline and a modest 1% increase QoQ. The result was broadly in line with expectations. The result was accompanied by an interim cash dividend of PKR 2.0/share, taking 1HFY26 payout to PKR 4.0/share.
  • Revenue in 2QFY26 stood at PKR 61.2bn, registering a marginal 1% YoY increase and an 8% QoQ rise. The sequential growth was primarily led by higher oil sales, while gas production remained subdued due to continued curtailments. Operating expenses increased 32% YoY and 18% QoQ to PKR 16.1bn. Royalty and other levies remained flat YoY but rose 5% QoQ to PKR 9.0bn. Consequently, gross profit declined 9% YoY to PKR 36.1bn, though it improved 4% on a quarterly basis.
Mirpurkhas Sugar Mills Limited (MIRKS): Corporate Briefing Takeaways – By Taurus Research

Feb 13 2026


Taurus Securities


  • MIRKS’s sugar production declined to 52,997MT in SY25 from 66,101MT in SY24, down 20%YoY, while paper production rose to 42,658MT from 31,968MT in the SPLY, up 33%YoY. Molasses production declined to 26,286MT from 30,110MT, down 13%YoY, while sucrose recovery fell slightly to 10.42% from 10.73% in the SPLY. The Company also exported 5,003 MT of sugar during SY25.
  • Net sales increased to PKR 12.6Bn in SY25, up 5%YoY from ~PKR 12Bn, driven by higher sugar prices and improved paper output. A net loss of ~PKR 251Mn was in reported in SY25 compared to ~PKR 2.2Bn in SY24, with a LPS of PKR 3.77 versus PKR 39.17 in the SPLY.
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.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Taurus Research

Feb 9 2026


Taurus Securities


  • 4QCY25 EPS: PKR 11.9. 4QCY25 PAT down 16%YoY. CY25 PAT down 11%YoY. Further, MEBL has also announced a final cash dividend of PKR 7.00/sh., taking the CY25 dividend payout to PKR 28.0/sh. – in-line with expectations.
  • Net Spread Earned (NSE): Down 12%YoY/Up 3%QoQ. Wherein, the sequential uptick can be attributed to higher yields on earning assets, and surge in OMO related borrowings leading to higher arbitrage gains overall.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.
Pakistan State Oil Company Limited (PSO): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17.0, PAT: ~PKR 8.0Bn up 11% over the SPLY. 1HFY26: – PAT up 55% over the SPLY.
  • In 2QFY26, PSO’s net sales are expected to clock-in at ~PKR 711Bn, down 15%YoY/4%QoQ due to a decrease in PSO’s MS and HSD volumes by 11%YoY and 16%YoY, respectively, primarily due to a 5%YoY decrease in its market share during 2QFY26 due to competition. In addition, sales of other fuels increased only by 4%YoY. However, gross margin during the quarter is expected to grow marginally by 0.5ppts as LNG sales are expected to eventually increase by 1.3%QoQ.
  • Moreover, the finance cost for the quarter is expected to decrease by 19%YoY, and by 32% for 1HFY26 due to lower debt and interest rates. We expect this to contribute to some growth in net profit as well as improve the net margin to 1.1% from to 0.9% during the SPLY. Accordingly, PSO’s net profit is expected to grow by 11%YoY during 2QFY26 and 55%YoY during 1HFY26.
Engro Powergen Qadirpur Limited (EPQL): 4QCY25 Result Review – By Taurus Research

Feb 4 2026


Taurus Securities


  • Board Meeting: February 04, 2026.
  • 4QCY25 LPS: PKR 0.05; DPS: PKR 1.25; LAT: PKR 15Mn, down 1.0xYoY over the SPLY – below expectations.
  • EPQL’s net sales clocked-in at PKR 3.2Bn in 4QCY25, down 4%QoQ due to lower plant utilization. Gross margins hovered at 6%, down 8pptsQoQ on account of increase in fuel cost component. Moreover, CY25 sales dropped 10%YoY on the back of major scheduled outage in 2025 and reduction in capacity payments due to implementation of hybrid take & pay model. CY25 PAT down 61%YoY due to PPA revisions in addition to lower utilization level. On a sequential basis, EPQL posted a LAT of PKR 15Mn (LPS of PKR 0.05) as a lower topline has wiped out the earnings during the quarter. Lastly, the Company announced a final cash dividend of PKR 1.25 for the quarter, taking the total payout to PKR 11.75 for the year.
Pakistan Cement: Jan’26 dispatches up 4%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Total cement dispatches in Jan’26 went up 4%MoM to 4.54Mn tons i.e. domestic sales down 3%MoM while exports were up significantly by 51%MoM. Decrease in domestic sales was at tributed to lower construction demand amid winter effect, also a resultant effect of higher construction material cost, duties and taxes—cement manufacturers have requested the Government to give concessions on duties and taxes by framing an industry-friendly policy in order to support construction activities, making cement viable domestically as well as for exports. Further, North players are concerned as exports were Nil for the third consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via the Sea route.
Oil Marketing Companies: Jan’26 Volumes up 10%YoY and 12%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Petroleum products off-take for Jan’26 stood at ~1.5Mn tons, reflecting an increase of 12%MoM and 10%YoY respectively. MS volumes increased 2%MoM and 3%YoY. Meanwhile, HSD volumes increased by 20%MoM and 11%YoY, respectively. During 7MFY26, industry volumes were up 3%YoY with MS and HSD up 3%YoY and 4%YoY, respectively.
  • Industry sources report a combination of factors that the MoM increase was a result of, particularly economic recovery and ease in inflation. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger car sales supporting demand as well.
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.
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