Honda Atlas Cars (HCAR): MY25 Analyst Briefing Key Takeaways - By Foundation Research

Jul 16 2025


Foundation Securities


  • Honda Atlas Cars (HCAR) held its analyst briefing today to discuss the company’s financial performance in MY25 and future outlook.
  • HCAR reported net sales of PKR78bn, reflecting a significant increase of 42% YoY, in MY25. The increase in revenue was driven by (1) improved economic conditions, (2) declining interest rates and (3) surge in volumetric sales. HCAR’s volumetric sales increased by 53% YoY, clocking in at 16,100 units in MY25.
  • HCAR reported MY25 profitability of PKR2.7Bn (EPS Rs19.0) ↑16% YoY, compared to PKR2.3bn (EPS Rs16.3) in MY24. Gross margins increased by 0.4ppts due to cost cutting measures, foreign currency stability whereas Net Margins decreased by 0.8ppts primarily due to a 56% YoY drop in other income. Moving forward management anticipates higher volumes for low capacity and HEV vehicles.
Honda Atlas Cars (Pakistan) Limited (HCAR): 1QMY26 - By HMFS Research

Jul 24 2025


HMFS Research


  • Honda Atlas Cars (Pakistan) Limited (HCAR) announced earnings of PKR 829mn (EPS: PKR 5.80) for 1QMY26, marking a robust 308% YoY increase from PKR 203mn (EPS: PKR 1.42). On a QoQ basis, earnings declined 51%, primarily due to a favorable tax adjustment in the previous quarter and a modest decrease in volumetric sales, which fell from 5,692 units to 5,520 units.
  • Revenue clocked in at PKR 26.5bn, up 66% YoY, led by a significant increase in volumes.
  • Gross profit surged 125% YoY to PKR 2.28bn, as gross margins improved notably on account of lower CRC/HRC prices.
Honda Atlas Cars Limited (HCAR): 1QMY26 EPS to clock-in at PKR 4.9; PAT Up 2.4x YoY - By Taurus Research

Jul 23 2025


Taurus Securities


  • Board Meeting: July 24, 2025
  • 1QMY26: EPS: PKR 4.9; DPS: NIL; PAT: PKR 693Mn, Up 2.4x YoY
  • During 1QMY26, HCAR’s net sales are expected to clock in at ~PKR 25Bn, marking a 56%YoY increase but declining 10%QoQ. The improvement on a yearly basis is primarily attributed to the robust recovery in volumes, with unit sales rising to 5,520—up 68%YoY—driven by improved supply chain dynamics and relative stability in auto financing. On a sequential basis, volumes dipped slightly by 2% due to normalized demand following a strong 4QMY25. Further, distribution expense is expected to remain on a higher side, arriving at ~PKR 386Mn, up 49%YoY/down 29%QoQ. Similarly, finance cost is expected to arrive at ~PKR 312Mn, up 9%YoY/down 10%QoQ. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 693Mn, down 59%QoQ/ up 2.4xYoY. We do not anticipate the Company to declare any cash dividend for the quarter.
Honda Atlas Cars (HCAR): Stepping in to the Hybrid space - By JS Research

Jul 17 2025


JS Global Capital


  • Honda Atlas Cars (HCAR) held its analyst briefing yesterday to discuss MY25 results and outlook of the company. To recall, the company reported an MY25 EPS of ~Rs19, up 16% YoY, driven by a 42% surge in revenue on the back of a 53% YoY increase in car sales.
  • Management discussed the recent launch of HCAR’s first hybrid electric vehicle (HR-V HEV), noting that test drives are now open to consumers and expressing confidence in a strong market reception.
  • Further, the management also shared that the recently announced FY26 relaxation in duties on imported vehicles are expected to have minimal impact on HCAR’s sales, as 90% of imports fall within the 1000cc or below segment. Additionally, they anticipate the auto industry to grow by 40% YoY in FY26.
Honda Atlas Cars (HCAR): MY25 Analyst Briefing Key Takeaways - By Foundation Research

Jul 16 2025


Foundation Securities


  • Honda Atlas Cars (HCAR) held its analyst briefing today to discuss the company’s financial performance in MY25 and future outlook.
  • HCAR reported net sales of PKR78bn, reflecting a significant increase of 42% YoY, in MY25. The increase in revenue was driven by (1) improved economic conditions, (2) declining interest rates and (3) surge in volumetric sales. HCAR’s volumetric sales increased by 53% YoY, clocking in at 16,100 units in MY25.
  • HCAR reported MY25 profitability of PKR2.7Bn (EPS Rs19.0) ↑16% YoY, compared to PKR2.3bn (EPS Rs16.3) in MY24. Gross margins increased by 0.4ppts due to cost cutting measures, foreign currency stability whereas Net Margins decreased by 0.8ppts primarily due to a 56% YoY drop in other income. Moving forward management anticipates higher volumes for low capacity and HEV vehicles.
Honda Atlas Cars Limited (HCAR): 4QMY25 EPS to clocked-in at PKR 4.82; PAT down 50%YoY - By Taurus Research

Apr 22 2025


Taurus Securities


  • MY25: EPS: PKR 12.01; DPS: NIL; PAT: PKR 1.7Bn, down 27%YoY.
  • HCAR’s top line is expected to arrive at PKR 25.8Bn in 4QMY25, up 4%YoY and 45%QoQ, driven by a strong recovery in sales volumes to 5,692 units during the quarter up 13%YoY and 52%QoQ. For MY25, HCAR sold 16,061 units, marking a robust 53%YoY growth from 10,530 units last year supported by easing recovery in demand amid favorable macros.
  • Gross profit is projected to decline slightly by 2%YoY to PKR 2.1Bn, with gross margins compressing due to cost-side pressures despite higher revenues. Operating profit is expected at PKR 1.1Bn, down 12%YoY, amid a rise in administrative expenses by 21%YoY.
IBL HealthCare Limited (IBLHL): FY24 Corporate Briefing Takeaways - By Taurus Research

Feb 27 2025


Taurus Securities


  • IBL Healthcare Pakistan, a leading player in the healthcare and wellness industry, operates across diverse segments, including Nutrition, Health & Wellness, Ophthalmic, Medical Disposables, and Pharmaceuticals. Despite facing challenges in FY24, including supply chain constraints and plant shutdowns, the Company continues to focus on strategic growth and product innovation.
  • IBL Healthcare reported a 11%YoY decline in revenue, totaling ~PKR 3.6Bn in FY24, down from ~PKR 4.0Bn in FY23. This was mainly attributed to supply chain disruptions caused by the plant shutdown of Mead Johnson in Thailand.
  • The Company’s profit significantly reduced to ~PKR 7.6Mn (EPS: PKR 0.09) in FY24, compared to PKR 309Mn (EPS: PKR 3.61) in FY23. This decline was driven by discounts offered due to the limited shelf life of food products.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS clocked-in at PKR 3.97 – By Foundation Research

Jan 22 2025


Foundation Securities


  • Honda Atlas Car (HCAR PA) reported profitability of PKR 566Mn (EPS PKR 4.0), up 4.0x YoY in 3QMY25 against profit of PKR 143Mn (EPS PKR 1.0) in 3QMY24. While, in 9MMY25, company reported a profit of PKR 1,027Mn (EPS Rs7.2), up 7% YoY. Additionally, the company did not announce any cash dividends in 3QMY25.
  • HCAR posted net sales of PKR 17.8Bn (↑44/8% YoY/QoQ) in 3QMY25 driven by volumetric growth in car sales. Company’s sales volume clocked-in at 3,736 units in 3QMY25 (↑57/12% YoY/QoQ), with impetus coming primarily from City+Civic of 3,398 units, up 64/13% YoY/QoQ. Additionally, contribution from HR-V+BR-V of 338 units underwent a growth/decline of 14/1% YoY/QoQ. Resultantly, in 9MMY25, net sales clocked-in at PKR 50.4Bn (↑67% YoY) supported by volumetric growth of 89% YoY.
  • Company’s gross profit margin arrived at 9.2% in 3QMY25, up 0.9/1.8ppts YoY/QoQ owing to stable PKR/USD parity and CRC prices and absence of import restrictions. Moreover, cost of sales increased 42/5% YoY/QoQ inline with volumetric growth.
Honda Atlas Cars Limited (HCAR): 3QMY25 Result Review Margins revive amid shifting sales mix – By AKD Research

Jan 22 2025


AKD Securities


  • Honda Atlas Cars Pakistan Limited (HCAR) announced its 3QMY25 results today where the company posted PAT of PkR566mn (EPS: PkR3.97) vs. PAT of PkR143mn (EPS: PkR1.00) in SPLY. The annual incline is primarily driven by higher volumetric sales and improved margins given lower CRC/HRC prices. Overall, earnings remained largely in-line with our expectation.
  • Topline of the company clocked in at PkR17.8bn in 3QMY25, an increase of 44% on yearly basis. This rise is majorly attributable to higher volumetric sales, with the company selling 3,804 units compared to 2,375 units in 3QMY24.
  • Gross margins clocked in at 9.2% vs. 8.3% in SPLY. We believe the improving margins are due to i) shift in sales mix reverting towards Civic sales and ii) 12.9%YoY decline in CRC/HRC prices.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS at Rs3.97, up 3.95x YoY and 2.2x QoQ – higher than industry expectations – By Topline Research

Jan 22 2025


Topline Securities


  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY25 result today, where the company recorded profit of Rs566mn (EPS of Rs3.97), up 3.95x YoY and 2.2x QoQ. The result came higher than industry expectations.
  • The earnings jump in the 3QMY25 is due to higher gross margins of 9.2% compared to our expectations of 8.3%. These 3QMY25 gross margins are also higher than 8.3% recorded in 3QMY24 and 7.4% in 2QMY25.
  • Additionally, distribution expenses saw a significant decline of 20% YoY and 19% QoQ to Rs147mn, while other operating expenses dropped sharply by 72% YoY and 74% QoQ to Rs17mn, further contributing to the rise in earnings. This is mainly due to significant fall in overall inflation.
Honda Atlas Cars Limited (HCAR): 3QMY25 EPS to clock-in at PKR 2.7; PAT up 49%QoQ – By Taurus Research

Jan 20 2025


Taurus Securities


  • 3QMY25: EPS: PKR 2.7; DPS: NIL; PAT: PKR 384Mn, up 1.7xYoY.
  • During 3QMY25, we expect HCAR’s sales revenue to clock-in at ~PKR 17.7Bn, up 7%QoQ/42%YoY. On a sequential basis, HCAR’s volumetric sales increased by 12%QoQ, arriving at 3,736 units, primarily due to surge in sales of Honda Civic & City. However, the demand remains subdued amid slight shift in the market trend towards electric vehicles.
  • Further, administration expense is expected to remain on a higher side, arriving at ~PKR 490Mn, up 12%QoQ/23%YoY. Similarly, finance cost is expected to arrive at ~PKR 358Mn, up 85%QoQ/down 19%YoY. Finally, we expect HCAR’s quarterly PAT to clock-in at ~PKR 384Mn, up 49%QoQ/1.7xYoY.
Pakistan Economy: Aug’25 CPI likely to clock in at 4.1% - By Insight Research

Aug 29 2025


Insight Securities


  • Headline inflation is estimated at ~4.1% for Aug’25, compared to ~9.6% in SPLY and ~4.1% in preceding month. On MoM basis, inflation is expected to inch up by ~0.4%, amid increase in prices of food items the impact of which has been negated by lower electricity charges and decline in LPG price.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (38.8↑%), Onions (21.5↑%), Eggs (9.9%↑), Fresh vegetables (4.0%↑) & Wheat (4.0%↑). On the flip side, prices of the following items eased off during the month, Fresh fruits (9.9%↓), LPG (9.8%↓), Potato (5.1%↓), Pulse moong (4.6%↓) & Sugar (4.1%↓).
  • We anticipate that the SBP will keep the policy rate unchanged in upcoming MPC, as the full impact of cumulative 1,100bps reduction in policy rate is still unfolding. The real sector remains in recovery mode following the strain of elevated inflation and sharp currency depreciation, both of which eroded purchasing power of masses. Furthermore, central bank’s tone in the last MPC suggested a pause for now, which will provide clarity to the market and encourage credit offtake in the coming months, given that no immediate cut in borrowing costs is expected. Hence, it appears prudent to maintain the policy rate at its current level and wait for the steep decline in interest rates to translate into real economic activity.
Bank Islami Pakistan Limited (BIPL): 2QCY25 Corporate Briefing – By Taurus Research

Aug 29 2025


Taurus Securities


  • BIPL is currently operating with 544 branches across Pakistan. Number of accounts as of Jun’25 are ~1.7Mn.
  • During CY25, the Bank launched AIK Digital App, which is one of its kind Islamic digital app, offering complete digital banking experience. The Bank is also planning to relocate its head-office, for which it has acquired a 32-storey building. Moreover, the Bank has also upgraded its core banking system to R-14 to enhance operational efficiencies and services.
Engro Holdings Limited (ENGROH): 1HCY25 Analyst Briefing Takeaways – By Foundation Research

Aug 29 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) held its Analyst Briefing to discuss the company’s financial/operational performance during 1HCY25 and prospects. The following are key takeaways of the session.
  • To recall, ENGROH’s PAT underwent a jump of 11.3x YoY in 2Q to PKR 69.3Bn due to thermal asset adjustments and re-measurements. However, excluding thermal asset adjustments, normalized PAT stood at only ~PKR 1.3Bn, reflecting the true underlying business performance. During 1HCY25, PAT reached PKR 73.3Bn versus PKR 13.8Bn in SPLY, recording a 5.3x YoY increase.
Morning News: ADB pledges $410m for Reko Diq project – By IIS Research

Aug 29 2025


Ismail Iqbal Securities


  • Out of the total $6 billion funding committed by all international lenders for Reko Diq, the Asian Development Bank (ADB) has committed to provide financing of $410 million.
  • Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the interest of the Japan Bank for International Cooperation (JBIC) in Pakistan’s landmark Reqo Diq mining project, terming it a pivotal moment for strengthening bilateral cooperation in the mining and energy sectors.
Technical Outlook: KSE-100 targeting the 30-DMA; stay cautious – By JS Research

Aug 29 2025


JS Global Capital


  • The KSE-100 index witnessed range bound activity to close at 147,344, down 151 points DoD. Volumes stood at 935mn shares compared to 857mn shares traded in the previous session. The index is expected to test support between 146,700 and 147,210 levels as a fall below, will extend the decline towards 146,057, followed by the 30-DMA at 143,859 level. However, any upside will face resistance in the range of 148,040-148,370 levels. The RSI and the MACD are moving down, supporting a corrective view. We recommend investors to stay cautious at current levels. The support and resistance are at 147,021 and 147,854 levels, respectively.
Morning News: SBP forex reserves rise by USD 18mn to USD 14.27bn – By Alpha-Akseer Research

Aug 29 2025


Alpha Capital


  • Pakistan’s foreign exchange reserves held by the central bank rose for a third straight week and stood at USD 14.27bn as of August 22, the State Bank of Pakistan (SBP) said on Thursday.
  • Following the ongoing sugar crisis, Pakistan may now face a potential wheat flour crisis, as national wheat stocks stand at 33.47mn tons, slightly below the country’s annual consumption requirement of 33.58mn tons.
Morning News: RLNG arrears recovery: PD-private sector ‘alliance’ takes on Ogra – By HMFS Research

Aug 29 2025


HMFS Research


  • The Power Division and the private sector on Thursday appeared to have formed an undeclared alliance against the Oil and Gas Regulatory Authority (Ogra) over the recovery of RLNG arrears from 2015 to 2024 — a move that, if enforced, would impact both industry and power plants, with the ultimate burden shifting to electricity consumers. The joint position was evident during a public hearing at the National Electric Power Regulatory Authority (NEPRA) regarding uniform Fuel Charges Adjustment (FCA) for July 2025 across the country, including K-Electric’s service area.
  • Pakistan’s economic stability faces renewed challenges as the Finance Division warns that flood-related damages could intensify fiscal pressures and disrupt food supplies across affected areas as well as pose a risk in achieving agriculture sector’s targeted growth. The monthly economic update and outlook August 2025 noted that adverse climatic events (heavy rainfall and floods) pose a risk in achieving agriculture sector’s targeted growth.
D.G. Khan Cement Company Limited (DGKC): Result Review — Earnings rise on surging margins – By AKD Research

Aug 28 2025


AKD Securities


  • D.G. Khan Cement Company Ltd. (DGKC) announced its 4QFY25 financial results, reporting earnings of PkR3.2bn (EPS: PkR7.2), compared to a loss of PkR1.7bn (LPS: PkR3.9) in SPLY. The result is above our expectations, mainly due to im proved margins and lower ETR during the quarter. Additionally, company an nounced a final cash payout of PkR2.0/sh.
  • Revenue declined by 1%YoY to PkR16.8bn, compared to PkR17.0bn in SPLY, driven by 1.2%YoY decline in total offtakes to 1.28mn tons.
  • Gross margins improved to 31.8% from 7.9% in SPLY, supported by decline in coal prices and grid tariffs.
Pakistan Floods: Historical Impact – By CHASE Research

Aug 28 2025



  • Pakistan is currently at the cusp of widespread floods due to its eastern rivers overflowing as a result of monsoon rains and release of water from Indian dams. As such, we believe it is important to assess the impact of past floods to determine whether equity markets will be impacted.
  • In this report, we look over the KSE100 index performance and impact on different sectors during flooding years to determine whether these floods will impact broader market sentiment and growth in fertilizer and cement demand.
Archroma Pakistan Limited (ARPL): 9MSY25 Corporate Briefing Takeaways – By Taurus Research

Aug 28 2025


Taurus Securities


  • Archroma Pakistan Limited is primarily engaged in the manufacture, import, and sale of dyes and other specialty chemical solutions. It is a subsidiary of the Switzerland-based company, Archroma Textiles GmbH. ARPL has two business divisions: textile effects and packaging technologies with a combined portfolio of between 300-400 products. APRL’s products are used in the pre-treatment, dyeing, printing, and finishing of textiles, and coloration and coatings of packaging materials. The Company’s products help enhance both the optical as well as the functional properties of its clients’ end products.
  • The textile effects division has four markets with several segments within each. These are: apparel (denim, casual wear, performance apparel, and formal war), home textiles (home and institutional, automotive), specialized textiles (technical textiles, protection textiles), and home care (personal care, plastics, and leather). This division serves customers from a wide range of industries such as textile, healthcare, cosmetics (anti-perspirant agents), construction (protective clothing), and producers of household care products such as detergents, dishwashing liquids, and other cleaning products.
Honda Atlas Cars (HCAR): MY25 Analyst Briefing Key Takeaways - By Foundation Research

Jul 16 2025


Foundation Securities


  • Honda Atlas Cars (HCAR) held its analyst briefing today to discuss the company’s financial performance in MY25 and future outlook.
  • HCAR reported net sales of PKR78bn, reflecting a significant increase of 42% YoY, in MY25. The increase in revenue was driven by (1) improved economic conditions, (2) declining interest rates and (3) surge in volumetric sales. HCAR’s volumetric sales increased by 53% YoY, clocking in at 16,100 units in MY25.
  • HCAR reported MY25 profitability of PKR2.7Bn (EPS Rs19.0) ↑16% YoY, compared to PKR2.3bn (EPS Rs16.3) in MY24. Gross margins increased by 0.4ppts due to cost cutting measures, foreign currency stability whereas Net Margins decreased by 0.8ppts primarily due to a 56% YoY drop in other income. Moving forward management anticipates higher volumes for low capacity and HEV vehicles.
Mari Energies Limited (MARI): Analyst Briefing Key Takeaways - By Foundation Research

Jul 1 2025


Foundation Securities


  • Mari Energies Limited (MARI) held its Conference call yesterday to discuss the company’s financial performance in 9MFY25 and future plans. Following are the key takeaways of the call:
  • Mari Energies Limited’s (MARI) profitability clocked-in at PKR 15.9Bn (EPS PKR 13.25, up 13% YoY) in 3QFY25 as compared to profit of PKR 14.1Bn (EPS PKR 11.76) in 3QFY24. In 9MFY25, profits contracted 10% YoY to PKR 46.3Bn (EPS PKR 38.56) vs. PKR 51.6Bn (EPS PKR 43.00) in the SPLY. This decline in profitability was on the back of 1) incremental royalty of 15%, 2) forced curtailment of indigenous production due to back pressure in the system, and 3) FX stability.
  • The management reiterated the company’s dominance in the exploration and production sector with an area under exploration and production of 97,166 square km while boasting 46 exploration blocks and 14 D&P licenses.
Indus Motor Company Limited (INDU): 1HFY25 Analyst Briefing Key Takeaways - By Foundation Research

Mar 13 2025


Foundation Securities


  • Indus Motor Company Limited (INDU PA) held its analyst briefing today to discuss the company’s financial performance during 1HFY25 and future outlook.
  • INDU posted net sales of PKR 84.8Bn (↑67% YoY) in 1HFY25, which were driven by surge in volumes. INDU sold 12,541 units (↑82% YoY) in 1HFY25, with contribution from Corolla+Yaris+Cross & Fortuner+Hilux of 9,633 & 2,908 units respectively, up 83% & 52% YoY.
  • The company’s gross margin improved from 9.3% to 13.8% in 1HFY25 given lower input cost aided by favorable exchange rate, cost optimization, and localization efforts. Additionally, investment in green energy has also been fruitful in reducing cost as Solar Energy contributes ~25% in the power mix.
Pakistan Fertilizer: Higher offtake sowing the seeds for better profitability - By Foundation Research

Jan 27 2025


Foundation Securities


  • FSL Fertilizer Universe profitability is anticipated to surge 52% YoY to PKR 39.4Bn in 4QCY24. We attribute the incline in profitability to (1) 8-year high Urea/DAP offtake given peak Rabi sowing, (2) impressive other income of PKR 10.1Bn (↑10% YoY) and (3) receding finance cost due to lower interest rates (↓19% YoY). Resultantly, CY24 profits are expected to swell to PKR 121.5Bn, up 51% YoY. Company-wise, we expect FFC/EFERT’s profitability to rise 167/17% YoY in CY24 to EPS of PKR 63.9/22.8 respectively. Expected DPS of FFC/EFERT for 4QCY24 is PKR 24.0/8.0, taking their annual payout to 39.5/21.5, respectively.
  • FFC: FFC’s post-amalgamation profitability is expected to jump 160% YoY to PKR 29.9Bn in 4QCY24 (EPS: 21.0) fueled primarily by ~11.1/4.6% YoY incline in Urea/DAP offtake to 839/380KT given strong Rabi season. Furthermore, lower gas cost than peers for approx. 80% of the total urea produced by the company will keep margins upwelling in addition to robust other income from subsidiaries and investments (up 3.4x YoY). FFC’s gross margins are expected to reach 35% in 4QCY24, which are lower post-merger because DAP is being produced at higher gas prices. Furthermore, among other major heads, finance cost is expected to decrease 53% YoY in 4QCY24 due to (1) FFBL’s debt retiring exercise, (2) lower interest rates and (3) persistent deleveraging efforts by FFC.
  • For 4QCY24, we expect a dividend of PKR 24.0/sh. This higher payout is due to (1) higher EPS due to amalgamation of FFBL with and into FFC, (2) the company uncharacteristically skipping dividend in 3QCY24 on the back of ongoing acquisition of AGL and (3) no dividend announced by FFBL in 9MCY24.
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