Engro Powergen Qadirpur Limited (EPQL): 2QCY25 EPS clocked-in at PKR 0.23; PAT of ~PKR 75Mn - By Taurus Research

Jul 30 2025


Taurus Securities


  • 2QCY25 EPS: PKR 0.23; PAT: PKR 75Mn, down 93%YoY over the SPLY.
  • Revenue arrived at PKR 2.1Bn, down 38%YoY and 30%QoQ, as the revised PPA shifts ROE returns from ‘take-or-pay’ to ‘take-and-pay’, slashing guaranteed capacity payments and reducing gross margins to just 8% vs 25% SPLY. Moreover, QoQ generation fell from 49% to just 35%, adding extra pressure to the topline.
  • With the receivables now fully settled, finance income plunged 87%YoY, erasing a critical support to profitability
Engro Powergen Qadirpur Limited (EPQL): 1HCY25 Analyst Briefing Key Takeaways – By Taurus Research

Aug 12 2025


Taurus Securities


  • EPQL reported 1HCY25 revenue of PKR 5.3Bn, down 20%YoY, mainly on lower dispatch and a reduction in capacity payments following the February 2025 PPA amendment to a hybrid take-and-pay regime. Moreover, earnings dropped sharply to PKR 0.46Bn (EPS: PKR 1.42) versus PKR 1.61Bn (EPS: PKR 4.97) in 1HCY24, also reflecting lower financial income.
  • EPQL net electrical output declined to 363GWh down 17%YoY, with load factor dropping to 39% from 46% last year.
  • Receivables stood at PKR 2.7Bn in 1HCY25 down 75%QoQ after the receipt of a bullet payments in March 2025, significantly improving liquidity.
Engro Powergen Qadirpur Limited (EPQL): 1HCY25 Corporate Briefing Takeaways – By IIS Research

Aug 11 2025


Ismail Iqbal Securities


  • To recall, for 1HCY25 EPQL reported a revenue of PKR 5.26bn, compared to PKR 6.59bn in 1HCY24. PAT came down by 71% to PKR 460mn (EPS: PKR 1.42), compared to PKR 1.61bn (EPS: PKR4.97) in 1HCY24. Lower earnings are attributed to lower dispatch, lower financial income and decrease in Capacity Payments post PPA amendment.
  • The company finalized its gas sale and purchase agreement with PEL in August 2024. Regulatory approvals are still pending before operations can begin, and the company is eager to proceed as soon as possible. However, the approval process takes time. The company aims to conclude matters with CPPA-G shortly, which will enable it to move forward with the remaining regulatory clearances.
  • The company is currently ranked 9th on the merit order list, an improvement from its pre vious 11th position. This shift is mainly due to the absence of two plants from the merit list, which moved the company up by two spots; however, there have been no changes in fuel or variable costs. The company had previously stated that it expects its position to drop by two places once PEL gas is available. Nevertheless, with PEL gas, it anticipates load factors to improve to around 48–50%.
Engro Powergen Qadirpur Limited (EPQL): 2QCY25 EPS clocked-in at PKR 0.23; PAT of ~PKR 75Mn - By Taurus Research

Jul 30 2025


Taurus Securities


  • 2QCY25 EPS: PKR 0.23; PAT: PKR 75Mn, down 93%YoY over the SPLY.
  • Revenue arrived at PKR 2.1Bn, down 38%YoY and 30%QoQ, as the revised PPA shifts ROE returns from ‘take-or-pay’ to ‘take-and-pay’, slashing guaranteed capacity payments and reducing gross margins to just 8% vs 25% SPLY. Moreover, QoQ generation fell from 49% to just 35%, adding extra pressure to the topline.
  • With the receivables now fully settled, finance income plunged 87%YoY, erasing a critical support to profitability
Engro Powergen Qadirpur Limited (EPQL): 1QCY25 EPS arrive at PKR 1.19, up 1.5xQoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • 1QCY25 EPS: PKR 1.19; DPS: PKR 7.5.
  • Revenue increased 9%QoQ to PKR 3.1Bn, attributed to improved dispatches amid seasonal demand recovery. However, YoY growth remained flat due to the impact of revised PPA terms, which converted the plant's structure to a 'take-and-pay' regime, limiting guaranteed capacity payments.
  • Finance income stood at PKR 26Mn versus PKR 238Mn in 1QCY24 (SPLY), reflecting the absence of late payment surcharge (LPS) which previously contributed significantly. The decline was anticipated after the company received PKR 8.04Bn in overdue receivables under the revised PPA settlements.
Engro Powergen Qadirpur Limited (EPQL):1QCY25 EPS to clock-in at PKR 0.04; PAT of ~PKR 13Mn - By Taurus Reseach

Apr 14 2025


Taurus Securities


  • 1QFY25 EPS: PKR 0.04; PAT: PKR 13Mn, down 98%YoY over the SPLY.
  • Revenue is expected to grow slightly on a sequential basis due to seasonal pickup in demand. However, YoY topline may decline by 5% owing to the revised PPA structure, wherein ROE component has been shifted to the 'take-and-pay' basis, reducing guaranteed capacity revenues.
  • Finance costs & income are expected to undergo a structural shift – EPQL previously recorded sizable finance income from late payment surcharge, which has ceased following the full settlement of PKR 8.4Bn receivables. As a result, net finance income is expected to convert into finance cost, although lower short-term borrowings should limit the overall impact.
Engro Powergen Qadirpur Limited (EPQL): 4QCY24 EPS to arrive at PKR 1.26, CY24 EPS to clock-in at PKR 10.14 - By Taurus Research

Feb 12 2025


Taurus Securities


  • Board Meeting: February 14, 2025. 4QCY24 EPS: PKR 1.26; DPS: PKR 1.5; CY24 EPS: PKR 10.14; DPS: PKR 7.5.
  • Revenue is expected to grow by 31%YoY to PKR 3,080Mn, driven by higher energy payments and better demand in CY24. However, on a sequential basis, revenue is anticipated to decline by 19%QoQ, which was primarily due to seasonal factors impacting power generation, resulting in lower QoQ load factor.
  • Finance income is anticipated to rise by 43%YoY to PKR 229Mn, driven by higher interest income and delayed payment charges. On a QoQ basis, finance income is expected to remain stable, declining marginally by 2%.
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.
Engro Powergen Qadirpur Limited (EPQL): 2QCY25 EPS clocked-in at PKR 0.23; PAT of ~PKR 75Mn - By Taurus Research

Jul 30 2025


Taurus Securities


  • 2QCY25 EPS: PKR 0.23; PAT: PKR 75Mn, down 93%YoY over the SPLY.
  • Revenue arrived at PKR 2.1Bn, down 38%YoY and 30%QoQ, as the revised PPA shifts ROE returns from ‘take-or-pay’ to ‘take-and-pay’, slashing guaranteed capacity payments and reducing gross margins to just 8% vs 25% SPLY. Moreover, QoQ generation fell from 49% to just 35%, adding extra pressure to the topline.
  • With the receivables now fully settled, finance income plunged 87%YoY, erasing a critical support to profitability
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