AGP Limited (AGP): Result Preview – By Taurus Research

Aug 11 2025


Taurus Securities


  • 2QCY25: – EPS: PKR 2.79, PAT: PKR 968Mn, up 1.5x over the SPLY.
  • In 2QCY25, AGP’s topline is expected to clock-in at PKR 6.9Bn, up 20%YoY driven mainly by volumetric growth, the deregulation of non essential medicines and higher prices for multiple essential medicines. However, on a quarterly basis, we expect sales to decline ~4%QoQ primarily due to seasonal effects that led to lower volumetric demand. Gross margins are expected to arrive ~57%, up 2pptYoY, mainly due to the higher drug prices. On a sequential basis, margins are likely to remain flat, as pricing gains are offset by lower sales volumes.
  • Finance costs are expected to decline 52%YoY/7%QoQ on the back of lower interest rates. PAT to arrive at PKR 968Mn, up 1.5xYoY attributable to higher prices of medicines and decreased interest rate. Consequently, EPS is expected to clock-in at PKR 2.79/sh for the quarter. 1HCY25 PAT to arrive at PKR 1.6Bn, up 1.1xYoY.
AGP Limited (AGP): Result Preview – By Taurus Research

Aug 11 2025


Taurus Securities


  • 2QCY25: – EPS: PKR 2.79, PAT: PKR 968Mn, up 1.5x over the SPLY.
  • In 2QCY25, AGP’s topline is expected to clock-in at PKR 6.9Bn, up 20%YoY driven mainly by volumetric growth, the deregulation of non essential medicines and higher prices for multiple essential medicines. However, on a quarterly basis, we expect sales to decline ~4%QoQ primarily due to seasonal effects that led to lower volumetric demand. Gross margins are expected to arrive ~57%, up 2pptYoY, mainly due to the higher drug prices. On a sequential basis, margins are likely to remain flat, as pricing gains are offset by lower sales volumes.
  • Finance costs are expected to decline 52%YoY/7%QoQ on the back of lower interest rates. PAT to arrive at PKR 968Mn, up 1.5xYoY attributable to higher prices of medicines and decreased interest rate. Consequently, EPS is expected to clock-in at PKR 2.79/sh for the quarter. 1HCY25 PAT to arrive at PKR 1.6Bn, up 1.1xYoY.
AGP Limited (AGP): 1QCY25 EPS clocked-in at PKR 3.04, up 1.1xYoY - By Taurus Research

Apr 30 2025


Taurus Securities


  • 1QCY25: – EPS: PKR 3.04, PAT: PKR 1.0Bn, up 1.3xYoY, in line with expectations.
  • AGP’s topline clocked-in at PKR 7.1Bn for 1QCY25, mainly benefitting from the deregulation of non essential medicines and increase in prices of multiple essential medicines. Gross margins increased ~4pptsYoY by arriving at ~58% as compared to ~53% in the SPLY (as expected) driven by higher prices of medicines.
  • Finance costs arrived at PKR 385Mn as compared to PKR 730Mn, down 47%YoY/27%QoQ driven by lower policy rate and the Company’s reduced borrowings. Whereas, tax rate arrived at 40% compared to 37%.
AGP Limited (AGP): CY24 Corporate Briefing Takeaways - By Taurus Research

Apr 28 2025


Taurus Securities


  • AGP Limited was incorporated as a public limited company in May 2014. The Company got listed on Pakistan Stock Exchange Limited on 05 March 2018. The principal activities of the Company include import, marketing, export, dealership, distribution, wholesale and manufacturing of all kinds of pharmaceutical products.
  • In CY24, stand-alone revenue clocked in at PKR 18.5Bn compared to PKR 13.8Bn, up 34% over the SPLY. While consolidated revenue clocked in at PKR 25Bn as compared to PKR 18.7Bn, up 34% driven by higher prices. Consolidated gross margins increased 4ppts arriving at 58% compared to 54% in the SPLY primarily attributable to pass on effects of prices to customers.
  • Finance costs arrived at PKR 2.6Bn compared to PKR 1.6Bn, up 65% in the SPLY driven by higher interest rates on the back of higher borrowing requirement. Similarly, effective tax rate clocked in at 33% compared to 31% mainly due to the higher tax rate and shift to normal tax regime. Consequently, PAT arrived in at PKR 2.9Bn as compared to PKR 1.8Bn, up 64% over the SPLY. Resultantly, earnings increased by 70% arriving at PKR 9.53/sh compared to PKR 5.59/sh
AGP Limited (AGP): Corporate Briefing Notes - By Chase Research

Apr 28 2025



  • AGP Limited reported a net profit of PKR 2.08 billion (EPS: PKR 7.44) in CY24, reflecting a 75% increase compared to PKR 1.19 billion (EPS: PKR 4.25) in the previous year.
  • Net sales rose 34% YoY to PKR 18.54 billion, while consolidated revenue reached PKR 25.03 billion, up from PKR 18.74 billion in SPLY. Growth was driven by a 21% increase in volumes and a 13% price impact. Consolidated gross margins improved to 58.1% from 53.6% in the SPLY, while operating margins expanded to 28.5% from 22.7%, attributed to successful price adjustments and operational efficiencies
  • Management highlighted that recent acquisitions have contributed significantly to performance, with a 5-year consolidated revenue CAGR of 38%, of which 52% was driven by inorganic growth.
AGP Limited (AGP): Profitability prospects to remain attractive; Buy - By JS Research

Apr 25 2025


JS Global Capital


  • We preview 1QCY25 earnings for AGP Limited (AGP), expecting the company to post consolidated earnings of Rs861mn, up 2.2x YoY, taking EPS to Rs3.07. The significant rise in profitability is primarily driven by rise in drug prices with higher nonessential mix, increase in sales volume, and lower finance costs.
  • On QoQ basis, profitability is likely to witness a dip owing to relatively lower margins (compared to the previous quarter with peak sales volumes/ margins). Accordingly, we expect gross margins to hover around 59% in 1QCY25, down 5ppts QoQ.
  • While seasonal factors weighed on quarterly margins, annual gross margins are expected to remain stable, underpinned by a higher non-essential mix (>60%), softer API prices, and the full internalization of the Viatris portfolio by end-CY25.
AGP Limited (AGP): 4QCY24 expected EPS of PKR 2.86, up 35%YoY - By Taurus Research

Feb 26 2025


Taurus Securities


  • 4QCY24: – EPS: PKR 2.86, PAT: ~PKR 849Mn, up ~35% over the SPLY.
  • AGP’s topline is expected to arrive-in at ~PKR 7.8Bn for 4QCY24, mainly benefitting from the deregulation of non essential medicines and the Government’s decision of increasing prices of multiple essential medicines. Currently, AGP's revenue mix is evenly split between essential and non-essential medicines on a consolidated basis. Similarly, we expect the gross margin to hover around 54%, aligning with the Company’s historic trend.
  • For CY24, sales are expected to clock-in at ~PKR 25Bn, up 36%YoY. However, the upside in revenue is likely to be off-set by increase in expenses, finance cost and taxation, up 33%/64%/67% YoY resulting in EPS of PKR 8.12. We expect future earnings to follow the same trend as the Company is expected to benefit from deregulation, looking forward.
AGP Limited (AGP): Deregulation to boost 4QCY24 bottom-line - By JS Research

Jan 21 2025


JS Global Capital


  • We preview 4QCY24 earnings for AGP Limited (AGP), where we expect earnings to register 71% YoY growth, arriving at Rs3.63/share mainly driven by higher prices post deregulation of non-essential medicines implemented majorly during 3QCY24, making 4Q the first quarter reflecting the major impact of the recent change. We also expect volumetric growth to support AGP’s bottom-line growth.
  • Cumulatively, CY24E EPS (consolidated) accumulates to Rs8.89 (+59% YoY). Alongside results, we expect AGP to announce a final cash dividend of Rs3.5/share for CY24.
  • The stock has rallied 49% in the past 3 months, however, has underperformed the Pharma sector. We believe the underperformance is unwarranted given the company’s higher earnings growth profile and attractive valuations. We reiterate our Buy rating for the stock, offering 36% upside to our Dec-2025 TP of Rs250.
AGP Ltd (AGP): Unlocking value through strong growth; Buy – By JS Research

Nov 19 2024


JS Global Capital


  • We reinstate coverage on AGP Ltd (AGP) with a Target Price of Rs220/share; implying an upside of 48% from current levels
  • strong growth trajectory - AGP is well-positioned for 5-year revenue CAGR of 16% (CY24-CY29E), driven by its robust product portfolio, expanding distribution network, and strategic acquisitions (Sandoz and Viatris).
  • cost optimization and industry-leading margins – with expectations to maintain next 5-year average gross margins at 59%, vis-à-vis historical 5-year average gross margins of 55%.
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.
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.
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.
Faysal Bank Limited (FABL): 2QCY25 Result Review – By Taurus Research

Aug 28 2025


Taurus Securities


  • 2QCY25 EPS: PKR 3.3. 2QCY25 PAT down 28%YoY – in line with expectations. Additionally, FABL has also announced an interim cash dividend of PKR 1.5/sh. 1HCY25 EPS: PKR 6.9. 1HCY25 PAT down 23% over the SPLY.
  • Net Spread Earned (NSE): Down 12% and almost unchanged QoQ, amid drop in yields on the assets side owing to the reduction in the policy rate by the SBP. Profit expensed also decreased accordingly, offsetting the full impact of lower yields.
Bank Al-Habib Limited (BAHL): 2QCY25Result Review – By Taurus Research

Aug 27 2025


Taurus Securities


  • 2QCY25 EPS: PKR 8.2. 2QCY25 PAT 21%YoY. 1HCY25 EPS: PKR 17.8; 1HCY25 PAT down 9% over the SPLY, in line with expectations. BAHL also announced an interim cash dividend of PKR 3.5/sh. taking YTD payout to PKR 7.0/sh.
  • Net Interest Income (NII): Down 13%YoY/down 2%QoQ. Margins were squeezed mainly due to the unwinding of OMO positions, coupled with the re-pricing of investments amid decline in the SBP’s policy rate.
  • Non-Markup Income (NMI): Down 7% on a sequential basis, owing to stagnant growth in fee and commissions, along with substantial decrease in income from foreign exchange and capital gains. Dividend income was up over the previous quarter.
Pak Elektron Limited (PAEL): 2QCY25 EPS expected to clock in at PKR 1.03/sh – By Taurus Research

Aug 26 2025


Taurus Securities


  • 2QCY25: – EPS: PKR 1.03, PAT: PKR 952Mn, up 45% QoQ and down 2% YoY.
  • 1HCY25: – EPS: PKR 1.74, PAT: 1.6Bn, up 14% over the SPLY.
  • The Board of Directors of Pak Elektron Limited are scheduled to meet on Thursday, August 28, 2025 at 11:30 A.M to consider the Quarterly Accounts (Un-Audited) for the 2nd Quarter (Half Year) ended June 30, 2025.
Pakistan Economy: Aug’25 NCPI to arrive at 4.3%YoY/0.7%MoM – By Taurus Research

Aug 26 2025


Taurus Securities


  • Headline inflation for the month of Aug’25 is expected to clock-in at 4.3%YoY/0.7%MoM—highest reading since Nov’24, taking the FY26 TD NCPI to 4.2%YoY, on account of: i) surge in food prices mainly; and ii) a relatively lower base from the SPLY. Stickiness in certain core segments is also likely to put pressure on NCPI.
  • We anticipate food prices (35% weightage) to increase ~2%MoM, largely driven by supply-side factors owing to the monsoon floods in the country. Wherein, prices have soared for vegetables like Onions and Tomatoes by 22%MoM and 28%MoM, respectively. Additionally, prices for Wheat, Chicken and Eggs have al so risen as observed from the data published by the PBS.
Hinopak Motors Limited (HINO): MY25 Corporate Briefing Takeaways – By Taurus Research

Aug 25 2025


Taurus Securities


  • Hinopak Motors Limited conducted its briefing for MY25 on 25th August 2025. The Company, incorporated in 1985 and listed on PSX, assembles and markets Hino trucks and buses with an annual capacity of 6,000 chassis and 1,800 bodies. Backed by Hino Motors Ltd. and Toyota Tsusho Corporation (combined 89.5% stake), Hinopak currently offers 10 models across LCVs, MCVs, HCVs, and buses. Recently, it relaunched its light truck lineup with UNR-compliant safety standards, becoming the first in Pakistan to achieve this milestone.
  • For MY25, Hinopak reported turnover of PKR 10.3Bn (+36%YoY), driven by improved volumes and pricing, while gross profit rose to PKR 1.3Bn, translating into a margin of 12.5% (vs 11.9% SPLY). The Company posted profit after tax of PKR 162Mn (EPS: PKR 6.53), compared to a loss of PKR 131Mn in MY24, marking a notable turnaround. Inventory buildup stood at PKR 5.8Bn, reflecting preparation for new model launches, while capital investments of PKR 76Mn were made to strengthen operational efficiency.
Secure Logistics Group Limited (SLGL): 1HFY25Corporate Briefing Takeaways – By Taurus Research

Aug 22 2025


Taurus Securities


  • The Secure Logistics Group Limited is a Holding Company primarily operating two divisions. Its Logistics and Asset Tracking Division is composed of SecurLog, SecureTrack, and Logiserve while its Security Services Division is composed of FIST Security and Sky Guards. During 1HFY25, SLGL acquired Trax Online Private Limited. On May 5, 2025, Trax became SLGL’s wholly owned subsidiary. Post-merger, the Company’s name has been changed to Secure Logistic Trax Group Limited. Logiserve has also received its NBFC license from SECP. Trax primarily contributes to this equation through logistics e commerce, warehousing, and fulfillment solutions. The Management has forecasted approximately PKR 400Mn in synergetic savings across internal operations and procurement. SLGL has a wide range of SAP (ERP) compatible proprietary software and currently serves 9,000 merchants. Technology also enables SLGL to have insights into merchant behaviors.
  • SecurLog owns a fleet of 123 prime movers and semi-trailers each, and 37 short-to-medium haul distribution vehicles. This represents a total of 283 units of transportation assets. The fleet is deployed under long-term and project specific contracts. Its Northern Route is Karachi to Peshawar, through Sukkur, Multan, Lahore, and Islamabad. Its Southern Route is Karachi to Quetta, through Sadiqabad and Kashmore. SLGL has affiliations with major Chinese and other global logistics and freight companies for project specific transportation of goods and heavy equipment related to CPEC.
Power Generation & Distribution: Jul’25 generation up 3%MoM / down 5%YoY – By Taurus Research

Aug 22 2025


Taurus Securities


  • Power generation in Jul’25 stood at 14,123GWh, down 5%YoY but up 3%MoM, continuing the seasonal momentum from June.  Higher temperatures and peak summer demand fueled this recovery, with July recording the highest monthly output in FY25, surpassing June’s generation of 14,123GWh.
  • Pakistan has finalized term sheets with 18 banks for a PKR 1.275Tn Islamic finance facility, structured at 3M KIBOR minus 0.90% with six-year repayment. However, disbursement faces hurdles due to unresolved dues of Chinese CPEC IPPs, owed ~PKR 475Bn—primarily Huaneng Shandong Ruyi (PKR 87Bn), Port Qasim Electric (PKR 85Bn), and China Power Hub (PKR 70.4Bn). Of this, PKR 15.7Bn relates to EPP, PKR 230Bn to capacity repayments, and PKR 177.7Bn to interest. Unlike local IPPs, Chinese firms have refused to waive LPS or accept revised PPAs, stalling progress on circular debt resolution. 
Pakistan Textiles: FY25 Textile exports up 32%YoY – By Taurus Research

Aug 22 2025


Taurus Securities


  • In Jul’25, textile exports increased by 32%YoY arriving at USD 1.7Bn as compared to USD 1.3Bn in the SPLY. The increase was mainly attributable to the increase in yarn, knitwear, bed wear, towels, ready made garments, art & silk and made-ups by 16% YoY, 44%YoY, 38%YoY, 34%YoY, 35%YoY, 22%YoY, and 45% YoY, respectively. Further, textile exports also increased by 10% MoM from USD 1.5Bn. This can be attributed to the favourable outcome of the US-Pakistan Trade Deal wherein Pakistan re ceived a relatively lower tariff, improving raw material prices, and a seasonal uptick in demand due to summers.
  • Pakistan’s international competitiveness has improved as, effec tive August 7, 2025, Pakistan faces a US tariff of 19% whereas for India it is 25%, while Vietnam and Bangladesh face tariffs of 20%.
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