Attock Cement Pakistan Limited (ACPL): Analyst briefing takeaways – By Insight Research

Oct 16 2025


Insight Securities


  • InFY25, company posted net sales of PKR33bn vs. PKR28bn in SPLY, up by 17% YoY. The growth was primarily driven by higher retention prices and increased export volumes. To note, ACPL local retention price stood at ~PKR16k/ton in FY25 vs. ~PKR15k/ton in SPLY.
  • Company profitability declined by 51% YoY in FY25, mainly due to the one-off gain on disposal of a subsidiary recorded in FY24.
  • The company’s sales mix during FY25 comprised of 44% local sales and 56% exports, compared to 53% and 47%, respectively, in FY24.
Attock Cement Pakistan Limited (ACPL): Corporate Briefing Notes – By Chase Research

Oct 16 2025



  • Attock Cement Pakistan Limited (ACPL) reported earnings per share of PKR 25.95 for FY25 (FY24: 12.60). Furthermore, in 4QFY25, the company reported earnings per share of PKR 9.81 (4QFY24: 3.07).
  • Overall production cost saw a reduction of approximately Rs 800 per ton. Fuel cost reduced by 8% due to decline in international coal prices. Power cost decreased by 40% mainly due to enhancement in company’s own power generation capacity through the induction of 9-10 MW of CFB annexed with Line 4 and newly commissioned 4.8 MW wind power plant.
  • Clinker production was 2,801,955 tons (up 18%) compared to FY 2024, mainly because Line 4 became fully operational. Overall plant capacity utilization was 55% in FY25 (FY24: 54%). Management prioritized the more efficient Line 4 and Line 3 for production, keeping the less efficient Line 1 and Line 2 on standby.
Attock Cement Pakistan Limited (ACPL): Analyst briefing takeaways – By Insight Research

Oct 16 2025


Insight Securities


  • InFY25, company posted net sales of PKR33bn vs. PKR28bn in SPLY, up by 17% YoY. The growth was primarily driven by higher retention prices and increased export volumes. To note, ACPL local retention price stood at ~PKR16k/ton in FY25 vs. ~PKR15k/ton in SPLY.
  • Company profitability declined by 51% YoY in FY25, mainly due to the one-off gain on disposal of a subsidiary recorded in FY24.
  • The company’s sales mix during FY25 comprised of 44% local sales and 56% exports, compared to 53% and 47%, respectively, in FY24.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Nov 4 2025


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile trading session today, climbing to an intraday high of 163,384.95 before settling at 161,281.76, down -1,521.39 points (-0.93%). Market sentiment remained cautious, with profit-taking weighing on performance as investors trimmed positions across key sectors, including Commercial Banks, Fertilizer, Oil & Gas Exploration and Cement. On the macro front, the Federal Board of Revenue (FBR) Chairman ruled out the introduction of any contingency taxation measures despite a revenue shortfall of Rs 275 billion during the first four months (July–October) of FY26, signaling the government’s intent to maintain fiscal discipline. Top drags to index included ENGROH, MARI, BAHL, MCB, & TRG, which collectively pulled the benchmark down by -543.71 points. WTL led volumes with 78.87 million shares; overall market turnover was 899.41 million shares.
Pakistan Market Wrap: Profit-Taking Pulls Back the Bulls as Geopolitical Pressures Weigh on Sentiment – By HMFS Research

Nov 4 2025


HMFS Research


  • After a strong rally in the previous session, the KSE-100 Index witnessed a wave of profit-taking as investors opted to lock in gains, leading the benchmark to plunge 1,644 points during intraday trading. The momentum faltered amid a resurgence of geopolitical tensions, which dampened market sentiment and triggered cautious activity across key sectors. Adding to the pressure, October’s CPI inflation was reported at 6.2%, slightly denting investor confidence as concerns resurfaced over potential implications for monetary stability and consumption trends.
  • The KSE-100 Index ultimately closed at 161,282, down by 1,521 points from the previous session’s close. Trading activity remained moderate, reflecting a restrained investor stance, with 322mn shares traded on the KSE-100 Index and 898mn shares exchanged in the broader market. The day’s volume leaders included WTL (79mn), TELE (77mn), and KEL (72mn). Looking ahead, market direction is expected to remain contingent on the stability of border conditions and the evolving geopolitical landscape. However, optimism continues to brew around Pakistan’s “Blue Economy” initiative, a transformative long-term plan aimed at unlocking an estimated USD 100bn potential by 2047 through marine and coastal economic development. Should progress materialize on this front, it could serve as a catalyst for sustained market optimism in the coming months. That said, intermittent profit-taking phases remain a natural part of market cycles. Investors are advised to maintain a prudent approach, monitor evolving dynamics, and focus on fundamentally strong stocks offering long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, as selling pressure persisted, with the index remaining volatile throughout the session. Trading volumes decreased to 322mn shares today as compared to 353mn shares in the previous session. Today, the KSE-100 index lost 1,521 points to close at 161,282 level, down by -0.93% DoD. Commercial Banks, Oil & Gas Exploration Companies, and Cement sectors were the major laggards in today's session, cumulatively shedding 1164 points from the index.
Pakistan Market Wrap: KSE-100 closes at 161,282 down 1,521 points – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The equity market started off positively but was unable to keep up the momentum. The KSE-100 Index reached an intraday high of 163,385 and a low of 161,159, before settling at 161,282 — a drop of 1,521 points. Market participation remained muted, with total trade volumes of 318.7 million shares and a traded value of around PKR 25 billion.
  • Key drag-factors in the decline included MARI (-2.3%, -147 points), MCB (-2.3%, -128 points), BAHL (-2.2%, -123 points), LUCK (-1.6%, -122 points) and HBL (-1.7%, -110 points). On the activity side, KEL and BOP led the volume charts, trading 70.6 million and 39 million shares respectively.
Pakistan Automobiles: INDU to keep the throne in the auto arena – By AKD Research

Nov 4 2025


AKD Securities


  • INDU’s continues to benefit from strong volumetric growth, diversified product portfolio, extensive dealership network, higher localization, strong brand equity, high presence in rural areas, and superior cash-conversion cycle. Moreover, higher localization would shield against currency devaluation and provide edge over new entrants. We reiterate our ‘Buy’ stance on INDU, with Jun’26 target price of PkR3,681/sh with forward dividend yield of 9.3%, led by sustained earnings, higher-than-anticipated volumetric and margins.
  • Accelerating beyond industry growth: We anticipate sustained volumetric growth primarily supported by i) rising income of farmers (with 50% of sales coming from rural areas), ii) strong brand equity, iii) the company’s extensive dealership network, being the largest in the country with 57 3S dealerships, and iv) strong parent book to be leveraged in case of absence of customer advances. Underpinned by the company’s recent performance, where INDU recorded a 61%YoY rise in volumes during FY25, significantly outperforming the industry’s 43%YoY growth in Passenger cars and LCVs, even amid the entry of multiple new competitors into the market. Against this backdrop, we project volumes to grow at an annual rate of 14% through FY28, reaching 49k units. Subsequently, we expect the company’s revenue to grow at a CAGR of 15.3%, up to FY28. Where, we forecast overall market to expand to 222k units by FY28, driven by i) moderation in prices, ii) increasing model availability, iii) improving per capita income, and iv) lowest per-capita vehicle penetration in the region.
Interloop Limited (ILP): Reinitiating with a BUY — Back in the Fast Lane – By IIS Research

Nov 4 2025


Ismail Iqbal Securities


  • We reinitiate coverage on Interloop Limited (ILP) with a ‘BUY’ recommendation. ILP is one of Pakistan’s largest textile exporters and a global leader in socks, supplying renowned brands such as Nike, Adidas, Puma, and H&M. Our positive stance reflects ILP’s strong export driven earnings trajectory, expected recovery in apparel and denim margins, and robust expansion pipeline across the Denim and Yarn segments following the completion of Hosiery Plant 6.
  • Our DCF based target price for ILP is PKR 108/share by June 2026, representing an upside of 38% from the last closing price of PKR 80.6/share. The stock also offers a dividend yield of 4%. Overall, ILP offers a compelling risk reward profile, supported by strong fundamentals, diversified export relationships, and strategic growth initiatives. With a 38% upside to our target price and ongoing expansion in high margin segments, ILP is well positioned to sustain its leadership in global textile exports while delivering attractive shareholder returns.
Technical Outlook: KSE-100 testing resistance at the 30-DMA – By JS Research

Nov 4 2025


JS Global Capital


  • KSE-100 index showed positive movement to close at the 162,803 level, up 1,171 points. Volumes stood at 949mn shares versus 953mn shares traded previously. The index is expected to face resistance between 163,490 and 163,940 levels where a break above the said range will target 165,828 and 168,414 levels, respectively. However, any downside will find support within 160,830-161,900 range. The RSI and the Stochastic Oscillator are moving up, supporting a positive view. We recommend investors to 'Buy on dips', with risk defined below the 50-DMA at 159,566 level. The support and resistance are at 161,819 and 163,861 levels, respectively.
Morning News: Pakistan sets three-year economic plan targeting 5.7% growth – By Alpha-Akseer Research

Nov 4 2025


Alpha Capital


  • The federal government has set ambitious economic targets for the next three years, aiming to raise the GDP growth rate to between 4.2% and 5.7%. Other targets include increasing the size of the national economy to PKR 162,513bn, boosting exports by more than USD 10bn, and increasing remittances to a record USD 44.8bn.
  • Exposing the Power Division’s claims of reforms in the power sector, the Asian Development Bank (ADB) has observed that weak regulatory frameworks and governance issues — including lack of transparency and poor performance — continue to prevent power distribution companies (Discos) from accessing commercial borrowing.
Morning News: $636b worth of gold reserves found in Tarbela – By Vector Research

Nov 4 2025


Vector Securities


  • Gold reserves worth $636 billion have been discovered at Tarbela and a briefing on these reserves has been given to the chief of army staff, who responded positively. This revelation was made by Hanif Gohar, Chairman of Air Karachi. He said that the gold reserves found in Tarbela were sufficient to pay off the country's foreign debt and the matter had already been brought to the attention of the Special Investment Facilitation Council (SIFC) and the State Bank of Pakistan (SBP) governor. (ET)
  • Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has ruled out any contingency plan in terms of implementing new taxation measures despite a revenue shortfall of Rs 275 billion during the July-October (2025-26) period. FBR’s shortfall in tax collection stood at Rs 275 billion during the first four months of 2025-26, but noted that no emergency tax measures would be required this year. (BR)
Pakistan Market Wrap: Evening Note – By Vector Research

Nov 3 2025


Vector Securities


  • Evening Note.
Hub Power Company Limited (HUBC): 1QFY26 EPS clocked in at PKR9.0 – By Insight Research

Oct 30 2025


Insight Securities


  • HUBC has announced its 1QFY26 results wherein the company has posted consolidated PAT of PKR11.6bn (EPS: PKR9.0) vs. PKR19.1bn (EPS: PKR14.7), down by 39% YoY. The result is inline with our expectations.
  • Revenue of the company decreased by 46% YoY, to clock in at PKR17.4bn in 1QFY26, due to termination of base plant and tariff renegotiation of NEL plant. While on QoQ basis, same is down by 7%.
  • Share of profit from associates increased by 4% YoY to clock in at PKR10.8bn.
Pakistan Economy: Oct’25 CPI likely to clock in at 5.8% - By Insight Research

Oct 29 2025


Insight Securities


  • Headline inflation is estimated at ~5.8% for Oct’25, compared to ~7.2% in SPLY and ~5.6% in preceding month. On MoM basis, inflation is expected to inch up by ~1.4%, primarily driven by a ~2.2% increase in food prices coupled with 1.8% increase in housing index. The increase in food index is mainly led by higher prices of wheat, onion and tomato. While increase in housing index is attributable to quarterly adjustment in house rent coupled with higher FCA.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (63.9↑%), Onions (15.7↑%), Wheat flour (6.8%↑), Eggs (5.4%↑) & Fresh vegetables (2.3%↑). On the flip side, prices of the following items eased off during the month, Chicken (23.4%↓), Fresh fruits (12.9%↓), Pulse gram (3.9%↓), Potatoes (3.1%↓) & Pulse moong (1.2%↓).
HUB Power Company Limited (HUBC): 1QCY26 EPS to arrive at PKR8.7 – By Insight Research

Oct 29 2025


Insight Securities


  • We expect HUB power company limited to post EPS of PKR8.7/sh in 1QFY26 vs. EPS of PKR14.7/sh in SPLY and PKR9.2/sh in preceding quarter, down by 41%/5% YoY/QoQ.
  • In1QFY26, power generation clocked in at 40,933 kwh in 1QFY26 vs. 40,546 kwh in 1QFY25, up by 1% YoY. The increase in power generation is attributable to low base effect, shift of captive power consumers to grid amid grid levy and reduction in power tariff.
Pakistan Petroleum Limited (PPL): 1QFY26 EPS clocked in at PKR7.38 – Below expectation - By Insight Research

Oct 29 2025


Insight Securities


  • In 1QFY26, revenue Increased 10% QoQ, mainly attributable to increase in oil and gas production coupled with higher oil prices.
  • Exploration expense clocked in at PKR633mn, down by 84% QoQ possibly attributable to some reversal, however, we await further clarity on this front.
  • Admin expenses clocked in at PKR1.5bn, down by ~18% QoQ.
Attock Petroleum Limited (APL): 1QFY26 EPS clocked in at PKR30.6 – By Insight Research

Oct 28 2025


Insight Securities


  • Attock Petroleum Limited (APL) has announced its 1QFY26 result wherein company posted PAT of ~PKR3.8bn (EPS: PKR30.6) vs. PAT of ~PKR2.3bn (EPS: PKR19.1) in SPLY, up by 60% YoY. The result came above our expectations due to higher than estimated gross margins.
  • Topline of the company recorded an increase of 4% YoY amid improved offtakes coupled with higher petroleum product prices. However, same is down by 8% QoQ attributable to volumetric sales during the quarter. To highlight, company posted overall volumetric sales 327k MT (↓1%/↓17% YoY/QoQ) with retail sales standing at 313k MT (↑9%/↓10% YoY/QoQ).
Indus Motor Company Limited (INDU): 1QFY26 EPS clocked in at PKR85.5 – Above expectation – By Insight Research

Oct 28 2025


Insight Securities


  • INDU has announced its 1QFY26 result, wherein company has posted PAT of PKR6.7bn (EPS: PKR85.5) vs. PAT of PKR5.1bn (EPS: PKR64.8) in SPLY. The result is above our expectation mainly due to higher than estimated gross margins.
  • During 1QFY26, revenue witnessed an increase of ~48% YoY to clock in at PKR61.7bn, primarily due to higher volumetric sales.
Al-Ghazi Tractors Limited (AGTL): 3QCY25 LPS clocked in at PKR3.89 – By Insight Research

Oct 27 2025


Insight Securities


  • AGTL has announced its 3QCY25 result, wherein company has posted LAT of PKR226mn (LPS: PKR3.89) vs. PAT of PKR633mn (EPS: PKR10.9) in SPLY and PKR27mn (EPS: PKR0.5) in preceding quarter. The result is significantly below our expectation mainly due to higher than estimated operating expenses.
  • During 3QCY25, revenue witnessed a decline of 68%/50% YoY/QoQ to clock in at PKR2.0bn, primarily due to lower volumetric sales. To note, volumetric sales decreased by ~70%/58% YoY/QoQ.
Engro Polymer & Chemical Limited (EPCL): 3QCY25 LPS clocked in at PKR0.24 – Above expectation – By Insight Research

Oct 22 2025


Insight Securities


  • In 3QCY25, revenue remain flat YoY/QoQ to clock in at PKR20.0bn.
  • Gross margins of the company clocked in at 11.3%, up by 580bps YoY, possibly due to higher realized product prices coupled with lower gas levy. However, we await clarity on this front.
  • Selling & distribution cost increased by 34%/31% YoY/QoQ.
Pakistan Cements: Demand uptick to catalyse further rerating – By Insight Research

Oct 17 2025


Insight Securities


  • Pakistan cement sector has rallied 33% FYTD vs. KSE100’s 32% return. Despite utilization hovering at a depressed level of ~45%, sector’s profitability and stock performance have remained robust. Historically, sector valuations have moved closely in tandem with demand cycles, with P/E multiple stretching towards 10x during boom cycles and contracting to 5x in period of subdued demand. Unlike previous cycles where weak demand triggered price wars and subsequent compressed valuations, cement players have observed strict pricing discipline during current cycle.
  • With political and economic stability, deleveraged balance sheet, lower interest rates and no major capacity additions in short run, the sector appears well positioned to sustain its upward momentum, while any improvement in demand outlook remains a key upside trigger.
Mari Energies Limited (MARI): Fundamentals priced in, ambitions yet to materialize – By Insight Research

Oct 16 2025


Insight Securities


  • MARI has demonstrated commendable operational performance in recent years, underpinned by consistent reserve accretion with reserve growing at a 5-year CAGR of 11%. MARI’s reserve and resources (2P+2C) increased to an all time high of 952 MMBOE as of Jun’25, translating into a Reserve Replacement Ratio (RRR) of 278%.
  • Given the significant improvement in reserve base, sustained exploration efforts and company’s diversification into mining and cloud storage, we upgrade our stance to Hold, with a revised Dec’26 SOTP based target price of PKR725/sh. MARI’s diversification initiatives, however, remain in early stages and have been conservatively incorporated. Meanwhile, MARI continues to pursue an aggressive exploration strategy across new and existing blocks, which could unlock incremental value over the medium term.
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