Millat Tractors Limited (MTL): Earnings lower than expectation – By Topline Research

Oct 27 2025


Topline Securities


  • Millat Tractors Limited (MTL) announced its 1QFY26 result today, wherein the company recorded unconsolidated profit of Rs514mn (EPS of Rs2.57), down 17% YoY and 61% QoQ.
  • Net sales of the company decreased by 6% YoY and 38% QoQ in 1QFY26, due to lower tractor sales. Millat’s tractor sales dropped by 15% YoY and 46% QoQ to 2,177 units in 1QFY26, compared to 2,556 units in 1QFY25 and 4,062 units in 4QFY25.
  • We maintain a SELL call on MTL which is currently trading at a FY26E/27F PE of 17.7/11.9x.
Millat Tractors Limited (MTL): Earnings lower than expectation – By Topline Research

Oct 27 2025


Topline Securities


  • Millat Tractors Limited (MTL) announced its 1QFY26 result today, wherein the company recorded unconsolidated profit of Rs514mn (EPS of Rs2.57), down 17% YoY and 61% QoQ.
  • Net sales of the company decreased by 6% YoY and 38% QoQ in 1QFY26, due to lower tractor sales. Millat’s tractor sales dropped by 15% YoY and 46% QoQ to 2,177 units in 1QFY26, compared to 2,556 units in 1QFY25 and 4,062 units in 4QFY25.
  • We maintain a SELL call on MTL which is currently trading at a FY26E/27F PE of 17.7/11.9x.
Millat Tractors Limited (MTL): 1QFY26 EPS clocked-in at PKR 2.6; PAT Down 17%YoY – By Taurus Research

Oct 27 2025


Taurus Securities


  • 4QFY25: EPS: PKR 2.6; DPS: NIL; PAT: PKR 514Mn, down 66%QoQ.
  • MTL’s revenue stood at PKR 7.5Bn in 1QFY26, down 6%YoY and 39%QoQ, primarily due to a 46% decline in units sold to 2,177 tractors during the quarter (vs. 4,062 units in 4QFY25). This drop was attributed to the floods mainly which subdued agricultural activity and weakened farm economics, adversely impacting tractor demand. Looking ahead, we expect demand to remain muted in the upcoming quarter due to weaker farm economics largely.
  • Gross margin improved by 2ppts to 27% from 25%; however, the benefit was offset by lower sales volumes and contraction in net margin due to higher admin and distribution expenses (as % of sales), dragging PBT to PKR 790Mn down 19%YoY and 58%QoQ. Meanwhile, finance cost declined to PKR 471Mn, down 25%YoY and 30%QoQ, driven by lower interest rates.
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.
Pakistan Cements: Listed Cement Comp Sheet – By Topline Research

Oct 31 2025


Topline Securities


  • The Pakistan cement sector is currently trading at an EV/ton of US$47.6, while on FY26E EV/EBITDA basis, it is valued at 5.7x. Within our coverage, DG Khan Cement (DGKC) is trading at an attractive EV/ton of US$28.6 and EV/EBITDA of 2.8x. Kohat Cement (KOHC) is valued at EV/ton of US$31.6and EV/EBITDA of 3.1x. Maple Leaf Cement (MLCF) is trading at EV/ton of US$34.2 and FY26E EV/EBITDA of 3.0x. In addition, LUCK, PIOC, CHCC, GWLC, ACPL and FECTC are also trading below the industry average EV/ton. Overall, the sector trades at FY26 P/E of 9.5x, P/S of 1.6x, and P/B of 1.7x.
Pak Elektron (PAEL): 9M2025 EPS at Rs3.3, up 64% YoY – By Topline Research

Oct 30 2025


Topline Securities


  • Pak Elektron Limited (PAEL) announced its 3Q2025 result wherein it posted earnings of Rs681mn (EPS of Rs0.74) up by 52% YoY but down 60% QoQ. The result came in line with our expectations.
  • Earnings rose 52% YoY in 3Q2025, mainly on the back of improved gross margins.
  • In 9M2025, earnings rose by 64% YoY to Rs3.05bn, mainly driven by a 13% YoY increase in revenue, improved gross margins and decline in finance cost. The revenue growth stemmed from higher volumetric sales in the Appliance division in 1H2025.
Lucky Cement (LUCK): 1QFY26 EPS at Rs15.0, up by 23% YoY & 12% QoQ – By Topline Research

Oct 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.
  • Alongside the result, the company did not announce any cash dividend, in-line with our expectations.
  • On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.
Pakistan Market: Local Mobile Manufacturing/Assembly up 55% MoM in Sep-25 – By Topline Research

Oct 27 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile companies manufactured/assembled 3.01mn units during Sep 2025, up 40% YoY and 55% MoM.
  • The YoY growth largely reflects a low base from Sep 2024, when sales remained subdued due to excessive pre-buying in Jun 2024 ahead of expected changes in the budget.
  • The MoM increase, on the other hand, was primarily driven by pent up demand, as consumers delayed purchases in anticipation of new model launches.
Millat Tractors Limited (MTL): Earnings lower than expectation – By Topline Research

Oct 27 2025


Topline Securities


  • Millat Tractors Limited (MTL) announced its 1QFY26 result today, wherein the company recorded unconsolidated profit of Rs514mn (EPS of Rs2.57), down 17% YoY and 61% QoQ.
  • Net sales of the company decreased by 6% YoY and 38% QoQ in 1QFY26, due to lower tractor sales. Millat’s tractor sales dropped by 15% YoY and 46% QoQ to 2,177 units in 1QFY26, compared to 2,556 units in 1QFY25 and 4,062 units in 4QFY25.
  • We maintain a SELL call on MTL which is currently trading at a FY26E/27F PE of 17.7/11.9x.
Systems Limited (SYS): 3Q2025 EPS at Rs1.90, up 28% YoY – By Topline Research

Oct 27 2025


Topline Securities


  • Systems Limited (SYS) announced its 3Q2025 result, posting a consolidated PAT of Rs2.8bn (EPS: Rs1.90) up 28% YoY and 5% QoQ.
  • The growth in earnings is primarily driven by an improvement in gross margins to 29.7% in 3Q2025 (from 25.3% in 3Q2024), supported by enhanced operational efficiency. Gross margins during 2Q2025 were 25.4%, taking 9M2025 gross margins to 26.9% (vs. 24.0% in 9M2024).
  • The company also reported a 20% YoY increase in revenue during 3Q2025, likely reflecting sustained growth in IT exports, which were up 25% YoY.
The Searle Company Limited (SEARL): 1QFY26 EPS at Rs1.45 (Earnings higher than expectations) – By Topline Research

Oct 24 2025


Topline Securities


  • Searle Company (SEARL) announced its 1QFY26 result today, where the company recorded unconsolidated profit of Rs854mn (EPS of Rs1.45) vs. profit of Rs301mn in 1QFY25, up by 2.8x YoY and 5.2x mainly led by higher sales growth. Earning is higher than our expectation due to higher than estimated sales.
  • Net sales of the company increased by 28% YoY and 51% QoQ to Rs8.6bn in 1QFY26, exceeding our expectation of Rs7.0 bn. According to our channel checks, the sales increase was driven by both higher prices and volumes. In the previous quarter, volumetric sales were impacted by supply constraints, which have since been resolved.
Pakistan Market Wrap: Bulls Regain Control as Optimism Returns to the Bourse – By Topline Research

Oct 20 2025


Topline Securities


  • The Pakistan Stock Exchange (PSX) witnessed a strong bullish rally on the KSE-100 index, as renewed optimism lifted investor sentiment across the board. The benchmark surged 2,615 points intraday, driven by improving geopolitical conditions and encouraging macroeconomic signals. Investor confidence strengthened as Pak–Afghan border tensions eased, following the peace talks held in Doha, while positive economic developments added further momentum. Additionally, the Finance Minister’s projection of 3.5–4% GDP growth for FY25— despite the challenges posed by recent monsoon floods—further reinforced market optimism.
  • Amid this upbeat sentiment, the benchmark KSE-100 Index gained 2,356 points over the previous close, settling at 166,242 level. Trading activity remained robust, with 704mn shares changing hands on the KSE-100 and 1.47bn shares traded in the broader market. KEL (229mn), WTL (223mn), and BOP (184mn) emerged as the top volume leaders for the session. Looking ahead, favourable macroeconomic indicators, coupled with the anticipated IMF tranche disbursement, are expected to sustain the market’s positive trajectory. Moreover, the ongoing quarterly earnings season may attract investors toward value-oriented and fundamentally strong stocks. That said, intermittent profit-taking cannot be ruled out as the index consolidates at higher levels. Investors are advised to remain vigilant, monitor market dynamics closely, and focus on stocks offering long-term growth potential.
Pakistan Textiles: Textile Exports down 2% YoY while up 3% MoM in Sep-2025 to US$1.6bn – By Topline Research

Oct 16 2025


Topline Securities


  • Pakistan Textile exports clocked in at US$1.6bn in Sep 2025, down 2% YoY while up 3% MoM. In 1QFY26 Textile Exports reach US$4.8bn up 6% from US$4.5bn in 1QFY25.
  • The 2% YoY decline in exports in Sep 2025 was primarily driven by a 25% YoY drop in cotton cloth exports, which fell to US$150mn from US$200mn in Sep 2024.
  • The 3% MoM increase in Sep 2025 exports was primarily driven by a 4% MoM rise in the value added segment, led by 4% growth in knitwear and 7% growth in bedwear.
Pakistan Economy: Pakistan and IMF reaches staff level agreement – By Topline Research

Oct 15 2025


Topline Securities


  • Pakistan and IMF have reached a Staff Level Agreement (SLA) for the Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and a first review of the new 28-month Arrangement Under the Resilience and Sustainability Facility (RSF) on Oct 14, 2025.
  • Pakistan has managed to get this agreement within 6 days of the completion of IMF team visit to Pakistan from Sep 24 to Oct 08, 2025 and there seems to be no strings attached to board approval for the second consecutive review i.e. completion of any prior actions or seeking financing assurances etc. In the past we have seen conditions like confirmation of necessary financing assurance from Pakistan’s development and bilateral partners linked with board approval (Jul 2024 staff level agreement condition) and some other conditions in recent staff level agreements of Bangladesh and Sri Lanka.
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