Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research

Nov 11 2025


Topline Securities


  • As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.
  • For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.
  • FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.
Fauji Fertilizer Company (FFC): Strong earnings with shariah push – By Insight Research

Nov 12 2025


Insight Securities


  • FFC has delivered capital gain of ~29% during CYTD, supported by robust profitability despite weak agronomic conditions. The company’s earnings have been boosted by dividend income from its subsidiaries and associates, generating steady dividend income. Along with this, significant cash reserves also contributes to bottom line by generating other income. The said trend is expected to continue, driven by recurring dividend inflows and an anticipated recovery in offtakes.
  • The combination of robust cashflow generation and strong balance sheet provides FFC with the flexibility to pursue growth opportunities. Company is exploring the feasibility of a Thar coal gasification project, which, if materialized, would provide a reliable and cost-effective feedstock source and potentially enable urea exports. Additionally, the proposed gas supply from Mari Gas Field to FFC’s Port Qasim plant could reduce feedstock costs and enhance margins going forward.
Fauji Fertilizer Company Limited (FFC): Acquiring of 25% in FFBL Power Company Limited (FPCL) – By Topline Research

Nov 11 2025


Topline Securities


  • As per company notice, Fauji Fertilizer Company Limited (FFC) board has approved acquisition of 214,687,500 ordinary shares of FFBL Power Company (FPCL) (25% of the paid capital) from the Parent Company Fauji Foundation. Post this acquisition, total ownership of FFC in FPCL will increase to 100%.
  • For this purpose, swap ratio has been calculated as per valuation report which translates 1 share of FFC against a consideration of 13.49 shares of FPCL.
  • FFC will issue 15,914,566 ordinary shares at a par value of Rs10 per share, representing approximately 1.1% of the company’s paid-up share capital before the issue. The issuance will result in minimal dilution for existing shareholders.
Pakistan Markets: TEL and TNTPL achieve project completion; HUBC and FFC to be beneficiaries – By AKD Research

Nov 3 2025


AKD Securities


  • Hub Power Company (HUBC) has announced that lenders of Thar Energy Limited (TEL) and ThalNova Power Thar (TN) have formally declared Project Completion Date (PCD) for both 330MW Thar-based coal IPPs as of Oct 31, 2025. With PCD achieved, both projects are now eligible to commence dividend payouts, HUBC holds 60% in TEL and 38.3% in TN. Notably, TEL achieved COD in Oct'22, while TNTPL reached COD in Feb'23, compared to the targeted COD date of Mar'21 for both plants.
  • Notably, we have already incorporated gross dividend assumptions of ~PkR3.0/5.0 per share for both TEL and TNTPL in FY26/27E.
Fauji Fertilizer Company (FFC): 9MCY25 Analyst Briefing Key Takeaways – By Foundation Research

Oct 29 2025


Foundation Securities


  • To recall, Fauji Fertilizer Company Limited (FFC PA) profitability clocked-in at PKR 19.2Bn (EPS: PKR 13.5, down 22/24% YoY/QoQ) in 3QCY25 against profit of PKR 24.5Bn (EPS: PKR 17.2/sh) in 3QCY24. PAT clocked in at PKR 57.6Bn (EPS PKR 40.5, up 14% YoY) in 9MCY25 against profit of PKR 50.6Bn in 9MCY24 (EPS: PKR 35.5). The result was accompanied by an interim cash payout of PKR 9.5/sh in 3QCY25, taking 9M payout to PKR 28.5/sh.
  • Out of FFC’s robust PKR 34.4Bn other income in 9M, PKR 20.9Bn comes from dividend income, which is a record.
  • On the matter regarding Shariah-compliant status of the company, FFC is working aggressively towards the goal having shifted significantly to Islamic investments and looking to achieve compliant status in the near future.
Fauji Fertilizer Company Limited (FFC): 3QCY25 Result Review — Earnings declined on lower other income – By AKD Research

Oct 23 2025


AKD Securities


  • Fauji Fertilizer Company Ltd. (FFC) announced its 3QCY25 financial results, reporting standalone earnings of PkR19.2bn (EPS: PkR13.48), down 23%YoY from PkR24.8bn (EPS: PkR17.44) in SPLY. Earning came in slightly below our expectations due to lower-than anticipated margins. Alongside the result, FFC announced cash dividend of PkR9.5/sh.
  • Company’s revenue increased by 18%YoY to PkR127.3bn compared to PkR108.0bn in SPLY, primarily driven by 14%/11% YoY increase in urea and DAP offtakes to 834k and 253k tons, respectively.
  • We maintain our ‘Buy’ stance on FFC with a Jun’26 TP of PkR597/sh. Our liking on the scrip is due to: i) lower gas prices to FFC’s base plants, along with increasing DAP core margins, ii) consistent dividend income from power and banking subsidiaries, and iii) improvement in food business with increasing market penetration and cost efficiencies.
Technical Outlook: KSE-100: Short term indicators are overbought – By JS Research

Jan 7 2026


JS Global Capital


  • KSE-100 index witnessed another positive session to close at 185,062 level, up 2,654 points DoD. Volumes stood at 1,306mn shares versus 1,384mn shares traded previously. The index is expected to test resistance between 185,480 and 186,875 levels as a break above that will target 188,870 level. However, any downside will find support within 182,335-183,910 range. The RSI and the Stochastic Oscillator are overbought, warranting a cautious stance. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance are at 182,335 and 186,635 levels, respectively.
Morning News: Oil Declines as Trump Says Venezuela Will Give Some Crude to US – By Shajar Research

Jan 7 2026


Shajar Capital


  • Oil extended losses after Washington moved to exert greater control over Venezuela’s oil industry, with President Donald Trump saying the country would turn over millions of barrels of crude to the US. (Bloomberg)
  • The record-breaking global stock rally stalled in Asia as Japanese equities slipped amid rising tensions with China. (Bloomberg)
Morning News: Senate delegation to undertake rare US visit – By Vector Research

Jan 7 2026


Vector Securities


  • A high-level Senate delegation led by Deputy Chairman Syedaal Khan will pay an official visit to the United States from January 20 to 25, 2026, the Senate Secretariat announced on Tuesday, against the backdrop of a broader thaw in Pakistan-US relations over the past year. The Secretariat described the visit as a "historic milestone" in Pak-US parliamentary relations, marking the "beginning of a new institutional chapter in bilateral engagement". (ET)
  • A committee formed by Prime Minister Shehbaz Sharif has recommended 5% voluntary ethanol blending with petrol based on commercial viability and in consultation with oil marketing companies. Oil industry officials point out that the current ethanol production from sugarcane crushing stands at only 400,000 to 450,000 tons per year. Ethanol exports from Pakistan have been used for blending to produce E10-E15 fuel. At present, most of the ethanol produced in the country is exported due to price incentives. (ET)
Morning News: Government mulls fuel levy hike to aid gas sector – By Alpha-Akseer Research

Jan 7 2026


Alpha Capital


  • The government plans on increasing tax rates on petroleum products to contain more than PKR 3tn circular debt in the gas sector instead of changing the gas tariff as determined by the Oil & Gas Regula tory Authority (Ogra).
  • The provinces of Punjab, Khyber Pakhtunkhwa and Balochistan have decided to engage private companies for the procurement of wheat for their respective strategic reserves.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 6 2026


Al Habib Capital Markets


  • The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index extended its upward momentum, reaching an intraday high of 185,481.45 points before closing at a new all-time high of 185,062.10, up 2,653.87 points (+1.45%). Market sentiment remained strong, supported by net buying over the last seven sessions from Banks (USD 44mn), Companies (USD 18mn), Brokers (USD 6.5mn), and Mutual Funds (USD 5.2mn). Moreover, a PKR345bn decline in government debt stocks over the past five months, the Prime Minister’s call for greater access to loans for SMEs and PKR820bn weekly increase in M2 were also supported the positive activity in the stock market. Heavyweights, including MCB, UBL, MEBL, HBL, and LUCK were the key index drivers, collectively contributing 1,898.22 points. KEL led trading volumes with 109.62 million shares, while overall market participation reached 1,300.56 million shares.
Pakistan Market Wrap: Evening Note – By Vector Research

Jan 6 2026


Vector Securities


  • Evening Note.
Pakistan Cement: Demand remains strong – By Foundation Research

Jan 6 2026


Foundation Securities


  • Cement sector dispatches rose by 2.3% YoY in Dec’25 to 4.3Mn tons, while capacity utilization increased to a mere of 59.1% vs. a muted 57.4% in the SPLY. Despite winter season, local sales exhibited a surge of 7.4% YoY to 3.7Mn tons, showing demand recovery trend amid improved macros. However, exports declined by a sizable 20.7% YoY to reach 0.6Mn tons. Decline in exports were on account of high base effect from South exports, absence of North exports due to Afghan border closure and compensating rise in domestic demand post floods.
  • Demand continues its uptrend where local dispatches grew by 4.9% MoM despite the winter season as historically cement sales dip during these months. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were significantly impacted, owing to Afghan border closure given absence of North exports and improved local sales.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The benchmark index closed on a high note, once again posting fresh all time highs both intraday and at market close, as CY26 began on a strong footing. Liquidity driven buying, continued asset class conversion, and upbeat investor sentiment kept the rally firmly intact. Trading volumes decreased to 597mn shares today as compared to 632mn shares in the previous session. Today, the KSE-100 index gained 2,654 points to close at 185,062 level, up by 1.45% DoD. Commercial Banks, Cement, and Technology & Communication sectors were the major contributors in today's session, cumulatively adding 2330 points to the index.
Pakistan Market Wrap: KSE-100 closes at 185,062 up 2,654 points – By Alpha-Akseer Research

Jan 6 2026


Alpha Capital


  • The equity market began the session on a strong positive footing and sustained its upward momentum throughout the day. The KSE-100 Index recorded an intraday high of 185,481 and a low of 181,182, ultimately closing at 185,062, reflecting a robust gain of 2,654 points. Market activity remained healthy, with total traded volume reaching 596.4 million shares and an estimated turnover of PKR 67.7 billion.
  • The index’s advance was largely supported by notable gains in MCB (7.9%, 451 points), UBL (3.1%, 446 points), MEBL (5%, 358 points), HBL (4.9%, 338 points), and LUCK (4.2%, 306 points). In terms of volumes, KEL and BOP dominated trading activity, registering volumes of 109.6 million and 79.9 million shares, respectively.
Pakistan Cement: Local dispatches up 6%, exports remain under pressure – By JS Research

Jan 6 2026


JS Global Capital


  • Cement dispatches clocked in at 4.35mn tons in Dec-2025, reflecting a modest growth of 1% YoY, as a 6% YoY increase in local dispatches was largely offset by a 21% YoY decline in exports, primarily due to nil exports from North-based players amid the Afghan border closure.
  • In 1HFY26, total cement dispatches increased by 10% YoY, led by a 13% YoY rise in local dispatches, while exports saw a marginal decline of 4% YoY due to a 19% YoY drop in North region exports, with Southern region exports remaining flat YoY.
Oil Marketing Companies (OMC): OMC sales up 6% YoY and down 5% MoM in Dec 2025;1HFY26 sales up 2% YoY – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.35mn tons in Dec 2025, up 6% YoY and down 5% MoM.
  • The YoY increase is due to economic recovery, lower inflation, and control of smuggling, whereas the MoM decrease in sales is attributable to the strike by transporters. To highlight, Transporters went on a nationwide strike on Dec 08, 2025 which continued for 10 days.
  • This takes total sales for 1HFY26 to 8.2mn tons, reflecting a 2% YoY increase compared to 8.02mn tons in 1HFY25.
Pakistan Fertilizers: Pakistan’s Urea sales for Dec 2025 at all time high of 1,356k tons; Inventory at 0.31mn tons – By Topline Research

Jan 2 2026


Topline Securities


  • Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.
  • As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.
Pakistan Economy: Pakistan GDP grew 3.7% in 1QFY26 – By Topline Research

Dec 31 2025


Topline Securities


  • National Accounts Committee (NAC) released GDP estimates for 1QFY26, showing growth of 3.7% YoY which is highest first quarter growth in 4 years and higher than last 8 years average 1Q growth of 3.3%. While the committee has also revised up FY25 growth estimates marginally to 3.09% from earlier 3.04%.
  • The growth estimates of 1Q are higher than our expectations mainly due to 8-year high 1Q industrial growth of 9.4%, thanks to 25% growth in electricity, gas and water supply sectors and 21% growth in construction sector.
Pakistan Market: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25 – By Topline Research

Dec 29 2025


Topline Securities


  • As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.49mn units during Nov 2025, up 8% YoY compared to 2.31mn units in Nov 2024.
  • The modest increase in local production is due to a slight recovery as production has begun to normalise following the earlier slowdown and inventory build up.
  • Cumulatively, local manufacturing/assembly reached 27.6mn units in 11M2025, down 3% YoY.
Pakistan Technology: IT Exports in Nov-25 up by 14% YoY to record US$356mn – By Topline Research

Dec 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$356mn in Nov-25, up 14% YoY but down 8% MoM. These monthly IT exports in Nov-25 are higher than the last 12-month average of US$337mn.
  • YoY growth in IT exports during the month is due to (1) IT export companies growing client base globally, especially in the GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
Pakistan Economy: SBP reduced policy rate by 50bps – By Topline Research

Dec 15 2025


Topline Securities


  • Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) has reduced policy rate by 50bps to 10.50% in today’s meeting. This came as a surprise in our view as majority of the participants were expecting rates to remain unchanged.
  • As per MPC statement, Inflation averaged within the target range of 5–7% during 5MFY26. Alongside the strengthening of economic activity, the MPC noted the available space to reduce the policy rate to support sustainable economic growth. To note, SBP expects GDP growth for FY26 to remain in upper half of the projected range of 3.25%-4.25%.
Pakistan Economy: Monetary Policy Survey – By Topline Research

Dec 9 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold last Monetary Policy Committee (MPC) meeting of this calendar year 2025 on Dec 15, 2025. Majority of the market participants are expecting no change in interest rate. Similarly, we also expect status quo in upcoming monetary policy meeting.
  • In a Poll conducted by Topline Securities, 70% of the market participant expect interest rate to remain unchanged. This is almost like last poll result where 72% were expecting rate to remain unchanged.
Pakistan Market: Pakistan Listed Consumer Comp Sheet – By Topline Research

Dec 4 2025


Topline Securities


  • Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x. Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.
Pakistan Fertilizers: Pakistan’s Urea sales for Nov 2025 Surged 133% MoM and 25% YoY; Inventory at 1.05mn tons – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan Urea sales in Nov 2025 is anticipated to clock in at 817k tons, up by 133% MoM and 25% YoY driven by improved agriculture activity coupled with discounts offered by select manufacturers. As per our checks, EFERT has maintained discount between the range of Rs300-350/bag during the month, while FFC maintained the avg. discount of Rs80/bag, respectively.
  • However, in 11M2025, urea offtakes slightly declined to 5.37mn tons, down 4% YoY compared to 5.58mn tons in 11M2024, respectively.
Oil Marketing Companies (OMC): OMC sales down 10% YoY and 5% MoM in Nov 2025; 5MFY26 sales up 1% YoY – By Topline Research

Dec 2 2025


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.4mn tons in Nov 2025, down 10% YoY and 5% MoM.
  • The YoY decline is due to a high base in Nov 2024, when OMC sales hit a 25-month peak driven by a 30-month high sales of HSD. This surge last year followed price stability, an improving economy, and tighter control on smuggling, with PSO leading HSD sales.
  • This takes total sales for 5MFY26 to 6.81mn tons, reflecting a 1% YoY increase compared to 6.75mn tons in 5MFY25.
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