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 (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.
Pakistan Market Wrap: PSX Records Volatile Session, Closes Lower on Profit Booking – By HMFS Research

Jan 8 2026


HMFS Research


  • Following an uninterrupted bullish rally over the past few sessions, the market underwent a profit-taking today, closing in negative territory. Trading commenced on a weak footing, with the benchmark index slipping sharply in early hours. Sentiment improved by midday as renewed buying interest lifted the index to an intra-day high of 187,905 level, marking the highest intra-day level ever recorded in PSX history. However, the rebound proved short-lived, as selling pressure resurfaced and intensified during the final trading hour. Consequently, the index reversed course and touched an intra-day low of 185,199 level, closing down 975.70 points.
  • Trading activity remained strong, with 576mn shares exchanged in the KSE-100 and 1.4bn shares recorded on the All-Share Index. Volume leaders included AGHA (132mn shares), PAEL (76mn shares), and HASCOL (60mn shares). Going forward, the market is expected to maintain a positive bias, supported by developments such as Pakistan–Saudi discussions on converting USD 2bn of loans into a JF-17 deal and the inauguration of the Karachi Port Trust ferry terminal to boost the blue economy. However, uncertainty remains inherent to the market, with a correction already evident amid elevated valuations. Ongoing geopolitical tensions also pose downside risks and could trigger volatility if conditions worsen. Therefore, investors are advised to remain vigilant, book profits selectively, and utilize market dips as entry opportunities.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Jan 8 2026


Al Habib Capital Markets


  • The KSE-100 Index experienced a volatile session, hitting an intraday high of 187,905 before closing at 185,543, down 9756 points (-0.52%) as profit-taking set in. Selling pressure was evident across key sectors, particularly Commercial Banks, Holding Companies, Technology & IT Services, and Oil & Gas Exploration & Production, as investors trimmed exposure at elevated valuations. On the macro front, Visa reiterated its commitment to expanding digital payments and enhancing financial inclusion in Pakistan, with initiatives focused on supporting small and nano businesses and extending QR and tap-to-phone solutions to Tier-2 and Tier-3 cities. Separately, a Senate body expressed concern over cartelization within the pharmaceutical sector. Among major laggards, ENGROH, UBL, MEBL, SYS and PPL, which cumulatively shaved -985.86 points off the benchmark. AGHA led trading with 131.88 million shares, as total market turnover reached 1,421.07mn shares.
Mari Energies (MARI): Allocation of Gas from Mari Field – By Topline Research

Jan 8 2026


Topline Securities


  • Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices). The gas will be transported to consumers through Sui companies' network under the Third-Party Access (TPA) rules 2018 with applicable wheeling charges, in our view.
  • Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd. Until the completion of these developments, the gas supply will continue in its current form.
Pakistan Market Wrap: KSE-100 closes at 185,543 down 976 points – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • The equity market began the session on a strong positive note but experienced a  correction during the latter part of the day. The KSE-100 Index touched an intraday high of 187,905 and a low of 185,199 before closing at 185,543, registering a decline of 976 points. Market activity remained healthy, with total traded volumes of 575 million shares and a traded value of PKR 70.3 billion.
  • The downturn was largely attributed to selling pressure in index-heavy stocks, including ENGROH (-3.6%, -315 points), UBL (-1.7%, -247 points), MEBL (-2.7%, -205 points), SYS (-2.3%, -117 points), and PPL (-1.8%, -102 points). On the volumes front, PAEL and KEL dominated trading activity, with volumes of 76.3 million and 52.4 million shares, respectively.
Chemicals: Sustained decline in petrochem margins – By JS Research

Jan 8 2026


JS Global Capital


  • PVC-Ethylene margins have slipped to near-decade lows. As of Jan-26, margins stood at US$262/ton, down from US$764/ton in Jan-2021 and a high of US$1,157/ton seen in Nov-21.
  • Brent crude oil is currently trading around US$61.5/barrel, contributing to the broad softening of ethylene prices globally. Ethylene prices stood at US$730/ton compared US$930/ton in Jan-2021.
  • Near-term market conditions are expected to keep margins under pressure, as demand recovery remains uneven while oversupply persists. Sustainable margin improvement will depend on stronger global demand, stability in feedstock costs, and potential supply rationalization measures.
Technical Outlook: KSE-100: Entering the key resistance zone – By JS Research

Jan 8 2026


JS Global Capital


  • Bulls continued to dominate the session as KSE-100 index gained 1,457 points DoD to close at 186,519 level. Volumes stood at 1,329mn shares versus 1,306mn shares traded previously. The index is expected to test resistance at 187,015 (yesterday's high) where a break above this level will target 188,870 level. However, any downside will find support between 185,270 and 186,150 levels, respectively. 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 185,272 and 187,390 levels, respectively.
Morning News: Govt raises Rs1.08tr through T-bills, bond auctions – By Vector Research

Jan 8 2026


Vector Securities


  • The government borrowed more than Rs1 trillion through auctions of treasury bonds and 10-year Pakistan Investment Bonds on Wednesday. The State Bank of Pakistan reported that the government borrowed Rs979.3 billion through T-bills and Rs108bn through PIBs, raising a total of Rs1.087tr. (Dawn)
  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. (Dawn)
Morning News: Govt decides to fully deregulate sugar sector – By Alpha-Akseer Research

Jan 8 2026


Alpha Capital


  • In a significant policy shift, the government, in collaboration with the farming community and sugar industry representatives, has decided to fully deregulate the sugar sector, marking a key step in implementing structural reforms recommended by the International Monetary Fund (IMF).
  • Describing PIACL’s PKR 650bn debt as a “black hole,” the Public Accounts Committee (PAC) expressed concern over the Finance Division’s continued inability to develop a viable repayment strategy.
Morning News: Pakistan, Saudi in talks on JF-17 jets-for-loans deal: Reuters report – By HMFS Research

Jan 8 2026


HMFS Research


  • Pakistan and Saudi Arabia are in talks to convert about $2 billion of Saudi loans into a JF-17 fighter jet deal, two Pakistani sources said, deepening military cooperation months after the two nations signed a mutual defence pact last year. One of the sources said the discussions were limited to the provision of JF-17 Thunder fighter jets, the light combat aircraft jointly developed by Pakistan and China and produced in Pakistan, while the second said the jets were the primary option among others under discussion.
  • The National Electric Power Regulatory Authority (Nepra) has reduced the national average uniform electricity tariff by 62 paise per unit for the next six months, effective January 1. The regulator has determined separate consumer-end tariffs for each distribution company (ex-Wapda Discos) in view of their differing revenue requirements and permitted levels of transmission and distribution (T&D) losses. For CY26, the national average tariff has been set at Rs33.38 per kWh, down from Rs34.00 per kWh in 2025-26.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Jan 7 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note, once again setting fresh all time highs both intraday and at market close for the fifth consecutive session. The 2026 rally continued in full swing, driven by strong liquidity inflows and ongoing asset class conversion, keeping investor optimism firmly intact. Trading volumes decreased to 570mn shares today as compared to 597mn shares in the previous session. Today, the KSE-100 index gained 1,457 points to close at 186,519 level, up by 0.79% DoD. Power Generation & Distribution, Oil & Gas Exploration Companies, and Cement sectors were the major contributors in today's session, cumulatively adding 689 points to the index.
Pakistan Economy: Dec’25 CPI likely to clock in at 5.8% - By Insight Research

Dec 31 2025


Insight Securities


  • Headline inflation is estimated at ~5.8% for Dec’25, compared to ~4.1% in SPLY and ~6.2% in preceding month. On MoM basis, inflation is expected to fell by ~0.2%. The decline is primarily led by softer food prices, in line with seasonal trend. To highlight, food basket is expected to record a MoM decline of ~1.5%. While, higher Policy rate vs. Inflation 45% 40% 35% 30% LPG price is likely to lift housing index by ~0.4% MoM. This will take 6MFY26 average inflation to 5.2% compared to 7.3% in SPLY. Core inflation is likely to remain sticky at 7.1% and 8.3% for urban and rural baskets, respectively.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, LPG (14.9↑%), Cooking oil (3.1↑%), Eggs (2.2%↑), Chicken (2.1%↑) & Vegetable ghee (1.8%↑). On the flip side, prices of the following items eased off during the month, Tomatoes (51.7%↓), Onions (30.7%↓), Potatoes (18.8%↓), Sugar (9.0%↓) & Pulse gram (3.9%↓).
Pakistan Strategy: Pakistan Investment Strategy – By Insight Research

Dec 19 2025


Insight Securities


  • ‘2026’– Momentum to continue: Pakistan’s equity market continued its phenomenal performance in CY25, extending the strong momentum started in Jun’23. The index has delivered ~49% YTD return, while the cumulative return since Jun’23 stands at an impressive ~315%. We believe the market still offers meaningful upside and the rally is expected to continue into next calendar year where we expect KSE-100 index to reach 213,600 by Dec’26, although in a less broad based manner. Our thesis is supported by i) noticeable stabilization in key economic indicators over recent quarters under IMF’s watch, ii) a sharp decline in policy rate and iii) favorable commodity prices. Furthermore, energy sector reforms have remained a central priority for policymakers as well as the IMF. While significant progress has been made, considerable work still needs to be done. These reform gives us confidence that energy chain will continue to shape the narrative in 2026, with the upstream segment positioned as a primary beneficiary.
  • From an asset allocation standpoint, despite a robust rally and substantial re-rating, PSX continues to offer superior return potential relative to other asset classes. The sharp decline in policy rates has reduced the attractiveness of fixed income instruments, although the gap between equity earnings yields and money market returns has narrowed compared to previous years. Nonetheless, we expect domestic liquidity to remain a key driver for market performance, supported by continued formalization and channeling of household savings into the system. Moreover, successful progress on landmark projects like Reko Diq, along with anticipated FDI inflows into the mining and E&P sectors, is likely to bolster foreign investor participation. From a broader global perspective, downgrade in US growth expectations driven by policy uncertainty and tariff volatility, challenges the narrative of US exceptionalism. In this backdrop, emerging markets may regain investors attention due to their relative resilience. Pakistan, despite being a very small player, could benefit from potential spillovers.
Pakistan Economy: MPC statement & analyst briefing takeaways – By Insight Research

Dec 15 2025


Insight Securities


  • In today’s MPC meeting, SBP has reduced the policy rate by 50bps to 10.5%. The decision came as surprise to many but remain in line with demands of business community who were asking the authorities to reduce policy rate amid challenging business environment. The committee highlighted that average inflation remained in line with SBP’s target range. While core inflation remains sticky. Economic activity has also recorded an uptick as evident by economic indicators. They also highlighted that despite improvement in macro framework, uncertain global prices can impact the macroeconomic outlook particularly exports.
  • Key developments highlighted by the MPC includes increase in unemployment rate in Labor Force Survey 2024-25 despite higher growth in overall employment compared to previous survey, increase in SBP’s FX reserves even after debt repayment, improvement in consumer confidence, healthy primary surplus on the back of SBP profit and fluid global environment.
Roshan Packages Limited (RPL): Analyst briefing takeaways – By Insight Research

Nov 26 2025


Insight Securities


  • RPL posted topline of PKR9.7bn in FY25 vs. PKR10.3bn in SPLY, down by ~6% YoY. Similarly, company’s PAT fell by ~33% YoY mainly due to inflationary pressure and demand contraction. In 1QFY26, company’s revenue recorded an increase of ~28% YoY.
  • Regarding lower gross margins, management mentioned that due to subdued demand company is unable to pass on the inflationary pressure. However, company is focused on increasing its market share.
Oil & Gas Exploration: From caution to conviction – By Insight Research

Nov 26 2025


Insight Securities


  • After several years of stagnation and structural inefficiencies, Pakistan’s upstream oil and gas sector is poised for a long awaited inflection point. The government’s renewed focus on energy sector reforms, particularly pass through of energy tariffs along with emphasis on clearance of accumulated circular debt, has begun to restore optimism across the E&P chain. With meaningful progress visible on both policy and fiscal fronts, the market’s perception of the E&P sector is gradually shifting from caution to conviction.
  • At the same time, companies are taking proactive steps to sustain and enhance production level. Leading E&P companies are ramping up exploration activity, acquiring new blocks and accelerating drillings to secure long term output stability. This is reflected in the sector’s reserves with leading listed E&P companies achieving a reserve replacement ratio of over 100% in FY25.
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.
Maple Leaf Cement Factory Limited (MLCF): Analyst briefing takeaways – By Insight Research

Nov 7 2025


Insight Securities


  • Maple Leaf Cement Pakistan has conducted its analyst briefing to discuss its financial result and outlook. We have summarized following key takeaways from the briefing.
  • According to the management, company’s retention price stood at PKR15,195/ton in 1QFY26.
  • Regarding demand outlook, management expect a double digit growth in FY26. To note, local demand increased by 18.8% in 4MFY25.
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.
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