Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
Oil Marketing Companies (OMC): Oil Marketing Companies Sales—Dec’25 – By Taurus Research

Jan 5 2026


Taurus Securities


  • Petroleum products off-take for Dec’25 stood at ~1.3Mn tons, reflecting a decrease of 5%MoM and an increase of 6%YoY. MS volumes increased 3%MoM and 11%YoY. Meanwhile, HSD volumes decreased by 19%MoM and 4%YoY, respectively. During 6MFY26, industry volumes were up 2%YoY with MS and HSD up 3%YoY respectively.
  • Industry sources report a combination of factors that the MoM decline was a result of, particularly typical seasonal demand variations after a peak in Nov’25. Moreover, it was noted that fuel prices experienced a 20% annual drop in 2025 amid lower cost of supply—driving demand, along with higher passenger sales sup porting demand too.
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.
Oil Marketing Companies (OMC): OMC sales dip 10%YoY in Nov’25 – AKD Research

Dec 2 2025


AKD Securities


  • Industry offtake stood at ~1.42mn tons, slipping YoY as high-base effects from smuggling clampdowns during Nov’24, while sequentially volumes eased post-harvest season.
  • Volumetric sales for PSO clocked in at 643k tons during Nov’25, down 19%YoY, translating into a market share of ~45.4% for the month vs. 43.0% in Oct’25.
  • WAFI continued to outperform peers, posting total sales of 112k tons during Nov’25, registering an 8%YoY.
Oil Marketing Companies (OMC): 10% YoY decline in Nov-2025 sales – By JS Research

Dec 2 2025


JS Global Capital


  • OMC sales volume clocked in at 1.4mn tons, down 10% on a YoY basis during Nov-2025. On a product-wise basis, Motor Spirit (MS) volume dropped 9% YoY, Hi-Speed Diesel (HSD) volume decreased 13% YoY, whereas Furnace Oil (FO) sales dropped 32% YoY during the month. Cumulatively, OMC sales volumes recorded a 1% YoY growth during 5MFY26.
  • PSO’s market share has stabilized recently, rising to 45% in Nov-2025, its highest level in nearly a year versus the 41–43% range over the past 10 months.
  • We estimate PDL collection for 5MFY26 to be around Rs642bn. We believe that with elevated rates of levy for MS & HSD, the annual target is likely to be achieved at sticky volumes.
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.
The Organic Meat Company Ltd. (TOMCL): FY25 Analyst Briefing Takeaways – By AKD Research

Nov 12 2025


AKD Securities


  • Company posted revenue of PkR14.0bn in FY25, compared to PkR11.8bn in SPLY, up 19%YoY. The said growth in topline can be attributed to the increase in capacity and introduction of new products in the sales mix.
  • Earnings for the year clocked in at PkR430mn (EPS: PkR2.76), compared to PkR497mn (EPS: PkR3.35) in FY24. The said decline in earnings was primarily attributable to gross margin attrition during FY25.
  • Notably, gross margins declined to 9.1%, primarily due to higher throughput and increasing energy costs.
The Organic Meat Company Limited (TOMCL): Corporate Briefing Notes – By Chase Research

Nov 11 2025



  • TOMCL has reported earnings per share of PKR 2.31 in FY25 (FY24: PKR 2.94). Furthermore, in 1QFY26 the company reported EPS of PKR 0.92 (1QFY25: PKR 1.01). The net profit margin has fallen predominantly because of the change in taxation. The effective tax rate has increased significantly.
  • Previously, under final fixed tax regime, where income tax was pegged at 1% on export turnover/proceeds. The effective tax rate was previously around 18.5% to 20%.
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 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.
Oil Marketing Companies (OMC): Volumetric growth rebounds – By Foundation Research

Jan 5 2026


Foundation Securities


  • Petroleum sales reversed the decline of last month to post positive growth of 6% YoY (down 5% MoM) at 1.4Mn tons despite decline in HSD sales of 4% YoY (down 19% MoM) given the 10-day dealer strike in Dec’25. Whereas MS/FO sales rose 11/40% YoY in the outgoing month. During 1HFY26, sales witnessed an increase of 2% YoY to 8.2Mn tons despite low utilization of FO. Company-wise analysis depicts that PSO/APL volumes fell 7/7% YoY, respectively, while WAFI/HASCOL volumes enhanced 10/9% YoY during Dec’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted a 6% YoY incline during the month, while white oil sales climbed 4% YoY (down 9% MoM). Product wise, MS sales increased 11% YoY (up 3% MoM) to clock-in at 628K tons. Whereas, HSD sales dropped 4% YoY (down 19% MoM) to 553K tons during Dec’25. During 1HFY26, sales accelerated 2% YoY due to an increase of 3% YoY in White oil sales given improved macros. Whereas MS/HSD sales boosted 3/3% YoY in 1HFY26. Prices of MS/HSD moderated by 0.7/3.1% MoM to average Rs265.2/274.3/liter, respectively, during Dec’25.
Lucky Cement Limited (LUCK): 1QFY26 Analyst Briefing Takeaways – By Foundation Research

Dec 30 2025


Foundation Securities


  • Lucky Cement Limited (LUCK PA) conducted its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company. Below are key takeaways from the session.
  • To recall, Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 23.6Bn (EPS PKR 15.01, up 19/10% YoY/QoQ) in 1QFY26 against a profit of PKR 19.8Bn (EPS PKR 12.24) in 1QFY25.
  • On a standalone basis, profitability was recorded at PKR 14.62Bn in 1QFY26 translating into an EPS of PKR 9.98, against PAT and EPS of PKR 6.5Bn and PKR 4.48, respectively, in the SPLY (up 2.23/2.54x YoY/QoQ).
Fatima Fertilizer Company Ltd. (FATIMA): 9MCY25 Analyst Briefing Key Takeaways – By Foundation Research

Dec 26 2025


Foundation Securities


  • Fatima Fertilizer Company Limited (FATIMA PA) held its analyst briefing on 24 December 2025 to discuss its 9MCY25 financial/operational results and outlook of the company. Following are the key takeaways.
  • Total fertilizer industry volumes declined 3.5% YoY during 9MCY25 as nitrogen fell 1.7% YoY and phosphate plummeted 8.7% YoY. FATIMA increased its market share by 4.6/4.2ppts YoY in Nit/Phos to 26.9/40.9% respectively.
Pakistan Economy: MPS Surprise 50bps cut in policy rate – By Foundation Research

Dec 15 2025


Foundation Securities


  • Today, the Monetary Policy Committee (MPC) decided to cut the policy rate by 50bps to 10.5%. The decision was made considering inflation remained within the target range of 5-7% during 5MFY26, despite relatively sticky core inflation. The MPC believes economic activity is gaining traction, driven by improvements in key indicators like large-scale manufacturing. However, global challenges, particularly for exports, may impact the macroeconomic outlook. The MPC noted the available space to reduce the policy rate to support growth on a sustainable basis while maintaining price stability.
  • MPC noted several key developments. The FY25 Labor Force Survey indicates an increase in the unemployment rate from FY21, despite faster employment growth. SBP's FX reserves have risen to USD 15.8Bn, aided by a USD 1.2Bn IMF receipt. Consumer confidence has improved, while business confidence has moderated slightly. The overall and primary fiscal balances recorded surpluses in 1QFY26, led by a sizable SBP profit transfer. Globally, commodity prices are supportive, but financial conditions remain challenging with evolving tariff dynamics.
Pakistan Economy: IMF: Further reforms needed – By Foundation Research

Dec 12 2025


Foundation Securities


  • The International Monetary Fund (IMF) has released the detailed report upon approval by its Executive Board of the 2nd review of the USD 7.0Bn Extended Fund Facility (EFF) and 1st review of the USD 1.3Bn Resilience and Sustainability Facility (RSF). The IMF report cited the governments’ strong program implementation as 6 of 7 quantitative criteria, 4 of 8 indicative targets, and most continuous and other structural benchmarks were met at end-June 2025. This has maintained stability and improved financing and external conditions.
  • Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. The program’s priorities remain centered on (i) entrenching macroeconomic stability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; and (iii) reforming SOEs and improving public service provision, developing human and physical capital, and restoring energy sector viability.
Pakistan Cement: Soft turn out in Nov’25 – By Foundation Research

Dec 4 2025


Foundation Securities


  • Cement sector dispatches exhibited a decline of 2.4% YoY in Nov’25 to 4.1Mn tons, while capacity utilization remained muted at 57.2% vs. 57.3% in the SPLY. Local sales recorded a slight increase of 3.3% YoY to 3.5Mn tons, showing mild signs of demand recovery and improved macros. However, exports declined by a sizable 26.5% YoY to reach 0.6Mn tons. This decline is a function of improved domestic demand post floods, high base effect and complete closure of Afghan border which is evident from the slump in North exports.
  • Fall in local dispatches of 9.7% MoM is primarily due to high base effect and weather changes. Local demand continued to show early signs of recovery in the aftermath of floods, aided by improved macros. However, exports were materially impacted, owing to Afghan border closure as evident by a large MoM decline 28.9% and improved local sales.
Kohat Cement Company Limited (KOHC): FY25 Analyst Briefing Takeaways – By Foundation Research

Nov 11 2025


Foundation Securities


  • Kohat Cement Company Limited (KOHC PA) held its 1QFY26 analyst briefing today to discuss financial/operational performance and outlook of the company.
  • Kohat Cement Company Limited (KOHC PA) profitability clocked in at PKR 2.9Bn (EPS: PKR 3.20/sh) in 1QFY26 vs. PKR 3.4Bn (EPS: PKR 3.74/sh) during 1QFY25. In FY25, KOHC profitability was reported at PKR 11.6Bn (EPS: PKR 12.59/sh) as compared to PKR 8.9Bn (EPS: PKR 9.67/sh) in FY24.
  • In 1QFY26, local retention prices settled at PKR 14.6k/ton vs. cost incurred of PKR 9.6k/ton. However retention prices in FY25 stood at PKR 16.1k/ton vs. PKR 14.9k/ton in the year prior. Recently prices have increased which would offset impact of surge in coal prices thereby gross margins will sustain.
Pioneer Cement Limited (PIOC): Analyst Briefing Key Takeaways – By Foundation Research

Nov 10 2025


Foundation Securities


  • Pioneer Cement Limited (PIOC PA) held its analyst briefing today to discuss financial/operational performance and outlook of the company.
  • Pioneer Cement Limited (PIOC PA) reported a profit of PKR 1.3Bn (EPS: PKR 5.6/sh), up 25% YoY in 1QFY26, against PKR 1.0Bn (EPS: PKR 4.5/sh) in 1QFY25. The company earned a profit of PKR 4.9Bn (EPS: PKR 21.5/sh) in FY25 as against profit of PKR 5.2bn (EPS: PKR 22.8/sh) in FY24.
Oil Marketing Companies: Volumetric pick-up continues – By Foundation Research

Nov 6 2025


Foundation Securities


  • During Oct’25, POL sales remained flat YoY (up 9% MoM) to 1.5Mn tons. Whereas in 4MFY26 sales witnessed an increase of 4% YoY to 5.4Mn tons despite low utilization of FO. Product-wise data revealed that MS/HSD sales were down/up 2/4% YoY whereas FO sales nosedived 52% YoY during Oct’25. Company-wise analysis depicts that PSO/WAFI volumes fell/rose 8/14% YoY, respectively, while APL volume remained steady YoY in Oct’25.
  • White oil: Domestic petroleum sales (ex-non Energy) depicted unchanged growth YoY during the month, while white oil sales climbed 1% YoY (up 8% MoM). Product wise, HSD sales increased 4% YoY (up 21% MoM) to clock-in at 714K tons. Whereas, MS sales dropped 2% YoY (down 4% MoM) to 657K tons during Oct’25. During 4MFY26, sales accelerated 4% YoY due to an increase of 7% YoY in White oil sales given improved macros. MS/HSD sales boosted 4/11% YoY during 4MFY26. In the outgoing month, MS/HSD prices moderated by 0.4/1.7% MoM to average Rs267.0/277.7/liter, respectively.
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