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.
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.
Morning News: Pakistan, China discuss $2.2bn maritime industrial complex at Port Qasim – By Vector Research

Dec 19 2025


Vector Securities


  • Pakistan and China discussed plans for a large maritime industrial complex at Port Qasim involving up to 2 billion euros ($2.2 billion) in investment on Thursday, as Islamabad seeks to modernize its ports and position itself as a regional trade and logistics hub, a government statement said. (The News)
  • Pakistan has signed a euro 60 million credit financing agreement with the European Investment Bank (EIB) to fund priority water and sanitation infrastructure projects across the country. (BR)
MARI Energies Limited (MARI): 1QFY26 EPS fell to PKR 13.0/sh down 19% YoY – By Foundation Research

Oct 30 2025


Foundation Securities


  • MARI Energies Limited (MARI) profitability clocked-in at PKR 15.6Bn, EPS of PKR 13.0/sh, (down 19/17% YoY/QoQ) in 1QFY26 as compared to profit of PKR 19.2Bn, EPS of PKR 16.0/sh in 1QFY25. The company skipped an interim dividend. The results are in line with our estimates.
  • Net sales of PKR 45.4Bn were recorded in 1QFY26, flat YoY/up 2% QoQ. The company booked a total royalty charge of PKR 11.3Bn, up 2.0x/8% YoY/QoQ. Surge in royalty charges is on the back of incremental well head expense. Opex remained under control and increased by a mere 4% YoY.
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.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By IIS Research

Oct 14 2025


Ismail Iqbal Securities


  • The company reported a Net Profit of PKR 65.1 billion (EPS: PKR 54.25) for FY25, reflecting a 15.7% decline compared to PKR 77.3 billion (EPS: PKR 64.37) in FY24. The dip in profitability was primarily attributed to lower production volumes due to gas curtailment, adverse FX and price variances, and additional wellhead expenses.
  • The company reported total hydrocarbon sales of 39.13 MMBOE in FY25, showing a marginal 0.31% YoY increase from 39.01 MMBOE in FY24 marking the highest-ever annual output in its history. The uptick was supported by new production from Shewa, Ghazij, and Shawal fields, along with enhanced drilling activity, which helped offset the impact of gas curtailment at mature assets.
Mari Energies Limited (MARI): Corporate Briefing Key Takeaways – By Chase Research

Oct 14 2025



  • Mari Energies Limited (MARI) reported earnings per share of PKR 54.25 for FY25, compared to PKR 64.37 in FY24. Furthermore, in 4QFY25, the company reported earnings per share of PKR 15.69, compared to earnings per share of PKR 21.37 in the same period last year (SPLY).
  • The company is working on Block 5 in partnership with ADNOC, where three discoveries are currently under development. The development plan has been approved by ADNOC, and production is targeted at approximately 25,000 barrels per day.
Pakistan Market Wrap: KSE-100Dips as Investors Lock Profits Amid Global Tensions – By HMFS Research

Feb 19 2026


HMFS Research


  • The KSE-100 index endured intense selling pressure today as investors aggressively moved to lock in gains, resulting in a sharp and broad-based correction across the equity market. The benchmark plunged to an intra-day low of 7,206 points, with heavyweights from the fertilizer, banking, and E&P sectors leading the downturn. Escalating geopolitical tensions between the US and Iran dampened investor sentiment, triggering widespread profit-taking and amplifying volatility. By the close of the session, the index settled at 172,170, marking a record decline of 6,683 points (down 3.74%) from the previous day’s close.
  • Trading activity remained relatively moderate, with volumes recorded at 229mn shares on the KSE-100 index and 540mn shares in the overall market. The day’s volume leaders included WTL (84mn), KEL (62mn), and TSBLR1 (46mn). Going forward, market direction is likely to remain contingent upon geopolitical developments and evolving domestic economic indicators. Additionally, forthcoming result announcements from blue-chip companies could provide selective support to the benchmark. In this environment, investors are advised to remain vigilant, carefully assess market dynamics, and focus on fundamentally strong stocks offering sustainable long-term growth potential.
Pakistan Market Wrap: The benchmark index closed on a sharply negative note – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • The benchmark index closed on a sharply negative note, declining from the outset amid global uncertainty and rising oil prices, which weighed on investor sentiment. Trading volumes decreased to 229mn shares today as compared to 425mn shares in the previous session. Today, the KSE-100 index lost 6,683 points to close at 172,170 level, down by -3.74% DoD. Banks, Cement, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 3506 points from the index.
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Pakistan Market Wrap: KSE-100 closes at 172,170 down 6,683 points – By Alpha-Akseer Research

Feb 19 2026


Alpha Capital


  • The equity market commenced the session on a negative footing and remained under sustained selling pressure throughout the day. The KSE-100 Index witnessed significant intraday volatility, fluctuating between 171,647 and 179,280 before settling at 172,170—down 6,683 points at close. Total traded volume on the main board reached 215.5 million shares, with an aggregate value of PKR 21.2 billion.
  • Key contributors to the index decline included FFC (-3.3%, - 539 points), ENGROH (-3.8%, -350 points), UBL (-2.4%, -347 points), OGDC (-4.7%, -302 points), and PPL (-5.5%, -298 points). On the activity front, KEL and BOP dominated volumes, with 58.8 million and 28.1 million shares traded, respectively.
Faysal Bank Ltd (FABL): 4QCY25 Result Review – By AKD Research

Feb 19 2026


AKD Securities


  • Faysal Bank Ltd (FABL) announced its 4QCY25 financial results earlier today, wherein the bank posted NPAT of PkR6.7bn (EPS: PkR4.4) for the quarter, up 105%YoY/34% QoQ. The result is above our expectations due to higher than anticipated gain on sale of securities. In addition to the result, bank announced a final cash payout of PkR2.0/ sh, below our expectations of PkR2.5/sh, taking CY25 cash payout to PkR6.5/sh.
  • Net spread earned was recorded at PkR17.6bn in 4QCY25, down by 13%YoY/1% QoQ due to reduction in yields along with impact of MDR introduction on saving accounts.
D.G. Khan Cement Company Limited (DGKC): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • D.G. Khan Cement Company Limited is scheduled to announce its 2QFY26 results on 23 February 2026 and is expected to report a PAT of PKR 2,652 million (EPS: PKR 6.05), down 2.5% YoY.
  • Quarterly sales are projected at PKR 19,932mn, down 8.1% YoY, mainly due to lower exports after the Afghan border closure.
Attock Cement Pakistan Limited (ACPL): Result Preview 2QFY26 – By AHCML Research

Feb 19 2026


Al Habib Capital Markets


  • Attock Cement Pakistan Limited is scheduled to announce its 2QFY26 results on 23 February, 2026 and is expected to report a PAT of PKR 1,027 million (EPS: PKR 7.48), up 76.8% YoY, driven by higher retention prices, volumetric growth, and the addition of a 4.8MW wind mill.
  • Sales revenue for the quarter is expected to reach PKR 11,622 mn, up 30.20% YoY.
Faysal Bank Limited (FABL): 4QCY25 Result Review – By Taurus Research

Feb 19 2026


Taurus Securities


  • 4QCY25 EPS: PKR 4.6. 4QCY25 PAT up 95%YoY. CY25 PAT down 6%YoY. Further, FABL has also announced a final cash dividend of PKR 2.00/sh., taking the CY25 dividend payout to PKR 6.5/sh.
  • Net Spread Earned (NSE): Remained flattish compared to the previous quarter on account of pressure on margins due to plateauing asset yields and slight uptick in the cost of funds. Overall, NSE declined 1%QoQ.
Technical Outlook: KSE-100 expected to test resistance at the 50-DMA – By JS Research

Feb 19 2026


JS Global Capital


  • KSE-100 index showed sharp recovery to close at 178,853 level, up 5,703 points DoD. Volumes stood at 698mn shares versus 716mn shares traded previously. The index is expected to test resistance at 179,699 (50-DMA) where a break above that will target the 30-DMA currently at 184,064 level. However, any downside will find support between 175,800 and 177,385 levels, respectively. The RSI and the Stochastic Oscillator have moved up, supporting a recovery view. Investors are recommended to 'Buy on dips', with risk defined below 175,796 level. The support and resistance are at 175,796 and 180,442 levels, respectively.
Morning News: IT exports rise 20pc in 7MFY26 – By IIS Research

Feb 19 2026


Ismail Iqbal Securities


  • Information technology (IT) exports surged 20 per cent year-on year (YoY) to reach $2.6 billion in the first seven months of FY26, according to a Topline Research report issued on Wednesday.
  • Foreign Direct Investment (FDI) in Pakistan fell sharply 51 percent during the first seven months of the current fiscal year (FY26).
Oil & Gas Development Co. (OGDC): Expanding frontier footprint; BUY reiterated – By Topline Research

Feb 19 2026


Topline Securities


  • We reiterate our BUY stance on Oil and Gas Development Company (OGDC), with a Mar-27 Target Price (TP) of Rs419/share, implying a total return of 48% (including dividend yield of 5%). The stock was highlighted as a top pick in our 2026 strategy report released on Nov 08, 2025. Since then, OGDC has delivered a return of 19%, outperforming the benchmark by 11%.
  • This is despite a recent correction of 12.1% in the stock price over the last one month, amid concerns surrounding the Reko Diq project, which we believe have overplayed.
Technology & Communication: IT Exports up by 19% YoY to US$374mn in Jan-26 – By Topline Research

Feb 18 2026


Topline Securities


  • Pakistan recorded monthly IT exports of US$374mn in Jan-26, up 19% YoY but down 14% MoM. This takes 7MFY26 to US$2.6bn, reflecting a 20% YoY growth.
  • Net IT Exports (Exports-Imports) displayed a monthly number of US$314mn, up 12% YoY.
Meezan Bank Limited (MEBL): Corporate Briefing Key Takeaways – By Topline Research

Feb 17 2026


Topline Securities


  • Meezan Bank (MEBL) conducted its 4Q2025 Corporate Briefing Session today where management discuss financial performance and outlook.
  • The bank’s deposit growth remained strong at 28% YoY, reaching Rs3.3bn in Dec-25. The bank maintained its current account ratio at 48%, while in absolute terms, current accounts grew by Rs361bn in 2025. CASA deposits increased by 25% YoY, bringing the CASA mix to 91% in Dec-25, compared to 93% in Dec-24. Term deposits rose by 9% YoY, primarily due to the replacement of high-cost State Bank borrowings, which had increased YoY amid better opportunity was available to invest in Sukuks.
Millat Tractors Limited (MTL): 2QFY26 EPS at Rs12.06, down 21% YoY but up 4.7x QoQ – By Topline Research

Feb 17 2026


Topline Securities


  • Millat Tractors Limited (MTL) announced its 2QFY26 result today, wherein the company recorded unconsolidated profit of Rs2.4bn (EPS of Rs12.06), down 21% YoY but up 4.7x QoQ.
  • Result was higher than expectations due to higher-than-expected gross margins.
Pakistan State Oil (PSO): 2QFY26 EPS at Rs5.82 down 62% YoY & 71% QoQ – By Topline Research

Feb 17 2026


Topline Securities


  • Pakistan State Oil Company (PSO) announced its 2QFY26 results today, reporting an unconsolidated profit of Rs2.7bn (EPS: Rs5.82). The earnings were below industry expectations due to higher-than-expected inventory losses and higher than expected Effective Tax Rate (ETR).
  • This took 1HFY26 earnings at Rs12.1bn (EPS of Rs25.82) compared to 1HFY25 profit of Rs11.2bn (EPS of Rs23.81), up 8% YoY.
Pakistan Economy: Pakistan likely to meet Quantitative Performance Criteria – By Topline Research

Feb 17 2026


Topline Securities


  • Reportedly, IMF team is due in last week of Feb 2026 for third review of the Extended Fund Facility (EFF) and second review of the Resilience and Sustainability Facility (RSF). The review will assess performance of assigned criteria and targets for Sep 2025 and Dec 2025.
  • Quantitative Performance Criteria (QPC): QPC for any IMF program is important criteria as it requires board level waiver if not met. As per our calculation, Pakistan is likely to meet nearly all 7 QPCs, however data for one indicator is not known yet, which was missed in last review (floor on targeted cash transfer) by Rs1bn only.
Pakistan Petroleum Limited (PPL): 2QFY26 EPS down 26% YoY to Rs7.44/share – In line with expectations – By Topline Research

Feb 13 2026


Topline Securities


  • Pakistan Petroleum Limited (PPL) reported its 2QFY26 results, posting earnings of Rs20.3bn (EPS: Rs7.44), down 26% YoY while remaining largely flat on a QoQ basis (up 1%). The YoY decline is primarily driven by lower hydrocarbon production and weaker oil prices.
  • This brings 1HFY26 earnings to Rs40.4bn (EPS: 14.84), reflecting a 21% YoY decline.
  • The company reported net sales of Rs61.2bn, up 1% YoY and 8% QoQ. The QoQ growth is attributable to a slight recovery in oil and gas volumes.
Engro Fertilizers Limited (EFERT): 4Q2025 EPS at Rs6.26, down 19% YoY – By Topline Research

Feb 12 2026


Topline Securities


  • Engro Fertilizers (EFERT) announced its 4Q2025 financial result today, wherein the company recorded consolidated quarterly profit of Rs8.4bn (EPS: Rs6.26), down 19% YoY and up 44% QoQ. The result came lower than the industry’s expectations due to lower-than-expected gross margins along with the one-time recognition of super tax charge amounting to ~Rs2bn in 4Q2025.
  • This takes 2025 earnings to Rs22.6bn (EPS: Rs16.95), down 20% YoY.
  • Net sales of the company increased by 20% YoY and 86% QoQ at Rs102bn in 4Q2025 due to the surge in Urea and DAP offtakes.
Bank AL Habib (BAHL): Result Review – By Topline Research

Feb 11 2026


Topline Securities


  • Bank AL Habib (BAHL) announced its 4Q2025 result today, where the bank recorded consolidated earnings of Rs5.8bn (EPS of Rs5.20), down 23% YoY and 16% QoQ.
  • The 4Q2025 result came lower than industry expectations due to higher-than-expected operating expenses.
  • We maintain a buy stance on BAHL, with the stock currently trading at a 2026E PE ratio of 7.2x, PBV ratio of 1.2x, and dividend yield of 9.0%.
Oil Marketing Companies: OMC sales up 10% YoY and 12% MoM in Jan 2026; 7MFY26 sales up 3% YoY – By Topline Research

Feb 3 2026


Topline Securities


  • Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.
  • The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.
  • This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.
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