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$HCAR Honda Atlas Car (HCAR): 3QMY26 EPS at Rs4.59,up 16% YoY while down 12% QoQ – lower than expectations – By Topline Research

Topline Securities
$HCAR Honda Atlas Cars (Pakistan) Limited
Rs. 235.68 -1.80%
  • Honda Atlas Car Pakistan (HCAR) announced its 3QMY26, result today, where the company recorded profit of Rs655mn (EPS of Rs4.59), up 16% YoY while down 12% QoQ.
  • The result came lower than industry expectations due to lower-than-expected gross margins and higher-than-expected effective tax rate.
  • Gross margins clocked in at 7.55% in 3QMY26 vs 9.21% in 3QMY25 and 7.56% in 2QMY26. Despite increased sales, gross margins fell as compared to last year, however the margins remained flattish on QoQ basis. We were expecting gross margins at 9%.