Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Engro Polymer & Chemicals Limited (EPCL): Reversal Structure Unfolds – By Alpha-Akseer Research

Dec 19 2025


Alpha Capital


  • EPCL (LDCP 35.77) price has confirmed a bullish reversal by breaking above the long-term falling wedge resistance near 34.50-35.00. The wedge’s measured move projects an upside target toward 51.47-53.00, the former level being the 38.2% retracement for the overall bear trend. The 35.00 zone now acts as key support, where pullbacks may offer accumulation opportunities. A close below 31.00 would negate the breakout and defines downside risk.
Engro Polymer & Chemical Limited (EPCL): 3QCY25 LPS clocked in at PKR0.24 – Above expectation – By Insight Research

Oct 22 2025


Insight Securities


  • In 3QCY25, revenue remain flat YoY/QoQ to clock in at PKR20.0bn.
  • Gross margins of the company clocked in at 11.3%, up by 580bps YoY, possibly due to higher realized product prices coupled with lower gas levy. However, we await clarity on this front.
  • Selling & distribution cost increased by 34%/31% YoY/QoQ.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 6 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, facing selling pressure from early morning. Although a slight recovery was observed by the end of the first session, the momentum weakened again following news of the Islamabad blast. Trading volumes increased to 799mn shares today as compared to 768mn shares in the previous session. Today, the KSE-100 index lost 3,703 points to close at 184,130 level, down by -1.97% DoD. Banks, E&Ps, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 2494 points from the index.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 6 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, touching an intraday high of 188,036 before closing at 184,310 down 3,703 points, or (-1.93% ) amid profit taking. The announcement of the Supreme Court case regarding NBP’s pension funds triggered selling pressure, as investors anticipated lower dividend payouts following potential cash outflows for pension fund payments. Furthermore, Barrick Gold’s board is reviewing all aspects of a gold and copper project in the Balochistan region due to security concerns, including capital allocation, as CEO Mark Hill stated during a post-earnings call. Additionally, the upcoming third IMF review at the end of the current month exerted pressure, reflecting concerns over slower progress on required economic reforms.
  • The uncertain geopolitical climate also dampened investor sentiment. Selling pressure was concentrated in Commercial Banks, Fertilizer, and Exploration & Production (E&P) stocks, due to a lack of fresh positive catalysts. High stakes Iran US negotiations over Tehran’s nuclear program commenced in Oman, with lingering disagreements raising fears of prolonged Middle East tensions. Major laggards such as NBP, FFC, PPL, UBL, and MEBL collectively dragged the index down by 1,573.11 points. On the volume front, K-Electric KEL led trading activity with 517.82 million shares, while the total market turnover stood at 1,266.28 million shares.
Pakistan Market Wrap: KSE-100 closes at 184,130 down 3,703 points – By Alpha-Akseer Research

Feb 6 2026


Alpha Capital


  • The equity market opened on a subdued note and remained under pressure throughout the trading session. The KSE-100 Index fluctuated within a range of 183,547 to an intraday high of 188,036 before closing at 184,130, down 3,703 points. Total volumes on the main board stood at 798.2 million shares, with a total traded value of PKR 48.3 billion.
  • The decline in the index was primarily led by NBP (-8%, -396 points), FFC (-2.3%, -384 points), PPL (-5%, -313 points), UBL (-1.9%, -278 points), and MEBL (-2.6%, -202 points). In terms of activity, KEL and NBP led the volumes chart, with traded volumes of 517.8 million and 51.2 million shares, respectively.
Pakistan Market Wrap: Market Under Pressure: Geopolitical Uncertainty Sparks Sharp KSE-100Decline – By HMFS Research

Feb 6 2026


HMFS Research


  • The KSE-100 Index witnessed a sharp correction during today’s trading session, as investor sentiment weakened amid heightened geopolitical concerns, profit-taking at elevated valuations, and a broader risk-off environment. Rising uncertainty and cautious positioning triggered broad based selling across key sectors, exerting sustained pressure on market performance throughout the session. Consequently, the benchmark index closed at 184,129.58 points, registering a steep decline of 3,702.5 points from the previous close.
  • Despite the negative close, trading activity remained robust, with 799mn shares traded on the KSE-100 Index and 1.3bn shares exchanged across the All-Share Index, indicating sustained investor participation and active portfolio rebalancing. KEL (518mn shares) led volumes, followed by NBP (51mn shares) and FNEL (50mn shares). Looking ahead, market direction is expected to remain volatile in the near term, with sentiment likely to be shaped by geopolitical developments, macroeconomic signals, and the ongoing corporate earnings season. While short-term pressure may persist, medium-term fundamentals remain supportive, with selective opportunities likely to emerge in fundamentally strong stocks.
Pakistan Economy: Exports boost Jan-2026 cement dispatches – By JS Research

Feb 6 2026


JS Global Capital


  • Cement dispatches stood at 4.54mn tons in Jan-2026, up 13% YoY, primarily driven by a 61% YoY surge in export dispatches, led by a 79% YoY increase from the South, while North exports remained nil for the 3rd consecutive month. Local dispatches, meanwhile, saw a slowdown in momentum, with growth moderating to 4% YoY during the month.
  • In 7MFY26, total cement dispatches rose 11% YoY, supported by a 12% YoY increase in local dispatches. Export growth, however, remained muted at 3% YoY, as a 10% YoY rise in South exports was largely offset by a 23% YoY decline in North exports owing to the Afghan border closure.
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.
Pakistan State Oil Company Limited (PSO): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17.0, PAT: ~PKR 8.0Bn up 11% over the SPLY. 1HFY26: – PAT up 55% over the SPLY.
  • In 2QFY26, PSO’s net sales are expected to clock-in at ~PKR 711Bn, down 15%YoY/4%QoQ due to a decrease in PSO’s MS and HSD volumes by 11%YoY and 16%YoY, respectively, primarily due to a 5%YoY decrease in its market share during 2QFY26 due to competition. In addition, sales of other fuels increased only by 4%YoY. However, gross margin during the quarter is expected to grow marginally by 0.5ppts as LNG sales are expected to eventually increase by 1.3%QoQ.
  • Moreover, the finance cost for the quarter is expected to decrease by 19%YoY, and by 32% for 1HFY26 due to lower debt and interest rates. We expect this to contribute to some growth in net profit as well as improve the net margin to 1.1% from to 0.9% during the SPLY. Accordingly, PSO’s net profit is expected to grow by 11%YoY during 2QFY26 and 55%YoY during 1HFY26.
Technical Outlook: KSE-100: Formation suggests further upside – By JS Research

Feb 6 2026


JS Global Capital


  • KSE-100 index extended the gain to close at 187,832 level, up 931 points DoD. Volumes stood at 1,195mn shares versus 849mn shares traded previously. The index is expected to test resistance at 188,312 (Wednesday's high) where a break above that will target the all-time high at 191,033 level. However, any downside will find support between 186,420 and 187,130 levels, respectively. The RSI and the Stochastic Oscillator have continued to rise, supporting a positive view. We recommend investors to 'Buy on dips', keeping stoploss below 186,428 level. The support and resistance are at 187,130 and 188,423 levels, respectively.
Morning News: Barrick reviews Reko Diq project amid security concerns – By Vector Research

Feb 6 2026


Vector Securities


  • Barrick Mining’s board is reviewing all aspects of a gold and copper project in Balochistan region, including capital allocation, due to security concerns, CEO Mark Hill said during a post-earnings call. The miner added the review of the Reko Diq project’s security arrangements, development timetable and capital budget would begin immediately, with an update once the process is completed. (BR)
  • Pakistan and Uzbekistan on Thursday signed a protocol aimed at materialising their commitment to boost bilateral trade to $2 billion, as Uzbek President Shavkat Mirziyoyev arrived in Islamabad on a two-day official visit. Trade between the two countries, however, currently stands at about $434m, according to official figures, despite steady growth in recent years. (Dawn)
Engro Polymer & Chemicals Limited (EPCL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • Board Meeting: Friday, 13th February, 2026.
  • 4QCY25 EPS: PKR 0.93; DPS: NIL; PAT: PKR 850Mn. CY25 LPS: 2.18, DPS: NIL, LAT: PKR 2.0Bn.
  • During 4QCY25, we expect net sales to clock in at ~PKR 21Bn, down 1%YoY / up 7%QoQ. On a sequential basis, we expect gross margin to arrive at ~16.7%, an increase of 4pptsQoQ, mainly due to higher utilization and absorption. To note, core delta (PVC-Ethylene) for the quarter was down 1pptQoQ averaging around ~USD 275/ton. Moreover, we expect continued contribution from Alkali and HPO businesses. Finance cost is expected to fall ~17%QoQ, reflecting efficient debt management and lower interest rates during the period.
Attock Petroleum Limited (APL): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17, PAT: ~PKR 2.1Bn, down ~23% over the SPLY. 1HFY26 PAT to grow 16%YoY.
  • In 2QFY26, APL’s topline is expected to clock-in at ~PKR 113Bn, down 5%YoY/4%QoQ. During 2QFY26, APL’s MS and HSD volumes decreased by 2%YoY and 8%YoY, respectively. As a result, net profit is likely to decrease by 23%YoY and arrive at PKR 2.1Bn. Overall volumes for the quarter decreased by 3%QoQ and 5%YoY altogether during 1HFY26. Despite the decrease, APL’s net sales for 1HFY26 are expected to remain stable YoY at PKR 231Bn, recording a decrease of only 0.5%YoY.
Pakistan State Oil Company Limited (PSO): Result Preview – By Taurus Research

Feb 6 2026


Taurus Securities


  • 2QFY26: – EPS: PKR 17.0, PAT: ~PKR 8.0Bn up 11% over the SPLY. 1HFY26: – PAT up 55% over the SPLY.
  • In 2QFY26, PSO’s net sales are expected to clock-in at ~PKR 711Bn, down 15%YoY/4%QoQ due to a decrease in PSO’s MS and HSD volumes by 11%YoY and 16%YoY, respectively, primarily due to a 5%YoY decrease in its market share during 2QFY26 due to competition. In addition, sales of other fuels increased only by 4%YoY. However, gross margin during the quarter is expected to grow marginally by 0.5ppts as LNG sales are expected to eventually increase by 1.3%QoQ.
  • Moreover, the finance cost for the quarter is expected to decrease by 19%YoY, and by 32% for 1HFY26 due to lower debt and interest rates. We expect this to contribute to some growth in net profit as well as improve the net margin to 1.1% from to 0.9% during the SPLY. Accordingly, PSO’s net profit is expected to grow by 11%YoY during 2QFY26 and 55%YoY during 1HFY26.
Engro Powergen Qadirpur Limited (EPQL): 4QCY25 Result Review – By Taurus Research

Feb 4 2026


Taurus Securities


  • Board Meeting: February 04, 2026.
  • 4QCY25 LPS: PKR 0.05; DPS: PKR 1.25; LAT: PKR 15Mn, down 1.0xYoY over the SPLY – below expectations.
  • EPQL’s net sales clocked-in at PKR 3.2Bn in 4QCY25, down 4%QoQ due to lower plant utilization. Gross margins hovered at 6%, down 8pptsQoQ on account of increase in fuel cost component. Moreover, CY25 sales dropped 10%YoY on the back of major scheduled outage in 2025 and reduction in capacity payments due to implementation of hybrid take & pay model. CY25 PAT down 61%YoY due to PPA revisions in addition to lower utilization level. On a sequential basis, EPQL posted a LAT of PKR 15Mn (LPS of PKR 0.05) as a lower topline has wiped out the earnings during the quarter. Lastly, the Company announced a final cash dividend of PKR 1.25 for the quarter, taking the total payout to PKR 11.75 for the year.
Pakistan Cement: Jan’26 dispatches up 4%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Total cement dispatches in Jan’26 went up 4%MoM to 4.54Mn tons i.e. domestic sales down 3%MoM while exports were up significantly by 51%MoM. Decrease in domestic sales was at tributed to lower construction demand amid winter effect, also a resultant effect of higher construction material cost, duties and taxes—cement manufacturers have requested the Government to give concessions on duties and taxes by framing an industry-friendly policy in order to support construction activities, making cement viable domestically as well as for exports. Further, North players are concerned as exports were Nil for the third consecutive month due to the border closure with Afghanistan, searching for alternative destinations like Sri Lanka and Bangladesh via the Sea route.
Oil Marketing Companies: Jan’26 Volumes up 10%YoY and 12%MoM – By Taurus Research

Feb 4 2026


Taurus Securities


  • Petroleum products off-take for Jan’26 stood at ~1.5Mn tons, reflecting an increase of 12%MoM and 10%YoY respectively. MS volumes increased 2%MoM and 3%YoY. Meanwhile, HSD volumes increased by 20%MoM and 11%YoY, respectively. During 7MFY26, industry volumes were up 3%YoY with MS and HSD up 3%YoY and 4%YoY, respectively.
  • Industry sources report a combination of factors that the MoM increase was a result of, particularly economic recovery and ease in inflation. 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 car sales supporting demand as well.
Oil & Gas Development Company Limited (OGDC): 2QFY26 Result Preview – By Taurus Research

Feb 3 2026


Taurus Securities


  • 2QFY26 EPS: PKR 8.56; 2QFY26 PAT down 4%QoQ.
  • Net sales for the quarter are expected to arrive at ~PKR 98.9Bn, down 2%YoY. Royalty expenses are expected to be recorded at ~PKR 10.9Bn, down 6%YoY supporting profitability.
  • Additionally, EPS for 2QFY26 is expected to arrive at PKR 8.56, down 11%YoY and 4%QoQ, mainly due to elevated exploration and operating expenses arising from dry well outcomes at Jakhro North-1 and Khatian-1, along with the ongoing drilling and seismic activities, which continue to weigh on profitability.
Pakistan Economy: Jan’26 NCPI arrives at 5.8%YoY/0.4%MoM – By Taurus Research

Feb 3 2026


Taurus Securities


  • Headline inflation for Jan’26 arrived at 5.8%YoY/0.4%MoM, in line with expectations. Consequently, taking the NCPI for FY26 to date to 5.21%YoY. However, core inflation edged up slightly in both Urban & Rural areas for Jan’26 to 7.2%YoY (6.9%YoY in Dec’25) and 8.3%YoY (8.1%YoY in Dec’25), respectively.
  • To note, food inflation (~35% weight) for the month stood at 0.06% only on account of ~13%MoM decrease in the prices of perishable items. These include ~28%MoM decline in the prices of Potatoes and Onions along with a ~17%MoM decrease in the prices of other fresh vegetables during the month. Resultantly, offsetting the impact of the surge in prices of Wheat & Chicken.
Pakistan Refinery Limited (PRL): 2QFY26 Result Review – By Taurus Research

Feb 2 2026


Taurus Securities


  • 2QFY26 – EPS: PKR 1.8, PAT: ~PKR 1.1Bn – below expectations.
  • PRL’s net sales clocked-in at PKR 75.3Bn in 2QFY26, up 22%QoQ on account of increase in the volumes by 28%QoQ. Gross margins hovered at 5% in 2QFY26, remained flat compared to the previous quarter despite surge in HSD and MS sales as increase in FO sales i.e. 31%QoQ is likely to have balanced out margin growth. During 2QFY26, selling and admin expenses went up significantly by 27%QoQ and 61%QoQ, respectively. Further, Finance cost arrived at PKR 1.1Bn in 2QFY26, up 2%QoQ due to working capital requirements for the ongoing REUP project. Further, PRL posted a PAT of PKR 1.1Bn in 2QFY26, up 10%QoQ. 1HFY26 EPS arrived at PKR 3.4, turning positive compared to LPS of PKR 3.2 during the SPLY.
Commercial Banks: 4QCY25 Result Previews – By Taurus Research

Feb 2 2026


Taurus Securities


  • We expect 4QCY25 TSL Banking Universe earnings to post a dip of 2% on a sequential basis on account of flattish margins overall, including the impact of slightly lower cost of funds and uptick in expected credit losses and operating expenses for the quarter. Ac cordingly, CY25 PAT for our coverage banks is expected to grow 5%YoY, arriving at ~PKR 513Bn.
  • Relatively stagnant asset yields (declining in some cases) coupled with slightly lower cost of funds, we expect net-interest income to grow 3%QoQ only. Wherein, the 50bps cut in the policy rate to wards the year-end and the build-up in current accounts as well as the re-pricing of costly deposits in case of some of the banks, are the major factors likely to contribute to lower cost of funds.
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