Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
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.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Engro Fertilizers Limited (EFERT): Unfavourable dynamics weigh on earnings – By JS Research

Oct 21 2025


JS Global Capital


  • Engro Fertilizers Ltd. (EFERT) has underperformed the KSE-100 index by 38% CYTD, mainly led by the unfavorable business dynamics that has adversely impacted the company throughout the year. To recall, the company posted earnings of Rs14bn, down 21% YoY led by the slowdown in sales volume, ongoing discounts, and higher financial charges.
  • The company’s Urea inventory remained elevated, currently hovering around 550k tons owing to subdued local demand. This led to discount offerings in the range of Rs250-325/bag in the outgoing quarter which are still in place. The management in its recently held corporate briefing session apprised that industry’s inventory levels are likely to remain at 1mn tons by year end.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 12 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index witnessed a volatile session, hitting an intraday high of 182,757 before closing at 180,513 down 2,537 points (-1.39%) amid profit-taking. Broad-based selling was observed across key sectors, particularly Banks, Oil & Gas Exploration, Technology & Communication, Cement, and Power Generation & Distribution. Market sentiment remained under pressure due to EFERT’s below expected results. Additionally, Barrick Gold Corporation’s Reko Diq copper-gold project in Balochistan faces uncertainty as the company reviews its development timeline and capital budget amid escalating security risks. Among major laggards, PPL, EFERT, HUBC, SYS, and OGDC collectively erased 902 points from the index. On the volume front, K-Electric (KEL) led with 176.91 million shares traded, while total market turnover stood at 868.95 million shares.
Pakistan Market Wrap: Profit-Taking Storm Hits Market, Benchmark Closes Lower – By HMFS Research

Feb 12 2026


HMFS Research


  • The KSE-100 index opened in the red today, setting the stage for a profittaking session as investors adopted a cautious stance. Significant selling pressure was observed, with the E&P and Fertilizer sectors bearing the brunt of the declines. The index touched an intra-day low of 4324.56 points before gradually recovering to close at 180,512.64 level, down 2,537.16 points. The downward pressure was largely influenced by rising inflation projections for Q4, estimated at 8%, which diminished expectations of a policy rate cut, creating a tense market environment.
  • Political uncertainties further added to the bearish sentiment. Trading volumes remained healthy, with 448mn shares exchanged on the KSE-100 index and 869mn shares traded across the broader market. Key volume leaders included KEL (177mn), CNERGY (52mn), and AMTEX (40mn). Looking ahead, the market’s direction will remain sensitive to regional developments and domestic economic trends. Upcoming results from blue-chip companies and dividend-yielding stocks are expected to provide support over the longer term. Investors are advised to maintain vigilance, focusing on fundamentally strong stocks with long-term growth potential.
The Hub Power Company Limited (HUBC): Steady Earnings Despite Mixed Generation Trends – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • As per NEPRA, total power generation in the country during 1HFY26 stood at 67,357 GWh, reflecting a 1.1% YoY increase. This growth was primarily driven by lower consumer tariffs following major PPA revisions and suspensions last year, along with government efforts to bring consumers back onto the national grid.
  • Within HUBCO’s portfolio, plant wise generation showed a mixed trend during the quarter. TEL’s load factor improved to 64% (from 58% SPLY), while Narowal’s utilization increased to 2% (from 0.1%). In contrast, CPHGC and TNPTL recorded lower utilization, declining to 1% (from 5%) and 51% (from 59%), respectively. Laraib’s generation declined to 101 GWh, reflecting seasonal trend. On the automobile front, PAMA data indicates consistent growth in auto sales, and we expect a similar trend for mega motors. The company has also launched two new models Sealion 7 and Atto 2 in Jan ‘26, profit contributions are expected to materialize going forward.
Pakistan Cements: 2QFY26 result previews – By JS Research

Feb 12 2026


JS Global Capital


  • We present 2QFY26 earnings expectations for D.G. Khan Cement Ltd (DGKC), Cherat Cement Ltd (CHCC), and Kohat Cement Ltd (KOHC).
  • We expect DGKC to report EPS of Rs6.98 in 2QFY26E, up 13% YoY, supported by improved margins on the back of softer coal prices and a significant reduction in financial charges amid aggressive deleveraging and monetary easing.
  • In contrast, CHCC and KOHC are expected to witness earnings decline of 20% and 22% YoY in 2QFY26E, with EPS projected at Rs9.4 and Rs2.91, respectively, primarily due to margin compression amid lower YoY retention prices in the North and relatively higher coal costs owing to the Afghan border closure.
Bank of Punjab Limited (BOP): Company Update – By Taurus Research

Feb 12 2026


Taurus Securities


  • We upgrade our Dec’26 target price for the Bank of Punjab Lim ited (BOP) to PKR 50/sh. (PKR 46/sh. earlier) following the slight revision in our valuation assumptions, as well as incorporating the Bank’s upcoming 4QCY25 results (scheduled for February 17, 2026); maintaining our ’BUY’ stance offering an upside of 31% over the LDCP, coupled with a CY26E dividend yield of 8% - translating into a total return of 39%.
  • 4QCY25 consolidated earnings to arrive at PKR 7.1Bn (EPS PKR 2.2/sh.). Wherein, we anticipate the Bank’s Net Interest Margin to showcase QoQ improvement on account of the declining cost of funds mainly, attributable to the re-pricing of a substantial portion of the Bank’s term deposits i.e. 66% of the TDR portfolio, as per the management guidance.
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.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Morning News: SBP chief expects broader recovery than IMF forecast – By HMFS Research

Feb 12 2026


HMFS Research


  • Central bank chief expects the economy to grow as much as 4.75 percent this fiscal year, pushing back against a recent downgrade by the International Monetary Fund. Governor Jameel Ahmad, in written responses to Reuters, argued the recovery is broader and more durable than headline export data suggest. The State Bank of Pakistan (SBP) raised its FY26 growth forecast to 3.75–4.75 percent at its January meeting, 0.5 percentage point higher than its previous range, despite a contraction in exports in the first half of the year and a widening trade deficit.
  • The Finance Minister welcomed Pommersheim, Deputy Assistant Secretary, and appreciated the longstanding support and engagement of the United States in Pakistan’s economic development, particularly cooperation in multilateral financial frameworks. Both sides exchanged views on Pakistan’s economic outlook, reform agenda, and avenues for enhancing bilateral economic cooperation. The Finance Minister also highlighted growing investor confidence, citing recent indigenous investment initiatives and increased private-sector participation.
Morning News: Saudi Arabia eyes Pakistan’s rice sector – By IIS Research

Feb 12 2026


Ismail Iqbal Securities


  • Saudi Arabia has shown interest in investing in corporate farming in Pakistan’s rice sector to ensure a stable, reliable supply of rice through structured, long-term arrangements between the two countries.
  • The Saudi government has dispatched a high-level delegation to Pakistan to explore avenues of cooperation in various sectors, apparently to finalise a priority agenda ahead of the expected visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
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%.
Engro Fertilizers Limited (EFERT): 4QCY25 EPS clocked in at PKR6.26 – By Insight Research

Feb 12 2026


Insight Securities


  • EFERT has announced its 4QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR6.26) vs. PAT of PKR10.2bn (EPS: PKR7.70) in SPLY. The result is below our expectation, mainly due to lower than estimated gross margins and higher ETR.
  • Revenue for the quarter witness an increase of ~20%/86% YoY/QoQ to clock in at PKR101.7bn, attributable to higher volumetric sales.
  • Gross margins decreased by ~7ppts/5ppts YoY/QoQ, to clock in at ~28% in 4QCY25, possibly due to higher than estimated discounts on urea.
Pakistan Chemicals: Profitability to remain muted – By Insight Research

Feb 11 2026


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR263mn (EPS: PKR0.17) in 4QCY25 vs. LAT of PKR19mn (LPS: PKR0.01) in SPLY and PAT of PKR94mn (EPS: PKR0.06) in preceding quarter. To note, International PTA prices plunged by ~4%/2% YoY/QoQ to clock in at ~US$644/ton. Consequently, core delta declined by ~16%/5% YoY/QoQ to clock in at ~US$86/ton. Company’s topline is expected to decrease by 4% YoY/QoQ to clock in at PKR19.6bn in 4QCY25 amid lower product prices. Gross margins of the company are estimated to clock in at 2.6% in 4QCY25, witnessing an increase of ~180bps YoY amid one-off in SPLY.
  • EPCL is expected to post a consolidated LAT of PKR1.2bn (LPS: PKR1.30) in 4QCY25 vs. PAT of PKR3.4bn (EPS: PKR3.75) in SPLY and LAT of PKR0.2bn (LPS: PKR0.24) in preceding quarter. Company’s topline is expected to decrease by 15%/10% YoY/QoQ to clock in at PKR18.0bn in 4QCY25, amid lower product price. Gross margins are estimated to clock in at 6.2% in 4QCY25. To note, International PVC prices decline by ~19%/7% YoY/QoQ to clock in at ~US$649/ton. Consequently, PVC-Ethylene margins witnessed a decline of ~16%/1% YoY/QoQ. Admin expense is expected to increase by 26% YoY amid higher volumetric sales, whereas same is expected to go down by ~10% QoQ. Financial charges are anticipated to decrease by 24%/6% YoY/QoQ to clock in at PKR1.3bn, primarily due to decline in interest rates and debt level.
Meezan Bank Limited (MEBL): 4QCY25 Result Review – By Insight Research

Feb 9 2026


Insight Securities


  • Profit earned fell by ~7% YoY, amid falling yields, while same is up by 6% QoQ, possibly attributable to volumetric growth. To highlight, bank’s deposit inch up ~4% QoQ. Similarly, net spread earned inch up by ~3% QoQ.
  • Other income recorded a decline of 36%/27% YoY/QoQ. The YoY decline is attributable to absence of gain on securities during 4QCY25, compared to PKR3.2bn gain in SPLY. While QoQ decline is mainly attributable to loss of ~PKR500mn on FX income coupled with flattish fee income.
MCB Bank Limited (MCB): 4QCY25 EPS clocked in at PKR11.9 – By Insight Research

Feb 4 2026


Insight Securities


  • MCB has announced its 4QCY25 result, wherein it has posted MCB (PKRmn) 4QCY25 4QCY24 3QCY25 YoY QoQ CY25 CY24 YoY consolidated PAT of PKR30.2bn (EPS: PKR11.9) vs. PAT of PKR27.2bn (EPS: PKR8.9) in SPLY. The result came inline with our expectations.
  • Net interest income recorded an increase of 4% YoY, while it remained flat on QoQ basis.
Commercial Banks: 4QCY25 Previews: Stable earnings; Payouts intact – By Insight Research

Feb 3 2026


Insight Securities


  • We estimate profitability of ISL coverage banks to inch up by 16% YoY, while same is expected to decline by 2% QoQ. The YoY increase is mainly driven by lower ETR for the quarter compared to SPLY, further aided by volumetric expansion. While, QoQ decline is attributable to slight moderation in NIMs. Net Interest Income of the sector is likely to decline as impact of lower policy rate translates into asset yields.
  • However, some of the impact is likely to offset by balance sheet expansion as deposits grew by ~2.7% QoQ. We estimate HBL/UBL/MCB/MEBL/BAFL to post EPS of PKR11.0/13.8/11.9/12.5/3.5, respectively. We expect dividend payouts to remain robust amid healthy profits and decent buffer on adequacy ratios and expect HBL/UBL/MCB/ MEBL/BAFL to announce DPS of PKR5.0/8.0/9.0/7.0/2.5, respectively.
Lucky Cement Limited (LUCK): Analyst briefing takeaways – By Insight Research

Feb 2 2026


Insight Securities


  • Lucky Cement Limited has conducted its analyst briefing to discuss its financial result and outlook. We have summarized following key takeaways from the briefing.
  • Regarding domestic cement sales outlook, management highlighted that given the 12.5% YoY increase in 6MFY26, local sales are expected to grow by at least 8–9% in FY26.
Pakistan Economy: Jan’26 CPI likely to clock in at 6.1% - By Insight Research

Jan 30 2026


Insight Securities


  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Chicken (14.8↑%), Wheat flour (10.4↑%), Tomatoes (10.2%↑), Spices (6.3%↑) & Fresh fruits (4.9%↑). On the flip side, prices of the following items eased off during the month, Potatoes (30.9%↓), Onions (24.6%↓), Sugar (8.6%↓), Pulse gram (6.5%↓) & Motor fuel (4.8%↓).
  • Following a 50bps policy rate cut in Dec’25 MPC meeting, after maintaining status quo across the preceding four meetings, SBP signaled the possibility of further monetary easing in CY26. Market expectations were consequently anchored around an additional 50–75bps cut in the Jan’26 MPC meeting. However, contrary to street consensus, SBP opted to keep policy rate unchanged while reducing the Cash Reserve Requirement (CRR) for banks by 100bps to 5%. This appears prudent in the context of geopolitical tensions and its potential spillover impact on global commodity prices, which have been a key anchor for Pakistan’s macroeconomic stability in recent quarters. The import bill has already begun to inch up, while the export sector continues to face structural constraints. Given sticky core inflation and an elevated imports, a cautious policy stance remains essential to preserve macroeconomic stability.
Fauji Fertilizer Company Limited (FFC): 4QCY25 EPS clocked in at PKR11.2 – Below expectation – By Insight Research

Jan 29 2026


Insight Securities


  • FFC has announced its 4QCY25 result, wherein company has posted unconsolidated PAT of PKR15.9bn (EPS: PKR11.2) vs. PAT of PKR14.2bn (EPS: PKR10.0) in SPLY. The result is below our expectation primarily due to lower than expected gross margins and higher ETR.
  • Revenue for the quarter increased by 18% QoQ to clock in at PKR149.7bn, mainly attributable to higher offtakes coupled with increase in DAP prices.
National Foods Limited (NATF): Seasoned for Sustained Growth – By Insight Research

Jan 28 2026


Insight Securities


  • National Foods Limited (NATF) remains a dominant household brand in Pakistan, supported by its diverse product portfolio and an extensive distribution network. The company has demonstrated commendable operational performance in recent years, with unconsolidated profit surging by ~2.5x YoY to PKR3.2bn in FY25. This growth was primarily driven by strong momentum in both domestic and international markets, along with efficiency gains from the newly inaugurated Faisalabad facility.
  • Backed by National Foods strong topline momentum, with unconsolidated revenues posting a 5-year CAGR of 18% while consolidated revenues expanded at 29% CAGR, along with management’s emphasis on international expansion and inorganic growth opportunities, we recommend a BUY stance with a Dec’26 SOTP based target price of PKR548/sh, implying a capital upside of 34%.
Sazgar Engineering Works Limited (SAZEW): 2QFY26 EPS clocked in at PKR66.6 – Below expectation – By Insight Research

Jan 27 2026


Insight Securities


  • SAZEW has announced its 2QFY26 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR66.6) vs. PAT of PKR2.4bn (EPS: PKR39.8) in SPLY. The result is below our expectation mainly due to lower than estimated topline and higher S&D expenses.
  • During 2QFY26, revenue witnessed an increase of ~85%/1% YoY/QoQ, to clock in at PKR34.0bn, primarily due to higher volumetric sales.
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