Pakistan State Oil (PSO): 2QFY26 EPS clocked in at PKR5.8 – By Insight Research

Feb 17 2026


Insight Securities


  • Pakistan State Oil (PSO) has announced its 2QFY26 result, in which company posted unconsolidated PAT of ~PKR2.7bn (EPS: PKR5.8) vs. PAT of ~PKR9.3bn (EPS: PKR20.0) in preceding quarter, down by 71% QoQ. The result is below our expectation amid lower than expected gross margins coupled with higher ETR.
  • Topline of the company increased by 3% QoQ in 2QFY26, mainly attributable to higher volumetric sales. To highlight, in 2QFY26 company’s petroleum offtakes Increased by 10% QoQ, while retail offtakes increased by 12% QoQ.
Pakistan State Oil (PSO): 2QFY26 EPS clocked in at PKR5.8 – By Insight Research

Feb 17 2026


Insight Securities


  • Pakistan State Oil (PSO) has announced its 2QFY26 result, in which company posted unconsolidated PAT of ~PKR2.7bn (EPS: PKR5.8) vs. PAT of ~PKR9.3bn (EPS: PKR20.0) in preceding quarter, down by 71% QoQ. The result is below our expectation amid lower than expected gross margins coupled with higher ETR.
  • Topline of the company increased by 3% QoQ in 2QFY26, mainly attributable to higher volumetric sales. To highlight, in 2QFY26 company’s petroleum offtakes Increased by 10% QoQ, while retail offtakes increased by 12% QoQ.
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 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.
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).
Habib Bank Limited (HBL): 4QCY25 EPS clocked in at PKR10.5 – By Insight Research

Feb 18 2026


Insight Securities


  • HBL has announced its 4QCY25 result, wherein it has posted consolidated HBL (PKR mn) 4QCY25 4QCY24 3QCY25 YoY QoQ CY25 CY24 YoY PAT of PKR15.4bn (EPS: PKR10.5) vs. PAT of PKR14.6bn (EPS: PKR9.8) in SPLY. The result is broadly inline with our estimates. However, NII came higher than estimates due to healthy volumetric growth, which was partially offset by higher than estimated provisioning and ETR.
  • Net interest income clocked in at PKR68.2bn in 4QCY25, up by 13% YoY. The increase is mainly attributable to volumetric growth. To highlight, deposits grew by ~27%/9% YoY/QoQ in 4QCY25.
Pakistan State Oil (PSO): 2QFY26 EPS clocked in at PKR5.8 – By Insight Research

Feb 17 2026


Insight Securities


  • Pakistan State Oil (PSO) has announced its 2QFY26 result, in which company posted unconsolidated PAT of ~PKR2.7bn (EPS: PKR5.8) vs. PAT of ~PKR9.3bn (EPS: PKR20.0) in preceding quarter, down by 71% QoQ. The result is below our expectation amid lower than expected gross margins coupled with higher ETR.
  • Topline of the company increased by 3% QoQ in 2QFY26, mainly attributable to higher volumetric sales. To highlight, in 2QFY26 company’s petroleum offtakes Increased by 10% QoQ, while retail offtakes increased by 12% QoQ.
Pakistan OMCs: 2QFY26 Previews – By Insight Research

Feb 17 2026


Insight Securities


  • We preview Oil Marketing Companies 2QFY26 results wherein we expect revenue of our universe (PSO & APL) to increase by 6% QoQ, amid increase in volumetric sales while same is down by 6% YoY amid decline in offtakes. Industry’s volumetric sales decreased by 2% YoY to clock in at 4.2mn tons in 2QFY26 however on QoQ offtakes inched up by 10%. As per OCAC’s data, PSO & APL closed the quarter with market shares of 42.7% & 7.9%, respectively.
  • To highlight, ex-refinery prices of MS and HSD decreased by 3% and 4% to PKR157/ltr and PKR165/ltr on quarter end basis, respectively. We expect PSO/APL to post EPS of PKR16.7/PKR15.7 in 2QFY26.
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.
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