Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Cherat Cement Company Ltd. (CHCC): Earnings declined on lower prices – By AKD Research

Feb 18 2026


AKD Securities


  • Revenue declined by 11%YoY to PkR9.4bn, mainly due to 13%YoY drop in local retention prices despite 11%YoY higher local offtakes. Notably, total offtakes declined by 2%YoY to 0.64mn tons due to lower exports amid Afghan border closure.
  • Gross margins slightly improved to 36.3% from 36.0% in SPLY, driven by higher proportion of local sales in the mix.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Cherat Cement Company Ltd. (CHCC): 1QFY26 Result Review – By AKD Research

Oct 27 2025


AKD Securities


  • Revenue inclined by 6%YoY to PkR10.3bn, where 19%YoY increase in volumes during the quarter outweigh the impact of 14%YoY decline in retention prices.
  • Gross margins declined to 36.3% from 40.0% in SPLY, driven by increase in royal ty rates in KPK region. Notably, royalty rates in KPK region increased to PkR350/ ton compared to PkR250/ton during SPLY.
  • We maintain a ‘Buy’ stance on CHCC with a Jun’26 DCF target price of PkR605.6/ sh. Our liking for the scrip is driven by; i) company’s strong deleveraging, bring ing its D/E to just 0.14x, ii) robust margins, supported by increased reliance on local coal (~60%) and expansion in solar capacity to 23MW, and iii) lower royalty rates in the region.
Pakistan Market Wrap: Evening Note – By Vector Research

Feb 18 2026


Vector Securities


  • Evening Note.
Pakistan Market Wrap: Evening Chronicle – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • The benchmark KSE-100 Index opened on a positive note, hitting an intraday high of 178,974 before closing at 178,853, up 5,702.68 points (+3.29%). The rally was driven by broad-based buying in the commercial banks, power generation, fertilizer, cement, and technology sectors.
  • Sentiment was supported by a $121 million current account surplus in Jan 2026, improving LSM growth during 1HFY26 to 4.82%, along with easing geopolitical tensions after Iran stated that good progress had been made in nuclear talks with the US. In terms of index contribution, UBL, HBL, MEBL, NBP, and MCB collectively added 2,698.54 points. On the volume front, KEL led trading with 116.97 million shares, while total market turnover stood at 693.28 million shares.
Pakistan Fertilizers: Demand Slump Masks Strong Cumulative Rabi Performance; Urea Surpluses Persist – By HMFS Research

Feb 18 2026


HMFS Research


  • January's sharp offtake declines — while jarring on a standalone basis — should be contextualized against the unusually strong frontloading seen in Oct–Dec 2025, which inflated the base. Cumulative Rabi urea offtake of 2,744K tones is running 12% ahead of last season, a constructive signal for fertilizer companies' top lines. The structural concern remains DAP demand destruction, now down 23% on a Rabi cumulative basis, likely reflecting farmer affordability pressures and substitution toward cheaper nitrogen sources. We believe elevated closing urea stocks (~602K tones) cap near-term upside on pricing but support volume visibility into Kharif.
  • In product terms, urea offtake of 218K tones was down 51.1% Y/Y and DAP at 39K tones declined 35.8% Y/Y. Both miss comfortably on any historical comparison, though we flag that the January 2025 base was itself elevated relative to seasonal norms
Pakistan Market Wrap: KSE-100 closes at 178,853 up 5,703 points – By Alpha-Akseer Research

Feb 18 2026


Alpha Capital


  • The equity market opened on a robust note and maintained its upward momentum throughout the session. The KSE-100 Index experienced notable intraday volatility, trading within a range of 174,329 to 178,974 before closing at 178,853—registering an impressive gain of 5,703 points. Total volume on the main board stood at 424.6 million shares, with a cumulative value of PKR 42.3 billion.
  • The rally was primarily driven by UBL (7.4%, 1,003 points), HBL (10%, 600 points), MEBL (5.9%, 422 points), NBP (8.7%, 370 points), and MCB (5.5%, 304 points). In terms of trading activity, KEL and BOP led the volume chart, with 117 million and 71 million shares exchanged, respectively.
Cherat Cement Company Ltd. (CHCC): Earnings declined on lower prices – By AKD Research

Feb 18 2026


AKD Securities


  • Revenue declined by 11%YoY to PkR9.4bn, mainly due to 13%YoY drop in local retention prices despite 11%YoY higher local offtakes. Notably, total offtakes declined by 2%YoY to 0.64mn tons due to lower exports amid Afghan border closure.
  • Gross margins slightly improved to 36.3% from 36.0% in SPLY, driven by higher proportion of local sales in the mix.
Pakistan Economy: Jan’26 Surpluses, Built on Remittances and Import Compression – By AHCML Research

Feb 18 2026


Al Habib Capital Markets


  • Pakistan's Current Account has recorded third month of the year surpluses of USD 121mn in Jan’26, a sharp reversal from the deficit in Dec’25. However, over the 7MFY26 (July-Jan), the current account deficit stands at USD1,074mn, a staggering deterioration from the USD 564mn surplus recorded in the same period last year.
  • In Jan’26, the goods trade deficit stood at USD 2,591mn. Exports fell by 8.7%YoY to USD 2,746mn (from USD 3,008mn in Jan’25), while imports declined 2.6%YoY to USD 5,337mn (from USD 5,481mn) and 7%MoM from Dec-25's USD 5,737mn.
Habib Bank Limited (HBL): Result Review – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Habib Bank Limited (HBL) announced its 4QCY25 results, reporting consolidated EPS of PKR 10.5, up 7% YoY but down 9% QoQ. The result came in slightly below our expectations, primarily due to weaker non-markup income. The bank declared a final cash dividend of PKR 6/share, above our expectation of PKR 5/share, taking the CY25 cumulative payout to PKR 20/share.
  • Net interest income (NII) grew by 17% YoY, supported by volumetric expansion which largely offset margin compression. However, on a QoQ basis, NII declined by 2% as the impact of asset repricing had largely materialized. Non-markup income fell sharply by 50% YoY, mainly due to losses on sale of securities and the absence of one-off other income recorded in the same period last year.
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.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
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.
Habib Bank Limited (HBL): Result Review – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Habib Bank Limited (HBL) announced its 4QCY25 results, reporting consolidated EPS of PKR 10.5, up 7% YoY but down 9% QoQ. The result came in slightly below our expectations, primarily due to weaker non-markup income. The bank declared a final cash dividend of PKR 6/share, above our expectation of PKR 5/share, taking the CY25 cumulative payout to PKR 20/share.
  • Net interest income (NII) grew by 17% YoY, supported by volumetric expansion which largely offset margin compression. However, on a QoQ basis, NII declined by 2% as the impact of asset repricing had largely materialized. Non-markup income fell sharply by 50% YoY, mainly due to losses on sale of securities and the absence of one-off other income recorded in the same period last year.
Cherat Cement Company Limited (CHCC): Earnings Above Estimates; Margins Stable – By IIS Research

Feb 18 2026


Ismail Iqbal Securities


  • Cherat Cement (CHCC) announced its 2QFY26 results, reporting net profit of PKR 2.02bn, down 4% QoQ and 11% YoY. The result is slightly above our expectations mainly due to stronger than anticipated gross margins.
  • Net sales declined by 11% YoY, primarily driven by lower bag prices in the North region and reduced exports following the Afghan border closure, which, according to the company, account for around 7% of total sales. Cost of goods sold declined by roughly 12% YoY, likely supported by operational efficiencies including the induction of EV dumpers that helped reduce freight costs, along with the installation of around 9MW solar capacity contributing to lower energy expenses. The decline in costs helped maintain gross margins at around 36%, broadly in line with 1QFY26 and 2QFY25 levels.
Meezan Bank Limited (MEBL): Corporate Briefing Takeaways – By IIS Research

Feb 17 2026


Ismail Iqbal Securities


  • Meezan Bank reported an unconsolidated profit after tax (PAT) of PKR 89bn in CY25, reflecting a 12.8% YoY decline (vs. PKR 101.5bn in CY24). The main driver of the decline was the 12% YoY drop in net spread earned, primarily due to the average policy rate declining from 19.7% to 11.4%. This impact was partially offset by volumetric growth in de posits, which helped support overall earnings.
  • Management indicated that the overall impact of the CRR reduction is broadly neutral for the bank. While the reduction releases liquidity and provides potential earnings support, the bank has voluntarily introduced a self-funded export financing scheme to support exporters. As a result, much of the liquidity benefit from the CRR cut is expected to be redirected toward financing export growth.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 17 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note, despite opening on a positive trend in the morning. The index remained volatile throughout the session, mainly as the market aligned itself with ongoing results announcements. Trading volumes increased to 425mn shares today as compared to 379mn shares in the previous session. Today, the KSE-100 index lost 1,304 points to close at 173,150 level, down by -0.75% DoD. Banks, OMCs, and Fertilizer sectors were the major laggards in today's session, cumulatively shedding 935 points from the index.
Pakistan Market Wrap: The benchmark index closed sharply in the red – By IIS Research

Feb 16 2026


Ismail Iqbal Securities


  • The benchmark index closed sharply in the red, as persistent foreign selling kept the market under pressure from the early session. Although a brief recovery was seen around midday, weak investor confidence and continued selling momentum dragged the market lower, leading to a significantly negative close. Trading volumes decreased to 379mn shares today as compared to 380mn shares in the previous session. Today, the KSE-100 index lost 5,150 points to close at 174,454 level, down by -2.87% DoD. Banks, E&Ps, and Cement sectors were the major laggards in today's session, cumulatively shedding 3033 points from the index.
Pakistan Market Wrap: The benchmark index closed on a negative note – By IIS Research

Feb 13 2026


Ismail Iqbal Securities


  • The benchmark index closed on a negative note due to the absence of any major triggers, following an overall volatile session. The first half saw early selling pressure, but the market recovered from its lowest point by the end of the session. Trading volumes decreased to 380mn shares today as compared to 448mn shares in the previous session. Today, the KSE-100 index lost 909 points to close at 179,604 level, down by -0.50% DoD. Cement, Fertilizer, and E&Ps sectors were the major laggards in today's session, cumulatively shedding 533 points from the index.
Pakistan Petroleum Limited (PPL): Result Review – By IIS Research

Feb 13 2026


Ismail Iqbal Securities


  • Pakistan Petroleum Limited (PPL PA) reported 2QFY26 profit after tax of PKR 20.3bn (EPS: PKR 7.46), reflecting a 26% YoY decline and a modest 1% increase QoQ. The result was broadly in line with expectations. The result was accompanied by an interim cash dividend of PKR 2.0/share, taking 1HFY26 payout to PKR 4.0/share.
  • Revenue in 2QFY26 stood at PKR 61.2bn, registering a marginal 1% YoY increase and an 8% QoQ rise. The sequential growth was primarily led by higher oil sales, while gas production remained subdued due to continued curtailments. Operating expenses increased 32% YoY and 18% QoQ to PKR 16.1bn. Royalty and other levies remained flat YoY but rose 5% QoQ to PKR 9.0bn. Consequently, gross profit declined 9% YoY to PKR 36.1bn, though it improved 4% on a quarterly basis.
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.
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.
Pakistan Market Wrap: The benchmark index closed on a positive note – By IIS Research

Feb 11 2026


Ismail Iqbal Securities


  • The benchmark index closed on a positive note after an initial dip at the start of the session. Trading activity remained largely stock specific in the absence of any strong positive trigger, as investors positioned themselves ahead of the ongoing results season. Trading volumes decreased to 350mn shares today as compared to 636mn shares in the previous session. Today, the KSE-100 index gained 896 points to close at 183,050 level, up by 0.49% DoD. Banks, Cement, and Power sectors were the major contributors in today's session, cumulatively adding 619 points to the index.
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