External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>FCCL announced its 3QFY26 result today, where the company recorded earnings of Rs3.46bn (EPS: Rs1.41), up by 62% YoY and down 14% QoQ.</li><li>The result came below industry expectations primarily due to higher-than-expected effective tax rate (ETR). While gross margins remained in line with expectations.</li><li>Effective tax rate in 3QFY25 stood at 42% compared to 35% in 2QFY26 and 39% in 3QFY25.</li></ul>

FCCL announced its 3QFY26 result today, where the company recorded earnings of Rs3.46bn (EPS: Rs1.41), up by 62% YoY and down 14% QoQ.The result came below industry expectations primarily due to higher-than-expected effective tax rate (ETR). While gross margins remained in line with expectations.Effective tax rate in 3QFY25 stood at 42% compared to 35% in 2QFY26 and 39% in 3QFY25.

Fauji Cement (FCCL): 3QFY26 EPS at Rs1.41, Up by 62% YoY (Earnings Lower Than Industry Expectations)

<ul><li>FCCL announced its 1QFY26 result today, where the company recorded earnings of Rs3.29bn (EPS of Rs1.34), up by 2% YoY.</li><li>The result came lower than expectations due to lower gross margins. Company recorded gross margins of 32% in 1QFY26 compared to 34% in 1QFY25 and 39% in 4QFY25. While we expecting gross margins of 37%.</li><li>Alongside the result, the company did not announce any cash dividend in 1QFY26 which was also according to expectations.</li></ul>

FCCL announced its 1QFY26 result today, where the company recorded earnings of Rs3.29bn (EPS of Rs1.34), up by 2% YoY.The result came lower than expectations due to lower gross margins. Company recorded gross margins of 32% in 1QFY26 compared to 34% in 1QFY25 and 39% in 4QFY25. While we expecting gross margins of 37%.Alongside the result, the company did not announce any cash dividend in 1QFY26 which was also according to expectations.

Fauji Cement (FCCL): 1QFY26 EPS at Rs1.34, Up by 2% YoY (Earnings Lower Than Expectations)

<ul><li>Fauji Cement Company Limited (FCCL) conducted its FY25 corporate briefing session today where management discussed financial performance and future outlook.</li><li>Regarding the unsecured loan from Fauji Foundation, management stated that they have start accruing a 10% markup, and no decision has been taken to convert it into ordinary shares.</li><li>FCCL sold 5.37mn tons of cement in FY25, registration a growth of 5.7% YoY vs. FY24. In this, Local sales increased by 5.5% YoY to 4.81mn tons and export sales increased by 7.7% YoY to 0.56mn tons.</li></ul>

Fauji Cement Company Limited (FCCL) conducted its FY25 corporate briefing session today where management discussed financial performance and future outlook.Regarding the unsecured loan from Fauji Foundation, management stated that they have start accruing a 10% markup, and no decision has been taken to convert it into ordinary shares.FCCL sold 5.37mn tons of cement in FY25, registration a growth of 5.7% YoY vs. FY24. In this, Local sales increased by 5.5% YoY to 4.81mn tons and export sales increased by 7.7% YoY to 0.56mn tons.

Topline Flash Note: Fauji Cement (FCCL) – Corporate Briefing Key Takeaways

<ul><li>FCCL announced its 4QFY25 result today, where the company recorded earnings of Rs3.92bn (EPS of Rs1.6), up by 231% YoY.</li><li>Alongside the result, the company announced final cash dividend of Rs1.25/share in 4QFY25, which was below the industry expectations.</li><li>Net Revenue increased by 6% YoY and by 13% QoQ to Rs21.8bn in 4QFY25. Increase in revenue on a YoY and QoQ basis is due to higher local and export dispatches and higher retention prices domestically.</li></ul>

FCCL announced its 4QFY25 result today, where the company recorded earnings of Rs3.92bn (EPS of Rs1.6), up by 231% YoY.Alongside the result, the company announced final cash dividend of Rs1.25/share in 4QFY25, which was below the industry expectations.Net Revenue increased by 6% YoY and by 13% QoQ to Rs21.8bn in 4QFY25. Increase in revenue on a YoY and QoQ basis is due to higher local and export dispatches and higher retention prices domestically.

Fauji Cement (FCCL): 4QFY25 EPS at Rs1.6, Up 69% QoQ, FY25 EPS at Rs5.43 (In Line With Expectations)

Thematic (Sector/Industry)

<ul><li>Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.</li><li>Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.</li><li>Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.</li></ul>

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

Pakistan

Fauji Cement Company Limited manufactures and sells cement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fauji Cement (FCCL PA)

Fauji Cement (FCCL): 3QFY26 EPS at Rs1.41, Up by 62% YoY (Earnings Lower Than Industry Expectations)

FCCL announced its 3QFY26 result today, where the company recorded earnings of Rs3.46bn (EPS: Rs1.41), up by 62% YoY and down 14% QoQ. The result...

Topline Securities

Fauji Cement (FCCL): 1QFY26 EPS at Rs1.34, Up by 2% YoY (Earnings Lower Than Expectations)

FCCL announced its 1QFY26 result today, where the company recorded earnings of Rs3.29bn (EPS of Rs1.34), up by 2% YoY. The result came lower than...

Topline Securities

Topline Flash Note: Fauji Cement (FCCL) – Corporate Briefing Key Takeaways

Fauji Cement Company Limited (FCCL) conducted its FY25 corporate briefing session today where management discussed financial performance and...

Topline Securities

Fauji Cement (FCCL): 4QFY25 EPS at Rs1.6, Up 69% QoQ, FY25 EPS at Rs5.43 (In Line With Expectations)

FCCL announced its 4QFY25 result today, where the company recorded earnings of Rs3.92bn (EPS of Rs1.6), up by 231% YoY. Alongside the result, the...

Topline Securities

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)