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>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM.</li><li>The decrease YoY and MoM was seen due to relatively higher fuel prices seen.</li><li>This takes total sales for 11MFY26 to 14.9mn tons, reflecting a 1% YoY increase compared to 14.8mn tons in 11MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM.The decrease YoY and MoM was seen due to relatively higher fuel prices seen.This takes total sales for 11MFY26 to 14.9mn tons, reflecting a 1% YoY increase compared to 14.8mn tons in 11MFY25.

Pakistan Oil Marketing - OMC Sales Down 23% YoY And 14% MoM In May 2026; 11MFY26 Sales Up 1% YoY

Thematic (Sector/Industry)

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM.</li><li>The decrease was due to a further rise in petrol and diesel prices seen in Apr due to US/Iran war affecting Middle East.</li><li>This takes total sales for 10MFY26 to 13.8mn tons, reflecting a 4% YoY increase compared to 13.2mn tons in 10MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM.The decrease was due to a further rise in petrol and diesel prices seen in Apr due to US/Iran war affecting Middle East.This takes total sales for 10MFY26 to 13.8mn tons, reflecting a 4% YoY increase compared to 13.2mn tons in 10MFY25.

Pakistan Oil Marketing - OMC Sales Down 7% YoY and 6% MoM in Apr 2026; 10MFY26 Sales Up 4% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.44mn tons in Mar 2026, up 19% YoY and 13% MoM.</li><li>The YoY increase reflects improving economic activity, easing inflation, and better control over smuggling.</li><li>This takes total sales for 9MFY26 to 12.4mn tons, reflecting a 5% YoY increase compared to 11.77mn tons in 9MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.44mn tons in Mar 2026, up 19% YoY and 13% MoM.The YoY increase reflects improving economic activity, easing inflation, and better control over smuggling.This takes total sales for 9MFY26 to 12.4mn tons, reflecting a 5% YoY increase compared to 11.77mn tons in 9MFY25.

OMC Sales Up 19% YoY And 13% MoM In Mar 2026; 9MFY26 Sales Up 5% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Feb 2026, up 13% YoY but down 15% MoM.</li><li>The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM decline is attributed to fewer working days in February, and higher diesel prices, in our view.</li><li>This takes total sales for 8MFY26 to 10.96mn tons, reflecting a 4% YoY increase compared to 10.55mn tons in 8MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Feb 2026, up 13% YoY but down 15% MoM.The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM decline is attributed to fewer working days in February, and higher diesel prices, in our view.This takes total sales for 8MFY26 to 10.96mn tons, reflecting a 4% YoY increase compared to 10.55mn tons in 8MFY25.

Pakistan Oil Marketing - Sales Up 13% YoY But Down 15% MoM In Feb 2026; 8MFY26 Sales Up 4% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.</li><li>The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.</li><li>This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM.The YoY increase reflects economic recovery, easing inflation, and improved control over smuggling, while the MoM rise is driven by lower petrol and diesel prices in Jan-26 and a low base following the nationwide strike in Dec 2025 that disrupted sales for around 10 days.This takes total sales for 7MFY26 to 9.7mn tons, reflecting a 3% YoY increase compared to 9.4mn tons in 7MFY25.

Pakistan Oil Marketing - Sales Up 10% YoY And 12% MoM In Jan 2026; 7MFY26 Sales Up 3% YoY

Pakistan

Hascol Petroleum Limited buys stores and sells petroleum products. The Company's products consist of fuel oil, speed diesel, gasoline, jet fuel and lubricants.

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Hascol Petroleum Ltd (HPL PA)

Pakistan Oil Marketing - OMC Sales Down 23% YoY And 14% MoM In May 2026; 11MFY26 Sales Up 1% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM. The decrease YoY and MoM was seen...

Topline Securities

Pakistan Oil Marketing - OMC Sales Down 7% YoY and 6% MoM in Apr 2026; 10MFY26 Sales Up 4% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM. The decrease was due to a further...

Topline Securities

OMC Sales Up 19% YoY And 13% MoM In Mar 2026; 9MFY26 Sales Up 5% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.44mn tons in Mar 2026, up 19% YoY and 13% MoM. The YoY increase reflects improving...

Topline Securities

Pakistan Oil Marketing - Sales Up 13% YoY But Down 15% MoM In Feb 2026; 8MFY26 Sales Up 4% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.3mn tons in Feb 2026, up 13% YoY but down 15% MoM. The YoY increase reflects...

Topline Securities

Pakistan Oil Marketing - Sales Up 10% YoY And 12% MoM In Jan 2026; 7MFY26 Sales Up 3% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.52mn tons in Jan 2026, up 10% YoY and 12% MoM. The YoY increase reflects economic...

Topline Securities

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