External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.</li><li>The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.</li><li>Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).</li></ul>

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

<ul><li>Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook.</li><li>The company recorded 14.5% gross margins in FY25 compared to 12.7% in FY24, mainly due to lower input material costs due to favorable exchange rates, cost optimization initiatives and increased localization effects.</li><li>Yaris facelift was introduced in July 2024 which was widely accepted and contributed positively to the profitability.</li></ul>

Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook.The company recorded 14.5% gross margins in FY25 compared to 12.7% in FY24, mainly due to lower input material costs due to favorable exchange rates, cost optimization initiatives and increased localization effects.Yaris facelift was introduced in July 2024 which was widely accepted and contributed positively to the profitability.

Topline Flash Note: Indus Motor (INDU): Corporate Briefing Key Takeaways

<ul><li>Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY.</li><li>The result came slightly lower than industry expectations.</li><li>INDU announced a final cash dividend of Rs50/share, taking FY25 total payout to Rs176/share.</li></ul>

Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY.The result came slightly lower than industry expectations.INDU announced a final cash dividend of Rs50/share, taking FY25 total payout to Rs176/share.

Indus Motor Company (INDU): FY25 EPS At Rs292.74, Up 53% YoY - Earnings Lower Than Industry Expectations

Thematic (Sector/Industry)

<ul><li>Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.</li><li>Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.</li><li>Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.</li></ul>

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x.Segment wise, consumer staple (FMCG) is trading at 2025 PE of 16.1x vs. 10-year average of 26.95x, pharmaceutical is trading at 2025 PE of 18.0x vs. 10-year average PE of 20.74x and consumer discretionary is trading at PE of 8.2x vs. 10-year average PE of 19.27x.Sector witnessed 5-year and 10-years sales/profit CAGR of 18%/25% and 13%/14% respectively.

<ul><li>Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise.</li><li>YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.</li><li>MoM sales remained stable, primarily due to an 18% decline in Pakistan Suzuki Motor Company (PSMC) volumes, as the company undergoes a major reset in 2025.</li></ul>

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise.YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment.MoM sales remained stable, primarily due to an 18% decline in Pakistan Suzuki Motor Company (PSMC) volumes, as the company undergoes a major reset in 2025.

Pakistan Automobiles: Car Sales in Oct 2025 Up 32% YoY and 1% MoM to 17,333 Units

Pakistan

Indus Motor Company Limited was created through a joint venture agreement between the House of Habib, the Toyota Motor Corporation and the Toyota Tsusho Corporation, in order to assemble, manufacture and market Toyota vehicles.  The company is also the sole distributor of Toyota vehicles in Pakistan.

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Indus Motor Company (INDU PA)

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ. The company reported...

Topline Securities

Topline Flash Note: Indus Motor (INDU): Corporate Briefing Key Takeaways

Indus Motor (INDU) conducted its FY25 analyst briefing today, where management discussed financial performance and future outlook. The company...

Topline Securities

Indus Motor Company (INDU): FY25 EPS At Rs292.74, Up 53% YoY - Earnings Lower Than Industry Expectations

Indus Motor Company (INDU) announced its FY25 results today, where the company recorded profit of Rs23bn (EPS of Rs292.74), up 48% YoY. The result...

Topline Securities

Pakistan Listed Consumer Comp Sheet

Pakistan listed Consumer sector is currently trading at 2025 PE of 13.2x which is at a discount to its historical average of 22.32x. Segment wise,...

Topline Securities

Pakistan Automobiles: Car Sales in Oct 2025 Up 32% YoY and 1% MoM to 17,333 Units

Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 17,333 units in Oct 2025, reflecting a 32% YoY and 1% MoM rise. YoY growth is...

Topline Securities

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