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>Indus Motor Company (INDU) announced its 2QFY26 results today, where the company recorded profit of Rs5.98bn (EPS of Rs76.11), up 23% YoY.</li><li>This took 1HFY26 earnings at Rs12.7bn (EPS of Rs161.60) up 28% YoY compared to 1HFY25 profit of Rs9.96bn (EPS of Rs126.68).</li><li>INDU announced an interim cash dividend of Rs46/share, taking 1HFY26 total dividend to Rs97/share (1H Payout ratio 60%).</li></ul>

Indus Motor Company (INDU) announced its 2QFY26 results today, where the company recorded profit of Rs5.98bn (EPS of Rs76.11), up 23% YoY.This took 1HFY26 earnings at Rs12.7bn (EPS of Rs161.60) up 28% YoY compared to 1HFY25 profit of Rs9.96bn (EPS of Rs126.68).INDU announced an interim cash dividend of Rs46/share, taking 1HFY26 total dividend to Rs97/share (1H Payout ratio 60%).

Indus Motor Company (INDU): 2QFY26 EPS At Rs76.11, Up 23% YoY But Down 11% QoQ – In Line With Industry Expectations

Thematic (Sector/Industry)

<ul><li>Pakistan car sales (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to 166,044 units, up 49% YoY.</li><li>This rise was majorly driven by a rise in sales seen in Pak Suzuki Motor Company (PSMC) and Sazgar Engineering (SAZEW).</li><li>The impressive 107% YoY growth was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing. To recall, auto financing reached 42-month high in Mar 2026 up 34% YoY and 3% MoM.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to 166,044 units, up 49% YoY.This rise was majorly driven by a rise in sales seen in Pak Suzuki Motor Company (PSMC) and Sazgar Engineering (SAZEW).The impressive 107% YoY growth was driven by new market entrants, new product launches, relatively lower inflation in previous months, and surge in auto financing. To recall, auto financing reached 42-month high in Mar 2026 up 34% YoY and 3% MoM.

Pakistan Automobiles: Car Sales Rose 107% YoY and 42% MoM to 22,015 Units in Apr 2026

<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>Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales to 144,029 units, up 43% YoY.</li><li>This decline was largely driven by a 23% MoM drop in Pak Suzuki Motor Company (PSMC) sales, while ex-PSMC car sales posted a 4% MoM increase.</li><li>Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.</li></ul>

Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales to 144,029 units, up 43% YoY.This decline was largely driven by a 23% MoM drop in Pak Suzuki Motor Company (PSMC) sales, while ex-PSMC car sales posted a 4% MoM increase.Meanwhile, the strong YoY growth was supported by new market entrants, lower interest rates, easing inflation, and improving macroeconomic sentiment.

Pakistan Automobiles: Car Sales Rose 40% YoY But Down 9% MoM To 15,531 Units In Mar 2026

<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

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.

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

Indus Motor Company (INDU PA)

Indus Motor Company (INDU): 2QFY26 EPS At Rs76.11, Up 23% YoY But Down 11% QoQ – In Line With Industry Expectations

Indus Motor Company (INDU) announced its 2QFY26 results today, where the company recorded profit of Rs5.98bn (EPS of Rs76.11), up 23% YoY. This...

Topline Securities

Pakistan Automobiles: Car Sales Rose 107% YoY and 42% MoM to 22,015 Units in Apr 2026

Pakistan car sales (as reported by PAMA) clocked in at 22,015 units in Apr 2026, up by 107% YoY and 42% MoM. This took 10MFY26 cumulative sales to...

Topline Securities

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

Pakistan Automobiles: Car Sales Rose 40% YoY But Down 9% MoM To 15,531 Units In Mar 2026

Pakistan car sales (as reported by PAMA) clocked in at 15,531 units in Mar 2026, up by 40% YoY but down 9% MoM. This took 9MFY26 cumulative sales...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)