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>Interloop Limited (ILP) held its corporate briefing and AGM to discuss its financial outlook.</li><li>ILP recorded revenue of US$654mn in FY26 and is targeting low double-digit revenue growth in FY27.</li><li>We maintain our BUY call on ILP and is currently trading at FY27E PE of 6.9x..</li></ul>

Interloop Limited (ILP) held its corporate briefing and AGM to discuss its financial outlook.ILP recorded revenue of US$654mn in FY26 and is targeting low double-digit revenue growth in FY27.We maintain our BUY call on ILP and is currently trading at FY27E PE of 6.9x..

Topline Flash Note: Interloop Limited (ILP) - AGM & Corporate Briefing Takeaways

Thematic (Sector/Industry)

<ul>
<li>We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.</li>
<li>The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.</li>
<li>Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.</li>
</ul>


We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen, and apparel companies.
The Pakistan textile sector’s profitability increased by 11% YoY to Rs51.9bn in FY26, driven by lower effective tax along with decline in finance cost.
Sales of listed textile companies remained broadly flat YoY at Rs1,403bn in FY26, Similarly, sales in US dollar terms remained stable at ~US$5.0bn, despite geopolitical headwinds and internal freight issues.


Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

<ul><li>Interloop Limited (ILP) announced its 4QFY26 results today, where the company recorded consolidated earnings of Rs3.7bn (EPS: Rs2.65).</li><li>Earnings came in higher than our expectations, primarily due to higher-than-estimated other income.</li><li>This takes FY26 consolidated earnings to Rs12.7bn (EPS: Rs9.06), up 129% YoY.</li></ul>

Interloop Limited (ILP) announced its 4QFY26 results today, where the company recorded consolidated earnings of Rs3.7bn (EPS: Rs2.65).Earnings came in higher than our expectations, primarily due to higher-than-estimated other income.This takes FY26 consolidated earnings to Rs12.7bn (EPS: Rs9.06), up 129% YoY.

Interloop Limited (ILP): 4QFY26 EPS at Rs2.65 up 39% YoY – Higher Than Industry Expectations

<ul><li>Interloop Limited (ILP) announced its 2QFY26 result today, where the company recorded consolidated earnings of Rs3.2bn (EPS of Rs2.25), higher than expectations.</li><li>This takes 1HFY26 consolidated profit to Rs5.9bn (EPS of Rs4.21) which is up 4x YoY.</li><li>Alongside the results, the company announced an interim dividend of Rs2/share in 2QFY26, higher than expectations.</li></ul>

Interloop Limited (ILP) announced its 2QFY26 result today, where the company recorded consolidated earnings of Rs3.2bn (EPS of Rs2.25), higher than expectations.This takes 1HFY26 consolidated profit to Rs5.9bn (EPS of Rs4.21) which is up 4x YoY.Alongside the results, the company announced an interim dividend of Rs2/share in 2QFY26, higher than expectations.

Interloop Limited (ILP): 2QFY26 EPS At Rs2.25 Up 2.8x YoY And 15% QoQ – Higher Than Expectations

<ul><li>Interloop (ILP) conducted its Corporate Briefing Sessions today where it discussed its financial performance and future outlook.</li><li>Gross margins declined to 21% in FY25 from 28% in FY24; however, they improved to 23% in 1QFY26, mainly due to reduced losses in the apparel segment. While hosiery remained the only profitable segment last year, declining losses in other segments are now driving ILP's overall profitability.</li><li>The company mentioned that, if tariffs on India are reduced to 15%, it might impact the sector, however, ILP might not be affected due to its product mix.</li></ul>

Interloop (ILP) conducted its Corporate Briefing Sessions today where it discussed its financial performance and future outlook.Gross margins declined to 21% in FY25 from 28% in FY24; however, they improved to 23% in 1QFY26, mainly due to reduced losses in the apparel segment. While hosiery remained the only profitable segment last year, declining losses in other segments are now driving ILP's overall profitability.The company mentioned that, if tariffs on India are reduced to 15%, it might impact the sector, however, ILP might not be affected due to its product mix.

Topline Flash Note: Interloop Limited (ILP) - Corporate Briefing Key Takeaways

Pakistan

Interloop Limited is a textile based B2B manufacturing company based in Faisalabad, Pakistan. It supplies socks and leggings to retailers consisting of Nike, Adidas, H&M, Puma, Levi's, Reebok and Target. The company has five hosiery manufacturing divisions, located in Pakistan, Bangladesh and Sri Lanka.

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Interloop Limited (ILP PK)

Topline Flash Note: Interloop Limited (ILP) - AGM & Corporate Briefing Takeaways

Interloop Limited (ILP) held its corporate briefing and AGM to discuss its financial outlook. ILP recorded revenue of US$654mn in FY26 and is...

Topline Securities

Pakistan Textile – Profits Rise 11% in FY26; Top 20 Listed Companies Generates US$5bn in Sales

We present a profitability analysis of the top 20 listed companies in Pakistan’s textile sector, comprising composite, spinning, weaving, woollen,...

Topline Securities

Interloop Limited (ILP): 4QFY26 EPS at Rs2.65 up 39% YoY – Higher Than Industry Expectations

Interloop Limited (ILP) announced its 4QFY26 results today, where the company recorded consolidated earnings of Rs3.7bn (EPS: Rs2.65). Earnings...

Topline Securities

Interloop Limited (ILP): 2QFY26 EPS At Rs2.25 Up 2.8x YoY And 15% QoQ – Higher Than Expectations

Interloop Limited (ILP) announced its 2QFY26 result today, where the company recorded consolidated earnings of Rs3.2bn (EPS of Rs2.25), higher...

Topline Securities

Topline Flash Note: Interloop Limited (ILP) - Corporate Briefing Key Takeaways

Interloop (ILP) conducted its Corporate Briefing Sessions today where it discussed its financial performance and future outlook. Gross margins...

Topline Securities

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