External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.</li><li>The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.</li><li>This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.</li></ul>

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026.The YoY growth is primarily attributable to sustained momentum in domestic cement demand, driven by a gradual pickup in housing and construction activity.This brings Pakistan's total cement dispatches to approximately 4.29mn tons in Jul-2026, up 2% YoY but down 1% MoM.

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

<ul><li>Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by 10% QoQ.</li><li>The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.</li><li>Net sales are expected to reach Rs116.32bn in 4QFY26, reflecting growth of 23% YoY and 10% QoQ.</li></ul>

Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by 10% QoQ.The YoY increase in earnings is primarily driven by increase in net sales amid higher retention prices.Net sales are expected to reach Rs116.32bn in 4QFY26, reflecting growth of 23% YoY and 10% QoQ.

Pakistan Cements - Cement Profitability Likely to Be Up by 9% YoY in 4QFY26; Led by Increase in Local Volumetric Sales

<ul><li>We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker macroeconomic outlook stemming from the ongoing US-Iran conflict and its broader economic implications.</li><li>Domestic growth expectations moderated: Local cement dispatches rose by ~9% YoY during 11MFY26, supported by improving macroeconomic conditions, lower interest rates earlier in the year, and a gradual recovery in construction activity.</li><li>Higher coal prices to pressure margins: Following the US–Iran conflict, international coal prices rebounded sharply, reaching US$112/ton in May-26 compared to US$96/ton in Feb-26 and an FY25 average of US$101/ton.</li></ul>

We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker macroeconomic outlook stemming from the ongoing US-Iran conflict and its broader economic implications.Domestic growth expectations moderated: Local cement dispatches rose by ~9% YoY during 11MFY26, supported by improving macroeconomic conditions, lower interest rates earlier in the year, and a gradual recovery in construction activity.Higher coal prices to pressure margins: Following the US–Iran conflict, international coal prices rebounded sharply, reaching US$112/ton in May-26 compared to US$96/ton in Feb-26 and an FY25 average of US$101/ton.

Pakistan Cements - Earnings Revised Downward; Market Weight Maintained

<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

<ul><li>Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ.</li><li>Excluding Lucky Cement (LUCK), the cement sector profitability is down 10% QoQ to Rs23bn.</li><li>To highlight, despite a decline in cement prices during 1QFY26, sector profitability remained robust as lower coal costs and an increase in dispatches helped sustain margins.</li></ul>

Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ.Excluding Lucky Cement (LUCK), the cement sector profitability is down 10% QoQ to Rs23bn.To highlight, despite a decline in cement prices during 1QFY26, sector profitability remained robust as lower coal costs and an increase in dispatches helped sustain margins.

Pakistan Cement: Sector Profits Rise 20% QoQ in 1QFY26; Excluding Lucky Cement Profits Down 10% QoQ

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Maple Leaf Cement Factory (MLCF PA)

Pakistan Cements - Local Cement Dispatches Likely to Be Up by 11% YoY in Jul 2026; FY27 Begins With Sustained Momentum in Domestic Cement Demand

Pakistan's local cement dispatches are expected to increase by 11% YoY to 3.59mn tons in Jul-2026. The YoY growth is primarily attributable to...

Topline Securities

Pakistan Cements - Cement Profitability Likely to Be Up by 9% YoY in 4QFY26; Led by Increase in Local Volumetric Sales

Topline Cement Universe is expected to post profitability of Rs20.54bn in 4QFY26 against profit of Rs18.81bn in 4QFY25, up by 9% YoY and down by...

Topline Securities

Pakistan Cements - Earnings Revised Downward; Market Weight Maintained

We have revised our cement sector earnings estimates downward by an average of 15–20% for FY26 and FY27. The revision reflects a weaker...

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

Pakistan Cement: Sector Profits Rise 20% QoQ in 1QFY26; Excluding Lucky Cement Profits Down 10% QoQ

Pakistan's listed cement sector reported earnings of Rs37.5bn, up by 55% YoY and by 20% QoQ. Excluding Lucky Cement (LUCK), the cement sector...

Topline Securities

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