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>POL reversed Rs1.7bn on account of super tax reversal in FY26.</li><li>The applicable tax rate fell to 52.53% from 62.72% last year, mainly because super tax no longer applies which is positive for future earnings.</li><li>We maintain our BUY stance on POL.</li></ul>

POL reversed Rs1.7bn on account of super tax reversal in FY26.The applicable tax rate fell to 52.53% from 62.72% last year, mainly because super tax no longer applies which is positive for future earnings.We maintain our BUY stance on POL.

Pakistan Oilfields (POL) - Annual Report Key Takeaways

<ul><li>Pakistan Oilfields Ltd (POL) announced its 4QFY26 results today, where the company recorded a profit of Rs12.4bn (EPS: Rs43.69), up 67% YoY and 59% QoQ.</li><li>Earnings came in higher than our expectations, driven by higher-than-expected revenue and lower-than-expected exploration cost and tax expense.</li><li>We maintain our BUY stance on POL.</li></ul>

Pakistan Oilfields Ltd (POL) announced its 4QFY26 results today, where the company recorded a profit of Rs12.4bn (EPS: Rs43.69), up 67% YoY and 59% QoQ.Earnings came in higher than our expectations, driven by higher-than-expected revenue and lower-than-expected exploration cost and tax expense.We maintain our BUY stance on POL.

Pakistan Oilfields (POL): POL Earnings Up 67% YoY in 4QFY26 to Rs43.69/Share – Higher Than Expectations

Thematic (Sector/Industry)

<ul><li>Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26.</li><li>Sector booked a tax reversal of Rs54.9bn in 4QFY26 vs. an ETR of 26% in 4QFY25 and 28% in 3QFY26.</li><li>Net sales for the sector grew 54% YoY to Rs307.4bn in 4QFY26.</li></ul>

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26.Sector booked a tax reversal of Rs54.9bn in 4QFY26 vs. an ETR of 26% in 4QFY25 and 28% in 3QFY26.Net sales for the sector grew 54% YoY to Rs307.4bn in 4QFY26.

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

<ul>
<li>The Oil and Gas Regulatory Authority (OGRA) has notified upward revisions in wellhead gas prices for the gas fields for 2H2026, effective against the base of 1H2026.</li>
<li>A 35% increase in oil prices to US$92.2/bbl would translate into an estimated 10–11% increase in gas prices for PP12 companies, reflecting the sliding benefit mechanism under the PP12 policy.</li>
<li>The revision indicates an average increase of 8–10%. Although already incorporated into our forecast assumptions, we believe the revision is positive for E&amp;P earnings.</li>
</ul>


The Oil and Gas Regulatory Authority (OGRA) has notified upward revisions in wellhead gas prices for the gas fields for 2H2026, effective against the base of 1H2026.
A 35% increase in oil prices to US$92.2/bbl would translate into an estimated 10–11% increase in gas prices for PP12 companies, reflecting the sliding benefit mechanism under the PP12 policy.
The revision indicates an average increase of 8–10%. Although already incorporated into our forecast assumptions, we believe the revision is positive for E&amp;P earnings.


Pakistan Oil & Gas Exploration - OGRA Notifies New Wellhead Gas Prices for 2H2026

<ul><li>Pakistan Oilfields Ltd (POL) announced its 2QFY26 results today, where the company recorded a profit of Rs6.3bn (EPS: 22.16), down 17% YoY but up 16% QoQ.</li><li>Earnings are higher than our expectations, driven by higher-than-expected other income and a lower Effective Tax Rate (ETR), which stood at 26% in 2QFY26, compared to 37% in 2QFY25 and 33% in 1QFY26.</li><li>The company reported net sales of Rs14.5bn, down 2% YoY but up 11% QoQ. The QoQ improvement is due to an increase in oil and gas volumes during the quarter.</li></ul>

Pakistan Oilfields Ltd (POL) announced its 2QFY26 results today, where the company recorded a profit of Rs6.3bn (EPS: 22.16), down 17% YoY but up 16% QoQ.Earnings are higher than our expectations, driven by higher-than-expected other income and a lower Effective Tax Rate (ETR), which stood at 26% in 2QFY26, compared to 37% in 2QFY25 and 33% in 1QFY26.The company reported net sales of Rs14.5bn, down 2% YoY but up 11% QoQ. The QoQ improvement is due to an increase in oil and gas volumes during the quarter.

Pakistan Oilfields (POL): POL Earnings Declined 17% YoY in 2QFY26 to Rs22.16/Share – Higher Than Expectations

Pakistan

Pakistan Oil Fields Limited specializes in the exploration, drilling, production and transmission of petroleum.  The Company also markets Liquified Petroleum Gas (LPG).

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Pakistan Oilfields (POL PA)

Pakistan Oilfields (POL) - Annual Report Key Takeaways

POL reversed Rs1.7bn on account of super tax reversal in FY26. The applicable tax rate fell to 52.53% from 62.72% last year, mainly because super...

Topline Securities

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26. Sector booked a tax reversal of Rs54.9bn in...

Topline Securities

Pakistan Oil & Gas Exploration - OGRA Notifies New Wellhead Gas Prices for 2H2026

The Oil and Gas Regulatory Authority (OGRA) has notified upward revisions in wellhead gas prices for the gas fields for 2H2026, effective against...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pakistan Oilfields (POL) - Annual Report Key Takeaways

POL reversed Rs1.7bn on account of super tax reversal in FY26. The applicable tax rate fell to 52.53% from 62.72% last year, mainly because super...

Topline Securities

Pakistan Oilfields (POL): POL Earnings Up 67% YoY in 4QFY26 to Rs43.69/Share – Higher Than Expectations

Pakistan Oilfields Ltd (POL) announced its 4QFY26 results today, where the company recorded a profit of Rs12.4bn (EPS: Rs43.69), up 67% YoY and...

Topline Securities

Pakistan Oil & Gas Exploration - E&P Sector Earnings Up 2.5x YoY and 2.3x QoQ in 4QFY26; Mainly Led by Super Tax Reversal

Pakistan’s listed E&P sector reported earnings of Rs214bn, up 2.5x YoY and 2.3x QoQ in 4QFY26. Sector booked a tax reversal of Rs54.9bn in...

Topline Securities

Pakistan Oil & Gas Exploration - OGRA Notifies New Wellhead Gas Prices for 2H2026

The Oil and Gas Regulatory Authority (OGRA) has notified upward revisions in wellhead gas prices for the gas fields for 2H2026, effective against...

Topline Securities

Pakistan Oilfields (POL): POL Earnings Declined 17% YoY in 2QFY26 to Rs22.16/Share – Higher Than Expectations

Pakistan Oilfields Ltd (POL) announced its 2QFY26 results today, where the company recorded a profit of Rs6.3bn (EPS: 22.16), down 17% YoY but up...

Topline Securities