External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>CHCC announced its 4QFY26 result today, with earnings of Rs1.73bn (EPS: Rs8.94) compared to our expectation of Rs9.8/share due to lower-than-expected gross margins.</li><li>Gross margin declined to 27.4% in 4QFY26, compared with 31.0% in 3QFY26 and 32.6% in 4QFY25, versus our expectation of +35.0%.</li><li>Effective Tax Rate (ETR) improved to 27.5% in 4QFY26 from 38.4% in 3QFY26 and 38.7% in 4QFY25, providing some support to quarterly earnings.</li></ul>

CHCC announced its 4QFY26 result today, with earnings of Rs1.73bn (EPS: Rs8.94) compared to our expectation of Rs9.8/share due to lower-than-expected gross margins.Gross margin declined to 27.4% in 4QFY26, compared with 31.0% in 3QFY26 and 32.6% in 4QFY25, versus our expectation of +35.0%.Effective Tax Rate (ETR) improved to 27.5% in 4QFY26 from 38.4% in 3QFY26 and 38.7% in 4QFY25, providing some support to quarterly earnings.

Cherat Cement (CHCC) – 4QFY26 EPS at Rs8.94, Down 6% YoY, FY26 EPS at Rs37.34 (Lower Than Expectations)

Cherat Cement Company

Cherat Cement (CHCC) – 4QFY26 EPS at Rs8.94, Down 6% YoY, FY26 EPS at Rs37.34 (Lower Than Expectations)