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>Engro Holdings (ENGROH) announced its 1Q2026 results today, reporting a profit attributable to equity owners of Rs10.2bn (EPS of Rs8.50) vs. Rs1.8bn (EPS of Rs1.52) in 1Q2025. The result came above our expectation mainly due to higher-than-expected other income and lower ETR.</li><li>Other income of the company came at Rs3.0bn, up by 23% YoY and 5.1x QoQ. Higher other income on YoY basis is mainly due to higher cash balances.</li><li>The Effective Tax Rate (ETR) of the company reported at 30% amounting to Rs6.7bn in 1Q2026 as against 60% in 1Q2025 and 18% in 4Q2025. To highlight, in 1Q2025, the tax rate was higher due to absence of thermal profitability.</li></ul>

Engro Holdings (ENGROH) announced its 1Q2026 results today, reporting a profit attributable to equity owners of Rs10.2bn (EPS of Rs8.50) vs. Rs1.8bn (EPS of Rs1.52) in 1Q2025. The result came above our expectation mainly due to higher-than-expected other income and lower ETR.Other income of the company came at Rs3.0bn, up by 23% YoY and 5.1x QoQ. Higher other income on YoY basis is mainly due to higher cash balances.The Effective Tax Rate (ETR) of the company reported at 30% amounting to Rs6.7bn in 1Q2026 as against 60% in 1Q2025 and 18% in 4Q2025. To highlight, in 1Q2025, the tax rate was higher due to absence of thermal profitability.

Engro Holdings (ENGROH): 1Q2026 EPS At Rs8.50, Up 5.6x YoY But Down 25% QoQ - Earnings Higher Than Our Expectations

Engro Fertilizer

Engro Holdings (ENGROH): 1Q2026 EPS At Rs8.50, Up 5.6x YoY But Down 25% QoQ - Earnings Higher Than Our Expectations