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>FCCL announced its 1QFY26 result today, where the company recorded earnings of Rs3.29bn (EPS of Rs1.34), up by 2% YoY.</li><li>The result came lower than expectations due to lower gross margins. Company recorded gross margins of 32% in 1QFY26 compared to 34% in 1QFY25 and 39% in 4QFY25. While we expecting gross margins of 37%.</li><li>Alongside the result, the company did not announce any cash dividend in 1QFY26 which was also according to expectations.</li></ul>

FCCL announced its 1QFY26 result today, where the company recorded earnings of Rs3.29bn (EPS of Rs1.34), up by 2% YoY.The result came lower than expectations due to lower gross margins. Company recorded gross margins of 32% in 1QFY26 compared to 34% in 1QFY25 and 39% in 4QFY25. While we expecting gross margins of 37%.Alongside the result, the company did not announce any cash dividend in 1QFY26 which was also according to expectations.

Fauji Cement (FCCL): 1QFY26 EPS at Rs1.34, Up by 2% YoY (Earnings Lower Than Expectations)