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 3QFY26 result today, where the company recorded earnings of Rs3.46bn (EPS: Rs1.41), up by 62% YoY and down 14% QoQ.</li><li>The result came below industry expectations primarily due to higher-than-expected effective tax rate (ETR). While gross margins remained in line with expectations.</li><li>Effective tax rate in 3QFY25 stood at 42% compared to 35% in 2QFY26 and 39% in 3QFY25.</li></ul>

FCCL announced its 3QFY26 result today, where the company recorded earnings of Rs3.46bn (EPS: Rs1.41), up by 62% YoY and down 14% QoQ.The result came below industry expectations primarily due to higher-than-expected effective tax rate (ETR). While gross margins remained in line with expectations.Effective tax rate in 3QFY25 stood at 42% compared to 35% in 2QFY26 and 39% in 3QFY25.

Fauji Cement (FCCL): 3QFY26 EPS at Rs1.41, Up by 62% YoY (Earnings Lower Than Industry Expectations)