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>Hub Power Company (HUBC) announced its 1QFY26 result wherein company reported earnings of Rs11.6bn (EPS of Rs9.0), down 39% YoY mainly due to termination of base plant. The same is up by 2% QoQ. The result is in line with our expectations.</li><li>HUBC declared a Rs5/share dividend for 1QFY26, above our expectation of Rs3/share.</li><li>Gross profit of the company clocked in at 44% in 1QFY26 vs. 56% in SPLY due to the termination of the base plant and revision in Narowal plant PPA.</li></ul>

Hub Power Company (HUBC) announced its 1QFY26 result wherein company reported earnings of Rs11.6bn (EPS of Rs9.0), down 39% YoY mainly due to termination of base plant. The same is up by 2% QoQ. The result is in line with our expectations.HUBC declared a Rs5/share dividend for 1QFY26, above our expectation of Rs3/share.Gross profit of the company clocked in at 44% in 1QFY26 vs. 56% in SPLY due to the termination of the base plant and revision in Narowal plant PPA.

Hub Power Company (HUBC): 1QFY26 EPS at Rs9.0, Down 39% YoY and 2% QoQ - In Line With Expectations