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>Pakistani consumers today have access to 31 brands and more than 100 locally assembled models, offering a wide range of choices across all major vehicle segments.</li><li>INDU’s total sales (CKD + CBU) increased 33% YoY to 45,035 units, with passenger car sales rising 56% YoY, while commercial vehicle volumes remained broadly stable.</li><li>The Government’s decision in Jan 2026 to abolish the Baggage Scheme for used-vehicle imports and introduce mandatory pre-shipment inspection requirements under the Gift and Transfer of Residence schemes is a positive step towards strengthening Pakistan’s automotive manufacturing sector, contributing to a reduction in used-vehicle imports to ~38,000 units in FY26 from ~42,000 units in FY25, although they still account for 19% of total PAMA-reported sales.</li></ul>

Pakistani consumers today have access to 31 brands and more than 100 locally assembled models, offering a wide range of choices across all major vehicle segments.INDU’s total sales (CKD + CBU) increased 33% YoY to 45,035 units, with passenger car sales rising 56% YoY, while commercial vehicle volumes remained broadly stable.The Government’s decision in Jan 2026 to abolish the Baggage Scheme for used-vehicle imports and introduce mandatory pre-shipment inspection requirements under the Gift and Transfer of Residence schemes is a positive step towards strengthening Pakistan’s automotive manufacturing sector, contributing to a reduction in used-vehicle imports to ~38,000 units in FY26 from ~42,000 units in FY25, although they still account for 19% of total PAMA-reported sales.

Indus Motor Company (INDU) - Annual Report Key Takeaways