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>Lucky Cement (LUCK) announced its 2QFY26 result today, where the company recorded consolidated earnings of Rs22.62bn (EPS of Rs15.44) up by 6% YoY, in line with our expectations.</li><li>On consol basis, net revenue increased by 9% YoY but remain flattish on a QoQ basis to Rs123.5bn. We believe, the improvement in revenue on a YoY basis is primarily driven by improved revenue from subsidiaries, particularly Lucky Motors (in line with the auto industry sales trend).</li><li>On unconsolidated basis, net sales decreased by 2% YoY mainly due to decline in retention prices. While domestic cement sales in unit terms increased 8% QoQ and 9% YoY in 2QFY26.</li></ul>

Lucky Cement (LUCK) announced its 2QFY26 result today, where the company recorded consolidated earnings of Rs22.62bn (EPS of Rs15.44) up by 6% YoY, in line with our expectations.On consol basis, net revenue increased by 9% YoY but remain flattish on a QoQ basis to Rs123.5bn. We believe, the improvement in revenue on a YoY basis is primarily driven by improved revenue from subsidiaries, particularly Lucky Motors (in line with the auto industry sales trend).On unconsolidated basis, net sales decreased by 2% YoY mainly due to decline in retention prices. While domestic cement sales in unit terms increased 8% QoQ and 9% YoY in 2QFY26.

Lucky Cement (LUCK): 2QFY26 EPS at Rs15.44, Up By 6% YoY (Earnings In Line With Expectations)