External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>MLCF announced its 3QFY26 result today, wherein, the company reported consolidated earnings of Rs1.7bn (EPS: Rs1.69), down 37% YoY and 43% QoQ. This takes 9MFY26 earnings to Rs7.6bn (EPS: Rs7.27), slightly down by 3% YoY.</li><li>Earnings came lower than industry’s expectations due to higher than estimated finance cost and admin expenses.</li><li>To highlight, the published results also reflects consolidation impact of Pioneer cement acquisition which went into effect in Mid Feb 2026.</li></ul>

MLCF announced its 3QFY26 result today, wherein, the company reported consolidated earnings of Rs1.7bn (EPS: Rs1.69), down 37% YoY and 43% QoQ. This takes 9MFY26 earnings to Rs7.6bn (EPS: Rs7.27), slightly down by 3% YoY.Earnings came lower than industry’s expectations due to higher than estimated finance cost and admin expenses.To highlight, the published results also reflects consolidation impact of Pioneer cement acquisition which went into effect in Mid Feb 2026.

Maple Leaf Cement (MLCF): 3QFY26 EPS At Rs1.69, 9MFY26 EPS At Rs7.27 (Earnings Lower Than Industry’s Expectations)