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>Oil and Gas Development Company (OGDC) reported a 16% YoY decline in earnings to Rs8.07/share in 2QFY26, taking 1HFY26 earnings to Rs16.98/share, down 11% YoY.</li><li>The company recorded net sales of Rs96.6bn during the quarter, down 4% YoY but flat QoQ. The YoY decline is likely owed to a fall in gas production due to Annual Turnaround Activity (ATA) at Uch.</li><li>We maintain our BUY stance on OGDC. The company is currently trading at an FY26E/FY27F PE of 8.6/6.3x.</li></ul>

Oil and Gas Development Company (OGDC) reported a 16% YoY decline in earnings to Rs8.07/share in 2QFY26, taking 1HFY26 earnings to Rs16.98/share, down 11% YoY.The company recorded net sales of Rs96.6bn during the quarter, down 4% YoY but flat QoQ. The YoY decline is likely owed to a fall in gas production due to Annual Turnaround Activity (ATA) at Uch.We maintain our BUY stance on OGDC. The company is currently trading at an FY26E/FY27F PE of 8.6/6.3x.

Oil & Gas Development (OGDC): 2QFY26 EPS at Rs8.07, Down 16% YoY and 9% QoQ – In Line with Industry Expectations