External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>Pakistan local cement dispatches are likely to remain flattish on YoY to clock in at 3.4mn tons in Nov-2025.</li><li>Exports during Nov 2025 are anticipated to decline by 33% YoY and 36% MoM.</li><li>In 5MFY26, total cement sales are expected to increase by around 11% YoY, driven by a 14% YoY rise in local sales, while exports are anticipated to be down by 2% YoY.</li></ul>

Pakistan local cement dispatches are likely to remain flattish on YoY to clock in at 3.4mn tons in Nov-2025.Exports during Nov 2025 are anticipated to decline by 33% YoY and 36% MoM.In 5MFY26, total cement sales are expected to increase by around 11% YoY, driven by a 14% YoY rise in local sales, while exports are anticipated to be down by 2% YoY.

Pakistan Cements - Local Cement Dispatches To Be Up By 14% YoY In 5MFY26; Local Sales To Remain Flattish YoY In Nov-25