External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We expect Topline Fertilizer universe earnings to rise by 20% YoY and 7% QoQ in 3Q2026, primarily driven by higher urea sales volumes, particularly from EFERT, along with relatively higher realized Urea and DAP prices during the quarter on YoY basis.</li><li>Industry urea offtakes improved 2% YoY and 28% QoQ to 1.9mn tons in 3Q2026.</li><li>Due to the above-mentioned reasons, the Topline fertilizer universe turnover is expected to increase by 10% YoY and 46% QoQ to Rs200.5bn in 3Q2026.</li></ul>

We expect Topline Fertilizer universe earnings to rise by 20% YoY and 7% QoQ in 3Q2026, primarily driven by higher urea sales volumes, particularly from EFERT, along with relatively higher realized Urea and DAP prices during the quarter on YoY basis.Industry urea offtakes improved 2% YoY and 28% QoQ to 1.9mn tons in 3Q2026.Due to the above-mentioned reasons, the Topline fertilizer universe turnover is expected to increase by 10% YoY and 46% QoQ to Rs200.5bn in 3Q2026.

Pakistan Fertilizer: Fertilizers Profits Likely to Rise 20% YoY in 3Q2026; Led by Higher Realized Prices

Engro Fertilizer

Pakistan Fertilizer: Fertilizers Profits Likely to Rise 20% YoY in 3Q2026; Led by Higher Realized Prices