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 decline by 20% YoY while up 18% QoQ in 2Q2026.</li><li>The YoY earnings contraction is primarily attributable to the lower expected dividend income particularly from PMP.</li><li>However, on QoQ basis, the jump in earning is primarily attributable to higher expected gross margins, reflecting the rollback of discounts and increase in MRP prices.</li></ul>

We expect Topline Fertilizer universe earnings to decline by 20% YoY while up 18% QoQ in 2Q2026.The YoY earnings contraction is primarily attributable to the lower expected dividend income particularly from PMP.However, on QoQ basis, the jump in earning is primarily attributable to higher expected gross margins, reflecting the rollback of discounts and increase in MRP prices.

Pakistan Fertilizer: Profits Likely to Decline 20% YoY in 2Q2026; Led by Lower Offtakes and Dividend Income

Engro Fertilizer

Pakistan Fertilizer: Profits Likely to Decline 20% YoY in 2Q2026; Led by Lower Offtakes and Dividend Income