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>We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates of Rs 97.2/share.</li><li>Despite the downward revision in earnings, we reiterate our BUY rating on POL as we have incorporated the recently discovered Razgir field in our reserve estimates.</li><li>We expect the oil & gas production of the company in FY26 to decline by 19% and 13% respectively, compared to FY25E levels.</li></ul>

We have revised down our FY26 earnings estimates for Pakistan Oil Fields Limited (POL) downward by 17% to Rs 80.2/share from our earlier estimates of Rs 97.2/share.Despite the downward revision in earnings, we reiterate our BUY rating on POL as we have incorporated the recently discovered Razgir field in our reserve estimates.We expect the oil & gas production of the company in FY26 to decline by 19% and 13% respectively, compared to FY25E levels.

Pakistan Oilfields (POL): Earnings Revised Down; BUY Maintained