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 expect aggregate earnings of the covered refineries to increase 11.1x YoY and 6.0x QoQ to Rs38.9bn.</li><li>The YoY increase is mainly driven by higher Gross Refinery Margins (GRMs), coupled with higher upliftment.</li><li>Industry GRMs are expected to clock in at US$27.6/bbl in 1QFY27, compared with US$6.5/bbl in 1QFY26 and US$29.0/bbl in 4QFY26.</li></ul>

We expect aggregate earnings of the covered refineries to increase 11.1x YoY and 6.0x QoQ to Rs38.9bn.The YoY increase is mainly driven by higher Gross Refinery Margins (GRMs), coupled with higher upliftment.Industry GRMs are expected to clock in at US$27.6/bbl in 1QFY27, compared with US$6.5/bbl in 1QFY26 and US$29.0/bbl in 4QFY26.

Pakistan Refinery - Refinery Profitability Likely to Remain Robust in 1QFY27; Stronger GRMs and Higher Upliftment Lifted Profitability