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>Engro Fertilizers (EFERT) held its 3Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.</li><li>Management stated that there has been some reclassification in Selling and Distribution expenses, which resulted in higher YoY increase. While in 9M2025, Selling and Distribution expenses increased by 48% YoY due to higher inventory holding costs.</li><li>Management said farmer economics have relatively improved for wheat, rice and cotton. To note, wheat prices increased from Rs2,600-2,800/maund in Q2 to Rs3,500-Rs3,800/maund in 3Q2025.</li></ul>

Engro Fertilizers (EFERT) held its 3Q2025 Corporate Briefing Session today where management discussed financial performance and outlook.Management stated that there has been some reclassification in Selling and Distribution expenses, which resulted in higher YoY increase. While in 9M2025, Selling and Distribution expenses increased by 48% YoY due to higher inventory holding costs.Management said farmer economics have relatively improved for wheat, rice and cotton. To note, wheat prices increased from Rs2,600-2,800/maund in Q2 to Rs3,500-Rs3,800/maund in 3Q2025.

Topline Flash Note: Engro Fertilizers (EFERT) – Corporate Briefing Key Takeaways