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 Corporate Briefing Session for 2Q2026 today, where management discussed financial performance and outlook.</li><li>While commenting on higher debt to equity, management stated that it is expected to normalize significantly by the end of 2026 as post-Rabi season sales generate sufficient cash flows to reduce outstanding debt and finance costs.</li><li>We maintain a buy stance on EFERT.</li></ul>

Engro Fertilizers (EFERT) held its Corporate Briefing Session for 2Q2026 today, where management discussed financial performance and outlook.While commenting on higher debt to equity, management stated that it is expected to normalize significantly by the end of 2026 as post-Rabi season sales generate sufficient cash flows to reduce outstanding debt and finance costs.We maintain a buy stance on EFERT.

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