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 Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.</li><li>Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.</li><li>The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.</li></ul>

Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways

Engro Corporation

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways