External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>We expect Topline Fertilizer universe earnings to increase by 23% YoY and down by 28% QoQ in 1Q2026. The surge on YoY basis is mainly due to the dividend income received from FFC’s energy business. However, during 1Q2026, the urea offtakes decreased by 6% YoY and 59% QoQ primarily due to an advance buying in Dec 2025, wherein, record-high discounts were offered.</li><li>Average urea prices during 1Q2026 increased by 1% YoY and down 3% QoQ to clock in at Rs4,407/bag. EFERT has maintained a discount range of Rs150/bag during 1Q2026, which has now been rolled back with effective from April 04th 2026. Similarly, FFC withdrew the discounts from Jan 2026, which were previously in the range of Rs100–120/bag. However, DAP prices have increased by 18% YoY and down 2% QoQ to average at around Rs14,270/bag, respectively.</li><li>The sector’s turnover is expected to increase by 44% YoY and down by 48% QoQ to Rs135mn in 1Q2026. The YoY improvement in revenue is attributed to the rollback of discounts. However, urea offtakes witnessed a 6% YoY and 59% QoQ decline in 1Q2026 to 1.04mn tons. Whereas, DAP offtakes surged by 102% YoY and down 44% QoQ to 304k tons in 1Q2026.</li></ul>

We expect Topline Fertilizer universe earnings to increase by 23% YoY and down by 28% QoQ in 1Q2026. The surge on YoY basis is mainly due to the dividend income received from FFC’s energy business. However, during 1Q2026, the urea offtakes decreased by 6% YoY and 59% QoQ primarily due to an advance buying in Dec 2025, wherein, record-high discounts were offered.Average urea prices during 1Q2026 increased by 1% YoY and down 3% QoQ to clock in at Rs4,407/bag. EFERT has maintained a discount range of Rs150/bag during 1Q2026, which has now been rolled back with effective from April 04th 2026. Similarly, FFC withdrew the discounts from Jan 2026, which were previously in the range of Rs100–120/bag. However, DAP prices have increased by 18% YoY and down 2% QoQ to average at around Rs14,270/bag, respectively.The sector’s turnover is expected to increase by 44% YoY and down by 48% QoQ to Rs135mn in 1Q2026. The YoY improvement in revenue is attributed to the rollback of discounts. However, urea offtakes witnessed a 6% YoY and 59% QoQ decline in 1Q2026 to 1.04mn tons. Whereas, DAP offtakes surged by 102% YoY and down 44% QoQ to 304k tons in 1Q2026.

パキスタン肥料：​​2026年第1四半期の肥料事業の利益は前年同期比23％増となる見込み。配当収入の増加と割引の縮小が要因。

パキスタン肥料：​​2026年第1四半期の肥料事業の利益は前年同期比23％増となる見込み。配当収入の増加と割引の縮小が要因。

パキスタン肥料：2026年第1四半期の肥料事業の利益は前年同期比23％増となる見込み。配当収入の増加と割引の縮小が要因。