Nishat Power Limited (NPL) reported earnings per share (EPS) of PKR 1.53 for 1QFY27, down 7% year-on-year, and announced no dividend for the quarter, according to a report by Arif Habib Limited (AHL).

The research house attributed the earnings decline to lower other income and higher administrative expenses. Revenue, however, rose sharply to PKR 8.2 billion from PKR 1.7 billion a year earlier, supported by higher plant utilization amid RLNG shortages and stronger summer demand.

AHL noted that NPL recorded PKR 222 million in associate income, driven by its automotive investment, while other income stood at PKR 113 million, supported by returns on cash and short-term investments.

Despite the earnings decline, AHL maintained its “Buy” recommendation, noting that NPL is trading at an attractive estimated FY27 P/E of 6.7x and could marginally exceed its guaranteed 35% return on equity under the revised tariff regime.