AHL Research has reviewed the performance of Pakistan automobile assemblers and provided an earnings preview.

Honda Atlas Cars (HCAR)

The company is expected to announce FY25 results on July 24, 2025, projecting a profit after tax (PAT) of PKR 1,113mn (EPS: PKR 7.8), up 5.5x YoY from PKR 203mn (EPS: PKR 1.42). The topline is forecasted to rise 70% YoY to PKR 27,166mn, with sales volumes increasing by 5.5x YoY to 5,682 units.

Indus Motor Company (INDU)  is projected to post a net profit of PKR 24,423mn (EPS: PKR 112.7), a 62% YoY increase, driven by higher sales volumes of 11,775 units. A cash dividend of PKR 60.1/share is also expected.

Sazgar Engineering Works (SAZEW) anticipates a PAT of PKR 17,612mn (EPS: PKR 88.37), up 122% YoY, with quarterly earnings of PKR 4,757mn (EPS: PKR 78.71), attributed to higher Haval and three-wheeler sales. A cash dividend of PKR 12.0/share is also anticipated.

Millat Tractors Limited (MTL) expects a net profit of PKR 6,260mn (EPS: PKR 32.64), reflecting a 20% YoY decrease, mainly due to lower sales volumes of 18,580 units. Quarterly earnings are projected at PKR 1,254mn (EPS: PKR 6.5), down 39% YoY.

Courtesy – AHL Research.