AHL Research has published a report on the Pakistan Cement sector, anticipating earnings and dispatches in 1Q FY26.
- DGKC is projected to post earnings of PKR 5.90/share in 1QFY26, compared to EPS of PKR 1.84/share in 1QFY25, mainly due to a 44% YoY reduction in finance costs, 13% YoY higher total dispatches, and higher retention prices. Company domestic dispatches for 1QFY26 are up by 16% YoY to 0.86mn tons, and export dispatches are up by 10% YoY to 0.48mn tons.
- FCCL is expected to report earnings of PKR 1.52/share in 1QFY26, up from PKR 1.32/share in 1QFY25, driven by a 49% YoY decline in finance costs and a 13% increase in volumetric sales. The company’s total dispatches stood at 1.5 million tons (1.24 million local and 0.27 million export) in 1QFY26.
- GWLC is expected to record earnings of PKR 1.52/share in 1QFY26, up from PKR 1.34/share in 1QFY25, driven by a 16% YoY higher revenue, which is due to 23% higher domestic dispatches. Company dispatches stood at 0.32mn tons in 1QFY26 compared to 0.26mn tons in 1QFY25.
- KOHC is projected to post earnings of PKR 2.98/share in 1QFY26, reflecting a 20% YoY decrease, mainly driven by a 46% YoY decline in other income and gross margins expected at 36% compared to 43% recorded in 1QFY25. Total dispatches for 1QFY26 are up by 18% YoY to 0.70mn tons.
- LUCK is projected to post unconsolidated earnings of PKR 5.00/share in 1QFY26, up by 12% YoY. On a consolidated basis, earnings are expected to rise to PKR 14.52/share, up from PKR 12.24/share in the same period last year. Consolidated EPS is expected to be up by 19% YoY due to improved performance across the local and foreign cement, pharma segment (LCI), and autos.
- MLCF is expected to report earnings of PKR 2.45/share in 1QFY26, up from PKR 1.28/share in the same period last year, driven by lower finance costs and higher volumetric sales. Company domestic dispatches are up by 22% YoY to 0.95 million tons in 1QFY26.
