AKD Research has published a report on International Steel Ltd, which announced its 3QFY26 financial results, with ISL posting NPAT of PkR793mn (EPS: PkR1.82), up 90% YoY but down 20% QoQ, broadly in line with our expectations. On a cumulative basis, 9MFY26 NPAT stood at PkR1,615mn (EPS: PkR3.71), up 70%YoY from PkR951mn (EPS: PkR2.2) in 9MFY25.
· Net revenue clocked in at PkR23.3bn, surged by 68%YoY and broadly flat on a QoQ basis. The annualised recovery is due to demand growth in two and three-wheelers, and white goods during FYTD. Notably, positive momentum is also partly due to the 40.47% anti-dumping duty on galvalume imports, which has channelled demand towards formal-sector players.
· Gross margins improved to 10.8% during the quarter (vs. 8.6% in SPLY and 10.0% in 2QFY26). Even though CRC-HRC spread declined during the period, the drop in grid rates alongside stronger demand led the company to realise healthy economies in its manufacturing costs.
Full Report
https://research.akdsl.com/639124764638165963.pdf
Courtesy – AKD Research
