Pakistan Telecommunication Company Ltd (PTCL) recorded a 61% year-on-year increase in group revenue in the third quarter of CY26, driven mainly by the consolidation of Telenor Pakistan and growth in its wireline and wireless businesses, according to insights shared during the company’s corporate briefing session hosted by AHL Research.
The research house said PTCL management informed investors that group revenue rose to approximately Rs103 billion in 3QCY26. Excluding the impact of Telenor Pakistan’s consolidation, revenue grew 8% year-on-year.
Management noted that revenue remained broadly stagnant quarter-on-quarter despite nearly a 2% increase in subscribers, mainly due to network closures in Azad Jammu and Kashmir and parts of Khyber Pakhtunkhwa. The disruptions resulted in an estimated revenue loss of around Rs1 billion during the quarter.
According to AHL Research, the suspension of income from U Bank also weighed on quarterly revenue, reducing it by an estimated Rs600 million. However, management said the impact on profitability was largely neutral because expected credit loss (ECL) charges improved accordingly.
Group EBITDA increased 77% year-on-year to Rs36 billion, supported by higher revenue and lower ECL charges at U Bank. However, elevated energy costs and regulatory charges partially offset the gains. Management estimated energy costs reduced EBITDA by about Rs1.2 billion, while a new PTA levy on incoming international calls added another Rs1.2 billion in recurring costs during the quarter.
The briefing highlighted significant investments of approximately Rs100 billion during 9MCY26, including PTML’s 5G spectrum acquisition and network integration programme, as well as Rs25 billion spent by PTCL on fibre network expansion. Management said these investments increased group depreciation by 55% year-on-year but are expected to support future revenue growth.
Management further disclosed that PTML’s subscriber base has surpassed 76 million, including 52.6 million 4G users, supported by a network of 24,100 towers. PTCL currently operates an 85,000-kilometre fibre network, serves 1.76 million broadband customers and holds a 38% market share in fibre-to-the-home (FTTH) services.
On merger synergies, management said the integration of Ufone and Telenor Pakistan remains on track, with network consolidation underway. Full-scale integration and network realignment are expected to begin in CY27 after the vendor selection process is complete.
