Ahl Research Ltd has released a report on Indus Motors Limited, which held its 37th Annual General Meeting today after announcing its FY26 results. Toyota plans to align its global strategy for upcoming EVs after finalizing an auto policy, which is expected to clarify tariffs and incentives. Toyota will not discuss specific model launches until the policy is announced.

The company commits PKR 4-5bn in capex over the next year to enhance its product range and increase localization, up from ~PKR 1bn previously.

Management noted that the FBR is reviewing competitors misclassifying products as REEVs to benefit from lower GST rates, which should level the playing field. A decline in 4QFY26 gross margins was acknowledged, attributed to pre-budget speculation and strategic decisions that led to increased promotional activities.

Government orders for the Hilux have decreased recently due to global volatility, affecting volumes.

Administrative expenses rose to PKR 4.3bn in FY26, up from PKR 3.6bn in FY25, largely due to increased freight, marketing, salaries, and inflation. Staff-related expenses grew by ~PKR 200mn, influenced by training and rising transportation costs.

The company approved a final cash dividend of PKR 47/share, bringing the FY26 total to PKR 195/share, including the interim dividend of PKR 148/share.