AHL Research has published a special report on the upcoming financial results of Pakistan Stock Exchange–listed a few selected cement companies for the April–June 2026 quarter (4QFY26) and the full fiscal year FY26. The report outlines earnings expectations, dispatch trends, margin outlook, and the potential impact of recent tax changes.
Lucky Cement
On a consolidated basis, Lucky Cement is expected to post FY26 earnings of PKR57.9/share (US$0.20/share), up 10 per cent YoY, driven by strong performance across cement, electronics, automobiles, and international operations. Unconsolidated earnings are projected at PKR29.4/share, reflecting a 30 per cent YoY rise due to dividend income from Lucky Electric Power Co Ltd (LEPCL) and improved margins. For 4QFY26, earnings are anticipated at PKR 14.4/share (+8 per cent YoY). An annual dividend of PKR5.2/share is expected.
DG Khan Cement
DG Khan Cement is forecast to record FY26 earnings of PKR24.7/share, up 25 per cent YoY, supported by higher dispatches, lower finance costs, and reduced coal prices. Gross margins are estimated at 26 per cent. However, 4QFY26 earnings are expected to decline 22 per cent YoY to PKR 5.6/share. A dividend of PKR2.5/share is likely.
Fauji Cement
Fauji Cement is projected to post FY26 earnings of PKR6/share (+12 per cent YoY), aided by higher dispatches, lower coal prices, and increased other income. Margins are expected to remain stable at 35 per cent. Quarterly earnings are seen at PKR 1.6/share (-2 per cent YoY). A dividend of PKR 1.5/share is anticipated.
Kohat Cement
Kohat Cement’s FY26 earnings are expected at PKR 0.7/share, down 15 per cent YoY, due to margin contraction and reduced interest income. Margins are projected at 34 per cent versus 39 per cent last year, impacted by Afghan coal shortages. Quarterly earnings are expected at PKR2.6/share (+3 per cent YoY).
Maple Leaf Cement
Maple Leaf Cement is forecast to post consolidated FY26 earnings of PKR 9.8/share (-11 per cent YoY), with margins contracting to 33 per cent amid higher fuel costs and debt-driven finance expenses. 4QFY26 earnings are projected at PKR2.3/share (-33 per cent YoY). Pioneer Cement’s contribution is expected to add PKR1.2/share in the quarter.
Sector-wide one-off gains
The FY27 Federal Budget’s proposed reduction in Super Tax from 10 to 8 per cent is expected to result in one-off deferred tax gains in 4QFY26, as companies remeasure their Deferred Tax Liabilities. This adjustment could provide a temporary boost to reported earnings across the sector.
By Abdul Rab Siddiqi, Pakistan
