Pioneer Cement Ltd reported a profit after tax of PKR2.21bn (US$7.96m) for the first quarter ended 30 September 2026, translating into earnings per share (EPS) of PKR9.72, compared with a profit after tax of PKR1.28bn and EPS of PKR5.61 in the same period last year, according to the company's financial results submitted to the Pakistan Stock Exchange.

Net sales increased 29 per cent YoY to PKR10.85bn, while gross profit climbed 50 per cent to PKR3.76bn supported by stronger margins and improved cost absorption. The company also benefited from a sharp reduction in finance costs, which fell 94 per cent YoY to PKR14m.

Commenting on the results, AHL Research said the earnings growth was driven by higher revenue, improved gross margins and significantly lower finance costs. The brokerage noted that gross margin expanded to 34.7 per cent from 29.8 per cent a year earlier, reflecting stronger operational efficiency.

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At the current market price of PKR223 per share, AHL Research noted that Pioneer Cement is trading at 5.6x its FY26-27 estimated earnings and maintained its "Buy" recommendation, citing continued support from revenue growth, margin expansion, and a lower financing burden.

by Abdul R Siddiqi, Pakistan