IGI Securities

31/07/2026

31/07/2026

Flash Note
Friday, July 31, 2026

MLCF | Result announcement: 4QFY26

Maple Leaf Cement Factory Limited (MLCF)

Earnings: Maple Leaf Cement Factory Limited (MLCF) announced it 4QFY26 result. The Company reported unconsolidated earnings for 4QFY26 of PKR 2.4bn (PKR 2.26/share), down by -52%y/y due to higher finance cost which was primarily attributed to higher borrowing for the acquisition of Pioneer Cement Limited (PIOC), compared to earnings of PKR 4.9bn (PKR 4.69/share) in the same period last year. On FY26 basis, the Company reported earnings of PKR 8.4bn (EPS PKR 8.06/share) down by -50%y/y compared to PKR 17.0bn (EPS PKR 16.26/share) in the same period last year.
Dividend/Payout: The Company did not announce any cash dividend.
Operating Performance: During 4QFY26, company’s net sales increased by +5%y/y to PKR 18.4bn due to higher average price in comparison to the same period last year. Administrative cost increased by +31% y/y to PKR 0.69bn compared to PKR 0.53bn in the same period last year. The Company reported net finance cost of PKR 1.9bn during 4QFY26 compared to net finance income to PKR 0.6bn in the same period last year owing to higher borrowings related to PIOC acquisition. The effective tax rate during 4QFY26 stood at 52.7% compared to 26.4% during the same period last year. Net Margins during 4QFY26 stood at 13% in comparison to 28% during the corresponding period last year.
Recommendation: We have a “BUY’ stance on MLCF with our Dec-26 Target Price of PKR 160/share offering 67% upside from last close. The Company is currently trading at FY27 P/E of 7.0x.

Link:https://www.igisecurities.com.pk/downloads/research/MLCF4QFY26ResultReview.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 234 234 Ext: 974 | Fax: +92 21 35301726
Website: www.igisecurities.com.pk
Address: 7th Floor, The Forum, Suite No. 701-713, Block-9, Clifton, Karachi-75600, Pakistan

31/07/2026

Daybreak
Friday, July 31, 2026

Jul-26: CPI Likely to Print +8.5%y/y Growth

For Jul-26, we estimate national CPI to clock in at +8.49%y/y growth compared to the previous month's +11.07%y/y. On a monthly scale, Jul-26 is estimated to depict a +0.52%m/m growth compared to 0.29%m/m decline in Jun-26.

CPI is expected to increase on monthly basis likely owing to higher food prices despite lower POL prices and stand below its last 12-month average increase of +0.89%m/m. On yearly basis, CPI is likely to increase in Jul-26 owing to higher POL prices.

Going forward, inflation is likely to ease slightly in coming month owing to high base effect however outlook remains uncertain owing to volatility in international oil prices amid tensions in Middle East Conflict. Despite uncertainty regarding oil prices, inflation is likely to drop further from Sep-26 onwards and remain in single digit barring any substantial external shocks.

Link: https://www.igisecurities.com.pk/downloads/research/CPIdaybreakJul26.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 444 001 Ext: 912
Website: https://www.igisecurities.com.pk/

31/07/2026

Commodities and Indices Market Review

Friday, July 31 2026

An overview of major indices and commodity performance. Highlights include movements in the S&P 500, NASDAQ 100, and Dow Jones, alongside key trends in precious and base metals, crude oil, and agricultural commodities.

Stay tuned for insights on market drivers and upcoming economic indicators.

Link:https://www.igisecurities.com.pk/downloads/research/Commodities31stJuly2026.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 234 234 | Fax: +92 21 35301726
Website: https://www.igisecurities.com.pk/

31/07/2026

IGI Securities – Investor Kit

Friday, 31 July, 2026

To read full report, please visit:
https://www.igisecurities.com.pk/downloads/research/IK31JUL26.pdf

For further details, please contact us @ +92 21 111 444 001 or visit our
website www.igisecurities.com.pk

31/07/2026

Your daily market pulse: the news, the themes, and the opportunities.

30/07/2026

From sweet treats to shared moments, Mango Day at IGI Securities was all about celebrating the season together.
Here's a glimpse of the day.

30/07/2026

Syed Saifullah Kazmi, Head of Investment Banking at IGI Finex Securities Limited, recently conducted a session at the LABX Capital Readiness Bootcamp hosted by NICAT - National Incubation Center for Aerospace Technologies, Islamabad, sharing valuable insights on investment readiness, fundraising, and navigating Pakistan's startup ecosystem.

The two-day bootcamp brought together aspiring founders and industry experts, equipping entrepreneurs with practical knowledge, mentorship, and the tools needed to build investor-ready ventures and accelerate their growth.

At IGI Finex Securities Limited, we are proud to support initiatives that strengthen Pakistan's entrepreneurial ecosystem and contribute to the growth of the country's next generation of innovators.

We extend our sincere appreciation to the team at NICAT for the opportunity to engage with such promising founders and be part of their journey towards building impactful, investment-ready businesses.

30/07/2026

Commodities and Indices Market Review

Thursday, July 30 2026

An overview of major indices and commodity performance. Highlights include movements in the S&P 500, NASDAQ 100, and Dow Jones, alongside key trends in precious and base metals, crude oil, and agricultural commodities.

Stay tuned for insights on market drivers and upcoming economic indicators.

Link:https://www.igisecurities.com.pk/downloads/research/Commodities30thJuly2026.pdf

IGI Securities (BRP-009)
UAN: +92 21 111 234 234 | Fax: +92 21 35301726
Website: https://www.igisecurities.com.pk/