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Analyst Opinion
FFC - Fauji Fertilizer Company Ltd. Consolidated
FFC 9MCY26 Result Review: Strong Profitability and a Massive Dividend Payout
Neha Naz    10/28/2026 12:00:00 AM
- FFC reported a consolidated Net profit of PKR 28.60bn for 3QCY26, showing a 14.0% YoY increase. This translated to an EPS of PKR 19.72/sh (up from PKR 17.24/sh in the SPLY), reflecting a highly attractive annualized P/E ratio of approximately 6.5x based on current market prices. Furthermore, FFC announced a massive third interim cash dividend of PKR 18.5/sh (185%), taking the cumulative 9MCY26 payout to PKR 41.50/sh. - The bottom-line growth was primarily supported by a robust 2.07% YoY increase in consolidated Revenue to PKR 143.11bn, despite a 3% YoY dip in DAP sales to 524K tonnes due to raw material constraints. - Gross profit rose 7.42% YoY to PKR 49.03bn (Gross margin: 34.26%), with profitability further boosted by a massive jump in the share of profit from associates to PKR 6.71bn and a 16.9% YoY increase in other income to PKR 5.16bn. However, a near-doubling of finance costs to PKR 3.08bn and an effective tax rate of ~33.09% partially offset these gains. - On the balance sheet front, the company's financial health remains fortress-like, with the Book Value per share (BV/sh) standing strong at approximately PKR 198.76/sh. While long-term borrowings saw a notable increase to PKR 72.13bn (up from PKR 50.25bn at the end of CY25), the company’s massive liquidity comfortably outweighs this. - The short-term investments stood at PKR 185.48bn, easily covering short-term borrowings of PKR 18.13bn, while cash and bank balances were recorded at PKR 10.87bn. - We reiterate our 'Positive Outlook' on FFC
FFC - Fauji Fertilizer Company Ltd. Consolidated
*Pakistan Fertilizer Sector – Sharp Surge in Urea Sales*
SCS Research update    5/20/2026 12:00:00 AM
Urea offtake up 85% YoY to 463k tons in April 2026 – the highest level recorded in 15 years. Cumulative urea sales (4MCY26) up 11% YoY to 1.5 million tons. Growth was driven by early crop sowing, improved farm incomes, and pre-buying amid rising global prices. Market Leaders: Fauji Fertilizer Company (FFC) and Fatima Fertilizer led the market. Both doubled their urea sales. Market shares reached 52% (FFC) and 22% (Fatima). Engro Fertilizers underperformed, with market share declining to 23% despite higher volumes. Other Fertilizer Segments: DAP sales declined 11% YoY due to higher prices and prior stockpiling. CAN and NPK segments recorded strong growth. Inventory & Prices: Inventory levels remain elevated, particularly at Engro, but are expected to ease during the Kharif season. Urea prices increased by Rs. 100–150 per bag, with further increases likely due to strong demand and tight supply.
FFC - Fauji Fertilizer Company Ltd. Consolidated
Fertilizer Offtake & Inventory Position for Mar 2026
Ahsan Muhammad Asi    4/3/2026 12:00:00 AM
Urea offtake rebounded sharply in March 2026, rising 85% YoY to 568k tons, driven by improved demand after a slow start to the year. This increase reverses the trend seen in January and February, which was weighed down by Rabi demand in December 2025, leading to elevated dealer inventories and suppressed sales. For 1QCY26, cumulative urea sales declined 6% YoY to 1,037k tons. However, key players saw growth: - FFC's offtake improved 12% YoY to 602k tons - EFERT's offtake posted a 7% YoY increase to 279k tons, reversing earlier declines