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Analyst Opinion
LUCK - Lucky Cement Ltd. Consolidated
LUCK’s Diversified Dominance | PE 6.9x PBV 1.1x | Annualized Net Margin 18.15%
   5/6/2026 12:00:00 AM
Lucky Cement Limited (LUCK LUCK Snapshot ) is one of the biggest cement capacity plant holders in Pakistan withthe 15mn tons capacity. LUCK posted a robust consolidated performance in 9MFY26, reporting a Net Profit of PKR 68.47bn, 8.4% up YoY. The Gross Revenue of PKR473.72 bn is 14.5% up, driven by the strong operational footprint of the company’s diverse subsidiaries. The group achieved an EPS of PKR 43.47, reflecting an 11.1% increase over SPLY. Segmental Performance & Operational Highlights: ? Cement Operations: Local sales volumes increased 8.9% to 4.9 MT, reflecting a gradual stabilization in demand. Export volumes declined by 9.7% to 2.3 MT as part of a strategic rationalization of geographic exposure. The company is expanding its Karachi solar capacity to 89.3 MW by 4Q FY26 and has successfully commissioned UTIS technology to reduce production costs, as per the company report. ? Lucky Motor Corporation (LMC): The automobile sector observed a volume increase of approximately 46% compared to the previous year, supported by stable pricing and exchange rate parity. LMC is enhancing competitiveness against new Chinese brands through a partnership with GAC Group to introduce New Energy Vehicles (NEVs) and focus on the low-cost smartphone segment. They are yet to roll out variants. Natural Resources factor… LUCK Group owns 33.33% stake in Natural Resources (NRL), and the other stakeholders in NRL are Fatima Fertilizer and Mari Energies. The key leading sectors are minerals, copper, gold, barite-lead-zinc, and exploration licenses for rare earth minerals at Chaghi, Balochistan. We expect some positive cash flows to start from 2030-32 onwards. As per the media reports, Lucky Motor Corporation’s partnership with GAC Group marks an expansion into Pakistan’s New Energy Vehicle (NEV) market, positioning the company in the EV mobility business.
Link: https://www.scstrade.com/research/Research%20Reports/General/Luck%20Cement%20Diversified%20Dominance....pdf