• Snapshot   /   MLCF - Maple Leaf Cement Factory Ltd. Consolidated   /   Analyst Opinion
Analyst Opinion
MLCF - Maple Leaf Cement Factory Ltd. Consolidated
Maple Leaf Cement (MLCF) — 2QFY26 Result Review
Ahsan Muhammad Asif    2/25/2026 12:00:00 AM
Flat Topline Sequentially – EV/ton $50/ton Maple Leaf Cement Factory (MLCF) reported revenue of Rs 18.94bn in 2QFY26, compared to Rs 19.03bn in 2QFY25, reflecting a marginal YoY decline. The largely flat topline suggests stable dispatch volumes in a competitive cement market. Margins firmed up Gross profit declined to Rs 6.03bn, down 15% YoY from Rs 7.14 bn, even though we believe margins remained firm. MLCF reported a GP margin of ~30%. The companies in Punjab are facing the ignominy of 6% royalty charges. 2Q Bottom Line Reflects continuation of margins MLCF reported PAT of Rs 2.5 bn, down 22% YoY from Rs 3.23 bn. EPS came in at Rs 2.40/sh, compared to Rs 3.08/sh in 2QFY25, reflecting the impact of margin compression despite lower finance costs. The effective tax rate stood at 36% compared to 27% in SPLY. Earnings firmed up in 1HFY26 On a cumulative basis (1HFY26), performance appears comparatively stronger. MLCF revenue increased to Rs 35.42bn vs Rs 34.75 bn in 1HFY25, while net profit rose to Rs 5.12bn from Rs 4.27bn. The improvement is primarily attributable to reduced finance costs. In 7MFY26, the company sold 2.45 mn tons of cement. In our view, this reflects a capacity utilization of approximately 50% to 53%, i.e., 4.2mn tons of annual sales. MLCF is yielding EV/ton of $50/ton vs DGKC $53/ton – both of them are lower than the market average of $60-80/ton. SCS Research
Link: https://www.linkedin.com/in/mahsan178/
MLCF - Maple Leaf Cement Factory Ltd. Consolidated
The PIOC purchase deal 88.28% holding!
Ahsan Muhammad Asif    2/23/2026 12:00:00 AM
MLCF recently showed an intention to acquire PIOC. Based on this Purchase Agreement Intention (PAI), the company recently completed the transaction by purchasing shares from the public. The 26.62mn shares, which represents 11.72% holding is bought at the rate of PKR478.43/sh. MLCF acquired 131,820,554 ordinary shares (constituting 58.03% of the shareholding interest) on February 20, 2026. MLCF already holds 42,082,047 (18.53%) along with its group associates, and together with the aforementioned acquisition. MLCF and its associates' collective stake now stands at 88.28% in the ordinary shares and control of PIOC, thereby rendering PIOC a subsidiary of MLCF.
Link: https://www.scstrade.com/research/Research%20Reports/General/MLCF%20holds%20a%20majority%20holding%20in%20PIOC....pdf