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Analyst Opinion
NATF - National Foods Ltd.
_National Foods (NATF): Eid ul-Adha boom_ | SCS Update
Ahsan Muhammad Asif    5/29/2026 12:00:00 AM
We expect NATF to experience a seasonal uplift in sales during the Eid al-Adha period, which will be reflected in its 4Q posting in FY26. This is due to trademark spices, recipe mixes, sauces, and BBQ-related product categories that may have been consumed during Eid al-Sacrifice. However, while the seasonal demand impact remains positive, the market will likely focus more on the sustainability of growth beyond the festive period. NATF continues to benefit from its established distribution network and strong positioning within the packaged food segment, supporting demand resilience despite broader economic pressures. We estimate 4QFY26 earnings to clock in at ~PKR 13.3/share (Cumulative FY26 Earnings could be PKR 35.6/share). NATF is currently yielding at P/E multiple of 10.53x. In addition, the food sector is currently trading at approximately 15.3x earnings, which suggests further upside potential for the stock given NATF’s earnings momentum, strong brand equity, and defensive business profile. SCS expects NATF to experience a seasonal uplift in sales during the Eid al-Adha period, which will be reflected in 4Q. SCS Research
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