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Analyst Opinion
POWER - Power Cement Ltd.
Power Cement depicts lowest EV per ton among players
Ahsan Muhammad Asif    2/11/2026 12:00:00 AM
POWER is Arif Habib Group’s flagship cement plant on Karachi Super Highway with 3.375 million tons annual capacity, using FLSmidth Denmark technology similar to DGKC Hub. ? It trades at one of the lowest valuation metrics in the sector, with EV around 42–43 USD/ton versus other southern plants at roughly 51–55 USD/ton. ? Company debt has come down to about PKR 16.67bn in 1QFY26 from PKR 18.45bn, and around 1150bps rate easing in FY25 should support lower finance costs and better profitability. POWER posted earnings of PKR 0.6 per share in 1QFY26, and the report projects FY26 EPS at about PKR 2.32 per share. ? Exports are emerging as a key driver: Jan’26 exports were 191k tons, with exports forming ~55% of dispatches from the southern zone over 7MFY26, where POWER holds 15%+ share in Sindh/Balochistan dispatches. ? The house view is that ML10 (motorway/route) development and cheaper coal–backed clinker exports can be important positive triggers for POWER’s outlook.
Link: https://www.scstrade.com/research/Research%20Reports/General/Power%20Cement%20depicts%20lowest%20EV%20per%20ton%20among%20players.pdf