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Analyst Opinion
POWER - Power Cement Ltd.
POWER’s Profit increased by 3.6x YoY, Cement capacity utilization increased
Ahsan Muhammad Asif    8/31/2026 12:31:53 PM
POWER posted an impressive basic EPS of PKR 2.86 (diluted PKR 2.72). At the current market price, the stock trades at an attractive P/E ratio of 8.18x. The company posted a Net Income of PKR 3.78bn for the year, a massive 364% YoY increase (vs. PKR 815mn in SPLY), pushing Net Margin to 11%. Revenue grew 15% YoY from PKR 29.52bn to PKR 33.98bn, driven by improved market conditions and better price realization across both domestic and export markets. Total cement and clinker dispatches rose 7.49% to 2.56mn tons, fueled by a 31.21% surge in clinker exports (896,510 tons) that comfortably offset lower cement exports. Clinker production grew 13.38% to 2.42mn tons, lifting capacity utilization to 76% (vs. 67% in FY25). Gross Profit reached PKR 12.08bn (up 44% YoY) on operational efficiencies, expanding Gross Margin to 28%. A primary catalyst for the earnings breakout was a substantial 40% YoY reduction in finance costs to PKR 1.83bn. Overall growth was anchored by higher clinker dispatches, improved price realization, margin expansion, and debt-servicing relief. Enterprise Value (EV) stands at PKR 45.94bn alongside an EBITDA of PKR 8.42bn, translating to a highly competitive EV/ton of PKR 15,312 (USD 55.12). Per-share metrics show an EV/sh of PKR 35.60 against a BV/sh of PKR 18.61. On the balance sheet, POWER aggressively deleveraged by cutting long-term financing by 36% YoY to PKR 8.03bn. While long-term investments remained nil, short-term investments surged 111% YoY to PKR 0.30bn (vs. PKR 0.14bn) and cash & bank balances grew 40% YoY to PKR 0.80bn (vs. PKR 0.57mn in SPLY).
Link: https://scstrade.com/apaudio/POWER-72-1788160848290-2ef41f6b.pdf
POWER - Power Cement Ltd.
POWER Bounces Off Trendline Support — Bullish Upside Ahead
Muhammad Wajahat    8/25/2026 9:15:24 AM
POWER has successfully taken support at its trendline, signalling improving technical momentum and presenting a favourable buying opportunity. We recommend investors accumulate the stock within the PKR 23.10–23.35 range, with a stop-loss below PKR 20.50. The stock is expected to target PKR 24.15, 25.65, and 28.15, subject to sustained bullish momentum.
Link: https://scstrade.com/apaudio/POWER-60-1787594735325-8ceb6d4b.pdf
POWER - Power Cement Ltd.
Power Cement Ltd Projections For FY26, lowest EV/ton play
Neha Naz    8/24/2026 12:00:00 AM
We expect POWER to report 4QFY26 EPS of PKR 0.68/sh, translating into a full-year FY26 basic EPS of PKR 2.59/sh (diluted EPS of PKR 2.45/sh). We expect full-year Revenue to reach PKR 35.26bn, supported by expected quarterly topline progression from PKR 9.17bn in 3QFY26 to PKR 9.63bn in 4QFY26. We expect POWER’s Gross Profit for FY26 to reach PKR 12.27bn, reflecting a healthy Gross Margin of 34.79%. Furthermore, we expect FY26 Operating Profit to be PKR 7.40bn (20.98% margin), easily covering selling and admin expenses for the year, which we expect to be PKR 3.76bn and PKR 0.63bn, respectively. We expect finance costs for the year to be PKR 1.92bn and net profits for FY26 to total ~PKR 3.41bn, yielding a Net Profit Margin of ~10%. Based on these earnings projections, we expect POWER’s FY26 P/E to settle at 8.36x. But we expect POWER's valuation to revolve around one of the lowest EV/ton of PKR 13,303 ($47.96) as per the SCS cement sector universe.
Link: http://scstrade.com/research/Research%20Reports/General/Power%20Cement%20Ltd%20Projections%20For%20FY26%20lowest%20EVton%20play.pdf
POWER - Power Cement Ltd.
Power Cement notes ....SCS published report
Ahsan Muhammad Asif    6/4/2026 12:00:00 AM
Power Cement has a production capacity of around 3.4 million tons per annum, produced primarily at its Nooriabad plant in Karachi, Sindh. ? POWER yields leading PE of 7.59x, PBV of 0.9x, and annualized net margin of ~10%. ? The company has the potential to export.
Link: https://www.scstrade.com/research/Research%20Reports/General/Power%20Cement....pdf
POWER - Power Cement Ltd.
POWER - Shariah compliance case
   5/6/2026 12:00:00 AM
The cement company *POWER* maintains financing arrangements. These facilities include *Istisnaa* financing amounting to PKR 4 bn, Letters of Credit totaling PKR 1.280 bn, Running *Musharakah* facilities of Rs. 2.2bn, *Murabaha* financing of Rs. 200mn, and *Islamic Export* Refinance Facilities amounting to Rs. 1.5 bn. POWER is yielding FY26 PE of 9.9x, EV PKR 24.92/sh, and Book Value of PKR 18.88
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