Intelligence Repository v1.0 — Updated Jun 2026
PKR 372
(52-Week Range: PKR 265 – 439)Pakistan's market leader in Ketchup (59% share), Recipe Mixes, and Branded Salt. Expansive export reach spanning 40 countries across 5 continents.
H1 FY26 net income skyrocketed +8.8x YoY with gross margins jumping to 40%. The new Faisalabad plant offers a 10-year SEZ tax holiday, fundamentally restructuring bottom-line potential.
As of H1 FY26 / Jun 2026
~86B
PKR15.7x
Strong Buy Consensus2.64B
PKR (+8.8x YoY)516+
+38% Upside~250 products across 10+ categories. 59% market share in ketchup and market leader in recipe mixes.
A-1 Bags & Supplies Inc. in Canada generated CAD 242 mn with 42% growth, becoming a massive value engine.
Strategic backward integration. Cultivating 500 acres in Sindh to substitute imports, boosting supply chain resilience.
FY25 Revenue (PKR)
Tripled since FY21 (34.5B)
H1 FY26 Gross Margin
Massive leap from 26.2% in FY24
H1 FY26 Interim DPS
PKR 18 + PKR 3 payout reflecting strong cashflow
The Rs 7 Bn flagship plant brings 6,000 tons/month capacity combined with a 10-year Special Economic Zone tax exemption, structurally lifting bottom-line margins.
With SBP rate cuts in motion, NATF's high finance costs (Rs 1.7 Bn in FY25 due to plant capex) will decline, accelerating EPS growth.
Launch of Drizz'l and focus on the 'Chef Connect' culinary program taps into higher-margin urban food delivery and restaurant supply chains.
Historically, PKR volatility inflates imported material costs. Management's 'Seed to Table' initiative aims to mitigate this.
Shan Foods remains the dominant player internationally in the recipe mix and spice category, challenging export growth in this segment.
With only ~21% free float, institutional block buying is difficult, which can result in exaggerated price swings on low volumes.
NATF is transitioning from a capex-heavy cycle into a massive cash-harvesting phase. The combination of the Faisalabad tax holiday and falling debt servicing costs creates a perfect storm for earnings expansion.
Analysts average a target price of PKR 516+. Furthermore, the A1 Cash & Carry business in Canada is a hidden asset that could unlock massive shareholder value if partially listed or partnered.
Summary: National Foods represents a premier blue-chip FMCG play on the PSX. With H1 FY26 gross margins hitting 40% and a record interim dividend payout of Rs 21, the company has proven its pricing power and cash generation capability. Trading at ~15.7x P/E with a solid growth trajectory, NATF offers both capital appreciation potential and robust dividend yields.
This report is for informational purposes only and does not constitute financial advice. Conduct your own due diligence before investing. Data sourced from company financials and analyst consensus.