Deep Dive Equity Research & Strategic Asset Evaluation — Pakistan's Pioneer in Natural Gas & Oil Exploration since 1950.
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Net Revenue | 202,199,183 | 286,480,252 | 288,797,413 | 242,516,363 |
| Profit After Tax | 53,546,164 | 97,937,106 | 114,309,077 | 92,027,450 |
| EPS (PKR) | 19.68 | 35.99 | 42.01 | 33.82 |
| EPS Growth YoY | +2.13% | +82.88% | +16.73% | -19.50% |
| Gross Margin | 65.09% | 66.86% | 65.58% | 62.59% |
| Net Margin | 26.48% | 34.19% | 39.58% | 37.95% |
Source: PSX Data Portal | All figures unconsolidated
| Quarter | Sales | PAT | EPS (PKR) | QoQ EPS Change |
|---|---|---|---|---|
| Q2 FY25 (Oct-Dec 24) | 60,720,556 | 27,336,299 | 10.05 | — |
| Q3 FY25 (Jan-Mar 25) | 63,824,951 | 21,795,150 | 8.01 | -20.3% |
| Q1 FY26 (Jul-Sep 25) | 56,812,356 | 20,087,951 | 7.38 | -7.9% |
| Q2 FY26 (Oct-Dec 25) | 61,189,733 | 20,299,146 | 7.46 | +1.1% (stabilising) |
Key Observation: After a sharp decline from Q2 FY25's strong PKR 10.05 EPS, PPL's earnings have now stabilised around PKR 7.4–7.5 per quarter in H1 FY26. The QoQ uptick in Q2 FY26 signals that the bottom is likely in. Next earnings release is expected Apr 28, 2026.
| Company | P/E Ratio | P/B Ratio | Net Margin | Div Yield | Market Cap (PKR B) |
|---|---|---|---|---|---|
| PPL | 7.06x | 0.78x | 37.95% | ~3.6% | 573 |
| OGDC | 6.7x | 0.84x | 42.4% | 5.5% | 1,120 |
| POL | ~8x | ~1.2x | ~35% | 12%+ | 187 |
| MARI | ~9x | ~1.1x | ~38% | ~4% | ~260 |
| PSX Market Avg | 15-20x | 1.5x+ | Variable | ~4-5% | — |
Note: PPL's low payout ratio (~22%) means dividends are not a primary draw vs peers like POL. However, the payout is extremely safe (4.51x cover) with room to grow if earnings recover.
Significance: An executive accumulating shares at PKR 265–278 — well above the current price of ~PKR 210 — is a meaningful bullish signal. Insiders buying at higher prices than today's market confirms a value disconnect. The stock has fallen ~24% from insider purchase levels, representing a compelling entry for long-term investors.
PPL is Pakistan's oldest and most strategically significant E&P company, currently trading at a rare 22% discount to book value and at just 7x earnings — near historic lows. While FY25 earnings disappointed due to lower oil prices and production declines, the earnings have now stabilised in H1 FY26. The Reko Diq copper-gold stake, active new discoveries, improving circular debt collections, and 8 analysts rating it Strong Buy with a PKR 317 average target (51% upside) make this a compelling contrarian opportunity for patient investors.