⚡ Flash Summary

Fast Cables Limited (FCL) held a corporate briefing session covering FY 2025 and Q1 2026. The company highlighted challenges in FY 2025 including modest GDP growth of 3.04%, subdued LSM growth, and volatility in raw material pricing with copper & aluminum prices exhibiting sharp volatility. Despite these challenges, FCL strategically focused on maintaining its market share, enhancing its customer base, obtaining international certifications, and sustaining profitability. The company is expanding production capacity with the IPO update noting land acquisition and construction of new production halls.

📌 Key Takeaways

• Established in 1985, boasting 4 decades of experience. 🏢
• Diverse Product Portfolio with +10 Cable Types and +6,000 Product SKUs. 🧰
• Network of 350+ dealers nationwide. 🤝
• Operating with State of the Art Facilities, including 2 CCV Lines, Aluminum & Alloy Plant, and a 75kV Certified Testing Lab. 🏭
• Global Certifications: TAQA, BASEC, UL, KEMA Gold, ISO 9001, 14001, 45001, VEIKI-VNL. 🏅
• Modest GDP growth of 3.04% impacted FY 2025. 📉
• Copper & Aluminium prices exhibited ~10% YoY increase. 💰
• Metal price volatility in LME index ranged 18%-25%. 📈
• FY 2025 Revenue: PKR 31.86Bn (vs. PKR 36.02 Bn LY). 📊
• FY 2025 Gross Profit: PKR 5.37Bn (vs. PKR 6.73 Bn LY). 📉
• FY 2025 Net Profit: PKR 1.27Bn (vs. PKR 1.88 Bn LY). 📉
• FY 2025 EPS: PKR 2.03 (vs. PKR 3.68 LY). 📉
• Q1 FY-2026 Revenue: PKR 8.64Bn (vs. PKR 7.20 Bn SPLY). 📊
• Q1 FY-2026 Net Profit: PKR 388Mn (vs. 207 Mn SPLY). 📈
• Q1 FY-2026 EPS: PKR 0.62 (vs. PKR 0.33 SPLY). 📈

🎯 Investment Thesis

HOLD. While FCL faces macroeconomic and financial challenges, its strategic initiatives and capacity expansion could lead to future growth. The recent improvements in Q1 FY-2026 are encouraging, but further consistent performance is needed before considering a BUY recommendation.