⚡ Flash Summary

Ghani ChemWorld Limited (GCWL) presented a corporate briefing for FY 2025, highlighting its import-substitute manufacturing project in Pakistan. The company’s Calcium Carbide Project, transferred from Ghani Chemical Industries Limited (GCIL) in April 2025, aims to increase local market share up to 90%. The project is eligible for a 10-year income tax exemption and plans to export to Gulf countries and explore African markets. GCWL’s key products include calcium carbide, precipitated calcium carbonate, and calcium oxide, serving various industries such as steel, welding, paper, plastics, and agriculture.

📌 Key Takeaways

• 🏭 GCWL is undertaking a large-scale import-substitute manufacturing project in Pakistan.
• 🤝 The Calcium Carbide Project was transferred from Ghani Chemical Industries Limited (GCIL) in April 2025.
• 💼 The company is targeting a 90% increase in local market share with its project.
• 💸 The project is eligible for a 10-year income tax exemption.
• 🌍 GCWL plans to export to Gulf countries (UAE, Saudi Arabia, Bahrain) and explore African markets.
• 🧪 Main products include Calcium Carbide (CaC2), Precipitated Calcium Carbonate (CaCO3), and Calcium Oxide (CaO).
• 🏗️ Key revenue drivers include demand from acetylene gas production, metallurgy, paper, and construction sectors.
• ✅ The company has manufacturing standards certifications, including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
• 🚧 Commissioning is initiated, with trial production expected within a few weeks.
• 🌱 Growth is supported by infrastructure development, industrial expansion, and rising demand for welding and cutting applications.
• 💰 For FY2025, the Profit/Loss after taxation is 75,387,663
• Earnings per share stands at 1.45
• Total assets amount to 4,683,500,335
• Shareholder’s equity is 3,520,566,688
• Number of shares is 250,143,950

🎯 Investment Thesis

Given the early stage of the project and the lack of detailed historical financial data, a HOLD recommendation is appropriate. The company’s potential for import substitution and export opportunities are positive, but the operational and financial risks need to be carefully monitored. A more definitive recommendation would require tracking the company’s progress in commissioning, production, and market penetration.