⚡ Flash Summary

Ghani Value Glass Limited (GVGL) held a corporate briefing session in 2025, showcasing significant revenue growth and strategic expansions. The company’s revenue has steadily increased from PKR 2.558 billion in 2021 to PKR 5.919 billion in 2025. GVGL has also embarked on new projects, including a bullet-proof glass facility, aiming to be the first local producer in Pakistan. While the company shows promise with its expansion and revenue growth, it faces challenges related to climate change and economic conditions in Pakistan, which could impact its operations and profitability.

📌 Key Takeaways

• 📈 Revenue increased from PKR 2.558 billion in 2021 to PKR 5.919 billion in 2025.
• 📊 Gross Profit Margin improved from 32.39% in 2021 to 36.85% in 2025.
• 🌱 Net Profit Margin decreased from 23.05% in 2021 to 18.33% in 2025.
• ✔️ EPS increased from PKR 4.85 in 2021 to PKR 7.23 in 2025.
• 💰 Profit After Tax rose from PKR 589.54 million in 2021 to PKR 1,084.64 million in 2025.
• 🏢 Total Assets increased from PKR 2.555 billion in 2021 to PKR 6.570 billion in 2025.
• ⚠️ Current Ratio declined from 2.20 in 2021 to 1.70 in 2025.
• 🏭 Production Capacity is at 9.06 Million sqmpa.
• 💡 Installation of a new Screen Printing Glass facility is scheduled to become operational.
• 🛡️ New project of bullet proof glasses for armored personal vehicles is underway.
• 🌧️ Pakistan is deeply affected by climate change, which worsens challenges.
• Dividend per share decreased from 60% (cash 40% & stock 20%) to 20% in 2025.

🎯 Investment Thesis

A HOLD recommendation is appropriate for GVGL. While the company exhibits strong revenue growth and strategic expansions, declining profitability margins, dividend per share and liquidity metrics raise concerns. The new bullet-proof glass project offers potential upside, but climate change risks and economic instability in Pakistan present significant headwinds. A price target of PKR 65 is set, based on a conservative P/E ratio, with a medium-term horizon.