⚡ Flash Summary

Waves Home Appliances Limited held a corporate briefing session on November 4, 2025. The company’s product range includes deep freezers, refrigerators, visi-coolers, air conditioners, water heaters, washing machines, microwave ovens, and water dispensers. Waves has a considerable market share in the corporate segment, producing products for clients like Coca-Cola and Pepsi. The Pakistan appliances market size is approximately PKR 750 billion.

📌 Key Takeaways

• 🌊 Waves carries legacy of its brand for almost half a century.
• 🏭 The company manufactures and assembles consumer appliances and other light engineering products.
• 🇵🇰 It is a public limited company quoted on the Pakistan Stock Exchange.
• 📅 The home appliances business was demerged from Waves Corporation Limited in 2022.
• 🥇 Waves is the only appliances manufacturer exclusively engaged in home appliances with publicly listed status.
• 🧊 The company is a market leader in deep freezers with over 5 decades of experience.
• 🤝 Waves has corporate clients like Coca-Cola, Pepsi.
• 💰 Pakistan appliances market size is approximately PKR 750 Bn.
• 📈 Gross sales for 9M 2025 were PKR 4,019 million.
• 📉 Sales-net for 9M 2025 were PKR 2,793 million.
• 📊 Gross profit for 9M 2025 was PKR 758 million.
• 💸 Profit before levies and income tax for 9M 2025 was PKR 313 million.
• ✔️ Profit for the period for 9M 2025 was PKR 262 million.
• ⭐ Earnings per share for 9M 2025 were PKR 0.98.
• ✔️ Gross margin for 9M 2025 was 27.1%.

🎯 Investment Thesis

Based on the available information, a HOLD recommendation is appropriate. The company shows potential for growth, indicated by increased EPS. However, a comprehensive analysis of financial statements and market conditions is needed to determine a price target and time horizon.