⚡ Flash Summary

Baluchistan Glass Limited reported a challenging first quarter ended September 30, 2025. The company experienced a significant drop in sales, leading to a gross loss and an operating loss. The absence of a cash dividend recommendation and the overall financial performance paint a concerning picture for investors. Loss per share worsened compared to the same period last year.

📌 Key Takeaways

• 📉 Sales plummeted to PKR 13.979 million, a significant decrease from PKR 409.046 million in Q1 2024.
• ⚠️ Gross loss amounted to PKR 70.485 million, compared to a gross loss of PKR 129.485 million in Q1 2024.
• ⛔ Operating loss reached PKR 74.896 million, a decrease from PKR 157.624 million in Q1 2024.
• 💸 Finance costs were PKR 51.608 million, down from PKR 71.152 million in Q1 2024.
• ❌ Loss before levies and income tax was PKR 126.679 million.
• 🧾 Net loss for the period stood at PKR 124.926 million, versus PKR 231.957 million in Q1 2024.
• 📉 Loss per share (basic and diluted) was PKR 0.20, compared to PKR 0.89 in Q1 2024.
• 💰 No cash dividend, bonus issue, or right shares were declared.
• 🏛️ Total Equity and Liabilities decreased slightly from PKR 3,905.089 million to PKR 3,809.125 million.
• 🏭 Property, plant, and equipment decreased from PKR 3,337.021 million to PKR 3,285.185 million.
• 💵 Cash and bank balances significantly decreased from PKR 28.092 million to PKR 5.270 million.
• Liabilities increased in the short term.

🎯 Investment Thesis

Based on the Q1 2025 results, a SELL recommendation is appropriate. The company faces significant challenges, and the financial outlook is bleak. There is no clear indication of a turnaround strategy, and the risks outweigh any potential upside. No price target is recommended.