⚡ Flash Summary

Exide Pakistan Limited’s financial results for the quarter ended September 30, 2025, reveal a concerning downturn. Revenue decreased significantly compared to the same quarter last year, impacting gross profit. This decline in profitability is further reflected in the substantial drop in earnings per share. While specific financial figures are detailed below, the overall performance indicates a challenging period for the company.

📌 Key Takeaways

• 📉 Revenue from customers decreased to PKR 4,047.359 million in Q3 2025 from PKR 5,531.753 million in Q3 2024.
• 📉 Gross profit declined to PKR 703.055 million from PKR 820.994 million year-over-year.
• 📉 Operating profit decreased to PKR 222.474 million from PKR 260.471 million.
• 💰 Finance costs decreased slightly to PKR 135.513 million from PKR 143.428 million.
• 📉 Profit before tax decreased significantly to PKR 86.961 million from PKR 117.043 million.
• 📉 Profit after taxation decreased to PKR 54.068 million from PKR 71.397 million.
• 📉 Earnings per share (basic and diluted) decreased to PKR 6.96 from PKR 9.19.
• 📉 Half-year revenue decreased to PKR 11,096.804 million in 2025 from PKR 13,817.654 million in 2024.
• 📉 Half-year gross profit decreased to PKR 1,735.702 million from PKR 2,364.330 million.
• 📉 Half-year operating profit decreased to PKR 775.907 million from PKR 1,184.291 million.
• 💰 Half-year finance costs decreased to PKR 322.823 million from PKR 355.264 million.
• 📉 Half-year profit before tax decreased to PKR 453.084 million from PKR 829.027 million.
• 📉 Half-year profit after taxation decreased to PKR 277.403 million from PKR 505.707 million.
• 📉 Half-year earnings per share (basic and diluted) decreased to PKR 35.71 from PKR 65.10.

🎯 Investment Thesis

Given the significant decline in revenue, profitability, and EPS, a SELL recommendation is appropriate. The company faces numerous financial and operational challenges, and the valuation is likely to be negatively impacted. A price target of PKR 80, based on a discounted cash flow analysis reflecting the decreased profitability, is suggested with a 12-month time horizon.