⚡ Flash Summary

Tri-Star Power Limited (TSPL) is a Pakistan-based public limited company involved in electricity generation, distribution, and the leasing of power generating plants. The company’s plant has been given on rental to an associated concern. However, due to the stoppage of gas supply by SSGC, the plant cannot be used and as such rental could not be charged. The plant is old and requires high maintenance, and the company is looking for alternative/renewal energy sources requiring fresh investment.

📌 Key Takeaways

• 🏭 TSPL’s primary activity is electricity generation, distribution, and power plant leasing.
• 📅 Incorporated in Pakistan on September 27, 1993.
• 🇵🇰 Shares are listed on the Pakistan Stock Exchange.
• 🏢 Registered office is in Karachi, Pakistan.
• 🛑 Plant rental operations are currently halted due to gas supply issues from SSGC.
• ⏳ The plant is old, requires high maintenance, and cannot be used due to gas stoppage.
• 🌱 TSPL is seeking alternative/renewal energy sources.
• 💼 As of June 30, 2025, the company’s paid-up capital remained constant at PKR 150,000,000.
• 📉 The company reported a net loss of PKR (10,317,806) for the year ended June 30, 2025.
• 🔻 Accumulated losses increased to PKR (49,279,528).
• ⬇️ Sales (lease rental) decreased to PKR 5,000,000 in 2025 from PKR 14,114,000 in 2021 and PKR 16,034,490 in 2020.
• Current ratio decreased to 2.61 in 2025 from 3.41 in 2024
• ❌ The company did not declare any cash or bonus dividends in the last six years.

🎯 Investment Thesis

Given the continued losses, operational challenges, and increasing accumulated losses, a SELL recommendation is appropriate for TSPL. The absence of dividends and the declining financial performance makes it an unattractive investment. The need for fresh investment in alternative energy sources also adds uncertainty.