New Risk • May 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Revenue is less than US$1m (PK₨69m revenue, or US$248k). Market cap is less than US$10m (PK₨713.1m market cap, or US$2.56m). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Reported Earnings • May 05
Third quarter 2026 earnings released: PK₨1.87 loss per share (vs PK₨1.68 loss in 3Q 2025) Third quarter 2026 results: PK₨1.87 loss per share (further deteriorated from PK₨1.68 loss in 3Q 2025). Net loss: PK₨35.7m (loss widened 11% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 22
Sitara Energy Limited to Report Q3, 2026 Results on Apr 29, 2026 Sitara Energy Limited announced that they will report Q3, 2026 results on Apr 29, 2026 New Risk • Mar 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (31% accrual ratio). Revenue is less than US$1m (PK₨70m revenue, or US$251k). Market cap is less than US$10m (PK₨462.8m market cap, or US$1.65m). Reported Earnings • Mar 04
Second quarter 2026 earnings released: EPS: PK₨6.11 (vs PK₨4.20 loss in 2Q 2025) Second quarter 2026 results: EPS: PK₨6.11 (up from PK₨4.20 loss in 2Q 2025). Net income: PK₨116.6m (up PK₨196.7m from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨24.24, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 18x in the Electric Utilities industry in Asia. Total returns to shareholders of 224% over the past three years. Annuncio • Feb 23
Sitara Energy Limited to Report Q2, 2026 Results on Feb 27, 2026 Sitara Energy Limited announced that they will report Q2, 2026 results on Feb 27, 2026 Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to PK₨34.26, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 15x in the Electric Utilities industry in Asia. Total returns to shareholders of 365% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨24.19, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 17x in the Electric Utilities industry in Asia. Total returns to shareholders of 198% over the past three years. Buy Or Sell Opportunity • Nov 13
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 87% to PK₨21.29. The fair value is estimated to be PK₨16.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Annuncio • Nov 10
Sitara Energy Limited, Annual General Meeting, Nov 27, 2025 Sitara Energy Limited, Annual General Meeting, Nov 27, 2025. Location: at the auditorium of institute, chartered accountants of pakistan, chartered accountants avenue, block 8 clifton, karachi Pakistan New Risk • Nov 09
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: PK₨177m (US$631k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (PK₨177m revenue, or US$631k). Market cap is less than US$10m (PK₨335.8m market cap, or US$1.20m). Reported Earnings • Nov 09
Full year 2025 earnings released: EPS: PK₨6.04 (vs PK₨1.82 in FY 2024) Full year 2025 results: EPS: PK₨6.04 (up from PK₨1.82 in FY 2024). Revenue: PK₨177.0m (down 81% from FY 2024). Net income: PK₨115.3m (up 231% from FY 2024). Profit margin: 65% (up from 3.8% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Aug 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨260m free cash flow). Market cap is less than US$10m (PK₨308.9m market cap, or US$1.10m). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Revenue is less than US$5m (PK₨643m revenue, or US$2.3m). New Risk • Nov 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (38% accrual ratio). Market cap is less than US$10m (PK₨219.6m market cap, or US$790.2k). Minor Risk Revenue is less than US$5m (PK₨966m revenue, or US$3.5m). New Risk • Oct 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (PK₨247.8m market cap, or US$892.1k). Minor Risk Revenue is less than US$5m (PK₨916m revenue, or US$3.3m). Annuncio • Oct 03
Sitara Energy Limited, Annual General Meeting, Oct 28, 2024 Sitara Energy Limited, Annual General Meeting, Oct 28, 2024. Location: karachi Pakistan Board Change • Aug 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Dec 16
Sitara Energy Limited Announces Director Changes Sitara Energy Limited informed Pakistan Stock Exchange that Mr. Tahir Ibrahim has been appointed as Director of the company with effect from December 12, 2022 in place of Mrs. Naseem Akhter. Board Change • Dec 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 23
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Javaid Islam was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Javaid Islam was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Director Javaid Islam was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non Executive Director Naseem Akhtar was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non Executive Director Naseem Akhtar was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 10
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non Executive Director Naseem Akhtar was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 06
Full year 2021 earnings released: PK₨7.09 loss per share (vs PK₨6.93 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: PK₨763.6m (down 20% from FY 2020). Net loss: PK₨139.5m (loss widened 5.5% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • Apr 29
Third quarter 2021 earnings released: PK₨1.38 loss per share (vs PK₨0.28 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: PK₨119.5m (down 77% from 3Q 2020). Net loss: PK₨26.3m (down PK₨31.7m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 28
Second quarter 2021 earnings released: PK₨2.28 loss per share (vs PK₨0.92 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: PK₨372.1m (up 43% from 2Q 2020). Net loss: PK₨43.5m (loss widened 147% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 16% per year. Is New 90 Day High Low • Feb 25
New 90-day low: PK₨15.80 The company is down 12% from its price of PK₨17.87 on 23 November 2020. The Pakistani market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 21
New 90-day low: PK₨16.21 The company is down 16% from its price of PK₨19.35 on 16 October 2020. The Pakistani market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 7.0% over the same period. Reported Earnings • Nov 05
First quarter 2021 earnings released: PK₨1.20 loss per share The company reported a solid first quarter result with reduced losses and improved revenues and control over expenses. First quarter 2021 results: Revenue: PK₨205.5m (up 162% from 1Q 2020). Net loss: PK₨22.9m (loss narrowed 56% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Oct 13
Full year earnings released - PK₨6.93 loss per share Over the last 12 months the company has reported total losses of PK₨132.2m, with losses narrowing by 31% from the prior year. Total revenue was PK₨958.1m over the last 12 months, down 11% from the prior year. Reported Earnings • Oct 04
Full year earnings released Over the last 12 months the company has reported total losses of PK₨132.2m, with losses narrowing by 31% from the prior year. Total revenue was PK₨958.1m over the last 12 months, down 11% from the prior year.