Pakistani (KSE) Industrials Sector Analysis

Sector Valuation and Performance

Has the Pakistani Industrials Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 22 Jul 2026	PK₨472.8b	PK₨376.2b	PK₨28.8b	13x	16.4x	1.3x
Fri, 19 Jun 2026	PK₨498.4b	PK₨377.5b	PK₨29.0b	11.9x	17.2x	1.3x
Sun, 17 May 2026	PK₨445.9b	PK₨377.5b	PK₨28.6b	10.9x	15.6x	1.2x
Tue, 14 Apr 2026	PK₨412.5b	PK₨359.0b	PK₨36.9b	10.1x	11.2x	1.1x
Thu, 12 Mar 2026	PK₨399.1b	PK₨354.3b	PK₨36.5b	10.2x	10.9x	1.1x
Sat, 07 Feb 2026	PK₨526.3b	PK₨352.7b	PK₨43.7b	14.8x	12.1x	1.5x
Mon, 05 Jan 2026	PK₨504.3b	PK₨352.9b	PK₨43.9b	14.7x	11.5x	1.4x
Wed, 03 Dec 2025	PK₨464.2b	PK₨352.9b	PK₨43.9b	14.6x	10.6x	1.3x
Fri, 31 Oct 2025	PK₨442.7b	PK₨374.4b	PK₨35.7b	17.1x	12.4x	1.2x
Sun, 28 Sep 2025	PK₨477.8b	PK₨378.3b	PK₨21.7b	15.3x	22x	1.3x
Tue, 26 Aug 2025	PK₨438.9b	PK₨392.0b	PK₨23.5b	11.8x	18.7x	1.1x
Thu, 24 Jul 2025	PK₨579.1b	PK₨591.3b	PK₨48.9b	9.2x	11.9x	1x
Sat, 21 Jun 2025	PK₨517.1b	PK₨589.8b	PK₨48.7b	8.4x	10.6x	0.9x
Mon, 19 May 2025	PK₨392.9b	PK₨386.4b	PK₨22.9b	8.9x	17.2x	1x
Wed, 16 Apr 2025	PK₨404.5b	PK₨405.1b	PK₨17.8b	8.4x	22.8x	1x
Fri, 14 Mar 2025	PK₨393.9b	PK₨397.8b	PK₨16.5b	9.5x	23.9x	1x
Sun, 09 Feb 2025	PK₨416.3b	PK₨401.0b	PK₨12.2b	11.1x	34x	1x
Tue, 07 Jan 2025	PK₨458.7b	PK₨400.5b	PK₨12.3b	11.2x	37.3x	1.1x
Thu, 05 Dec 2024	PK₨383.5b	PK₨407.1b	PK₨11.9b	10.2x	32.3x	0.9x
Sat, 02 Nov 2024	PK₨333.0b	PK₨403.6b	PK₨14.1b	7.7x	23.7x	0.8x
Mon, 30 Sep 2024	PK₨315.3b	PK₨423.1b	PK₨12.9b	10.4x	24.4x	0.7x
Wed, 28 Aug 2024	PK₨295.5b	PK₨414.6b	PK₨12.3b	8.8x	24x	0.7x
Fri, 26 Jul 2024	PK₨317.2b	PK₨408.3b	PK₨12.0b	8.2x	26.5x	0.8x
Sun, 23 Jun 2024	PK₨328.6b	PK₨410.4b	PK₨12.5b	7.4x	26.2x	0.8x
Tue, 21 May 2024	PK₨307.6b	PK₨372.4b	PK₨15.7b	8.5x	19.6x	0.8x
Thu, 18 Apr 2024	PK₨295.9b	PK₨358.8b	PK₨21.3b	7.4x	13.9x	0.8x
Sat, 16 Mar 2024	PK₨294.4b	PK₨354.3b	PK₨19.2b	6.1x	15.3x	0.8x
Mon, 12 Feb 2024	PK₨295.0b	PK₨334.3b	PK₨26.7b	8.4x	11x	0.9x
Wed, 10 Jan 2024	PK₨329.5b	PK₨323.6b	PK₨27.6b	8.5x	11.9x	1x
Fri, 08 Dec 2023	PK₨303.4b	PK₨322.9b	PK₨25.0b	8.6x	12.1x	0.9x
Sun, 05 Nov 2023	PK₨238.7b	PK₨332.1b	PK₨24.0b	11.7x	10x	0.7x
Tue, 03 Oct 2023	PK₨225.6b	PK₨320.1b	PK₨46.3b	12.1x	4.9x	0.7x
Thu, 31 Aug 2023	PK₨229.6b	PK₨319.8b	PK₨46.2b	10.9x	5x	0.7x
Sat, 29 Jul 2023	PK₨229.4b	PK₨321.5b	PK₨47.1b	11.7x	4.9x	0.7x

Current Industry PE

Investors are pessimistic on the Pakistani Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 16.3x which is lower than its 3-year average PE of 18.3x.

The 3-year average PS ratio of 1.00x is lower than the industry's current PS ratio of 1.2x.

Past Earnings Growth

The earnings for companies in the Industrials industry have declined 15% per year over the last three years.
Meanwhile revenues for these companies have grown 5.3% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Pakistani Industrials sector?


PK Market	0.82%
Industrials	0.21%
Commercial Services	15.45%
Construction	6.60%
Electrical	4.03%
Professional Services	2.26%
Transportation	1.86%
Infrastructure	1.55%
Industrials	1.10%
Trade Distributors	1.01%
Machinery	0.01%
Airlines	0%	0
Logistics	-1.49%
Building	-2.66%
Marine and Shipping	-3.22%

Industry PE

Investors are most optimistic about the Industrials industry which is trading above its 3-year average PE ratio.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Forecasted Growth

Analysts are most optimistic on the Infrastructure industry, expecting annual earnings growth of 14% over the next 5 years.

In contrast, the Infrastructure industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
PIAHCLA PIA Holding	PK₨28.74	4.0% +PK₨5.8b	33.1%	PS0.6x
PAEL Pak Elektron	PK₨43.20	5.2% +PK₨2.0b	5.0%	PE9.8x
TPLT TPL Trakker	PK₨28.93	17.5% +PK₨805.2m	275.2%	PS4x
TRG TRG Pakistan	PK₨60.14	2.3% +PK₨725.4m	6.5%	PS33031x
TPL TPL	PK₨18.24	16.5% +PK₨692.3m	223.4%	PS1.3x

Jazz International Holding Limited completed the acquisition of 69.75% stake in TPL Insurance Limited (KASE:TPLI) from TPL Corp Limited (KASE:TPL).

Jazz International Holding Limited expressed its intention to acquire 69.75% stake in TPL Insurance Limited (KASE:TPLI) from TPL Corp Limited (KASE:TPL) for PKR 4.2 billion on September 4, 2025. As of March 5, 2026, Jazz International Holding Limited has entered into a Share Purchase Agreement to acquire 69.66% stake in TPL Insurance Limited (KASE:TPLI) from TPL Corp Limited and control of, TPL Insurance Limited. In a related transaction, TPL Corp Limited will acquire approximately a 32% stake in TPL Insurance Limited from DEG and Finnfund and will subsequently sell a portion of this stake through the transaction. On September 8, 2025, the transaction has been approved by the board of TPL Corp Limited. As of December 17, 2025, The board of directors of TPL Corp Limited has granted final approval for the transaction and approved entering into a share purchase agreement the completion remain subject to obtaining all requisite approvals under applicable laws. As of February 11, 2026, the Securities and Exchange Commission of Pakistan (SECP) has approved the acquisition of a controlling stake in TPL Insurance Limited by Jazz International Holding Limited. This partnership between a digital insurer and a major digital operator is expected to increase insurance penetration and foreign investment. The SECP's facilitation of this deal aligns with the goals to foster a transparent, efficient, and investor-friendly environment that encourages both domestic and will bring foreign investment. The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, consummation of due diligence investigation and definitive agreement. As of March 6, 2026, the completion of the transaction remains subject to satisfaction of certain conditions, including obtaining of requisite regulatory approvals and satisfaction of the public offer process by the Acquirer under the terms of the Securities Act, 2015. the transaction is expected to close in mid-2026. As of March 8, 2026, the transaction remains subject to clearance from the Competition Commission of Pakistan (CCP) and is expected to close during Q2 2026. As of April 14, 2026 VEON Ltd. a global digital operator, today announced that the Competition Commission of Pakistan (“CCP”) has authorized the acquisition of TPL Insurance Limited (“TPL Insurance”) by its subsidiary Jazz International Holding Limited. The transaction remains subject to customary closing conditions and is expected to close in mid-2026. Arif Habib Limited acted as financial advisor for Jazz International Holding Limited. Jazz International Holding Limited completed the acquisition of 69.75% stake in TPL Insurance Limited (KASE:TPLI) from TPL Corp Limited (KASE:TPL) on July 14, 2026.

Pakistani (KSE) Industrials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Pakistan National Shipping Corporation Appoints Iftikhar Ahmed Rao as Director

Pakistan Engineering Company Limited Announces Board Changes, Effective June 30, 2026

Investor sentiment deteriorates as stock falls 17%

Hinopak Motors Limited to Report Q1, 2027 Results on Jul 28, 2026

Jazz International Holding Limited completed the acquisition of 69.75% stake in TPL Insurance Limited (KASE:TPLI) from TPL Corp Limited (KASE:TPL).

Al-Ghazi Tractors Limited Announces Board Changes, Effective July 10, 2026

Investor sentiment improves as stock rises 16%

Investor sentiment improves as stock rises 20%

New major risk - Share price stability

PIA Holding Company Limited Announces Company Secretary Changes, Effective June 30, 2026

JS Bank Limited (KASE:JSBL) acquired an additional 14.92% stake in TRG Pakistan Limited (KASE:TRG) for PKR 5.1 billion.

New minor risk - Share price stability

First quarter 2026 earnings released: EPS: PK₨0.94 (vs PK₨0.71 in 1Q 2025)

Third quarter 2026 earnings released: EPS: PK₨0.63 (vs PK₨0.58 in 3Q 2025)

New major risk - Revenue and earnings growth

Third quarter 2026 earnings released: EPS: PK₨0.33 (vs PK₨0.31 loss in 3Q 2025)