Reported Earnings • Apr 30
Third quarter 2026 earnings released: EPS: PK₨31.27 (vs PK₨20.90 in 3Q 2025) Third quarter 2026 results: EPS: PK₨31.27 (up from PK₨20.90 in 3Q 2025). Revenue: PK₨9.52b (up 12% from 3Q 2025). Net income: PK₨2.53b (up 50% from 3Q 2025). Profit margin: 27% (up from 20% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 17
Thal Limited to Report Q3, 2026 Results on Apr 27, 2026 Thal Limited announced that they will report Q3, 2026 results at 9:30 AM, Pakistan Standard Time on Apr 27, 2026 New Risk • Mar 02
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 7.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 19
Second quarter 2026 earnings released: EPS: PK₨40.01 (vs PK₨22.06 in 2Q 2025) Second quarter 2026 results: EPS: PK₨40.01 (up from PK₨22.06 in 2Q 2025). Revenue: PK₨10.2b (up 22% from 2Q 2025). Net income: PK₨3.24b (up 81% from 2Q 2025). Profit margin: 32% (up from 21% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 09
Thal Limited to Report Q3, 2026 Results on Feb 17, 2026 Thal Limited announced that they will report Q3, 2026 results on Feb 17, 2026 Reported Earnings • Nov 01
First quarter 2026 earnings released: EPS: PK₨22.76 (vs PK₨25.21 in 1Q 2025) First quarter 2026 results: EPS: PK₨22.76 (down from PK₨25.21 in 1Q 2025). Revenue: PK₨10.4b (up 60% from 1Q 2025). Net income: PK₨1.84b (down 9.7% from 1Q 2025). Profit margin: 18% (down from 31% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. New Risk • Oct 30
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 7.0% 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. This is currently the only risk that has been identified for the company. Aankondiging • Oct 23
Thal Limited to Report Q3, 2025 Results on Oct 29, 2025 Thal Limited announced that they will report Q3, 2025 results on Oct 29, 2025 Upcoming Dividend • Oct 03
Upcoming dividend of PK₨6.00 per share Eligible shareholders must have bought the stock before 10 October 2025. Payment date: 10 November 2025. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Pakistani dividend payers (7.4%). Lower than average of industry peers (2.1%). Aankondiging • Sep 15
Thal Limited, Annual General Meeting, Oct 20, 2025 Thal Limited, Annual General Meeting, Oct 20, 2025. Location: at icap auditorium, institute of chartered account, of pakistan, chartered accountants avenue, clifton, karachi Pakistan Declared Dividend • Sep 15
Final dividend of PK₨6.00 announced Shareholders will receive a dividend of PK₨6.00. Ex-date: 10th October 2025 Payment date: 10th November 2025 Dividend yield will be 1.7%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 13
Full year 2025 earnings released: EPS: PK₨89.54 (vs PK₨105 in FY 2024) Full year 2025 results: EPS: PK₨89.54 (down from PK₨105 in FY 2024). Revenue: PK₨33.1b (up 13% from FY 2024). Net income: PK₨7.26b (down 15% from FY 2024). Profit margin: 22% (down from 29% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Sep 05
Thal Limited to Report Fiscal Year 2025 Results on Sep 11, 2025 Thal Limited announced that they will report fiscal year 2025 results on Sep 11, 2025 Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to PK₨533, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 16x in the Auto Components industry in Pakistan. Total returns to shareholders of 102% over the past three years. New Risk • May 24
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 02
Third quarter 2025 earnings released: EPS: PK₨20.90 (vs PK₨18.69 in 3Q 2024) Third quarter 2025 results: EPS: PK₨20.90 (up from PK₨18.69 in 3Q 2024). Revenue: PK₨8.54b (down 4.0% from 3Q 2024). Net income: PK₨1.69b (up 12% from 3Q 2024). Profit margin: 20% (up from 17% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 03
First half dividend increased to PK₨4.00 Dividend of PK₨4.00 is 100% higher than last year. Ex-date: 7th March 2025 Payment date: 4th April 2025 Dividend yield will be 2.5%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Second quarter 2025 earnings released: EPS: PK₨22.06 (vs PK₨35.60 in 2Q 2024) Second quarter 2025 results: EPS: PK₨22.06 (down from PK₨35.60 in 2Q 2024). Revenue: PK₨8.38b (up 46% from 2Q 2024). Net income: PK₨1.79b (down 38% from 2Q 2024). Profit margin: 21% (down from 50% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
First quarter 2025 earnings released: EPS: PK₨25.21 (vs PK₨26.13 in 1Q 2024) First quarter 2025 results: EPS: PK₨25.21 (down from PK₨26.13 in 1Q 2024). Revenue: PK₨6.50b (up 6.6% from 1Q 2024). Net income: PK₨2.04b (down 3.5% from 1Q 2024). Profit margin: 31% (down from 35% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 08
Upcoming dividend of PK₨6.00 per share Eligible shareholders must have bought the stock before 15 October 2024. Payment date: 14 November 2024. Trailing yield: 1.9%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (2.9%). Reported Earnings • Sep 13
Full year 2024 earnings released: EPS: PK₨105 (vs PK₨38.94 in FY 2023) Full year 2024 results: EPS: PK₨105 (up from PK₨38.94 in FY 2023). Revenue: PK₨29.4b (down 11% from FY 2023). Net income: PK₨8.51b (up 170% from FY 2023). Profit margin: 29% (up from 9.5% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Declared Dividend • Sep 13
Final dividend of PK₨6.00 announced Shareholders will receive a dividend of PK₨6.00. Ex-date: 15th October 2024 Payment date: 14th November 2024 Dividend yield will be 2.0%, which is lower than the industry average of 4.5%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Sep 12
Thal Limited, Annual General Meeting, Oct 24, 2024 Thal Limited, Annual General Meeting, Oct 24, 2024. Location: at icap auditorium, institute of chartered accountants of pakistan, chartered accountants avenue, clifton, karachi Pakistan Buy Or Sell Opportunity • Sep 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to PK₨400. The fair value is estimated to be PK₨512, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last year. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Aug 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to PK₨401. The fair value is estimated to be PK₨509, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last year. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Jul 01
Now 16% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to PK₨470. The fair value is estimated to be PK₨405, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last year. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Jun 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to PK₨495. The fair value is estimated to be PK₨409, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last year. Earnings per share has declined by 49%. Buy Or Sell Opportunity • May 17
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 81% to PK₨480. The fair value is estimated to be PK₨383, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last year. Earnings per share has declined by 49%. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨425, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 9x in the Auto Components industry in Pakistan. Total returns to shareholders of 9.3% over the past three years. New Risk • Apr 27
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2023 fiscal period end). Revenue has declined by 4.3% over the past year. Minor Risk Profit margins are more than 30% lower than last year (8.8% net profit margin). New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 4.3% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 4.3% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Profit margins are more than 30% lower than last year (8.8% net profit margin). Buy Or Sell Opportunity • Mar 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to PK₨287. The fair value is estimated to be PK₨359, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 12%. Declared Dividend • Feb 29
Dividend increased to PK₨2.00 Dividend of PK₨2.00 is 33% higher than last year. Ex-date: 7th March 2024 Payment date: 22nd April 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.5%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. New Risk • Nov 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (PK₨23.1b market cap, or US$80.4m). Buying Opportunity • Nov 02
Now 20% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be PK₨330, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 12%. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨260, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 7x in the Auto Components industry in Pakistan. Total loss to shareholders of 33% over the past three years. Upcoming Dividend • Oct 06
Upcoming dividend of PK₨6.50 per share at 3.6% yield Eligible shareholders must have bought the stock before 13 October 2023. Payment date: 13 November 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Pakistani dividend payers (14%). Lower than average of industry peers (6.6%). New Risk • Aug 04
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 6.5% 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: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (8.8% net profit margin). Market cap is less than US$100m (PK₨16.6b market cap, or US$57.7m). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨210, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 6x in the Auto Components industry in Pakistan. Total loss to shareholders of 46% over the past three years. Upcoming Dividend • Feb 27
Upcoming dividend of PK₨1.50 per share at 4.3% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 30 March 2023. Payout ratio is a comfortable 7.4% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (6.4%). Reported Earnings • Feb 26
Second quarter 2023 earnings released: EPS: PK₨8.69 (vs PK₨22.22 in 2Q 2022) Second quarter 2023 results: EPS: PK₨8.69 (down from PK₨22.22 in 2Q 2022). Revenue: PK₨8.09b (down 20% from 2Q 2022). Net income: PK₨704.2m (down 61% from 2Q 2022). Profit margin: 8.7% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Khayam Husain 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. Upcoming Dividend • Oct 05
Upcoming dividend of PK₨2.50 per share Eligible shareholders must have bought the stock before 12 October 2022. Payment date: 10 November 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 21% share price gain to PK₨277, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Auto Components industry in Pakistan. Total returns to shareholders of 15% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director Aliya Khan was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 28
Upcoming dividend of PK₨5.00 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 31 March 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Pakistani dividend payers (9.8%). Lower than average of industry peers (4.4%). Reported Earnings • Oct 29
First quarter 2022 earnings released: EPS PK₨13.88 (vs PK₨17.18 in 1Q 2021) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: PK₨8.28b (up 50% from 1Q 2021). Net income: PK₨1.12b (down 19% from 1Q 2021). Profit margin: 14% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 27
Upcoming dividend of PK₨6.00 per share Eligible shareholders must have bought the stock before 04 October 2021. Payment date: 03 November 2021. Trailing yield: 3.0%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (3.6%). Reported Earnings • Sep 15
Full year 2021 earnings released: EPS PK₨67.06 (vs PK₨35.63 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨29.6b (up 72% from FY 2020). Net income: PK₨5.43b (up 88% from FY 2020). Profit margin: 18% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨20.29 (vs PK₨13.85 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: PK₨8.52b (up 46% from 3Q 2020). Net income: PK₨1.64b (up 46% from 3Q 2020). Profit margin: 19% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 04
New 90-day low: PK₨404 The company is down 12% from its price of PK₨461 on 04 December 2020. The Pakistani market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is flat over the same period. Reported Earnings • Feb 27
Second quarter 2021 earnings released: EPS PK₨12.37 (vs PK₨11.80 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: PK₨6.83b (up 68% from 2Q 2020). Net income: PK₨1.00b (up 4.8% from 2Q 2020). Profit margin: 15% (down from 24% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 29
New 90-day low: PK₨426 The company is down 2.0% from its price of PK₨433 on 29 October 2020. The Pakistani market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: PK₨469 The company is up 10.0% from its price of PK₨427 on 08 September 2020. The Pakistani market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: PK₨459 The company is up 10.0% from its price of PK₨416 on 07 August 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 4.0% over the same period. Reported Earnings • Oct 29
First quarter earnings released Over the last 12 months the company has reported total profits of PK₨3.71b, up 13% from the prior year. Total revenue was PK₨18.5b over the last 12 months, down 18% from the prior year. Reported Earnings • Oct 04
Full year earnings released - EPS PK₨35.63 Over the last 12 months the company has reported total profits of PK₨2.89b, down 19% from the prior year. Total revenue was PK₨17.2b over the last 12 months, down 27% from the prior year. Profit margins were 17%, which is higher than the 15% margin from last year. The increase in margin was driven by lower expenses. 
