Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨173, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 13x in the Food industry in Pakistan. Total returns to shareholders of 382% over the past three years. Reported Earnings • Jan 30
First quarter 2026 earnings released: EPS: PK₨0.72 (vs PK₨0.57 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.72 (up from PK₨0.57 in 1Q 2025). Revenue: PK₨1.68b (down 27% from 1Q 2025). Net income: PK₨8.65m (up 27% from 1Q 2025). Profit margin: 0.5% (up from 0.3% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Announcement • Jan 22
Shahtaj Sugar Mills Limited to Report Q1, 2026 Results on Jan 29, 2026 Shahtaj Sugar Mills Limited announced that they will report Q1, 2026 results on Jan 29, 2026 Upcoming Dividend • Jan 09
Upcoming dividend of PK₨1.25 per share Eligible shareholders must have bought the stock before 16 January 2026. Payment date: 18 February 2026. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Pakistani dividend payers (6.7%). Lower than average of industry peers (4.0%). Announcement • Jan 02
Shahtaj Sugar Mills Limited, Annual General Meeting, Jan 28, 2026 Shahtaj Sugar Mills Limited, Annual General Meeting, Jan 28, 2026. New Risk • Jan 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 460% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 460% Paying a dividend despite having no free cash flows. Market cap is less than US$10m (PK₨2.34b market cap, or US$8.34m). Reported Earnings • Jan 01
Full year 2025 earnings released: EPS: PK₨2.72 (vs PK₨2.68 in FY 2024) Full year 2025 results: EPS: PK₨2.72 (up from PK₨2.68 in FY 2024). Revenue: PK₨8.65b (down 2.0% from FY 2024). Net income: PK₨32.7m (up 1.7% from FY 2024). Profit margin: 0.4% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Announcement • Jan 01
Shahtaj Sugar Mills Limited announces Annual dividend, payable on February 18, 2026 Shahtaj Sugar Mills Limited announced Annual dividend of PKR 1.2500 per share payable on February 18, 2026, ex-date on January 16, 2026 and record date on January 19, 2026. Announcement • Dec 25
Shahtaj Sugar Mills Limited to Report Fiscal Year 2025 Results on Dec 31, 2025 Shahtaj Sugar Mills Limited announced that they will report fiscal year 2025 results at 9:30 AM, Pakistan Standard Time on Dec 31, 2025 Reported Earnings • Jul 31
Third quarter 2025 earnings released: EPS: PK₨4.07 (vs PK₨12.50 loss in 3Q 2024) Third quarter 2025 results: EPS: PK₨4.07 (up from PK₨12.50 loss in 3Q 2024). Revenue: PK₨2.12b (down 7.2% from 3Q 2024). Net income: PK₨48.9m (up PK₨199.0m from 3Q 2024). Profit margin: 2.3% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. New Risk • Jul 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 9.0% 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Market cap is less than US$10m (PK₨1.74b market cap, or US$6.13m). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Reported Earnings • Jun 04
Second quarter 2025 earnings released: PK₨3.84 loss per share (vs PK₨5.89 loss in 2Q 2024) Second quarter 2025 results: PK₨3.84 loss per share (improved from PK₨5.89 loss in 2Q 2024). Revenue: PK₨2.67b (up 2.5% from 2Q 2024). Net loss: PK₨46.2m (loss narrowed 35% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨109, the stock trades at a trailing P/E ratio of 40.7x. Average trailing P/E is 16x in the Food industry in Pakistan. Total returns to shareholders of 174% over the past three years. Announcement • Jan 07
Shahtaj Sugar Mills Limited, Annual General Meeting, Jan 27, 2025 Shahtaj Sugar Mills Limited, Annual General Meeting, Jan 27, 2025. Location: at beach luxury hotel, m.t., khan road, karachi Pakistan Reported Earnings • Jan 06
Full year 2024 earnings released: EPS: PK₨2.68 (vs PK₨33.76 in FY 2023) Full year 2024 results: EPS: PK₨2.68 (down from PK₨33.76 in FY 2023). Revenue: PK₨8.82b (down 6.9% from FY 2023). Net income: PK₨32.1m (down 92% from FY 2023). Profit margin: 0.4% (down from 4.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Buy Or Sell Opportunity • Dec 16
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to PK₨104. The fair value is estimated to be PK₨80.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Buy Or Sell Opportunity • Nov 25
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to PK₨100.00. The fair value is estimated to be PK₨80.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨97.18, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 141% over the past three years. Buy Or Sell Opportunity • Oct 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to PK₨97.18. The fair value is estimated to be PK₨80.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Aug 01
Third quarter 2024 earnings released: PK₨12.50 loss per share (vs PK₨9.54 profit in 3Q 2023) Third quarter 2024 results: PK₨12.50 loss per share (down from PK₨9.54 profit in 3Q 2023). Revenue: PK₨2.29b (up 17% from 3Q 2023). Net loss: PK₨150.1m (down 231% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Shahtaj Sugar Mills Limited to Report Q3, 2024 Results on Jul 29, 2024 Shahtaj Sugar Mills Limited announced that they will report Q3, 2024 results on Jul 29, 2024 Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨104, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 137% over the past three years. New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (PK₨1.17b market cap, or US$4.20m). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to PK₨95.00, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 6x in the Food industry in Pakistan. Total returns to shareholders of 83% over the past three years. Upcoming Dividend • Jan 11
Upcoming dividend of PK₨14.00 per share at 13% yield Eligible shareholders must have bought the stock before 18 January 2024. Payment date: 19 February 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of Pakistani dividend payers (11%). Higher than average of industry peers (3.1%). Reported Earnings • Jan 06
Full year 2023 earnings released: EPS: PK₨33.76 (vs PK₨0.09 in FY 2022) Full year 2023 results: EPS: PK₨33.76 (up from PK₨0.09 in FY 2022). Revenue: PK₨9.48b (up 43% from FY 2022). Net income: PK₨405.5m (up PK₨404.4m from FY 2022). Profit margin: 4.3% (up from 0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨88.00, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨77.02, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 8x in the Food industry in Pakistan. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨63.56, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 7x in the Food industry in Pakistan. Total loss to shareholders of 15% over the past three years. Board Change • Sep 18
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Zahid Khan was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Jul 29
Third quarter 2023 earnings released: EPS: PK₨9.54 (vs PK₨3.09 loss in 3Q 2022) Third quarter 2023 results: EPS: PK₨9.54 (up from PK₨3.09 loss in 3Q 2022). Revenue: PK₨1.96b (up 7.4% from 3Q 2022). Net income: PK₨114.6m (up PK₨151.7m from 3Q 2022). Profit margin: 5.8% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
Second quarter 2023 earnings released: EPS: PK₨3.72 (vs PK₨3.40 in 2Q 2022) Second quarter 2023 results: EPS: PK₨3.72 (up from PK₨3.40 in 2Q 2022). Revenue: PK₨3.89b (up 88% from 2Q 2022). Net income: PK₨44.7m (up 9.7% from 2Q 2022). Profit margin: 1.1% (down from 2.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Jan 31
Shahtaj Sugar Mills Limited Announces Board Changes Shahtaj Sugar Mills Limited informed Pakistan Stock Exchange that Mr. Sheikh Asim Rafiq has been appointed as Director of the Company in place of Mr. Muhammad Salman Husain Chawala. Announcement • Jan 24
Shahtaj Sugar Mills Limited Announces Resignation of Muhammad Salman Hussain Chawala from the Position of Director Shahtaj Sugar Mills Limited informed Pakistan Stock Exchange that Mr. Muhammad Salman Hussain Chawala has resigned from the position of Director of the company with effect from January 16, 2023. Reported Earnings • Jan 07
Full year 2022 earnings released: EPS: PK₨0.09 (vs PK₨17.05 in FY 2021) Full year 2022 results: EPS: PK₨0.09 (down from PK₨17.05 in FY 2021). Revenue: PK₨6.62b (up 4.8% from FY 2021). Net income: PK₨1.08m (down 100% from FY 2021). Profit margin: 0% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨42.18, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 8x in the Food industry in Pakistan. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨39.00, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 9x in the Food industry in Pakistan. Total loss to shareholders of 51% over the past three years. Board Change • Nov 16
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. 7 non-independent directors. Independent Director Muhammad Chawla was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨49.80, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 45% over the past three years. Board Change • Sep 22
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. 7 non-independent directors. Independent Director Muhammad Chawla was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 01
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. 7 non-independent directors. Independent Director Muhammad Chawla was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
Third quarter 2022 earnings released: PK₨3.09 loss per share (vs PK₨2.91 profit in 3Q 2021) Third quarter 2022 results: PK₨3.09 loss per share (down from PK₨2.91 profit in 3Q 2021). Revenue: PK₨1.83b (up 40% from 3Q 2021). Net loss: PK₨37.1m (down 206% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨50.95, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 10x in the Food industry in Pakistan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Jun 03
Second quarter 2022 earnings released: EPS: PK₨3.40 (vs PK₨4.80 in 2Q 2021) Second quarter 2022 results: EPS: PK₨3.40 (down from PK₨4.80 in 2Q 2021). Revenue: PK₨2.07b (down 18% from 2Q 2021). Net income: PK₨40.8m (down 29% from 2Q 2021). Profit margin: 2.0% (down from 2.3% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • May 13
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. 7 non-independent directors. Independent Director Muhammad Chawla was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Muhammad Chawla was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨52.50, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 13x in the Food industry in Pakistan. Negligible returns to shareholders over past three years. Upcoming Dividend • Jan 12
Upcoming dividend of PK₨5.00 per share Eligible shareholders must have bought the stock before 19 January 2022. Payment date: 17 February 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 9.5%. Lower than top quartile of Pakistani dividend payers (10.0%). Higher than average of industry peers (4.4%). Reported Earnings • Jan 08
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: PK₨17.05 (up from PK₨4.87 loss in FY 2020). Revenue: PK₨6.31b (up 39% from FY 2020). Net income: PK₨204.8m (up PK₨263.3m from FY 2020). Profit margin: 3.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 18% share price gain to PK₨65.87, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 14x in the Food industry in Pakistan. Total loss to shareholders of 27% over the past three years. Reported Earnings • Aug 01
Third quarter 2021 earnings released: EPS PK₨2.91 (vs PK₨2.96 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨1.31b (up 49% from 3Q 2020). Net income: PK₨35.0m (up PK₨70.5m from 3Q 2020). Profit margin: 2.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
Second quarter 2021 earnings released: EPS PK₨4.80 (vs PK₨0.19 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨2.53b (up 27% from 2Q 2020). Net income: PK₨57.6m (up PK₨55.3m from 2Q 2020). Profit margin: 2.3% (up from 0.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 29
First quarter 2021 earnings released: EPS PK₨1.48 (vs PK₨1.28 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: PK₨846.4m (up 27% from 1Q 2020). Net income: PK₨17.8m (up 16% from 1Q 2020). Profit margin: 2.1% (down from 2.3% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 06
Full year 2020 earnings released: PK₨4.87 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: PK₨4.54b (down 1.5% from FY 2019). Net loss: PK₨58.5m (down 276% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨57.50, the stock is trading at a trailing P/E ratio of 59x, down from the previous P/E ratio of 69.8x. This compares to an average P/E of 12x in the Food industry in Pakistan. Total return to shareholders over the past three years is a loss of 63%. Is New 90 Day High Low • Jan 04
New 90-day low: PK₨57.50 The company is down 32% from its price of PK₨84.80 on 06 October 2020. The Pakistani market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨65.13, the stock is trading at a trailing P/E ratio of 66.8x, down from the previous P/E ratio of 79.9x. This compares to an average P/E of 12x in the Food industry in Pakistan. Total return to shareholders over the past three years is a loss of 56%. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨75.11, the stock is trading at a trailing P/E ratio of 77.1x, up from the previous P/E ratio of 66.7x. This compares to an average P/E of 13x in the Food industry in Pakistan. Total return to shareholders over the past three years is a loss of 58%. Is New 90 Day High Low • Nov 27
New 90-day low: PK₨66.38 The company is down 34% from its price of PK₨101 on 26 August 2020. The Pakistani market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 6.0% over the same period.