Duyuru • Jul 11
Azgard Nine Limited Announces Company Secretary Changes Azgard Nine Limited announced that Mr. Muhammad Awais, Company Secretary has/have ceased to be the Company Secretary of the Company w.e.f. July 09, 2026 and Mr. Rehan Umer Soomar has/have been appointed as Company Secretary. Reported Earnings • May 01
Third quarter 2026 earnings released: EPS: PK₨0.36 (vs PK₨0.44 in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.36 (down from PK₨0.44 in 3Q 2025). Revenue: PK₨9.40b (up 1.5% from 3Q 2025). Net income: PK₨177.4m (down 17% from 3Q 2025). Profit margin: 1.9% (down from 2.3% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • Apr 22
Azgard Nine Limited to Report Q3, 2026 Results on Apr 29, 2026 Azgard Nine Limited announced that they will report Q3, 2026 results on Apr 29, 2026 New Risk • Mar 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Market cap is less than US$100m (PK₨4.33b market cap, or US$15.5m). Reported Earnings • Mar 02
Second quarter 2026 earnings released: EPS: PK₨0.43 (vs PK₨0.27 in 2Q 2025) Second quarter 2026 results: EPS: PK₨0.43 (up from PK₨0.27 in 2Q 2025). Revenue: PK₨12.1b (up 2.0% from 2Q 2025). Net income: PK₨207.5m (up 57% from 2Q 2025). Profit margin: 1.7% (up from 1.1% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Duyuru • Feb 20
Azgard Nine Limited to Report Q2, 2026 Results on Feb 27, 2026 Azgard Nine Limited announced that they will report Q2, 2026 results at 12:30 PM, Pakistan Standard Time on Feb 27, 2026 Reported Earnings • Oct 31
First quarter 2026 earnings released: EPS: PK₨0.23 (vs PK₨0.14 in 1Q 2025) First quarter 2026 results: EPS: PK₨0.23 (up from PK₨0.14 in 1Q 2025). Revenue: PK₨9.42b (down 7.3% from 1Q 2025). Net income: PK₨114.6m (up 69% from 1Q 2025). Profit margin: 1.2% (up from 0.7% 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 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Oct 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Market cap is less than US$100m (PK₨6.25b market cap, or US$22.2m). Reported Earnings • Oct 02
Full year 2025 earnings released: EPS: PK₨1.43 (vs PK₨1.08 in FY 2024) Full year 2025 results: EPS: PK₨1.43 (up from PK₨1.08 in FY 2024). Revenue: PK₨40.6b (up 11% from FY 2024). Net income: PK₨701.8m (up 33% from FY 2024). Profit margin: 1.7% (up from 1.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Duyuru • Oct 01
Azgard Nine Limited, Annual General Meeting, Oct 27, 2025 Azgard Nine Limited, Annual General Meeting, Oct 27, 2025. Location: at registered office of the company, ismail aiwan-i-science, off. shahrah-i-roomi, lahore Pakistan Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨10.03, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Luxury industry in Pakistan. Total loss to shareholders of 4.7% over the past three years. Reported Earnings • May 04
Third quarter 2025 earnings released: EPS: PK₨0.44 (vs PK₨0.15 in 3Q 2024) Third quarter 2025 results: EPS: PK₨0.44 (up from PK₨0.15 in 3Q 2024). Revenue: PK₨9.26b (flat on 3Q 2024). Net income: PK₨214.2m (up 197% from 3Q 2024). Profit margin: 2.3% (up from 0.8% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Apr 29
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 6.6% 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 Risk Earnings have declined by 7.3% per year over the past 5 years. Minor Risks High level of debt (49% net debt to equity). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (PK₨3.96b market cap, or US$14.1m). New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings have declined by 7.3% per year over the past 5 years. 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 profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Earnings have declined by 7.3% per year over the past 5 years. Minor Risks High level of debt (49% net debt to equity). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (PK₨3.81b market cap, or US$13.6m). New Risk • Oct 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (PK₨3.55b market cap, or US$12.8m). Reported Earnings • Oct 05
Full year 2024 earnings released: EPS: PK₨1.08 (vs PK₨2.99 in FY 2023) Full year 2024 results: EPS: PK₨1.08 (down from PK₨2.99 in FY 2023). Revenue: PK₨36.7b (up 16% from FY 2023). Net income: PK₨529.6m (down 64% from FY 2023). Profit margin: 1.4% (down from 4.7% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Duyuru • Oct 02
Azgard Nine Limited, Annual General Meeting, Oct 28, 2024 Azgard Nine Limited, Annual General Meeting, Oct 28, 2024. Location: at registered office of the company, ismail aiwan-i-science, off :shahrah - i - roomi, lahore Pakistan Buy Or Sell Opportunity • May 15
Now 20% undervalued Over the last 90 days, the stock has risen 20% to PK₨8.42. The fair value is estimated to be PK₨10.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨8.08, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 5x in the Luxury industry in Pakistan. Total loss to shareholders of 76% over the past three years. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Muhammad Butt was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to PK₨8.09, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 4x in the Luxury industry in Pakistan. Total loss to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨9.81, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 4x in the Luxury industry in Pakistan. Total loss to shareholders of 50% over the past three years. Reported Earnings • Oct 06
Full year 2023 earnings released: EPS: PK₨2.99 (vs PK₨2.15 in FY 2022) Full year 2023 results: EPS: PK₨2.99 (up from PK₨2.15 in FY 2022). Revenue: PK₨31.6b (down 6.5% from FY 2022). Net income: PK₨1.47b (up 39% from FY 2022). Profit margin: 4.7% (up from 3.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨6.61, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total loss to shareholders of 69% over the past three years. New Risk • Jul 06
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 6.7% 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: Minor Risks High level of debt (86% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (PK₨3.58b market cap, or US$13.0m). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to PK₨7.29, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 3x in the Luxury industry in Pakistan. Total loss to shareholders of 53% over the past three years. New Risk • Jun 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.83b (US$9.87m) This is considered a major risk. Companies with a small market capitalization 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 Risk Market cap is less than US$10m (PK₨2.83b market cap, or US$9.87m). Minor Risks High level of debt (86% net debt to equity). Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Apr 30
Third quarter 2023 earnings released: EPS: PK₨1.22 (vs PK₨0.41 in 3Q 2022) Third quarter 2023 results: EPS: PK₨1.22 (up from PK₨0.41 in 3Q 2022). Revenue: PK₨7.60b (down 11% from 3Q 2022). Net income: PK₨597.6m (up 196% from 3Q 2022). Profit margin: 7.9% (up from 2.4% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Second quarter 2023 earnings released: PK₨0.37 loss per share (vs PK₨0.62 profit in 2Q 2022) Second quarter 2023 results: PK₨0.37 loss per share (down from PK₨0.62 profit in 2Q 2022). Revenue: PK₨6.47b (down 13% from 2Q 2022). Net loss: PK₨179.9m (down 159% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to PK₨7.05, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨11.16, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 2x in the Luxury industry in Pakistan. Total loss to shareholders of 1.1% over the past three years. Reported Earnings • Oct 07
Full year 2022 earnings released: EPS: PK₨2.15 (vs PK₨15.38 in FY 2021) Full year 2022 results: EPS: PK₨2.15 (down from PK₨15.38 in FY 2021). Revenue: PK₨33.8b (up 53% from FY 2021). Net income: PK₨1.06b (down 86% from FY 2021). Profit margin: 3.1% (down from 34% 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 86% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: PK₨8.50b (up 87% from 3Q 2021). Net income: PK₨201.8m (up PK₨352.5m from 3Q 2021). Profit margin: 2.4% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: PK₨7.47b (up 27% from 2Q 2021). Net income: PK₨304.2m (up 261% from 2Q 2021). Profit margin: 4.1% (up from 1.4% in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 10
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: PK₨7.47b (up 44% from 1Q 2021). Net income: PK₨155.9m (down 29% from 1Q 2021). Profit margin: 2.1% (down from 4.2% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 03
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨22.1b (up 31% from FY 2020). Net income: PK₨7.56b (up PK₨7.95b from FY 2020). Profit margin: 34% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses and weaker control over costs, although revenues were flat. Third quarter 2021 results: Revenue: PK₨4.55b (flat on 3Q 2020). Net loss: PK₨150.7m (loss widened 190% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Executive Departure • Apr 09
Executive Director has left the company On the 3rd of April, Munir Alam's tenure as Executive Director ended after 7.5 years in the role. We don't have any record of a personal shareholding under Munir's name. Munir is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 03
New 90-day high: PK₨33.85 The company is up 58% from its price of PK₨21.46 on 03 December 2020. The Pakistani market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 23% over the same period. Reported Earnings • Feb 28
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: PK₨5.89b (up 4.3% from 2Q 2020). Net income: PK₨84.2m (down 54% from 2Q 2020). Profit margin: 1.4% (down from 3.2% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 25
New 90-day high: PK₨30.81 The company is up 38% from its price of PK₨22.32 on 27 October 2020. The Pakistani market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: PK₨23.96 The company is up 10.0% from its price of PK₨21.75 on 11 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 Luxury industry, which is up 1.0% over the same period. Reported Earnings • Oct 30
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨301.2m, with earnings decreasing by PK₨749.1m from the prior year. Total revenue was PK₨17.4b over the last 12 months, down 17% from the prior year. Is New 90 Day High Low • Oct 19
New 90-day high: PK₨22.01 The company is up 50% from its price of PK₨14.67 on 21 July 2020. The Pakistani market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 7.0% over the same period. Reported Earnings • Oct 08
Full year earnings released - PK₨0.84 loss per share Over the last 12 months the company has reported total losses of PK₨389.4m, with earnings decreasing by PK₨696.3m from the prior year. Total revenue was PK₨16.9b over the last 12 months, down 16% from the prior year. Reported Earnings • Oct 01
Full year earnings released Over the last 12 months the company has reported total losses of PK₨389.4m, with earnings decreasing by PK₨696.3m from the prior year. Total revenue was PK₨16.9b over the last 12 months, down 16% from the prior year. 
