Image Pakistan Limited (PSX: IMAGE) announced its results for the three months to 30 September 2026 on 2 November 2026. It reported a profit after tax of Rs 156 M, or Rs 0.68 a share, against a profit of Rs 242 M in the same period last year (−35%). Sales or revenue came to Rs 996 M, −1.6% on a year earlier. No payout was announced with these results. These are the group (consolidated) figures from the company’s results filed with PSX, including subsidiaries. The results table on the PSX website shows different figures for this quarter, which do not match the filing.
The numbers
| Quarter to September 2026 | This year | Last year | Change |
|---|---|---|---|
| Sales / revenue | Rs 996 M | Rs 1.01 bn | −1.6% |
| Profit after tax | Rs 156 M | Rs 242 M | −35.5% |
| Earnings per share | Rs 0.68 | Rs 1.05 | −35.2% |
| Profit before tax | Rs 158 M | Rs 253 M | −37.3% |
| Net margin | 15.7% | 23.9% | |
| Effective tax rate | 1.3% | 4.2% |
Quarter by quarter
Profit after tax for each of the last quarters, with operating profit (EBITDA) where available, against the same quarter a year earlier.
| Quarter | Profit | vs year ago | Operating profit |
|---|---|---|---|
| Sep 2026 | Rs 156 M | −35% | – |
| Jun 2026 | −Rs 152 M | – | Rs 147 M |
| Mar 2026 | Rs 202 M | −3% | Rs 381 M |
| Dec 2025 | Rs 367 M | +30% | Rs 597 M |
| Sep 2025 | Rs 242 M | −12% | Rs 418 M |
| Jun 2025 | −Rs 6.4 M | – | Rs 452 M |
| Mar 2025 | Rs 209 M | −12% | Rs 312 M |
| Dec 2024 | Rs 283 M | +338% | Rs 472 M |
Over the last 12 months the company earned Rs 574 M, against Rs 728 M in the 12 months before (−21%). Profit grew year on year in 1 of the last 4 quarters.
The net margin narrowed to 15.7% from 23.9% a year earlier, so costs or financing took a larger share of sales.
Valuation
| Price to earnings, last 12 months | 7.7x (sector median 13.3x) |
| Price to book value | 1.07x |
| Dividend yield, last 12 months | 4.4% |
| Our fair value estimate | Rs 42.83 (margin of safety +49%) |
| Pulse Score | 69 / 100 |
| Market value | Rs 5.07 bn |
| 52-week range | Rs 19.00 to Rs 28.45 |
On this measure the shares trade below the typical company in the Apparel sector, which can reflect lower expected growth or higher risk as well as value.
Earnings momentum
Over the last 12 months profit after tax changed by −13.2% and operating profit by −1.5% on the year before; in the latest quarter against a year earlier the figures were −2,265.0% and −67.5%. Our earnings momentum check, which looks for profit and operating profit accelerating together, shows no signal. It is one input to the Pulse Score, not a recommendation. These figures may not yet include the quarter just announced.
Market reaction
The share price has moved −3.5% since the close before the announcement (Rs 22.83 to Rs 22.02 on 4 November 2026), against +3.4% for the KSE-100 over the same days.
Dividend record
The company paid a cash dividend in 5 of the last 10 years, Rs 1.00 a share over the last 12 months, with dividends growing +9% a year over five years and 35% of profit paid out.
What to watch
- The full report. The company’s quarterly report, with the directors’ review, usually follows within a few weeks and explains what drove the change.
- Next results. The next set of results is expected around 25 February 2027.
- Margins. Whether the lower margin is a one-off or a trend; the directors’ review in the full report usually explains it.
The full picture, with the score breakdown, fair value estimate and price history, is on the IMAGE page of the Market Pulse Hub dashboard.
Bilal, Market Pulse Hub
Source: results as reported to the Pakistan Stock Exchange on 2 November 2026, with operating profit and profit before tax from the company’s report filed with PSX; prices and payouts from PSX. Changes, margins and valuation ratios are our calculations. This article is generated automatically from the reported figures and does not include the company’s own commentary. It is for information only and is not investment advice.