Lucky Cement Ltd (PSX: LUCK) announced its results for the three months to 30 September 2026 on 29 October 2026. It reported a profit after tax of Rs 21.63 bn, or Rs 14.76 a share, against a profit of Rs 21.99 bn in the same period last year (−2%). Sales or revenue came to Rs 131.86 bn, +5.3% 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. On its own (unconsolidated) basis the company made a profit after tax of Rs 17.13 bn against Rs 14.62 bn a year earlier.
The numbers
| Quarter to September 2026 | This year | Last year | Change |
|---|---|---|---|
| Sales / revenue | Rs 131.86 bn | Rs 125.21 bn | +5.3% |
| Profit after tax | Rs 21.63 bn | Rs 21.99 bn | −1.7% |
| Earnings per share | Rs 14.76 | Rs 15.01 | −1.7% |
| Operating profit (EBIT) | Rs 33.33 bn | Rs 34.76 bn | −4.1% |
| Profit before tax | Rs 28.69 bn | Rs 29.95 bn | −4.2% |
| Net margin | 16.4% | 17.6% | |
| Operating margin | 25.3% | 27.8% | |
| Effective tax rate | 24.6% | 26.6% |
Operations or tax?
Operating profit (EBIT) fell −4%, profit before tax fell −4% and profit after tax fell −2%. The tax rate was much the same as a year earlier, so the profit change reflects the business itself.
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 21.63 bn | −2% | Rs 31.75 bn |
| Jun 2026 | Rs 25.36 bn | +29% | Rs 36.62 bn |
| Mar 2026 | Rs 19.07 bn | +6% | Rs 29.06 bn |
| Dec 2025 | Rs 22.62 bn | +6% | Rs 30.12 bn |
| Sep 2025 | Rs 21.99 bn | +23% | Rs 31.75 bn |
| Jun 2025 | Rs 19.64 bn | +34% | Rs 32.58 bn |
| Mar 2025 | Rs 17.95 bn | +15% | Rs 27.54 bn |
| Dec 2024 | Rs 21.44 bn | +22% | Rs 31.40 bn |
Over the last 12 months the company earned Rs 88.68 bn, against Rs 81.02 bn in the 12 months before (+9%). Profit grew year on year in 3 of the last 4 quarters.
The net margin narrowed to 16.4% from 17.6% a year earlier, so costs or financing took a larger share of sales.
Against its sector
10 other companies in the Cement sector on our list have reported for the same period. Their median profit change is +12%; LUCK’s −2% is behind the median and better than 3 of 10.
Best in the sector so far: PIOC (+73%), FCCL (+51%), POWER (+31%), BWCL (+24%), KOHC (+12%).
Valuation
| Price to earnings, last 12 months | 6.9x (sector median 7.9x) |
| Price to book value | 1.37x |
| Dividend yield, last 12 months | 1.3% |
| Our fair value estimate | Rs 930.60 (margin of safety +55%) |
| Pulse Score | 69 / 100 |
| Market value | Rs 608.18 bn |
| 52-week range | Rs 339.00 to Rs 529.50 |
On this measure the shares trade below the typical company in the Cement 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 +9.4% and operating profit by −32.2% on the year before; in the latest quarter against a year earlier the figures were −1.7% and −0.7%. 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 +4.3% since the close before the announcement (Rs 398.09 to Rs 415.14 on 4 November 2026), against +3.8% for the KSE-100 over the same days.
Dividend record
The company paid a cash dividend in 7 of the last 10 years, Rs 5.00 a share over the last 12 months and 8% of profit paid out.
Off-market: 4 negotiated block trades worth Rs 19.2 M in the last 20 sessions, on average −0.5% against the market price.
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 27 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 LUCK page of the Market Pulse Hub dashboard.
Bilal, Market Pulse Hub
Source: results as reported to the Pakistan Stock Exchange on 29 October 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.