Cement is one of the largest and most closely watched sectors on the Pakistan Stock Exchange. Its profits depend on construction activity, government development spending, coal and power costs, interest rates and exports. This page compares the 17 listed cement makers in our data on the measures that matter most for the sector, using figures to 30 October 2026.
PSX cement stocks compared
| Stock | Company | Market cap | P/E | EV/EBITDA | Net margin | Debt / equity | Dividend yield |
|---|---|---|---|---|---|---|---|
| LUCK | Lucky Cement | Rs 573 bn | 6.4x | 5.0x | 17.2% | 0.43x | 1.3% |
| BWCL | Bestway Cement | Rs 282 bn | 10.5x | 9.4x | 23.5% | 0.41x | 6.3% |
| FCCL | Fauji Cement Co. | Rs 128 bn | 7.2x | 4.4x | 18.5% | 0.33x | 5.7% |
| MLCF | Maple Leaf Cement Factory | Rs 95 bn | 7.4x | – | 12.9% | 0.93x | – |
| KOHC | Kohat Cement Co | Rs 79 bn | 7.2x | – | 27.6% | 0.09x | – |
| DGKC | D.G. Khan Cement Co. | Rs 78 bn | 6.6x | 4.1x | 13.5% | 0.35x | 0.6% |
| PIOC | Pioneer Cement | Rs 53 bn | 7.0x | – | 18.4% | – | – |
| CHCC | Cherat Cement Co. | Rs 52 bn | 7.0x | 3.0x | 20.1% | 0.06x | 2.1% |
| THCCL | Thatta Cement Co. | Rs 37 bn | 10.2x | 8.5x | 24.4% | 0.61x | – |
| ACPL | Attock Cement Pakistan | Rs 33 bn | 9.1x | – | 8.0% | 0.40x | 0.2% |
| POWER | Power Cement | Rs 28 bn | 7.4x | – | 10.9% | 0.54x | – |
| FLYNG | Flying Cement Co. | Rs 26 bn | 54.2x | 15.4x | 3.3% | 0.34x | – |
| GWLC | Gharibwal Cement | Rs 17 bn | 8.1x | 3.1x | 9.8% | 0.03x | 2.4% |
| DNCC | Dandot Cement Co. | Rs 8 bn | 35.8x | 8.5x | 3.0% | 1.30x | – |
| DCL | Dewan Cement | Rs 5 bn | – | 5.1x | −0.1% | 0.07x | – |
| FECTC | Fecto Cement | Rs 4 bn | 7.4x | 8.2x | 4.5% | 0.17x | 4.8% |
| DBCI | Dadabhoy Cement Industries | Rs 984 M | – | – | – | 0.00x | – |
Sorted by market capitalisation. The median P/E of the sector is about 7.4. The five largest companies, LUCK, BWCL, FCCL, MLCF, KOHC, account for most of the sector’s market value.
What drives cement profits
- Volumes: local despatches follow construction and public spending; exports depend on regional demand and freight costs.
- Prices and costs: coal is the largest cost, so international coal prices and the rupee matter a lot. Companies with their own power plants, waste heat recovery and solar keep energy costs down, which shows up in their operating margin.
- Debt and interest rates: many cement makers borrowed to build new lines. When interest rates fall, their profit after tax rises faster than their operating profit. Compare the debt to equity column with the interest coverage in their reports.
- Inventory: cement makers hold large stocks of coal and clinker, so their inventory days are high.
Comparing cement stocks
Because debt levels differ so much between cement makers, EV/EBITDA is often a fairer comparison than the P/E ratio: it adds each company’s debt and subtracts its cash. Net margin shows which companies convert sales into profit most efficiently. Every company has its own page with dividends and latest results in the PSX stocks list, and the dashboard adds the Pulse Score and fair value for each.
Frequently asked questions
Which is the largest cement company on the PSX?
By market value, Lucky Cement (LUCK) was the largest listed cement maker on 30 October 2026.
Why do cement stocks move with interest rates?
Many cement companies carry significant debt, so lower interest rates cut their finance costs and raise profit after tax. Lower rates also support construction demand.
Which measure is best for comparing cement stocks?
EV/EBITDA is a good starting point because it accounts for different debt levels. Combine it with net margin, debt to equity and dividend yield.
Related terms
Bilal, Market Pulse Hub
Figures are from company results and closing prices up to 30 October 2026 and will change as new results and prices arrive. Ratios are our calculations or come from our financial data, and other sources may show slightly different values because of different definitions or dates. This article is for education only and is not investment advice.