Thatta Cement Co. Ltd (PSX: THCCL) announced its results for the twelve months to 30 June 2026 on 5 November 2026. It reported a profit after tax of Rs 2.01 bn, or Rs 4.74 a share, against a profit of Rs 2.56 bn in the same period last year (−21%). Sales or revenue came to Rs 6.79 bn, −10.2% on a year earlier. No payout was announced with these results. These are the figures from the company’s results filing and annual report for the year to 30 June 2026. The PSX results table still showed the previous year (to June 2025) at the time of writing. Earnings per share are on the current, larger number of shares, so the figure a year earlier is restated.
The numbers
| Year to June 2026 | This year | Last year | Change |
|---|---|---|---|
| Sales / revenue | Rs 6.79 bn | Rs 7.57 bn | −10.2% |
| Profit after tax | Rs 2.01 bn | Rs 2.56 bn | −21.4% |
| Earnings per share | Rs 4.74 | Rs 6.04 | −21.5% |
| Profit before tax | Rs 2.85 bn | Rs 3.64 bn | −21.7% |
| Net margin | 29.6% | 33.8% | |
| Effective tax rate | 29.5% | 29.8% |
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 |
|---|---|---|---|
| Mar 2026 | Rs 798 M | +55% | Rs 1.13 bn |
| Dec 2025 | Rs 748 M | +59% | Rs 1.30 bn |
| Sep 2025 | Rs 645 M | +20% | Rs 907 M |
| Jun 2025 | Rs 875 M | +54% | Rs 1.06 bn |
| Mar 2025 | Rs 514 M | +2% | Rs 685 M |
| Dec 2024 | Rs 470 M | +210% | Rs 509 M |
| Sep 2024 | Rs 537 M | +296% | Rs 781 M |
| Jun 2024 | Rs 570 M | +179% | Rs 939 M |
Over the last 12 months the company earned Rs 3.07 bn, against Rs 2.09 bn in the 12 months before (+47%). Profit grew year on year in 4 of the last 4 quarters.
The net margin narrowed to 29.6% from 33.8% a year earlier, so costs or financing took a larger share of sales.
Valuation
| Price to earnings, last 12 months | 9.9x (sector median 8.1x) |
| Price to book value | 2.97x |
| Our fair value estimate | Rs 110.32 (margin of safety +35%) |
| Pulse Score | 73 / 100 |
| Market value | Rs 35.61 bn |
| 52-week range | Rs 46.03 to Rs 99.40 |
On this measure the shares trade above the typical company in the Cement sector, a premium the market often pays for steadier growth.
Earnings momentum
Over the last 12 months profit after tax changed by +46.7% and operating profit by +50.9% on the year before; in the latest quarter against a year earlier the figures were +55.2% and +64.8%. 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 −1.2% since the close before the announcement (Rs 72.29 to Rs 71.43 on 6 November 2026), against +1.1% for the KSE-100 over the same days.
Dividend record
The company paid a cash dividend in 6 of the last 10 years.
Off-market: 1 negotiated block trade worth Rs 1.8 M in the last 20 sessions, on average +3.8% against the market price.
What to watch
- Next results. The next set of results is expected around 28 October 2026.
- 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 THCCL page of the Market Pulse Hub dashboard.
Bilal, Market Pulse Hub
Source: results as reported to the Pakistan Stock Exchange on 5 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.