TRG Pakistan Limited (PSX: TRG) published its results for the first quarter of its 2027 financial year (July to September 2026) on 29 October 2026, together with its annual report for the year to June 2026. TRG is a holding company. Its only operating asset is its stake in The Resource Group International Limited (TRGIL), which in turn owns stakes in the customer-experience company Ibex and in an AI software business.
The headline: a profit after tax of Rs 2.75 bn, or Rs 5.05 a share, for July to September. That is 60% lower than the Rs 6.87 bn (Rs 12.59) of the same quarter last year, but it is a clear return to profit after three loss-making quarters that together cost Rs 13.6 bn. For the full year to June 2026 the company lost Rs 6.78 bn (Rs 12.43 a share). Book value rose 9.6% in the latest three months to about Rs 55.43 a share. No dividend was announced.
The quarter in numbers
| Rs M | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Share of profit in TRGIL | 3,701 | 8,304 | −55.4% |
| Administrative and other expenses | (95) | (191) | −50.4% |
| Interest income | 0 | 0.3 | |
| Profit before tax | 3,606 | 8,113 | −55.6% |
| Taxation (mostly deferred, non-cash) | (851) | (1,246) | −31.7% |
| Profit after tax | 2,755 | 6,868 | −59.9% |
| Currency translation, net of tax | (112) | (356) | |
| Total comprehensive income | 2,642 | 6,512 | −59.4% |
| Earnings per share, Rs | 5.05 | 12.59 | −59.9% |
How to read TRG’s profit
Profit is a change in value, not trading income. TRG has no sales of its own. Its result is almost entirely its share of TRGIL’s profit or loss, and the directors say this moves with the market value of TRGIL’s listed holdings (mainly Ibex) as well as TRGIL’s own overheads and other non-cash costs. A rise in those holdings shows up as profit; a fall shows up as a loss. That is why TRG’s quarterly results swing so widely, from +Rs 6.9 bn to −Rs 9.0 bn within the last year.
This quarter the holdings gained. The value of TRG’s stake in TRGIL rose by Rs 3.6 bn to Rs 40.3 bn. The share of profit was Rs 3.70 bn, offset slightly by a Rs 146 M currency translation loss.
Running costs halved. Expenses fell to Rs 95 M from Rs 191 M. Board and meeting fees fell to Rs 6.2 M from Rs 12.4 M and key management pay to Rs 13.8 M from Rs 21.0 M. The chief executive was not paid by the company.
Tax is mostly on paper. The Rs 851 M tax charge is mainly deferred tax on the higher value of the investment, not cash paid. The effective rate was 23.6%, against 15.4% a year earlier.
The year to June 2026
The annual report, also released on 29 October, shows how much ground the latest quarter has to make up.
| Rs M | Year to Jun 2026 | Year to Jun 2025 |
|---|---|---|
| Share of (loss) / profit in TRGIL | (9,113) | 5,259 |
| Administrative and other expenses | (433) | (547) |
| (Loss) / profit before tax | (9,545) | 4,714 |
| Taxation (credit in 2026 from reversed deferred tax) | 2,764 | (710) |
| (Loss) / profit after tax | (6,781) | 3,904 |
| Currency translation, net of tax | (3,366) | 724 |
| Total comprehensive (loss) / income | (10,347) | 4,648 |
| (Loss) / earnings per share, Rs | (12.43) | 7.16 |
The value of the TRGIL stake fell by Rs 10 bn over the year, to Rs 36.7 bn, and net assets fell to Rs 27.6 bn from Rs 37.9 bn. Part of the fall came from the rupee value of the dollar investment (a Rs 3.4 bn translation loss), and part from the lower value of TRGIL’s holdings.
The last eight quarters
| Quarter | Profit after tax, Rs M | EPS, Rs |
|---|---|---|
| Jul to Sep 2026 | 2,755 | 5.05 |
| Apr to Jun 2026* | (2,064) | (3.78) |
| Jan to Mar 2026 | (8,964) | (16.44) |
| Oct to Dec 2025 | (2,621) | (4.81) |
| Jul to Sep 2025 | 6,868 | 12.59 |
| Apr to Jun 2025 | (91) | (0.17) |
| Jan to Mar 2025 | (300) | (0.55) |
| Oct to Dec 2024 | 1,907 | 3.50 |
*The full-year loss of Rs 6.78 bn from the annual report, less the first three quarters. Over the last 12 months (October 2025 to September 2026) TRG lost about Rs 10.9 bn, or about Rs 20 a share, so a price-to-earnings ratio is not meaningful.
What TRG owns, per share
Because TRG is a holding company, its balance sheet is the best guide to value. At 30 September 2026:
| Item | Rs M | Per share, Rs |
|---|---|---|
| Stake in TRGIL | 40,257 | 73.81 |
| Cash and other assets | 48 | 0.09 |
| Deferred tax liability | (8,441) | (15.48) |
| Payable to related parties (mainly TRGIL) | (1,601) | (2.94) |
| Other liabilities | (35) | (0.06) |
| Net assets (book value) | 30,229 | 55.43 |
TRG holds 60.45 million TRGIL shares, 68.8% of the shares in issue but 45.3% of the votes, which is why TRGIL is treated as an associate rather than a subsidiary. After the rights of other shareholders, the company says this gives it a 100% effective economic interest in TRGIL’s remaining net assets.
TRGIL itself is not listed, so its value rests on estimates. The auditor, KPMG Taseer Hadi & Co., named this valuation its key audit matter: it is based on a discounted cash flow method and a market approach, and KPMG used its own valuation specialist to check it.
TRG keeps very little cash (Rs 43 M) and relies on TRGIL to fund its day-to-day costs. TRGIL advanced about US$0.38 M in the quarter and has said it will not demand repayment unless TRG’s finances allow.
What the directors said about the holdings
- Ibex had a record 2026 financial year. Revenue rose 15.4% to US$644.1 million from US$558.3 million, with growth in health technology, technology, travel and logistics, and retail and e-commerce. Ibex has completed more than ten AI agent projects for clients across five industries, helped by a partnership with the conversational AI company Sierra.
- For July to September 2026, Ibex guided revenue of US$168 to 170 million (11 to 12% growth) and adjusted EBITDA of US$22 to 23 million (13 to 18% growth).
- The AI software business completed a restructuring with its senior lenders in December 2024; the lenders now control it. TRG keeps an indirect interest through TRGIL, in new shares and convertible debt.
- The plan remains to grow the value of the portfolio and then sell holdings in due course to return value to shareholders.
Audit, governance and ownership
- A clean audit opinion with two points of emphasis. KPMG’s opinion is not modified, but it draws attention to matters pending with regulators and the courts, and to the fact that the accounts for 2022 to 2025 have not been adopted by shareholders because annual general meetings have not been held. The quarterly report adds 2026 to that list.
- No board evaluation. The company did not carry out the annual review of the board’s performance, saying it would be inappropriate while litigation involving certain directors is ongoing. KPMG also noted there is no sustainability committee.
- Who owns TRG. At 30 June 2026, associated companies held 36.2% of the shares, led by Greentree Holdings with 29.7%. Banks and financial institutions held 16.8%, local individuals 21.2% and foreign individuals 8.4%.
Valuation snapshot
At the 29 October close of Rs 53.08:
| Measure | Value |
|---|---|
| Book value per share | Rs 55.43, so the shares trade at about 0.96 times book, a 4% discount |
| Earnings, last 12 months | a loss of about Rs 20 a share, so P/E is not meaningful |
| Dividend | none; the last cash dividend was for 2021 |
| Market value (545.4 million shares) | about Rs 28.9 bn |
| Share price, last 52 weeks | low Rs 40.12, high Rs 84.20 |
| Change over one year | about −27% |
The gap between price and book value has moved a lot. A year ago the shares traded below book (Rs 76 against Rs 81 at the end of September 2025); at the end of June 2026 they traded well above it (Rs 64 against Rs 51). Today price and book are close together. The share closed 1% lower on the day the results were released.
What to watch next
- The value of TRGIL’s holdings. TRG’s next result will again depend mostly on how Ibex and TRGIL’s other holdings are valued at the end of December, more than on anything TRG does itself.
- The rupee against the dollar. The investment is held in dollars, so currency moves change its rupee value; they cost Rs 3.4 bn last year.
- Any sale of holdings. The stated aim is to monetise the portfolio; a sale would turn book value into cash and could open the way to payouts.
- Annual meetings and litigation. Five years of accounts await shareholder approval, and the pending cases are worth following.
The bottom line
TRG returned to profit in July to September 2026 because the holdings inside TRGIL rose in value, and it cut its own running costs in half. That follows a Rs 6.8 bn loss for the year to June, and the company is still loss-making over twelve months. For a holding company like this, book value is the number that matters most: it recovered to about Rs 55 a share, the shares trade close to it, and that book value rests on an audited estimate of an unlisted investment.
You can follow TRG’s price, results calendar and off-market trades in the Market Pulse Hub dashboard under PSX.
Bilal, Market Pulse Hub
Source: TRG Pakistan Limited, first quarter report for the period ended 30 September 2026 and annual report for the year ended 30 June 2026 (directors’ reports, auditor’s report and financial statements, released on 29 October 2026). Earlier quarters from company filings. Prices from the PSX data portal. The April to June 2026 quarter, twelve-month, per-share and valuation figures are our calculations. This article is for education and information only and is not investment advice.