In this episode of Stock Watch, powered by Chase Securities, Shahbaz Ashraf and Moiz ur Rehman review the latest financial results of Image Pakistan Limited (IMAGE), Century Paper & Board Mills Limited (CEPB), and Hi-Tech Lubricants Limited (HTL).
IMAGE reported a 3QFY26 EPS of PKR 0.88, dropping 44.65% sequentially despite a stable 9MFY26 EPS of PKR 3.52. The company faced a margin crunch as gross margins slid to 48%, highlighting a scenario where lower net sales were hit by stubbornly high production costs.
CEPB managed a solid top-line recovery in 1QCY26 with net sales up 14% QoQ to over PKR 10 billion and gross margins ticking up to 7.71%. However, the company still reported a Loss Per Share (LPS) of PKR 0.16, primarily driven by a massive effective taxation rate of 131% that severely squeezed the bottom line.
Meanwhile, HTL delivered a standout performance in 3QFY26, reporting an EPS of PKR 1.95—up an astronomical 376% QoQ and 509% YoY—bringing its 9MFY26 EPS to PKR 3.12. This stellar recovery was supported by improving gross margins of 12.2%, despite a 12.6% increase in sequential finance costs.
Watch the episode for a detailed breakdown of the results, key earnings drivers, and our future outlook. We dive into where exactly CEPB’s bottom line is bleeding, the cost challenges ahead for IMAGE, and whether HTL's massive Q3 earnings recovery is sustainable or driven by one-off accounting adjustments.
