Millat Tractors Limited · PSX:MTL
Millat Tractors — FY2025 Earnings Presentation
37 slides from Millat Tractors's earnings presentation, Nov 18, 2025
Slide 1: Corporate Briefing Session, Financial year ended 30 June 2025
Millat Tractors Limited Corporate Briefing Session Financial year ended 30 June 2025 November 18, 2025
Slide 2: Table of contents
Table of contents Company overview Industry information Financial performance Future outlook Q&A session Millat Tractors Limited 2
Slide 3: Millat Tractors Limited - Company Overview
Millat Tractors Limited - Company Overview Public Limited Company - Listed on Pakistan Stock Exchange(PSX) Established in 1964, Nationalized in 1972, Employee/Management buyout in 1992 Quality Management system upgraded to ISO 9001:2000 in 2000 Launch of Emission Compliant Diesel Engines and
Slide 4: Vision and Mission
Millat Tractors Limited VISION “ Millat to be a global group of companies, recognized for a range of quality products with innovative design capabilities.” MISSION “ To be the market leader in agricultural tractors and machinery, building company’s image through innovation and competitiveness, grow
Slide 5: Product range MTL
Product range MTL MF Tractors from 50 – 85 hp Agricultural implements Fodder and Combine Harvesters Balers, Laser Land Leveler Diesel Power Generators (12.50 to 500 KVA) Prime movers Forklift trucks (3 to 4 Ton) Spare Parts and After Sale Market Millat IFS Business Channel- Partner of IFS
Slide 6: Tractors
TRACTORS MTL is tractor assembling company which assembles MASSEY FERGUSON (MF) brand tractors for local and export market, ranging from 50 HP to 85 HP. The company also introduced MF 375 SE for its existing tractors. Following are the some of the main tractors: MF 260 Tractor: MF 235 Tractor (2WD):
Slide 7: Industrial Product Division (IPD)
INDUSTRIAL PRODUCT DIVISION (IPD) IPD is a separate business unit (SBU) of MTL deals with Power generating sets, Fork lift trucks, Prime movers etc. Power Generating Forklift Trucks Sets • In collaboration with Heli Forklift Following is the Truck Manufacturing Company, Generating set range Chin
Slide 8: Spare Parts and After Market
Spare Parts and After Market In order to meet the spare parts requirement of all products of MTL, it has developed a separate business unit. This segment deals in sale of all spare parts, lubricant oils, batteries, filters, grease, paint, sheet metal parts etc. of all products of MTL. Parts se
Slide 9: Geographical Coverage
Geographical Coverage MILLAT’S DEALERS GEOGRAPHICAL COVERAGE Location of Regional Offices Main Dealers Parts Dealers Workshops 1 Regional Office Islamabad 17 5 62 2 Regional Office Lahore 30 40 191 3 Regional Office Multan 17 17 149 4 Regional Office Sukkur 17 7 71 Upper Punjab and 5 Regional Office
Slide 10: Millat IFS Business Channel - Partner of IFS Sweden
Millat IFS Business Channel - Partner of IFS SWEDEN In line with the vision of management, considering the importance of Information Technology for industry, MTL decided to implement globally renowned ERP, IFS Applications in Millat Tractors Limited in 2009. Having trained and qualified human re
Slide 11: Millat IFS Business Channel - Partner of IFS Sweden
Millat IFS Business Channel- Partner of IFS SWEDEN IFS Applications (ERP Solution) IFS Consultancy Existing Customers • Manufacturing • Implementation • Cybix Consulting FZ-LLC, UAE • CRM • SLA & Support • GAZI Tyres • Supply Chain • Integration • Inivos Consulting Private Limited • Quality •
Slide 12: Millat Tractors Limited Subsidiary Companies
MILLAT GROUP Millat Tractors Limited Subsidiary Companies Others Bolan TIPEG Intertrade Millat Industrial Castings DMCC Products Limited Limited Hyundai Nishat 75% 64.09% Baluchistan 46.26% Motors (Private) Rs. 40 million Rs. 57 million Limited Wheels Limited Rs. 77 million 15.86% 9.62% o (Free Zone
Slide 13: TIPEG Intertrade DMCC
TIPEG Intertrade DMCC TIPEG INTERTRADE DMCC is a free zone company with limited liability registered with Dubai Multi Commodities Centre Authority. The company was incorporated in 2012. TIPEG INTERTRADE DMCC, is a trade hub established to promote locally manufactured engineering equipment and co
Slide 14: Millat Industrial Products Limited (MIPL)
Millat Industrial Products Limited (MIPL) Millat Industrial Products Limited, a subsidiary of MTL is a public limited company, and mainly known as a leading Automotive Batteries manufacturer. Company is producing complete range of Automotive / UPS batteries with special emphasis on deep cycle se
Slide 15: Bolan Castings Limited (BCL)
Bolan Castings Limited (BCL) Bolan Castings Limited, a subsidiary of MTL, acquired in 1994, is a listed public limited company, and mainly known as an automotive foundry with a capacity of over 16,000 tons per annum (manufacturing of casting components). Product Range Grey Iron Castings Iron
Slide 16: Other Group Members
OTHER Group Members Hyundai Nishat Motors (Private) Limited 15.86% shareholding by MTL as at June 30, 2025. Cost of investment is Rs. 3,103 million as of June 30, 2025. Fair value as on June 30, 2025 is Rs. 5,651 million. Dividend received during the year was Rs. 62 million. Baluchistan Wh
Slide 17: Industry Overview
INDUSTRY OVERVIEW Millat Tractors Limited 17
Slide 18: Tractor Industry and MTL Sales (units)
Tractor Industry and MTL Sales (units) 80,000 400% MF Industry MF Share 70,000 350% 70,888 58,947 60,000 54,992 300% 50,405 50,920 50,000 46,794 45,494 250% 42,708 40,000 32,727 35,515 35,005 30,942 200% 32,724 33,930 34,506 32,019 30,203 29,192 30,000 28,705 150% 21,116 20,423 20,707 20,000 18,622
Slide 19: Average Composition of Local vs Imported Components Tractors
Average Composition of Local vs Imported Components Tractors 8% 92% Local Imported Millat Tractors Limited Source: Annual published financial statements 19
Slide 20: Local vs Imported Components Tractors LHP & HHP
Average Composition of Local vs Imported Components Tractors LHP & HHP LHP Imported HHP Imported 5% 10% Local Local 95% 90% Local Imported Local Imported Millat Tractors Limited 20
Slide 21: Financial Performance
FINANCIAL PERFORMANCE Millat Tractors Limited 21
Slide 22: Sales (Rs. in million)
Sales (Rs. in million) Others, 558 , Trading goods, Others, 6 , Trading goods, 97 1% 2,442 , 5% 0% , 2% Tractors Tractors Others Others Trading goods Trading goods Tractors, Tractors, 43,746 , 94% 5,177 , 98% Local sales Export sales Millat Tractors Limited 22
Slide 23: Tractor sales comparison 2024-25 and 2023-24
Tractor sales comparison 2024-25 and 2023-24 Overall sales of the Tractor industry went down by 36% from 45,494 to 29,192 units. Reason for industry decrease: Government policies and Green Tractor Scheme package have contributed in the decrease in sales as most of the farmers benefitted from thi
Slide 24: MTL Performance for the Year Ended June 2025
MTL PERFORMANCE FOR THE YEAR ENDED JUNE 2025 Increase/ 2025 2024 % (decrease) Units sold 18,580 30,620 (12,040) 39%↓ Units produced 18,637 30,479 (11,842) 39%↓ Rs. in million Rs. in million Rs. in million % Revenues - net 52,109 91,535 (39,426) 43%↓ Gross profit 13,867 21,434 (7,567) 35%↓ Other inco
Slide 25: Profitability
100,000 91,535 90,000 Profitability 80,000 70,000 60,000 52,109 53,374 50,000 44,191 Net revenues decreased by 40,000 43.1%. 30,000 21,434 20,000 13,867 Gross profit ratio increased by 10,000 6,373 10,225 8,842 10,198 5,427 3,378 4% due to effective cost control - measures taken by the 2025 2024
Slide 26: Exports
Exports – (million) 25 6000 18.88 18.63 5269 5363 5000 20 18.90 4000 15 3000 3114 2980 10 10.87 2000 7.82 4.34 5 1268 1000 894 0 0 2020 2021 2022 2023 2024 2025 USD PKR PKR USD Export volume has decreased to 2,607 units against 2,761 units in the last year. * Source: Annual published financial state
Slide 27: Financial Position as on June 30, 2025
Financial Position as on June 30, 2025 (Rs. in million) 2025 2024 Change % Current assets 24,974 24,459 515 2%↑ Current liabilities 23,333 19,759 3,574 18%↑ Shareholders equity 8,076 10,953 (2,877) 26%↓ Reasons: • Increase in current assets is primarily due to increase in company’s inventory by Rs.
Slide 28: Market performance
Market performance Increase/ Ratios 2025 2024 (%) (decrease) Price Earning (PE) Times 17.49 12.17 5.32 44%↑ Return on Capital Employed (ROCE) Percentage 161.92 195.87 (33.95) 17% ↓ Current Ratio Times 1.07:1 1.23:1 - - Debt : Equity Ratio (D/E) Times 10:90 11:89 - - PE has risen due to decrease in b
Slide 29: Earnings and dividend payout
Earnings and 120.00 1,200 dividend payout 100.00 1,000 Market price performed as per profitability trend and market 80.00 800 perception. EPS 2025 – Rs. 31.94 per 60.00 600 share. Dividend 2025 - Rs. 60 per 40.00 400 share. Market price at year end June 20.00 200 30, 2025 is Rs. 558.66 per s
Slide 30: Share price movement 2024 - 25
Share price movement 2024 - 25 1400 1300 1830000 Share price 1200 1630000 Maximum 731.29 1100 Average 599.47 1000 1430000 900 Minimum 510.73 1230000 800 Closing 558.66 700 1030000 MTL 600 830000 KSE 100 500 400 630000 300 430000 200 230000 100 0 30000 KSE 100 MTL Millat Tractors Limited 30
Slide 31: Direct Income Tax Contribution to National Exchequer
Direct Income Tax Contribution to National Exchequer – Rs. Million Millat Tractors Subsidiaries Group 6,603 7,298 433 418 371 362 3,232 3,665 2,079 2,497 2,333 1,962 1,691 1,757 38 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 * Source: Annual published financial stateme
Slide 32: Business Risk
BUSINESS RISK Millat Tractors Limited 32
Slide 33: Business risk
Business risk Recent global awareness with respect to climate change risk, environmental harm and other sustainability related risk has increased disclosure and compliance requirements on part of the company, failure of which may result in legal action or penalties by relevant authorities or reput
Slide 34: Future Outlook
FUTURE OUTLOOK Millat Tractors Limited 34
Slide 35: Future outlook
Future outlook MTL is exploring the foreign markets and growing its exports, keeping in view the stagnating domestic demand of tractors. Ease of doing business and timely release of sales tax refunds remain key hurdles in business growth. MTL has sales tax refund claims of Rs. 7.59 billion as at
Slide 36: Q & A Session
Q & A SESSION Millat Tractors Limited 36
Slide 37: Thank You
Thank You THANK YOU Millat Tractors Limited 37