Ghandhara Industries : Transmission of Quarterly Report for the Period Ended September 30, 2025

In it to

Company Profile 03

Directors' Review 04

Condensed Interim Statement of Financial Position 06

Condensed Interim Statement of Profit or Loss

Account and Other Comprehensive Income 07

Condensed Interim Statement of CashFlows 08

Condensed Interim Statement of Changes in Equity 09

Notes to the Condensed Interim Financial Statements 10

Board of Directors

Mr. Ali Kuli Khan Khattak Chairman

Mr. Ahmad Kuli Khan Khattak CEO/Director Mr. Muhammad Kuli Khan Khattak Director

Mrs. Shahnaz Sajjad Ahmad Director

Maj. (R) Muhammad Zia Director

Mr. Shahid Kamal Khan Director

Mr. Sohail Hameed Ind. Director

Mr. Khalid Zareef Khan Ind. Director Mr. Taimur Asfandiyar Minwalla Ind. Director

Audit Committee

Mr. Sohail Hameed Chairman

Maj. (R) Muhammad Zia Member

Mr. Shahid Kamal Khan Member

Mr. Taimur Asfandiyar Minwalla Member

Mr. Shahnawaz Damji, FCA Secretary

Human Resource & Remuneration Committee

Mr. Khalid Zareef Khan Chairman Mr. Muhammad Kuli Khan Khattak Member Maj. (R) Muhammad Zia Member

Mr. Shahid Kamal Khan Member

Mr. Shahrukh Asghar Secretary

Chief Financial Officer Mr. Muhammad Aamir, FCA Company Secretary

Mr. Talha Ahmed Zaidi, FCA

Auditors

M/s. ShineWing Hameed Chaudhri & Co. Chartered Accountants

5th Floor, Karachi Chambers Hasrat Mohani Road, Karachi

Legal Advisors

S. Abid Sherazi & Co. Ahmed and Qazi

Hassan & Hassan (Advocates)

Share Registrar

CDC Share Registrar Services Limited CDC House, 99-B, Block 'B',

S.M.C.H.S. Main Sharah-e-Faisal Karachi-74400

Bankers

National Bank of Pakistan

Al-Baraka Bank (Pakistan) Ltd. JS Bank Ltd.

United Bank Limited The Bank of Punjab MCB Islamic

Bank Alfalah Ltd.

Bank Islami Pakistan Ltd. Bank Al Habib Ltd.

Samba Bank Limited

Habib Metropolitan Bank Limited

Registered Office

F-3, Hub Chowki Road, S.I.T.E.

Post Box No. 2706, Karachi - 75730

Website: https://www.gil.com.pk Email: [email protected]

3

DIRECTORS' REVIEW

The Directors of your Company take pleasure in presenting the unaudited financial statements for the quarter ended September 30, 2025.

Market Share and Company's Performance

According to data released by the Pakistan Automotive Manufacturers Association (PAMA), the truck and bus segment recorded a substantial year-over-year growth of 101% for the quarter ended September 30, 2025. Aligned with this industry-wide upward trend, the Company achieved a notable 73% increase in unit sales during the same period, compared to the corresponding quarter of the previous year. As a result, the Company has maintained a leading position in the commercial vehicle segment, capturing an estimated 52% share of the total truck and bus market.

The financial results for the quarter are as follows:

Quarter ended 30 September

2025 2024

----------Rupees in 000--------

The period under review remained positive for the overall business environment including auto sector mainly due to stable policy rate and decline in general inflation supported by overall favorable business conditions. The Company posted net revenues of Rs. 11.9 billion with gross profit of Rs. 2.9 billion during the quarter ended September 30, 2025 as compared to net revenues of Rs. 6.1 billion and gross profit of Rs. 1.3 billion during the corresponding period of last year.

Future Outlook

The Company remains confident in its ability to grow sales and sustain market leadership, driven by its strong customer base and efficient product portfolio. While challenges such as inflation, interest rates, currency volatility, international affairs, and the domestic law and order situation may impact the broader operating environment, the Company is well-prepared to navigate these through strategic planning, risk management, and operational agility.

Management remains committed to sustainable growth, with a continued focus on delivering long-term value for all stakeholders.

By order of the Board

Ali Kuli Khan Khattak Ahmad Kuli Khan Khattak

Chairman Chief Executive Officer

4

Karachi, October 22, 2025

یہام ہس یلاو ےنوہ ریذپ ماتتخا وک 2025 ربمتس 30 ہو ہک ےہ ترسم ثِعاب رما ہی ےئیل ےکزرٹکیرئاڈ ےک ینپمک یک پآ ۔ںیہ ےہر رک شیپ تانایب یلام ہدش ٹڈآ ریغ ےک

یگدرکراک یک ینپمک روا رئیش ٹیکرام

30 ںیم ہبعش ےک سب روا کرٹ قباطم ےک رامش و دادعا ہدرک یراج ےک نشیا یسوسیا زررچکیفونیمویٹوموٹآ ناتسکاپ ںایامن یک دصیف 101 ںیم ےلباقم ےک تدم یسا یک لاس ہتشزگ نارود ےک یہام ہس یلاو ےنوہ متخ وک 2025 ربمتس نارود ےک تدم یسا ےن ینپمک ،ںیم رظانت ےک ےفاضا یمومع سا ںیم تعنص ۔یئگ یک ڈراکیر ومن ےس حرش ہنالاس ےن ینپمک اًتجیتن ۔ےہ رکذ لباق تبسن یک یہام ہس یسا یک لاس ہتشزگ وج ،ایک لصاح ہفاضا دصیف 73 ںیم تخورف ٹنوی رپ روط ینیمخت ںیم ٹیکرام سب و کرٹ یعومجم روا یھکر رارقرب نشیزوپ ہنادئاق ینپا ںیم ہبعش ےک ںویڑاگ یتراجت ۔ایک لصاح ہصح دصیف 52

:ےہر لیذ بِسح جئاتن یلام یہام ہس ےک ینپمک

Quarter ended 30 September

2025 2024

----------Rupees in 000--------

یسیلاپ ںیم تاہوجو یداینب یک سج ،اہر راگزاس رٹکیس وٹآ لومشب لوحام یرابوراک یعومجم نارود ےک تدم رظن ریز ۔ںیہ یتاپ تیوقت ےس تالاح یرابوراک راگزاس یعومجم وج ،ںیہ لماش یمک ںیم رز طِارفا یمومع روا ماکحتسا اک ٹیر ےپور برا 2.9 عفانم یعومجم ہکبج یک لصاح یندمآ صلاخ یک ےپور برا 11.9 نارود ےک یہام ہس ےن ینپمک برا 1.3 عفانم یعومجم روا ےپور برا 6.1 یندمآ صلاخ ںیم ےلباقم ےک تدم یسا یک لاس ہتشزگ ۔ایگ ایک ڈراکیر ۔اھت ےپور

ںیم ٹیکرام روا ومن ںیم تخورف ثعاب ےک ویلوف ٹروپ ےک تاعونصم رثؤم روا داینب یک نیفراص طوبضم ےنپا ینپمک راتا ںیم ردق یک ہلدابم رِز ،عفانم حرش ،رز طِارفا ہچرگا ۔ےہ دامتعارپُ ےس ےلاوح ےک لسلست ےک تیثیح ہنادئاق ینپا وہ زادنا رثا رپ لوحام یرابوراک یعومجم لماوع ےسیج لاحتروص یک ناما و نما یکلم روا تالاح یماوقالا نیب ،ؤاھڑچ ےک ےنٹمن ےس زجنلیچ نا ےعیرذ ےک یتسد کباچ لنشیرپآ روا ٹنمجنیم کسر ،یلمع تمکح ینپمک مہات ،ںیہ ےتکس ۔ےہ رایت یبوخب ےیل

ہجوت ینپا رپ یمہارف یک ردق یتدملا لیوط ےیل ےک زرڈلوہ کیٹسا مامت روا ےہ مزعرپُ ےیل ےک یقرت رادیئاپ ہیماظتنا ۔یگ ےھکر رارقرب

کٹخ ناخ یلق دمحا رسیفآ وٹکیزگیا فیچ

کٹخ ناخ یلق یلع نیمریئچ

2025 ربوتکا 22 ،یچارک

5

GHANDHARA INDUSTRIES LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025

ASSETS Note

Unaudited Audited September 30, June 30,

2025 2025

----------(Rupees in '000)-----------

TOTAL EQUITY AND LIABILITIES 32,393,471 27,851,679

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

_____________________

_ _ 6

Chief Executive Officer Director Chief Financial Officer

GHANDHARA INDUSTRIES LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED SEPTEMBER 30, 2025 - UNAUDITED

For the period ended

September 30,

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

__________________

_____________________

__________________

_

Chief Executive Officer Director Chief Financial Officer

CASH FLOWS FROM OPERATING ACTIVITIES

September 30,

Note 2025 2024

----- (Rupees in '000) -----

CASH FLOWS FROM INVESTING ACTIVITIES

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

________________

_________________

Chief Executive Officer Director Chief Financial Officer

GHANDHARA INDUSTRIES LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 30, 2025 - UNAUDITED

Balance as at July 1, 2024 (Audited) 426,088 1,722,052 1,500,000 5,336,112 8,984,252

Transaction with owners recognised directly in equity Total comprehensive income for the period

ended September 30, 2024

The annexed notes from 1 to 17 form an integral part of these condensed interim financial statements.

Chief Executive Officer Director Chief Financial Office

GHANDHARA INDUSTRIES LIMITED

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30, 2025 - UNAUDITED

1. CORPORATE INFORMATION

   Ghandhara Industries Limited (the Company) was incorporated on February 23, 1963. The Company's shares are quoted on Pakistan Stock Exchange Limited. The principal activity is the assembly, progressive manufacturing and sale of Isuzu trucks, buses and pick ups. The registered office of the Company is situated at F-3, Hub Chowki Road, S.I.T.E, Karachi.

   Bibojee Services (Private) Limited, the ultimate Holding Company, held 16,616,794 (June 30, 2025: 16,616,794) ordinary shares of Rs.10 each of the Company.

2. BASIS OF PREPARATION

   These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:

   • International Accounting Standard (IAS) 34, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

   • Provision of and directives issued under the Companies Act, 2017.

     Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

3. MATERIAL ACCOUNTING POLICY INFORMATION

   The material accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of audited annual financial statements for the year ended June 30, 2025.

   There are certain new International Financial Reporting Standards (standards), amendments to published standards and interpretations that are mandatory for the financial year beginning on July 1, 2025. These considered not to be relevant or to have any significant effect on the Company's financial reporting and operations and are, therefore, not disclosed in these condensed interim financial statements.

   Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

   Actuarial valuations are carried out on annual basis. The last actuarial valuation was carried out on June 30, 2025. The impact of re-measurement of post employment benefit plans has not been incorporated in the condensed interim financial statements.

4. ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of condensed interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited annual financial statements for the year ended June 30, 2025.

5.1 Additions / transfers of operating fixed assets during the period / year are as follows:

Owned

1. Cash dividend and issuance of bonus shares to M/s. Essar Asset Management (Pvt.) Limited has been withheld in view of the restraining order dated November 16, 2018 passed by the Hon'ble High Court of Sindh in Suit No. 2149 of 2018.

2. These represent advances from customers against sale of vehicle and carry no mark-up.

3. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There has been no significant change in status of contingencies other than describe below and as disclosed in note 28.1 of the audited annual financial statements of the Company for the year ended June 30, 2025.

   2. Commitments

      (Un-audited) (Audited)

      September 30, June 30,

      2025 2025

      ------(Rupees in '000)------

      Bank guarantees 8,151,914 8,498,509

      Letters of credit 12,393,791 10,225,894

4. COST OF SALES

   Note

   (Un-audited)

   For the period ended September 30,

   2025 2024

   --------- (Rupees in '000) ----------

   	Stocks at beginning of the period		3,089,222		2,394,839
   	Cost of goods manufactured	10.1	9,992,789		4,718,024
   	Trading goods - purchases		125,444		19,521
   			10,118,233		4,737,545
   			13,207,455		7,132,384
   	Stocks at end of the period		(4,130,803)		(2,453,598)
   			9,076,652		4,678,786
   10.1	Cost of goods manufactured
   	Work in process at beginning of the period		47,972		102,671
   	Raw materials and components consumed		9,855,793		4,404,840
   	Direct labour and factory overheads		258,727		214,834
   			10,114,520		4,619,674
   			10,162,492		4,722,345
   	Work in process at end of the period		(169,703)		(4,321)
   			9,992,789		4,718,024

5. CASH USED IN OPERATIONS

   (Un-audited) September 30,

   Note 2025 2024

   ------(Rupees in '000)------

   Profit before taxation		2,513,060		990,780
   Adjustment for non cash charges and other items:
   Depreciation / amortization on:
   - property, plant and equipment		50,121		22,434
   - right to use asset		5,753		7,561
   - intangible assets		342		198
   Provision for compensated absences		3,329		8,845
   Provision for gratuity		9,275		10,340
   Amortization of gain on sale and lease back of fixed assets		(84)		-
   Profit on saving accounts and term deposit receipt		(28,365)		(86,808)
   Finance cost		9,962		33,963
   		2,563,393		987,313
   Working capital changes - net	11.1	(3,632,382)		(2,725,503)
   		(1,068,989)		(1,738,190)

   1. Working capital changes

      (Increase) / decrease in current assets:

      Stores (5,461) (496)

      Stock-in-trade (4,173,262) (695,173)

      Trade debts 250,301 (249,429)

      Loans and advances (317,252) (309,661)

      Trade deposits and prepayments (246,746) 2,508,022

      Contract liability 787,409 (1,590,039)

      Other receivables (1,523) (1,415)

      Sales tax refundable / adjustable (1,587,720) (1,572)

      (5,294,254) (339,763)

      (Decrease) / increase in trade and other payables 1,661,872 (701,313)

      (3,632,382) (1,041,076)

6. CASH AND CASH EQUIVALENTS

   Cash and bank balances 536,726 396,887 Short term borrowings - (1,210,094)

   536,726 (813,207)

7. FINANCIAL RISK MANAGEMENT

   The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including foreign currency risk, interest rate risk and other price risk).

   The condensed interim financial statements do not include all financial risk management information and disclosures required in the audited annual financial statements and should be read in conjunction with the audited annual financial statement for the year ended June 30, 2025.

   There has been no change in Company's sensitivity to these risks since June 30, 2025 except for general exposure to fluctuations in foreign currency and interest rates. There have been no change in the risk management policies during the period.

8. TRANSACTIONS WITH RELATED PARTIES

   1. Significant transactions with related parties are as follows:

      Name of related party and nature of relationship

      1. Associated Companies

         Ghandhara Tyre and Rubber

         Nature of transactions

         (Un-audited) September 30,

         2025 2024

         ---- (Rupees in '000) ----

         Co. of Pakistan Ltd. (Common Directorship)	Purchase of tyres	152,616	92,405
         Ghandhara Automobiles Ltd.	Assembly charges	564,464	259,421
         (Common Directorship)	Rent income	1,415	1,286
         	Purchase of vehicles	-	6,999
         	Sharing of expenses	1,559	1,133
         Sale of parts		201 171
         Ghandhara DF (Private) Limited	Rent income	1,415	1,286
         (Common Directorship)	Sharing of expenses	1,100	-
         The Universal Insurance
         Company Limited (Common Directorship)	Purchase of services	11,540	-
         Gammon Pakistan Ltd.
         (Common Directorship)	Rent expense	1,208	1,208
         Rehman Cotton Mills Ltd.
         (Common Directorship)	Rent expense	600	600
         Janana De Malucho Textile

         Mills Limited

         (Common Directorship) Reimbursement of expenses 827 986

         Business Vision (Private) Limited

         (Common Directorship) Advance - made for property - 95,000

      2. Other

         Key management Remuneration and

         personnel other benefits 56,364 52,999

9. EVENT AFTER REPORTING PERIOD

   The Board of Directors, in their meeting held on September 29, 2025, proposed a final cash dividend of Rs.10 per share amounting to Rs. 426.088 Million for the year ended June 30, 2025 for approval of the members at the Annual General Meeting to be held on October 25, 2025.

   The interim financial statements for the period ended September 30, 2025 do not include the effect of the proposed appropriations, which will be accounted for in the interim financial statements for period ending December 31, 2025.

10. CORRESPONDING FIGURES

    In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', the condensed interim statement of financial position has been compared with the balances of audited annual financial statements of the Company for the year ended June 30, 2025, whereas, the condensed interim statement of profit or loss account and other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows have been compared with the balances of comparable period of condensed interim financial statements of the Company for the period ended September 30, 2024. Corresponding figures have been rearranged and reclassified for better presentation wherever considered necessary, the effect of which is not material.

11. DATE OF AUTHORIZATION

These condensed interim financial statements were authorized for issue on October 22, 2025 by the Board of Directors of the Company.

_______________

_______________

__________________

Chief Executive Officer Director Chief Financial Officer

Llceaaed Endtiea Verification

N Ja!eapunjl 4arñas"

g Tax qtad'x eakulator•

4' compa¿¿vertacaaan

lriñurancé & Invaâtm"ant Checklist

w* .PAOs.Answered

Be aware, Bealeo

Be safe

Learn about Investing at

https://www.Jamapunjl.pk

a Stock trading simulator (based on live faed from THE)

a

Subscription to Alerts (event notifications. corporate and regulatory actions)

Jamapunji application for mobile device

I N D U S T R I E S L I M I T E D

Address: F-3, Hub Chowki Road, S.I.T.E., Karachi-75730

UAN : 111-445-111, 32560083-6, 38709000 Fax: 021-32560090, 32564458 Toll Free: 0800-11190

Email: [email protected], [email protected] URL: https://www.gil.com.pk