Thal LimitedPSX: THALL

Financial Results for the Year Ended June 30, 2026

Sep 7, 2026 at 3:15 AM UTC · Issued by Thal Limited

TL/2026/5202 September 7, 2026

The General Manager,

Pakistan Stock Exchange Limited, Stock Exchange Building,

Stock Exchange Road, Karachi - 74000

FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 30, 2026

Dear Sir,

We are pleased to inform you that the Board of Directors of our Company in their meeting held on Friday, September 04, 2026 at 16:00 have recommended the following:

Cash Dividend:
A final cash dividend for the year ended June 30, 2026 @ Rs. 15 per share i.e. 300%. This is in addition to interim dividend already paid at Rs. 15 per share i.e. 300%.
Financial Results:
The financial results of the Company for the year ended June 30, 2026 are as follows:
- Unconsolidated Financial Results
  THAL LIMITED
  UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED JUNE 30, 2026
  2026 2025
  ------ (Rupees in '000) ------
  Revenue from contracts with customers - net 35,956,856 29,611,916
  Cost of sales (32,358,145) (26,581,090)
  Gross profit 3,598,711 3,030,826
  (872,791)
  (1,536,895)
  (115,738)

(1,114,605)

(1,869,843)

(112,962)

Distribution and selling expenses Administrative expenses

Other charges

(3,097,410) (2,525,424)

Other income 10,521,981 3,635,648

Operating profit 11,023,282 4,141,050

Finance costs (398,875) (599,294)

Profit before taxation and levy 10,624,407 3,541,756 Levy (60,230) (65,787)

Profit before taxation 10,564,177 3,475,969

Taxation (2,206,923) (918,244)

Profit for the year 8,357,254 2,557,725

------ (Rupees) -----

Earnings per share - basic and diluted 103.14 31.57

THAL LIMITED UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2026
ASSETS	2026 - (Rupees in	2025 '000) ------
NON-CURRENT ASSETS Property, plant and equipment	5,432,864	5,798,910
Intangible assets	98,604	217,162
Investment property	964	968
Long-term investments	14,406,797	13,173,799
Long-term deposits	32,154	32,612
Deferred tax asset	699,678	604,750
	20,671,061	19,828,201
CURRENT ASSETS
Stores, spares and loose tools	221,659	241,207
Stock-in-trade	8,705,872	9,336,459
Trade debts	5,789,213	5,709,342
Loans and advances	228,154	182,862
Trade deposits and short-term prepayments	106,208	183,488
Interest accrued	18,282	16,103
Other receivables	939,506	943,049
Short-term investments	15,640,283	7,510,036
Sales tax refundable - net	132,520	18,068
Cash and bank balances	1,736,451	1,381,438
	33,518,148	25,522,052
TOTAL ASSETS	54,189,209	45,350,253
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES Authorised capital
200,000,000 (2025: 200,000,000) ordinary shares of Rs.5/- each	1,000,000	1,000,000
Issued, subscribed and paid-up capital	405,150	405,150
Reserves	39,335,307	32,681,602
	39,740,457	33,086,752
NON-CURRENT LIABILITIES
Long-term deposits and payables	10,537	10,513
Long-term borrowings	2,064,253	2,787,606
Non-current portion of Sindh Infrastructure Development Cess	722,422	-
Lease liabilities	21,300	46,865
Deferred income	97,907	146,146
	2,916,419	2,991,130
CURRENT LIABILITIES
Trade and other payables	5,849,173	5,735,186
Warranty obligations	945,494	791,225
Accrued mark-up	42,123	56,519
Unclaimed dividend	107,090	110,457
Unpaid dividend	45,889	26,809
Current portion of long-term borrowing	779,200	769,860
Current portion of lease liabilities	15,531	28,932
Current portion of deferred income	48,319	56,166
Short-term borrowings	1,000,000	780,000
Income tax - net	2,699,514	917,217
	11,532,333	9,272,371
TOTAL EQUITY AND LIABILITIES	54,189,209	45,350,253
CONTINGENCIES AND COMMITMENTS

UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2026 2026 2025 ------ (Rupees in '000) ------ Profit for the year 8,357,254 2,557,725 Other comprehensive (loss)/income

Item that will not be reclassified to unconsolidated statement of profit or loss in subsequent periods

(Loss)/gain on long-term equity investments classified at fair value through

other comprehensive income (FVOCI) - net of tax (1,921) 92,062

Total comprehensive income for the year 8,355,333 2,649,787

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2026

	RESERVES
Issued, subscribed and paid-up capital	Capital reserve	General reserve	Unappropr-iated profits	Remeasurement of investment at fair value through other comprehensive	Total equity
				income

-	-	-	(486,179)	-	(486,179)
-	-	-	(1,215,449)	-	(1,215,449)

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

Balance as at July 1, 2024	405,150	1,006,915	27,388,500	2,153,887	292,812	31,247,264
Transfer to general reserve	-	-	1,600,000	(1,600,000)	-	-
Transactions with owners
Final dividend @ Rs 6.00/- per share for the year ended June 30, 2024	-	-	-	(486,179)	-	(486,179)
Interim dividend @ Rs 4.00/- per share for the year ended June 30, 2025	-	-	-	(324,120)	-	(324,120)
	-	-	-	(810,299)	-	(810,299)
Profit for the year	-	-	-	2,557,725	-	2,557,725
Other comprehensive income	-	-	-	-	92,062	92,062
Total comprehensive income for the year	-	-	-	2,557,725	92,062	2,649,787
Balance as at June 30, 2025	405,150	1,006,915	28,988,500	2,301,313	384,874	33,086,752
Transfer to general reserve	-	-	1,800,000	(1,800,000)	-	-
Transactions with owners
Final dividend @ Rs 6.00/- per share for the year ended June 30, 2025 Interim dividend @ Rs 15.00/- per share
for the year ended June 30, 2026	-	-	-	(1,701,628)	-	(1,701,628)
Profit for the year	-	-	-	8,357,254	-	8,357,254
Other comprehensive loss	-	-	-	-	(1,921)	(1,921)
Total comprehensive income for the year	-	-	-	8,357,254	(1,921)	8,355,333
Balance as at June 30, 2026	405,150	1,006,915	30,788,500	7,156,939	382,953	39,740,457

THAL LIMITED UNCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2026 2026 2025 ------ (Rupees in '000) ------

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations	4,487,868	846,726
Finance costs paid	(442,177)	(696,774)
Retirement benefits paid	(14,491)	(15,364)
Income taxes paid - net	(563,012)	(749,671)
Warranty paid	(8,881)	(12,644)
Levies paid	(62,921)	(402,637)
Long-term deposits - net	482	(1,291)
Net cash generated from / (used in) operating activities	3,396,868	(1,031,655)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment	(833,231)	(767,884)
Additions to intangible assets	(3,653)	(85,341)
Proceeds from disposal of operating fixed assets	98,261	49,515
Long-term investments in subsidiary	(1,120,100)	-
Short-term investments - net	(8,878,154)	2,522,907
Dividend income	8,297,373	2,119,991
Interest income	201,757	88,478
Net cash (used in) / generated from investing activities	(2,237,747)	3,927,666
CASH FLOWS FROM FINANCING ACTIVITIES
Principal portion of lease rentals	(44,404)	(34,429)
Short-term borrowings obtained	220,000	-
SBP's Temporary Economic Refinance Facility repaid	(135,968)	(130,708)
SBP's Financing Scheme for Renewable Energy repaid	(28,527)	(41,320)
Long-term loans repaid	(549,518)	(256,370)
Payment of SIDC liability	(260,660)	-
Dividends paid	(1,685,915)	(804,160)
Net cash used in financing activities	(2,484,992)	(1,266,987)
Net (decrease) / increase in cash and cash equivalents	(1,325,871)	1,629,024
Cash and cash equivalents at the beginning of the year	3,553,294	1,924,270
Cash and cash equivalents at the end of the year	2,227,423	3,553,294

Consolidated Financial Results

THAL LIMITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED JUNE 30, 2026 2026 2025 ----- (Rupees in '000) -----

Revenue from contracts with customers - net	44,264,475	36,414,817
Cost of sales	(37,710,503)	(30,781,178)
Gross profit	6,553,972	5,633,639
Distribution and selling expenses	(1,159,687)	(885,731)
Administrative expenses	(2,021,535)	(1,509,008)
Other charges	(254,306)	(392,133)
	(3,435,528)	(2,786,872)
Other income	3,056,602	2,875,171
Operating profit	6,175,046	5,721,938
Finance costs	(592,489)	(832,856)
	5,582,557	4,889,082
Share of profit after tax of associates and joint venture	10,182,815	7,201,583
Profit before taxation and levy	15,765,372	12,090,665
Levy	(125,198)	(99,624)
Profit before taxation	15,640,174	11,991,041
Taxation	(4,297,147)	(3,887,171)
Profit for the year	11,343,027	8,103,870
Attributable to
- Equity holders of the Holding Company	10,456,021	7,255,552
- Non-controlling interest	887,006	848,318
	11,343,027	8,103,870

-------- (Rupees) --------

Basic and diluted earnings per share attributable to the

equity holders of the Holding Company 129.04 89.54

THAL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2026

ASSETS

2026 2025 ------ (Rupees in '000) -----

NON-CURRENT ASSETS
Property, plant and equipment	7,488,494	7,158,144
Intangible assets	100,143	217,355
Investment properties	5,926,738	5,451,474
Long-term investments	35,786,403	33,754,231
Long-term deposits and advances	42,260	37,306
	49,344,038	46,618,510
CURRENT ASSETS
Stores, spares and loose tools	275,975	281,810
Stock-in-trade	9,392,439	10,158,067
Trade debts	6,592,180	5,894,553
Loans and advances	264,412	210,935
Trade deposits and short-term prepayments	139,740	200,559
Interest accrued	47,316	32,162
Other receivables	1,050,052	1,027,510
Short-term investments	22,083,437	14,115,256
Sales tax refundable	15,408	15,172
Cash and bank balances	3,197,228	2,457,031
	43,058,187	34,393,055
TOTAL ASSETS	92,402,225	81,011,565
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
200,000,000 (2025: 200,000,000) ordinary shares of Rs. 5/- each	1,000,000	1,000,000
Issued, subscribed and paid-up capital	405,150	405,150
Reserves	60,604,834	51,834,989
Equity attributable to shareholders of the Holding Company	61,009,984	52,240,139
Non-controlling interest 7,599,045 7,319,592
	68,609,029	59,559,731
NON-CURRENT LIABILITIES
Long term deposits and payables	349,731	341,519
Long-term borrowings	2,160,416	2,847,892
Lease liabilities	899,449	926,314
Deferred income	97,907	146,146
Non-current portion of Sindh Infrastructure Development Cess	763,208	-
Deferred tax liability	5,234,155	5,361,046
	9,504,866	9,622,917
CURRENT LIABILITIES
Trade and other payables	7,850,880	6,983,629
Warranty obligation	1,040,052	856,767
Accrued markup	48,070	70,975
Unclaimed dividend	107,090	110,457
Unpaid dividend	45,889	26,809
Current portion of long-term borrowings	823,848	782,914
Current portion of lease liabilities	185,281	145,388
Current portion of deferred income	48,319	56,166
Short-term borrowings	1,000,000	1,073,920
Income tax - net	3,138,901	1,721,892
	14,288,330	11,828,917
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES	92,402,225	81,011,565

THAL LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2026 2026 2025 ----- (Rupees in '000) ----- Profit for the year 11,343,027 8,103,870 Other comprehensive income Item that will not be reclassified to statement of profit or loss in subsequent periods;

Share of actuarial gain on remeasurement of defined benefit plans of associates - net of tax	17,372	12,036
(Loss) / gain on revaluation on equity investments at fair value through other comprehensive income	(1,920)	92,062
	15,452	104,098
Total comprehensive income for the year	11,358,479	8,207,968
Attributable to - Equity holders of the Holding Company	10,471,473	7,359,650
- Non-controlling interest	887,006	848,318
	11,358,479	8,207,968

THAL LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2026

RESERVES

Issued, subscribed and paid-up capital

Capital reserves

General reserve

Unappropriate d profit

Remeasuremen t of investment at fair value through other

comprehensive

Non-controlling interest

Total equity

income

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

Balance as at June 30, 2024 405,150 1,019,140 27,388,500 16,585,188 292,812 7,271,332 52,962,122

Transfer to general reserve - - 1,600,000 (1,600,000) - - -

Transactions with owners

Final dividend @ Rs. 6.00/- per share

for the year ended June 30, 2024 - -1st Interim dividend @ Rs. 4.00/- per share

for the year ended June 30, 2025 - -

- (486,180) -

- (324,120) -

- (486,180)

- (324,120)

Subsidiary company

Final dividend @ Rs. 1.45/- per share

for the year ended June 30, 2024 - - - -1st Interim dividend @ Rs. 1.95/- per share

for the year ended June 30, 2025 - - - -2nd Interim dividend @ Rs. 1.21/- per share

for the year ended June 30, 2025 - - - -3rd Interim dividend @ Rs. 1.26/- per share

for the year ended June 30, 2025 - - - -

- (197,641)

- (265,627)

- (165,226)

- (171,565)

(197,641)

(265,627)

(165,226)

(171,565)

- - - (810,300) - (800,058) (1,610,358)

Net profit for the year - - - 7,255,552 - 848,318 8,103,870 Other comprehensive income - - - 12,036 92,062 - 104,098 Total comprehensive income for the year - - - 7,267,588 92,062 848,318 8,207,968

Balance as at June 30, 2025 405,150 1,019,140 28,988,500 21,442,475 384,874 7,319,592 59,559,731

Transfer to general reserve - - 1,800,000 (1,800,000) - - -

Final dividend @ Rs. 6.00/- per share

for the year ended June 30, 2025 - -

1st Interim dividend @ Rs. 15.00/- per share

for the year ended June 30, 2026 - -

- (486,179) -

- (1,215,449) -

- (486,179)

- (1,215,449)

Subsidiary company

Final dividend @ Rs. 0.467/- per share

for the year ended June 30, 2025 - - - -

1st Interim dividend @ Rs. 1.38/- per share

for the year ended June 30, 2026 - - - -

2nd Interim dividend @ Rs. 1.33/- per share

for the year ended June 30, 2026 - - - -

3rd Interim dividend @ Rs. 1.30/- per share

for the year ended June 30, 2026 - - - -

- (63,562)

- (187,133)

- (176,281)

- (180,577)

(63,562)

(187,133)

(176,281)

(180,577)

- - - (1,701,628) - (607,553) (2,309,181)

Net profit for the year - - - 10,456,021 - 887,006 11,343,027 Other comprehensive income - - - 17,372 (1,920) - 15,452 Total comprehensive income for the year - - - 10,473,393 (1,920) 887,006 11,358,479

Balance as at June 30, 2026 405,150 1,019,140 30,788,500 28,414,240 382,954 7,599,045 68,609,029

2026 2025 ------ (Rupees in '000) -----

CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations	8,222,848	4,059,828
Finance costs paid	(516,421)	(837,959)
Retirement benefits paid	(13,586)	(131,972)
Income tax and levies paid	(3,178,577)	(1,824,756)
Warranty paid	(10,295)	(13,680)
Long term deposits - net	(4,954)	(1,010)
Long-term deposits and payables	8,212	(1,898)
Net cash generated from operating activities	4,507,227	1,248,553
CASH FLOWS FROM INVESTING ACTIVITIES
Addition to property, plant and equipment	(1,784,166)	(1,026,021)
Addition to intangible assets	(5,037)	(85,341)
Addition to investment property	(848,869)	(207,990)
Proceeds from disposal of operating fixed assets	122,792	83,904
Short term investments during the year - net	(8,040,036)	2,982,015
Dividend income received during the year	8,226,486	923,895
Interest income received during the year	335,462	474,168
Net cash (used in) / generated from investing activities	(1,993,368)	3,144,630
CASH FLOWS FROM FINANCING ACTIVITIES
Principal portion of lease rentals received / (paid)	(163,876)	(52,886)
Short-term borrowings (repaid) / obtained	220,000	-
SBP's Temporary Economic Refinance Facility repaid	(135,968)	(130,708)
SBP's Financing Scheme for Renewable Energy repaid - net	(28,527)	(41,320)
Long-term loan obtained	(482,047)	(641,237)
Payment of SIDC liability	(276,740)	-
Dividends paid	(2,293,468)	(1,604,219)
Net cash used in financing activities	(3,160,626)	(2,470,370)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS	(646,767)	1,922,814
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	4,334,967	2,412,153
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	3,688,200	4,334,967

Annual General Meeting:
The sixtieth Annual General Meeting of the Members of the Company will be held on Thursday October 22, 2026 at 09:30 AM at The Pearl-Continental (PC) Hotel, Ballroom 1 & 2, Club Road, Civil Lines, Saddar Town, Karachi as well as through electronic means/video-link facility.
The above entitlement will be issued to the shareholders whose names will appear in the Register of members on Thursday October 15, 2026.
Book Closure:

The share transfer books of the Company will remain closed from October 16, 2026 to October 22, 2026 (both days inclusive). Transfers received at the Company's Share Registrar, M/s FAMCO Associates (Private) Limited, 8-F, next to Hotel Faran, Nursery, Block-6, PECHS, Shahrah-e-Faisal, Karachi (Telephone: +92-21-34380101-5, +92-21-34384621-3, [Ext: 119], Fax: +92-21-34380106)

at the close of business on October 15, 2026 will be treated in time for the purpose of the above entitlement to the transferees.

The Annual Report of the Company will be transmitted through PUCARS at least 21 days before holding of Annual General Meeting.

Yours faithfully,

For Thal Limited

Sameer Amlani Company Secretary

CC to:

Chief Executive Officer

Central Depository Company of Pakistan CDC House # 99-B, Block-B

S.M.C.H.S. Shahrah-e-Faisal Karachi

Fax: 021-34326034 / Tel: 111-111-500

Executive Director/HOD

Offsite-II Department, Supervision Division Securities and Exchange Commission of Pakistan 63, NIC Building, Jinnah Avenue

Blue Area, Islamabad

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