Engro Polymer and Chemicals Limited Corporate Briefing Presentation 9M 2026

Key takeaways

• Pakistan's real GDP grew by 3.7% in FY 2026, while inflation rose to 10.3% YoY in September 2026.
• The policy rate remained unchanged at 11.5% in Q3 following a 100 bps increase in April, and the exchange rate averaged ~278.6 PKR/USD in 9M 2026.
• PVC CFR South Asia prices experienced volatility, bottoming out in July before recovering to $881/ton in August 2026.
• Core delta for PVC increased to $328/MT in Q3 from $273/MT in Q2 due to higher ethylene costs.
• Engro Polymer & Chemicals reported revenue of PKR 65,343 million for 9M 2026 compared to PKR 57,626 million in 9M 2025.
• Profit after tax for 9M 2026 stood at PKR 314 million, recovering from a loss of PKR 3,452 million in 9M 2025.
• PVC sales volume reached 182 KT in 9M 2026, marking a 4% increase compared to the same period last year.
• Provisional anti-dumping duties were imposed on the US and Indonesia for 4 months in July following the company's application.
• In March 2026, the government corrected the gas levy formula, reducing the levy from Rs 1,406/MMBtu in January to PKR 341/MMBtu in May, though the levy increased subsequently.
• EPCL secured a stay on levy payments in the Islamabad High Court.
• A 2 MW solar project was successfully commissioned in August 2026.
• Domestic PVC demand is expected to remain robust, supported by ongoing infrastructure and construction activities.
• The company continues to evaluate grid power as a viable option alongside renewable energy initiatives.