First Punjab Modaraba (FPJM) financial ratios

First Punjab Modaraba earned a net margin of -68.8% in FY2025 against a five-year average of -41.7% (Modarabas median 4.6%). Return on equity was -19.8%, compared with a sector median of 4.1%. The current ratio stood at 4.31× and debt was 0.0% of equity. Cash took about 144 days to cycle through receivables, inventory and payables.

FY2025 vs the Modarabas median

Net margin: -68.8%; Sector median 4.6%
Return on equity (ROE): -19.8%; Sector median 4.1%
Return on assets (ROA): -9.3%; Sector median 1.9%
Debt to equity: 0.0%; Sector median 38.5%

Median of the 20 companies in the sector with the figure for their latest fiscal year.

FPJM financial ratios (annual) (Rs mn)
Rs mn	FY2025 * Jan – Dec 2025	FY2024 * Jan – Dec 2024	FY2023 * Jan – Dec 2023	FY2022 * Jan – Dec 2022	FY2021 * Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 * Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 * Jul 2012 – Jun 2013	FY2012 * Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 * Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Profitability
Pre-tax margin	(67.3%)	(19.4%)	(48.5%)	(34.5%)	—	(26.9%)	3.8%	15.0%	7.7%	15.3%	50.1%	21.5%	(32.3%)	(27.5%)	(4.2%)	0.4%	(7.1%)	2.0%	5.0%
Net margin	(68.8%)	(24.8%)	(35.3%)	(37.9%)	—	(26.9%)	3.5%	15.7%	10.0%	20.0%	48.1%	27.0%	(32.5%)	(27.5%)	(4.2%)	0.4%	(7.1%)	2.0%	5.0%
Effective tax rate	—	—	—	—	17.1%	—	8.3%	(4.6%)	(29.6%)	(30.1%)	4.0%	(26.0%)	—	—	—	0.0%	—	0.0%	0.0%
Returns
Return on equity (ROE)	(19.8%)	(32.2%)	(58.4%)	—	10.9%	(35.6%)	3.8%	12.2%	9.2%	15.6%	71.8%	120.0%	(128.5%)	(76.3%)	(21.1%)	1.9%	(22.5%)	3.8%	—
Return on assets (ROA)	(9.3%)	(4.5%)	(5.2%)	—	0.7%	(2.7%)	0.3%	1.2%	1.0%	2.1%	7.5%	5.1%	(6.4%)	(7.4%)	(2.7%)	0.2%	(2.7%)	0.6%	—
Leverage
Debt to equity	0.0%	713.9%	392.7%	49,533.7%	1,061.3%	1,278.4%	898.5%	852.5%	827.1%	581.0%	488.6%	1,075.1%	4,095.3%	1,043.1%	627.6%	496.7%	613.9%	610.6%	248.2%
Debt to capital	0.0%	87.7%	79.7%	99.8%	91.4%	92.7%	90.0%	89.5%	89.2%	85.3%	83.0%	91.5%	97.6%	91.3%	86.3%	83.2%	86.0%	85.9%	71.3%
Debt to assets	0.0%	75.2%	67.8%	88.1%	77.5%	79.1%	78.1%	80.2%	80.5%	74.0%	69.2%	75.3%	81.2%	77.9%	70.8%	69.0%	73.2%	75.4%	64.0%
Assets to equity	2.13×	7.11×	11.16×	—	14.86×	13.42×	11.06×	10.45×	9.06×	7.47×	9.60×	23.36×	20.02×	10.34×	7.94×	7.79×	8.23×	5.94×	—
Dividends
Dividend payout ratio	—	—	—	—	0.0%	—	242.3%	75.8%	101.4%	61.8%	18.0%	0.0%	—	—	—	0.0%	—	119.9%	194.7%
Earnings retention rate	—	—	—	—	1.00×	—	(1.42×)	0.24×	(0.01×)	0.38×	0.82×	1.00×	—	—	—	1.00×	—	(0.20×)	(0.95×)

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

FPJM: frequently asked questions

What is FPJM's EPS?

First Punjab Modaraba reported basic earnings per share of Rs -5.08 for FY2025 (Jan – Dec 2025). Over the trailing twelve months (TTM to Jun 2026) EPS was Rs -2.51.

Does FPJM pay dividends?

First Punjab Modaraba did not declare a cash dividend for FY2025.

What was FPJM's revenue and profit in FY2025?

First Punjab Modaraba reported revenue of Rs 251.5 mn and profit attributable to shareholders of -Rs 172.9 mn for FY2025 (Jan – Dec 2025).

What is FPJM's book value per share?

First Punjab Modaraba's book value per share was Rs 45.13 at the end of FY2025. The shares trade at 0.45× book value.

Information only, not investment advice.