TSML Tandlianwala Sugar Mills Limited
Latest results: FY2025 · Sep 2025 Q3 FY2026 · Apr – Jun 2026
Last close · 16 Oct 2026
Rs 457.80 +0.34%
Quarterly · Q4 FY2021 – Q3 FY2026
Tandlianwala Sugar Mills Limited (TSML) quarterly cash flow statement
Operating activities generated Rs 603.3 mn of cash in Q3 FY2026 (Apr – Jun 2026), down 56.1% on Q3 FY2025, 338% of the starting profit. Capital expenditure was Rs 20.8 mn, leaving free cash flow of Rs 582.5 mn. Overall, cash decreased by Rs 71.4 mn.
| Rs mn | TTM to Jun 2026 | Q3 FY2026 Apr – Jun 2026 | Q2 FY2026 Jan – Mar 2026 | Q1 FY2026 Oct – Dec 2025 | Q4 FY2025 Jul – Sep 2025 | Q3 FY2025 Apr – Jun 2025 | Q2 FY2025 Jan – Mar 2025 | Q1 FY2025 Oct – Dec 2024 | Q4 FY2024 Jul – Sep 2024 | Q3 FY2024 Apr – Jun 2024 | Q2 FY2024 Jan – Mar 2024 | Q1 FY2024 Oct – Dec 2023 | Q4 FY2023 Jul – Sep 2023 | Q3 FY2023 Apr – Jun 2023 | Q2 FY2023 Jan – Mar 2023 | Q1 FY2023 Oct – Dec 2022 | Q4 FY2022 Jul – Sep 2022 | Q3 FY2022 Apr – Jun 2022 | Q2 FY2022 Jan – Mar 2022 | Q1 FY2022 Oct – Dec 2021 | Q4 FY2021 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | 1,385.9 | 178.7 | 330.5 | 513.0 | 363.7 | 11.7 | 163.7 | 463.5 | 427.7 | (264.7) | 1,135.6 | 532.4 | 481.9 | 122.3 | 1,125.5 | 419.4 | (153.7) | 130.4 | 704.5 | 307.3 | 1,208.5 |
| Depreciation & amortisation | 705.2 | 173.7 | 177.3 | 173.8 | 180.4 | 186.8 | 193.2 | 178.5 | 204.4 | 196.7 | 195.5 | 191.7 | 196.7 | 203.4 | 195.3 | 194.7 | 204.6 | 202.4 | 190.1 | 214.4 | 215.6 |
| Net cash from operating activities | (3,083.5) | 603.3 | (9,778.1) | 700.8 | 5,390.5 | 1,373.9 | (5,679.0) | (263.6) | 107.7 | 393.3 | (7,655.5) | (2,796.5) | 3,786.9 | 1,907.4 | (5,465.7) | 2,797.3 | 2,924.0 | 1,337.4 | (4,856.3) | 1,383.9 | 2,832.8 |
| Investing activities | |||||||||||||||||||||
| Capital expenditure | — | (20.8) | (107.8) | — | (49.3) | (41.9) | (17.6) | (11.8) | — | (21.8) | (113.7) | (94.2) | (77.9) | (158.6) | (45.0) | (28.2) | (209.2) | (5.1) | (6.2) | (36.9) | (406.5) |
| Net cash from investing activities | (228.1) | 2.5 | (120.9) | (108.3) | (1.5) | (169.9) | (84.7) | 59.3 | 105.8 | (110.8) | (85.3) | (69.7) | 224.4 | (211.2) | 0.1 | (68.2) | (171.6) | (20.2) | 51.3 | (92.7) | (389.0) |
| Financing activities | |||||||||||||||||||||
| Borrowings raised / (repaid) | 3,248.8 | (677.3) | 9,920.2 | (449.1) | (5,545.1) | (1,090.8) | 5,463.5 | 402.6 | (219.2) | (205.5) | 6,538.4 | 3,246.3 | (3,265.3) | (1,604.7) | 5,538.0 | (3,273.9) | (2,175.1) | (1,230.3) | 4,693.3 | (1,300.8) | (2,377.2) |
| Net cash from financing activities | 3,248.8 | (677.3) | 9,920.2 | (449.1) | (5,545.1) | (1,090.8) | 5,463.5 | 402.6 | (219.2) | (205.5) | 6,538.4 | 3,246.3 | (3,265.3) | (1,604.7) | 5,538.0 | (3,273.9) | (2,175.1) | (1,230.3) | 4,693.3 | (1,300.8) | (2,377.2) |
| Net change in cash | (62.9) | (71.4) | 21.2 | 143.5 | (156.1) | 113.1 | (300.2) | 198.2 | (5.8) | 76.9 | (1,202.4) | 380.1 | 746.1 | 91.5 | 72.5 | (544.8) | 577.3 | 86.9 | (111.6) | (9.6) | 66.6 |
| Key figures | |||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | — | 582.5 | (9,885.9) | — | 5,341.2 | 1,332.0 | (5,696.6) | (275.4) | — | 371.5 | (7,769.2) | (2,890.7) | 3,709.0 | 1,748.8 | (5,510.7) | 2,769.1 | 2,714.8 | 1,332.3 | (4,862.4) | 1,347.0 | 2,426.3 |
| Rs mn | Q3 FY2026 Apr – Jun 2026 | Q2 FY2026 Jan – Mar 2026 | Q1 FY2026 Oct – Dec 2025 | Q4 FY2025 Jul – Sep 2025 | Q3 FY2025 Apr – Jun 2025 | Q2 FY2025 Jan – Mar 2025 | Q1 FY2025 Oct – Dec 2024 | Q4 FY2024 Jul – Sep 2024 | Q3 FY2024 Apr – Jun 2024 | Q2 FY2024 Jan – Mar 2024 | Q1 FY2024 Oct – Dec 2023 | Q4 FY2023 Jul – Sep 2023 | Q3 FY2023 Apr – Jun 2023 | Q2 FY2023 Jan – Mar 2023 | Q1 FY2023 Oct – Dec 2022 | Q4 FY2022 Jul – Sep 2022 | Q3 FY2022 Apr – Jun 2022 | Q2 FY2022 Jan – Mar 2022 | Q1 FY2022 Oct – Dec 2021 | Q4 FY2021 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | +1,432.9% | +101.9% | +10.7% | -15.0% | — | -85.6% | -12.9% | -11.3% | -316.4% | +0.9% | +26.9% | — | -6.2% | +59.8% | +36.5% | -112.7% | -53.9% | — | -33.6% | +236.1% |
| Depreciation & amortisation | -7.0% | -8.2% | -2.6% | -11.7% | -5.0% | -1.2% | -6.9% | +3.9% | -3.3% | +0.1% | -1.5% | -3.9% | +0.5% | +2.7% | -9.2% | -5.1% | -1.8% | -7.0% | +5.2% | +6.8% |
| Net cash from operating activities | -56.1% | — | — | +4,905.7% | +249.3% | — | — | -97.2% | -79.4% | — | -200.0% | +29.5% | +42.6% | — | +102.1% | +3.2% | -29.1% | — | — | +110.5% |
| Investing activities | ||||||||||||||||||||
| Capital expenditure | -50.3% | +511.9% | — | — | +91.7% | -84.5% | -87.4% | — | -86.2% | +152.8% | +234.4% | -62.8% | +3,028.3% | +631.5% | -23.6% | -48.5% | -95.7% | -77.6% | -19.7% | +79.1% |
| Net cash from investing activities | — | — | -282.7% | -101.4% | — | — | — | -52.9% | — | -57,856.5% | — | — | — | -99.7% | — | — | — | — | — | — |
| Financing activities | ||||||||||||||||||||
| Borrowings raised / (repaid) | — | +81.6% | -211.6% | — | — | -16.4% | -87.6% | — | — | +18.1% | — | — | — | +18.0% | — | — | — | +0.9% | -177.9% | — |
| Net cash from financing activities | — | +81.6% | -211.6% | — | — | -16.4% | -87.6% | — | — | +18.1% | — | — | — | +18.0% | — | — | — | +0.9% | -177.9% | — |
| Net change in cash | -163.1% | — | -27.6% | — | +47.0% | — | -47.8% | -100.8% | -15.9% | -1,759.0% | — | +29.2% | +5.2% | — | — | +766.4% | +1,606.0% | — | -105.8% | — |
| Key figures | ||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | -56.3% | — | — | — | +258.6% | — | — | — | -78.8% | — | -204.4% | +36.6% | +31.3% | — | +105.6% | +11.9% | -24.6% | — | — | +116.9% |
Change against the same quarter a year earlier; shown when the earlier figure is positive.
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. TTM = the latest four quarters added together. Updated 17 Oct 2026.
All reported line items 48
| Rs bn | Q3 FY2026 Apr – Jun 2026 | Q2 FY2026 Jan – Mar 2026 | Q1 FY2026 Oct – Dec 2025 | Q4 FY2025 Jul – Sep 2025 | Q3 FY2025 Apr – Jun 2025 | Q2 FY2025 Jan – Mar 2025 | Q1 FY2025 Oct – Dec 2024 | Q4 FY2024 Jul – Sep 2024 | Q3 FY2024 Apr – Jun 2024 | Q2 FY2024 Jan – Mar 2024 | Q1 FY2024 Oct – Dec 2023 | Q4 FY2023 Jul – Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) - Starting Line - Cash Flow | 0.2 | 0.3 | 0.5 | 0.4 | 0.0 | 0.2 | 0.5 | 0.4 | (0.3) | 1.1 | 0.5 | 0.5 |
| Non-cash Items & Reconciliation Adjustments - Cash Flow | 1.1 | 0.9 | 0.7 | 1.3 | 1.0 | 1.4 | 0.8 | 1.3 | 1.4 | 1.1 | 0.8 | 0.9 |
| Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile | 0.0 | 0.0 | 0.0 | 0.1 | (0.0) | 0.0 | 0.0 | 0.3 | (0.1) | 0.1 | (0.0) | 0.2 |
| Financial Income/(Expense) - Cash Flow - to Reconcile | 0.9 | 0.7 | 0.5 | 1.0 | 0.9 | 1.2 | 0.6 | 0.9 | 1.3 | 0.8 | 0.6 | 0.5 |
| Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.1) | (0.0) | (0.0) | (0.0) | (0.0) |
| Income Taxes - Paid/(Reimbursed) - Cash Flow | 0.9 | (1.8) | 2.0 | (1.4) | 0.1 | 0.1 | 1.6 | (1.0) | (0.1) | 0.3 | 0.9 | (0.3) |
| Interest Paid - Cash | 0.5 | 0.2 | 1.0 | 0.8 | 1.0 | 1.3 | 0.7 | 1.3 | 0.9 | 0.5 | 0.5 | 0.8 |
| Cash Flow from Operating Activities before Changes in Working Capital | (0.1) | 2.9 | (1.8) | 2.3 | (0.0) | 0.2 | (1.1) | 1.3 | 0.2 | 1.4 | (0.1) | 0.9 |
| Working Capital - Increase/(Decrease) - Cash Flow | 0.7 | (12.6) | 2.5 | 3.1 | 1.4 | (5.9) | 0.9 | (1.2) | 0.2 | (9.1) | (2.7) | 2.9 |
| Accounts Receivables - Decrease/(Increase) - Cash Flow | 0.0 | (0.0) | 0.0 | (0.0) | 0.0 | (0.0) | 0.0 | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 |
| Inventories - Decrease/(Increase) - Cash Flow | 5.1 | (13.1) | 0.7 | 5.5 | 5.2 | (5.5) | (3.9) | 7.6 | 3.4 | (8.2) | (11.0) | 5.8 |
| Prepaid Expenses - Decrease/(Increase) - Cash Flow | (2.8) | (1.5) | (0.0) | 0.5 | (0.6) | (3.3) | 2.1 | (2.8) | 0.6 | (0.9) | (0.3) | 0.0 |
| Other Assets - Decrease/(Increase) - Cash Flow | — | — | — | — | 0.1 | (0.1) | — | — | 0.1 | (0.1) | — | — |
| Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow | (1.5) | 2.0 | 1.7 | (2.9) | (3.3) | 3.0 | 2.7 | (5.9) | (3.9) | 0.1 | 8.6 | (2.9) |
| Net Cash Flow from Operating Activities | 0.6 | (9.8) | 0.7 | 5.4 | 1.4 | (5.7) | (0.3) | 0.1 | 0.4 | (7.7) | (2.8) | 3.8 |
| Capital Expenditures - Net - Cash Flow | 0.0 | 0.1 | (0.1) | 0.0 | 0.0 | 0.0 | 0.0 | (0.0) | 0.0 | 0.1 | 0.1 | (0.3) |
| Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow | 0.0 | 0.1 | (0.1) | 0.0 | 0.0 | 0.0 | 0.0 | (0.0) | 0.0 | 0.1 | 0.1 | (0.3) |
| Property, Plant & Equipment - Purchased - Cash Flow | 0.0 | 0.1 | — | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.1 | 0.1 | 0.1 |
| Property, Plant & Equipment Sold - Cash Flow | — | — | 0.1 | — | — | — | 0.0 | 0.0 | — | — | — | 0.4 |
| Capital Expenditures - Total | 0.0 | 0.1 | — | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | 0.1 | 0.1 | 0.1 |
| Investments excluding Loans - Decrease/(Increase) - Cash Flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Investment Securities - Sold/Matured - Unclassified - Cash Flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other Investing Cash Flow - Decrease/(Increase) | 0.0 | (0.0) | (0.2) | 0.0 | (0.1) | (0.1) | 0.1 | 0.0 | (0.1) | 0.0 | (0.0) | (0.1) |
| Net Cash Flow from Investing Activities | 0.0 | (0.1) | (0.1) | (0.0) | (0.2) | (0.1) | 0.1 | 0.1 | (0.1) | (0.1) | (0.1) | 0.2 |
| Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow | (0.7) | 9.9 | (0.4) | (5.5) | (1.1) | 5.5 | 0.4 | (0.2) | (0.2) | 6.5 | 3.2 | (3.3) |
| Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow | (0.6) | 9.9 | (0.4) | (5.5) | (1.2) | 5.5 | 0.4 | (0.1) | (0.0) | 6.6 | 3.6 | (2.8) |
| Debt - Issued/Reduced - Long-Term - Cash Flow | (0.0) | 0.0 | (0.1) | (0.1) | 0.1 | (0.0) | (0.0) | (0.1) | (0.2) | (0.1) | (0.4) | (0.4) |
| Lease liabilities - Issued/(Reduced) - Cash Flow | 0.0 | (0.0) | (0.0) | (0.1) | 0.0 | (0.0) | (0.0) | (0.2) | 0.1 | (0.1) | 0.1 | (0.4) |
| Debt - Issued - Long-Term - Cash Flow | — | 0.1 | — | 0.0 | 0.1 | — | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.6 |
| Lease liabilities - Issued - Cash flow | — | — | — | 0.0 | 0.0 | — | — | — | 0.1 | — | 0.1 | — |
| Debt - Reduced - Long-Term - Cash Flow | — | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 0.3 | 0.2 | 0.5 | 1.0 |
| Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue | — | 0.0 | 0.0 | 0.1 | — | 0.0 | 0.0 | 0.2 | — | 0.1 | — | 0.4 |
| Other Financing Cash Flow - Increase/(Decrease) | — | — | — | — | — | 0.0 | (0.0) | — | — | — | — | — |
| Net Cash Flow from Financing Activities | (0.7) | 9.9 | (0.4) | (5.5) | (1.1) | 5.5 | 0.4 | (0.2) | (0.2) | 6.5 | 3.2 | (3.3) |
| Net Change in Cash - Total | (0.1) | 0.0 | 0.1 | (0.2) | 0.1 | (0.3) | 0.2 | (0.0) | 0.1 | (1.2) | 0.4 | 0.7 |
| Net Cash from Continuing Operations | (0.1) | 0.0 | 0.1 | (0.2) | 0.1 | (0.3) | 0.2 | (0.0) | 0.1 | (1.2) | 0.4 | 0.7 |
| Net Cash - Beginning Balance | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.4 | 0.3 | 0.2 | 0.2 | 1.3 | 1.0 | 0.2 |
| Net Cash - Ending Balance | 0.1 | 0.2 | 0.3 | 0.0 | 0.3 | 0.1 | 0.5 | 0.2 | 0.3 | 0.1 | 1.4 | 0.9 |
| Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental | 0.9 | (1.8) | 2.0 | (1.4) | 0.1 | 0.1 | 1.6 | (1.0) | (0.1) | 0.3 | 0.9 | (0.3) |
| Interest Paid - Cash Flow - Supplemental | 0.5 | 0.2 | 1.0 | 0.8 | 1.0 | 1.3 | 0.7 | 1.3 | 0.9 | 0.5 | 0.5 | 0.8 |
| CF from Optg Activities before Change in WC & Int Payments | 0.4 | 3.0 | (0.8) | 3.1 | 1.0 | 1.5 | (0.4) | 2.7 | 1.2 | 1.9 | 0.4 | 1.7 |
| Depreciation, Depletion & Amortization - Cash Flow | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Free Cash Flow to Equity | (0.1) | 0.0 | 0.4 | (0.2) | 0.2 | (0.2) | 0.1 | (0.1) | 0.2 | (1.2) | 0.4 | 0.8 |
| Free Cash Flow Net of Dividends | 0.6 | (9.9) | 0.7 | 5.3 | 1.3 | (5.7) | (0.3) | 0.1 | 0.4 | (7.8) | (2.9) | 3.7 |
| Free Cash Flow | 0.6 | (9.9) | 0.7 | 5.3 | 1.3 | (5.7) | (0.3) | 0.1 | 0.4 | (7.8) | (2.9) | 3.7 |
Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 12 periods; the table above goes back further.