WAVES Waves Corporation Limited
Latest results: FY2025 · Dec 2025 Q2 FY2026 · Apr – Jun 2026
Last close · 16 Oct 2026
Rs 8.91 +0.22%
Quarterly · Q3 FY2021 – Q2 FY2026
Waves Corporation Limited (WAVES) quarterly cash flow statement
Operating activities generated -Rs 376.2 mn of cash in Q2 FY2026 (Apr – Jun 2026), -90% of the starting profit. Overall, cash decreased by Rs 231.7 mn.
| Rs mn | TTM to Jun 2026 | Q2 FY2026 Apr – Jun 2026 | Q1 FY2026 Jan – Mar 2026 | Q4 FY2025 Oct – Dec 2025 | Q3 FY2025 Jul – Sep 2025 | Q2 FY2025 Apr – Jun 2025 | Q1 FY2025 Jan – Mar 2025 | Q4 FY2024 Oct – Dec 2024 | Q3 FY2024 Jul – Sep 2024 | Q2 FY2024 Apr – Jun 2024 | Q1 FY2024 Jan – Mar 2024 | Q4 FY2023 Oct – Dec 2023 | Q3 FY2023 Jul – Sep 2023 | Q2 FY2023 Apr – Jun 2023 | Q1 FY2023 Jan – Mar 2023 | Q4 FY2022 Oct – Dec 2022 | Q3 FY2022 Jul – Sep 2022 | Q2 FY2022 Apr – Jun 2022 | Q1 FY2022 Jan – Mar 2022 | Q4 FY2021 Oct – Dec 2021 | Q3 FY2021 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | 655.5 | 419.0 | 152.1 | (162.1) | 246.4 | 294.8 | 178.8 | 716.1 | 143.5 | 154.5 | 77.5 | 47.6 | 44.3 | 181.3 | 27.6 | (267.3) | 43.1 | 390.7 | 146.9 | 38.7 | 69.2 |
| Depreciation & amortisation | 425.2 | 82.9 | 100.0 | 134.2 | 108.0 | 19.9 | 108.1 | 103.0 | 77.7 | 34.2 | 108.7 | 109.3 | 105.6 | 78.5 | 88.6 | 104.2 | 93.6 | 118.7 | 66.0 | 138.1 | 91.5 |
| Net cash from operating activities | (433.5) | (376.2) | 129.9 | (45.8) | (141.5) | (6.2) | 46.8 | (795.2) | 199.0 | (251.5) | 325.2 | (293.2) | 1,099.4 | 1,129.5 | 84.4 | 232.1 | 1,643.4 | 1,047.8 | 421.8 | (928.6) | 333.4 |
| Investing activities | |||||||||||||||||||||
| Capital expenditure | — | — | (96.3) | (3.9) | (46.0) | — | (29.9) | (51.8) | (75.5) | — | (238.5) | (90.8) | (838.2) | (679.5) | (289.9) | (251.2) | (736.8) | (576.6) | (1,018.3) | (50.6) | (163.2) |
| Net cash from investing activities | 101.0 | 86.6 | (96.3) | 35.2 | 75.5 | 26.7 | (29.4) | 542.0 | (68.6) | 186.4 | (220.3) | (76.8) | (815.9) | (670.3) | (285.5) | (259.3) | (713.3) | (576.6) | (1,015.2) | (44.1) | (157.6) |
| Financing activities | |||||||||||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (0.1) | 0.0 |
| Borrowings raised / (repaid) | (138.8) | (169.2) | 229.0 | (55.1) | (143.6) | (0.1) | (13.7) | (949.1) | 902.1 | 4.1 | (84.8) | 67.3 | 100.4 | (99.3) | (428.1) | 63.1 | (1,198.6) | (1,815.7) | 682.8 | 1,799.1 | (282.7) |
| Net cash from financing activities | 265.4 | 57.8 | 221.1 | (12.1) | (1.5) | 90.4 | (15.1) | (837.0) | 876.9 | 119.5 | (86.0) | 168.5 | 83.0 | (116.5) | (385.2) | 65.2 | (1,198.6) | (1,813.5) | 682.8 | 793.6 | (282.7) |
| Net change in cash | (67.1) | (231.7) | 254.7 | (22.7) | (67.5) | 110.8 | 2.3 | (1,090.1) | 1,007.3 | 54.4 | 18.9 | (201.5) | 366.5 | 342.6 | (586.3) | 37.9 | (268.5) | (1,342.3) | 89.5 | (179.1) | (106.9) |
| Key figures | |||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | — | — | 33.7 | (49.7) | (187.5) | — | 16.9 | (846.9) | 123.5 | — | 86.7 | (384.0) | 261.3 | 450.0 | (205.4) | (19.1) | 906.6 | 471.2 | (596.4) | (979.2) | 170.2 |
| Rs mn | Q2 FY2026 Apr – Jun 2026 | Q1 FY2026 Jan – Mar 2026 | Q4 FY2025 Oct – Dec 2025 | Q3 FY2025 Jul – Sep 2025 | Q2 FY2025 Apr – Jun 2025 | Q1 FY2025 Jan – Mar 2025 | Q4 FY2024 Oct – Dec 2024 | Q3 FY2024 Jul – Sep 2024 | Q2 FY2024 Apr – Jun 2024 | Q1 FY2024 Jan – Mar 2024 | Q4 FY2023 Oct – Dec 2023 | Q3 FY2023 Jul – Sep 2023 | Q2 FY2023 Apr – Jun 2023 | Q1 FY2023 Jan – Mar 2023 | Q4 FY2022 Oct – Dec 2022 | Q3 FY2022 Jul – Sep 2022 | Q2 FY2022 Apr – Jun 2022 | Q1 FY2022 Jan – Mar 2022 | Q4 FY2021 Oct – Dec 2021 | Q3 FY2021 Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | +42.1% | -14.9% | -122.6% | +71.7% | +90.8% | +130.8% | +1,404.0% | +223.8% | -14.8% | +180.9% | — | +2.8% | -53.6% | -81.2% | -791.1% | -37.7% | +45.6% | +5.7% | -59.8% | +28.0% |
| Depreciation & amortisation | +315.9% | -7.4% | +30.4% | +38.9% | -41.7% | -0.6% | -5.8% | -26.4% | -56.4% | +22.7% | +4.9% | +12.8% | -33.9% | +34.3% | -24.6% | +2.3% | +28.3% | -33.3% | -15.3% | -47.2% |
| Net cash from operating activities | — | +177.9% | — | -171.1% | — | -85.6% | — | -81.9% | -122.3% | +285.2% | -226.3% | -33.1% | +7.8% | -80.0% | — | +393.0% | — | — | — | +67.3% |
| Investing activities | ||||||||||||||||||||
| Capital expenditure | — | +222.4% | -92.5% | -39.1% | — | -87.5% | -43.0% | -91.0% | — | -17.7% | -63.8% | +13.8% | +17.8% | -71.5% | +396.1% | +351.5% | +126.1% | +193.4% | -88.6% | — |
| Net cash from investing activities | +224.8% | — | -93.5% | — | -85.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -222.4% |
| Financing activities | ||||||||||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +85.7% | -100.0% |
| Borrowings raised / (repaid) | — | — | — | -115.9% | -101.2% | — | -1,510.2% | +798.8% | — | — | +6.6% | — | — | -162.7% | -96.5% | — | -2,773.0% | — | +115.9% | — |
| Net cash from financing activities | -36.0% | — | — | -100.2% | -24.4% | — | -596.7% | +956.7% | — | — | +158.6% | — | — | -156.4% | -91.8% | — | -316.8% | +279.0% | -4.8% | — |
| Net change in cash | -309.1% | +10,918.3% | — | -106.7% | +103.7% | -87.8% | — | +174.8% | -84.1% | — | -631.3% | — | — | -755.3% | — | — | -385.9% | — | -771.4% | — |
| Key figures | ||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | — | +99.2% | — | -251.8% | — | -80.5% | — | -52.7% | — | — | — | -71.2% | -4.5% | — | — | +432.7% | — | — | — | — |
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 58
| Rs mn | Q2 FY2026 Apr – Jun 2026 | Q1 FY2026 Jan – Mar 2026 | Q4 FY2025 Oct – Dec 2025 | Q3 FY2025 Jul – Sep 2025 | Q2 FY2025 Apr – Jun 2025 | Q1 FY2025 Jan – Mar 2025 | Q4 FY2024 Oct – Dec 2024 | Q3 FY2024 Jul – Sep 2024 | Q2 FY2024 Apr – Jun 2024 | Q1 FY2024 Jan – Mar 2024 | Q4 FY2023 Oct – Dec 2023 | Q3 FY2023 Jul – Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) - Starting Line - Cash Flow | 419.0 | 152.1 | (162.1) | 246.4 | 294.8 | 178.8 | 716.1 | 143.5 | 154.5 | 77.5 | 47.6 | 44.3 |
| Non-cash Items & Reconciliation Adjustments - Cash Flow | (139.6) | 132.9 | 412.9 | 4.6 | (49.9) | 99.6 | (517.9) | 46.1 | 92.3 | 163.4 | 165.3 | 146.3 |
| Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile | (477.1) | (70.8) | 268.2 | (91.0) | (64.9) | (63.0) | (697.8) | (0.2) | (1.0) | (0.3) | 12.0 | (0.8) |
| Financial Income/(Expense) - Cash Flow - to Reconcile | 375.6 | 129.5 | 204.8 | 109.1 | 217.6 | 104.8 | 573.6 | (26.8) | 80.2 | 73.1 | 48.3 | 56.1 |
| Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile | 82.9 | 100.0 | 134.2 | 108.0 | 19.9 | 108.1 | 103.9 | 77.7 | 34.2 | 108.7 | 109.3 | 105.6 |
| Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile | 74.1 | 91.2 | 125.4 | 99.2 | 11.9 | 98.4 | 93.3 | 69.7 | 25.2 | 100.1 | 96.1 | 97.2 |
| Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile | 8.8 | 8.9 | 8.8 | 8.8 | 8.0 | 9.7 | 9.7 | 8.1 | 9.0 | 8.6 | 13.2 | 8.4 |
| Impairment - Property, Plant & Equipment including Intangible Assets - Cash Flow - to Reconcile | — | — | — | — | — | — | 0.9 | — | — | — | — | — |
| Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile | (2.5) | 0.0 | 56.0 | (1.5) | (4.7) | (0.5) | (35.9) | (4.7) | (21.2) | (18.2) | (4.1) | (14.6) |
| Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile | (118.4) | (25.8) | (250.4) | (120.0) | (217.9) | (49.8) | (461.6) | — | — | — | (0.2) | — |
| Income Taxes - Paid/(Reimbursed) - Cash Flow | 28.8 | 10.8 | (47.1) | 22.2 | (21.2) | 2.1 | 5.4 | 11.2 | (50.8) | 13.4 | 93.2 | 37.7 |
| Interest Paid - Cash | 24.3 | 19.4 | 83.7 | 28.9 | 43.2 | 10.4 | 265.5 | — | 455.7 | — | 153.7 | 56.1 |
| Interest & Dividends - Received - Total - Cash Flow | — | — | 82.6 | — | — | — | 237.7 | 30.0 | — | 188.0 | 217.2 | — |
| Cash Flow from Operating Activities before Changes in Working Capital | 226.3 | 254.9 | 296.8 | 199.8 | 222.8 | 265.9 | 164.9 | 208.5 | (158.2) | 415.5 | 183.2 | 96.9 |
| Working Capital - Increase/(Decrease) - Cash Flow | (602.5) | (125.0) | (342.6) | (341.3) | (229.0) | (219.2) | (960.1) | (9.5) | (93.3) | (90.3) | (476.4) | 1,002.6 |
| Accounts Receivables - Decrease/(Increase) - Cash Flow | (126.7) | (21.4) | (781.9) | 134.0 | 154.7 | (290.2) | (782.6) | (335.8) | (516.7) | 68.1 | 34.5 | 580.5 |
| Inventories - Decrease/(Increase) - Cash Flow | (304.2) | 1.5 | (94.6) | 48.9 | (150.9) | 188.6 | (99.6) | 57.3 | 455.5 | 75.0 | (278.7) | 57.1 |
| Prepaid Expenses - Decrease/(Increase) - Cash Flow | (103.4) | 68.9 | 184.8 | (99.0) | (70.4) | 4.1 | (153.1) | 15.0 | (95.1) | (1.3) | 9.2 | 34.9 |
| Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow | (68.3) | (173.9) | 349.2 | (425.2) | (162.5) | (121.7) | 75.3 | 254.0 | 63.0 | (232.0) | (241.3) | 330.0 |
| Net Cash Flow from Operating Activities | (376.2) | 129.9 | (45.8) | (141.5) | (6.2) | 46.8 | (795.2) | 199.0 | (251.5) | 325.2 | (293.2) | 1,099.4 |
| Capital Expenditures - Net - Cash Flow | (86.6) | 96.3 | (33.3) | (75.5) | (26.7) | 29.4 | 36.1 | 68.6 | (186.4) | 220.3 | 85.3 | 815.9 |
| Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow | (86.6) | 96.3 | (33.3) | (75.5) | (26.7) | 29.4 | 36.1 | 68.6 | (186.4) | 220.3 | 85.3 | 815.9 |
| Property, Plant & Equipment - Purchased - Cash Flow | — | 96.3 | 3.9 | 46.0 | — | 29.9 | 51.8 | 75.5 | — | 238.5 | 90.8 | 838.2 |
| Property, Plant & Equipment Sold - Cash Flow | 86.6 | — | 37.2 | 121.5 | 26.7 | 0.5 | 15.7 | 6.8 | 186.4 | 18.2 | 5.5 | 22.3 |
| Intangible Assets - Purchased/(Sold) - Net - Total - Cash Flow | — | — | — | — | — | — | — | — | — | — | 0.0 | — |
| Intangible Assets - Purchased/Acquired - Cash Flow | — | — | — | — | — | — | — | — | — | — | 0.0 | — |
| Capital Expenditures - Total | — | 96.3 | 3.9 | 46.0 | — | 29.9 | 51.8 | 75.5 | — | 238.5 | 90.8 | 838.2 |
| Investments excluding Loans - Decrease/(Increase) - Cash Flow | — | — | — | — | — | — | 561.7 | — | — | — | — | — |
| Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow | — | — | — | — | — | — | 561.7 | — | — | — | — | — |
| Investment Securities - Sold/Matured - Unclassified - Cash Flow | — | — | — | — | — | — | 561.7 | — | — | — | — | — |
| Other Investing Cash Flow - Decrease/(Increase) | — | — | 1.9 | 0.0 | (0.0) | — | 16.4 | (0.0) | 0.0 | (0.0) | 8.5 | — |
| Net Cash Flow from Investing Activities | 86.6 | (96.3) | 35.2 | 75.5 | 26.7 | (29.4) | 542.0 | (68.6) | 186.4 | (220.3) | (76.8) | (815.9) |
| Stock - Total - Issuance/(Retirement) - Net - Cash Flow | 126.6 | — | 0.0 | 39.0 | 63.8 | — | — | — | — | — | — | — |
| Stock - Issuance/(Retirement) - Net - Excluding Options/Warrants - Cash Flow | 126.6 | — | 0.0 | 39.0 | 63.8 | — | — | — | — | — | — | — |
| Stock - Common - Issuance/(Retirement) - Net - Cash Flow | 126.6 | — | 0.0 | 39.0 | 63.8 | — | — | — | — | — | — | — |
| Stock - Common - Issued/Sold - Cash Flow | 126.6 | — | 0.0 | 39.0 | 63.8 | — | — | — | — | — | — | — |
| Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow | (169.2) | 229.0 | (55.1) | (143.6) | (0.1) | (13.7) | (949.1) | 902.1 | 4.1 | (84.8) | 67.3 | 100.4 |
| Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow | (113.5) | 263.5 | (21.2) | 254.4 | (217.2) | 0.0 | (928.5) | 1,016.9 | (79.8) | (68.0) | 205.9 | (171.6) |
| Debt - Issued/Reduced - Long-Term - Cash Flow | (55.7) | (34.5) | (33.9) | (398.0) | 217.1 | (13.7) | (20.6) | (114.8) | 83.9 | (16.9) | (138.6) | 271.9 |
| Lease liabilities - Issued/(Reduced) - Cash Flow | (5.6) | — | 1.2 | (3.9) | (6.7) | — | (4.0) | (7.5) | (3.6) | — | (89.9) | — |
| Debt - Issued - Long-Term - Cash Flow | 2.0 | — | — | — | 223.8 | — | — | — | 87.5 | — | — | — |
| Debt - Reduced - Long-Term - Cash Flow | 57.7 | — | — | 398.0 | 6.7 | — | 20.6 | 114.8 | 3.6 | — | 138.6 | — |
| 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 | 5.6 | — | — | 3.9 | 6.7 | — | 4.0 | 7.5 | 3.6 | — | 89.9 | — |
| Other Financing Cash Flow - Increase/(Decrease) | 100.5 | (7.9) | 43.0 | 103.1 | 26.7 | (1.4) | 112.1 | (25.2) | 115.4 | (1.2) | 101.2 | (17.4) |
| Net Cash Flow from Financing Activities | 57.8 | 221.1 | (12.1) | (1.5) | 90.4 | (15.1) | (837.0) | 876.9 | 119.5 | (86.0) | 168.5 | 83.0 |
| Net Change in Cash - Total | (231.7) | 254.7 | (22.7) | (67.5) | 110.8 | 2.3 | (1,090.1) | 1,007.3 | 54.4 | 18.9 | (201.5) | 366.5 |
| Net Cash from Continuing Operations | (231.7) | 254.7 | (22.7) | (67.5) | 110.8 | 2.3 | (1,090.1) | 1,007.3 | 54.4 | 18.9 | (201.5) | 366.5 |
| Net Cash - Beginning Balance | 328.0 | 73.3 | 96.0 | 21.5 | (89.3) | (91.6) | 1,140.5 | (2,655.9) | (2,710.3) | (2,729.2) | (2,551.0) | (2,992.5) |
| Net Cash - Ending Balance | 96.3 | 328.0 | 73.3 | (46.0) | 21.5 | (89.3) | 50.3 | (1,648.6) | (2,655.9) | (2,710.3) | (2,752.5) | (2,626.0) |
| Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental | 28.8 | 10.8 | (47.1) | 22.2 | (21.2) | 2.1 | 5.4 | 11.2 | (50.8) | 13.4 | 93.2 | 37.7 |
| Interest Paid - Cash Flow - Supplemental | 24.3 | 19.4 | 83.7 | 28.9 | 43.2 | 10.4 | 265.5 | — | 455.7 | — | 153.7 | 56.1 |
| Interest & Dividends - Received - Cash Flow - Supplemental | — | — | 82.6 | — | — | — | 237.7 | 30.0 | — | 188.0 | 217.2 | — |
| CF from Optg Activities before Change in WC & Int Payments | 250.6 | 274.3 | 380.5 | 228.8 | 266.0 | 276.3 | 430.4 | 208.5 | 297.5 | 415.5 | 336.9 | 152.9 |
| Common Stock Buyback - Net | (126.6) | — | 0.0 | (39.0) | (63.8) | — | — | — | — | — | — | — |
| Depreciation, Depletion & Amortization - Cash Flow | 82.9 | 100.0 | 134.2 | 108.0 | 19.9 | 108.1 | 103.0 | 77.7 | 34.2 | 108.7 | 109.3 | 105.6 |
| Free Cash Flow to Equity | (458.8) | 262.6 | (67.6) | (209.5) | 20.4 | 3.7 | (1,780.3) | 1,032.5 | (61.0) | 20.1 | (311.2) | 383.9 |
| Free Cash Flow Net of Dividends | (376.2) | 33.7 | (49.7) | (187.5) | — | 16.9 | (846.9) | 123.5 | — | 86.7 | (384.0) | 261.3 |
| Free Cash Flow | (376.2) | 33.7 | (49.7) | (187.5) | — | 16.9 | (846.9) | 123.5 | — | 86.7 | (384.0) | 261.3 |
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.