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Tobacco

KHTC Khyber Tobacco Company Limited

Latest results: FY2025 · Jun 2025 Q3 FY2026 · Jan – Mar 2026

Last close · 16 Oct 2026

Rs 260.00 +1.29%

Financials

Khyber Tobacco Company Limited (KHTC) financials

14 years of annual results (FY2012 – FY2025), 43 quarters.

Khyber Tobacco Company Limited (KHTC) reported revenue of Rs 9.9 bn for FY2025 (Jul 2024 – Jun 2025), up 217.6% from FY2024.

Profit attributable to shareholders was Rs 274.6 mn (EPS Rs 39.67), a net margin of 2.8%.

No cash dividend was declared for FY2025.

Net debt stood at Rs 12.4 mn.

Return on equity was 9.8%.

Over the last five years revenue grew at a compound 40.2% a year.

At Rs 260.00 (close on 16 Oct 2026) the shares trade at 0.67× book value.

Fundamentals

KHTC at a glance

Revenue · FY2025

Rs 9.9 bn

▲ 217.6% year on year

Profit attributable to shareholders · FY2025

Rs 274.6 mn

EPS – basic (Rs) · FY2025

Rs 39.67

Dividend per share (Rs) · FY2025

Rs 0.00

Net margin · FY2025

2.8%

+35.6 pts year on year

Debt to equity · FY2025

45.1%

+3.0 pts year on year

Financial statements

Income statement

Revenue, costs, profit and earnings per share.

Revenue · FY2025
Rs 9.9 bn
Profit attributable · FY2025
Rs 274.6 mn

Balance sheet

Assets, liabilities, debt and shareholders' equity.

Total assets · FY2025
Rs 16.7 bn
Equity · FY2025
Rs 2.9 bn

Cash flow

Cash from operations, investment, financing and free cash flow.

Operating cash flow · FY2025
Rs 398.3 mn
Free cash flow · FY2025
Rs 198.3 mn

Financial highlights

KHTC financial results

KHTC annual financial highlights (Rs bn)
Rs bn FY2025 * Jul 2024 – Jun 2025 FY2024 * Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 * Jul 2021 – Jun 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
Revenue 9.9 3.1 7.4 2.5 1.2 1.8 1.1 1.1 1.0 0.8
Gross profit 1.8 0.2 2.8 0.8 0.2 0.3 0.2 0.5 0.4 0.2
Operating profit 0.8 (0.6) 2.5 0.5 (0.0) 0.1 (0.0) 0.3 0.3 0.1
Profit after tax 0.3 (1.0) 2.0 0.3 (0.1) 0.0 (0.0) 0.2 0.2 0.1
Profit attributable to shareholders 0.3 (1.0) 2.0 0.3 (0.1) 0.0 (0.0) 0.2 0.2 0.1
EPS – basic (Rs) Rs 39.67 (147.63) 288.68 45.57 (9.92) 5.57 (5.53) 28.87 27.44 10.06
Dividend per share (Rs) Rs 0.00 0.00 1.00 0.00 0.00 0.00 0.00 5.77 1.44 1.74
Total assets 16.7 12.3 7.7 5.6 3.4 2.6 1.9 1.9 1.7 1.1
Total equity 2.9 2.7 3.8 1.8 1.2 1.3 1.3 1.3 1.2 0.8
Total debt 1.3 1.1 0.1 1.5 1.0 0.1 — — — —
Net cash from operating activities 0.4 (0.6) 2.7 0.2 0.2 (0.0) 0.3 0.1 0.1 (0.0)
Capital expenditure (0.2) (0.3) (0.9) (0.5) (0.7) (0.3) (0.1) (0.1) (0.0) (0.0)
Free cash flow (operating cash flow − capex) 0.2 (0.9) 1.8 (0.3) (0.4) (0.3) 0.2 0.0 0.1 (0.0)
KHTC quarterly financial highlights (Rs bn)
Rs bn TTM to Mar 2026 Q3 FY2026 Jan – Mar 2026 Q2 FY2026 Oct – Dec 2025 Q1 FY2026 Jul – Sep 2025 Q4 FY2025 Apr – Jun 2025 Q3 FY2025 Jan – Mar 2025 Q2 FY2025 Oct – Dec 2024 Q1 FY2025 Jul – Sep 2024 Q4 FY2024 Apr – Jun 2024
Revenue 8.4 2.7 3.1 1.6 1.0 4.0 3.6 1.2 0.3
Gross profit 1.1 0.7 (0.3) 0.3 0.4 0.9 0.8 (0.3) (0.3)
Operating profit 0.2 0.5 (0.6) 0.1 0.3 0.6 0.6 (0.5) (0.7)
Profit after tax (0.2) 0.5 (0.6) 0.0 (0.2) 0.6 0.7 (0.8) (0.8)
Profit attributable to shareholders (0.2) 0.5 (0.6) 0.0 (0.2) 0.6 0.7 (0.8) (0.8)
EPS – basic (Rs) Rs (32.24) 68.63 (84.46) 5.34 (21.75) 79.79 93.96 (117.45) (110.49)
Dividend per share (Rs) Rs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total assets 21.1 21.1 20.8 22.7 16.7 19.9 19.7 20.1 12.3
Total equity 2.7 2.7 2.2 3.0 2.9 3.1 2.5 1.9 2.7
Total debt 1.5 1.5 1.4 1.4 1.3 1.3 1.3 1.3 1.1
Net cash from operating activities (0.8) (0.7) 0.1 (0.7) 0.5 (0.6) 0.5 0.0 (0.2)
Capital expenditure — — (0.0) (0.0) (0.0) (0.0) (0.1) (0.1) (0.1)
Free cash flow (operating cash flow − capex) — — 0.1 (0.7) 0.4 (0.6) 0.4 (0.1) (0.3)

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets. Free cash flow and book value per share are calculated by Smart Money; TTM = the latest four quarters. * Some FY2025 figures do not fully reconcile in the source data. Updated 16 Oct 2026.

KHTC charts

Revenue and profit Revenue Profit attributable
Revenue and profit Rs 10 bn -Rs 1 bn Revenue FY16: Rs 758.3 mn Profit attributable FY16: Rs 69.6 mn FY16 Revenue FY17: Rs 1.0 bn Profit attributable FY17: Rs 189.9 mn FY17 Revenue FY18: Rs 1.1 bn Profit attributable FY18: Rs 199.9 mn FY18 Revenue FY19: Rs 1.1 bn Profit attributable FY19: -Rs 38.3 mn FY19 Revenue FY20: Rs 1.8 bn Profit attributable FY20: Rs 38.5 mn FY20 Revenue FY21: Rs 1.2 bn Profit attributable FY21: -Rs 68.6 mn FY21 Revenue FY22: Rs 2.5 bn Profit attributable FY22: Rs 315.4 mn FY22 Revenue FY23: Rs 7.4 bn Profit attributable FY23: Rs 2.0 bn FY23 Revenue FY24: Rs 3.1 bn Profit attributable FY24: -Rs 1.0 bn FY24 Revenue FY25: Rs 9.9 bn Profit attributable FY25: Rs 274.6 mn FY25
Margins Gross margin Operating margin Net margin
Margins 50% 9% -33% Gross margin FY16: 23.3% Gross margin FY17: 38.3% Gross margin FY18: 44.0% Gross margin FY19: 16.6% Gross margin FY20: 17.4% Gross margin FY21: 13.5% Gross margin FY22: 32.6% Gross margin FY23: 37.3% Gross margin FY24: 5.0% Gross margin FY25: 17.9% Operating margin FY16: 9.9% Operating margin FY17: 27.4% Operating margin FY18: 26.1% Operating margin FY19: -1.0% Operating margin FY20: 4.7% Operating margin FY21: -1.5% Operating margin FY22: 22.0% Operating margin FY23: 33.1% Operating margin FY24: -20.1% Operating margin FY25: 8.6% Net margin FY16: 9.2% Net margin FY17: 18.5% Net margin FY18: 17.8% Net margin FY19: -3.6% Net margin FY20: 2.1% Net margin FY21: -5.6% Net margin FY22: 12.8% Net margin FY23: 26.9% Net margin FY24: -32.8% Net margin FY25: 2.8% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Cash flow Operating cash flow Capex Free cash flow
Cash flow Rs 3 bn -Rs 917 mn Operating cash flow FY16: -Rs 13.0 mn Capex FY16: -Rs 13.2 mn Free cash flow FY16: -Rs 26.2 mn FY16 Operating cash flow FY17: Rs 77.5 mn Capex FY17: -Rs 2.4 mn Free cash flow FY17: Rs 75.2 mn FY17 Operating cash flow FY18: Rs 113.6 mn Capex FY18: -Rs 91.7 mn Free cash flow FY18: Rs 21.9 mn FY18 Operating cash flow FY19: Rs 293.0 mn Capex FY19: -Rs 60.7 mn Free cash flow FY19: Rs 232.3 mn FY19 Operating cash flow FY20: -Rs 28.6 mn Capex FY20: -Rs 286.2 mn Free cash flow FY20: -Rs 314.8 mn FY20 Operating cash flow FY21: Rs 237.4 mn Capex FY21: -Rs 665.2 mn Free cash flow FY21: -Rs 427.8 mn FY21 Operating cash flow FY22: Rs 204.5 mn Capex FY22: -Rs 525.0 mn Free cash flow FY22: -Rs 320.5 mn FY22 Operating cash flow FY23: Rs 2.7 bn Capex FY23: -Rs 908.2 mn Free cash flow FY23: Rs 1.8 bn FY23 Operating cash flow FY24: -Rs 583.7 mn Capex FY24: -Rs 333.4 mn Free cash flow FY24: -Rs 917.1 mn FY24 Operating cash flow FY25: Rs 398.3 mn Capex FY25: -Rs 200.1 mn Free cash flow FY25: Rs 198.3 mn FY25