Last close · 16 Oct 2026
Rs 665.73 +0.67%
Financials
National Refinery Limited (NRL) financials
20 years of annual results (FY2007 – FY2026), 80 quarters.
National Refinery Limited (NRL) reported revenue of Rs 440.8 bn for FY2026 (Jul 2025 – Jun 2026), up 43.3% from FY2025.
Profit attributable to shareholders was Rs 6.2 bn (EPS Rs 77.09), a net margin of 1.4%.
No cash dividend was declared for FY2026.
Net debt stood at Rs 46.4 bn.
Return on equity was 11.5%.
Over the last five years revenue grew at a compound 25.9% a year.
At Rs 665.73 (close on 16 Oct 2026) the shares trade at 8.6× earnings (FY2026) and 0.94× book value.
Fundamentals
NRL at a glance
Revenue · FY2026
Rs 440.8 bn
▲ 43.3% year on year
Profit attributable to shareholders · FY2026
Rs 6.2 bn
EPS – basic (Rs) · FY2026
Rs 77.09
Dividend per share (Rs) · FY2026
Rs 0.00
Net margin · FY2026
1.4%
+6.2 pts year on year
Debt to equity · FY2026
84.7%
-36.3 pts year on year
Financial statements
Income statement
Revenue, costs, profit and earnings per share.
- Revenue · FY2026
- Rs 440.8 bn
- Profit attributable · FY2026
- Rs 6.2 bn
Balance sheet
Assets, liabilities, debt and shareholders' equity.
- Total assets · FY2026
- Rs 166.2 bn
- Equity · FY2026
- Rs 56.4 bn
Financial highlights
NRL financial results
| Rs bn | FY2026 Jul 2025 – Jun 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 440.8 | 307.7 | 308.8 | 298.8 | 251.9 | 139.6 | 125.6 | 160.9 | 137.0 | 107.4 |
| Gross profit | 23.5 | (6.2) | (7.8) | 13.2 | 23.8 | 3.9 | (11.1) | (4.4) | 3.8 | 9.8 |
| Operating profit | 20.0 | (8.1) | (9.5) | 11.0 | 20.8 | 2.3 | (12.4) | (5.8) | 2.5 | 8.1 |
| Profit after tax | 6.2 | (14.9) | (15.8) | (4.5) | 9.1 | 1.8 | (4.1) | (8.7) | 1.8 | 8.0 |
| Profit attributable to shareholders | 6.2 | (14.9) | (15.8) | (4.5) | 9.1 | 1.8 | (4.1) | (8.7) | 1.8 | 8.0 |
| EPS – basic (Rs) Rs | 77.09 | (185.91) | (197.46) | (55.81) | 113.53 | 22.14 | (50.82) | (108.70) | 22.14 | 100.61 |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 15.00 | 10.00 | 0.00 | 0.00 | 10.00 | 22.50 |
| Total assets | 166.2 | 149.5 | 103.2 | 111.8 | 102.7 | 75.7 | 63.3 | 76.2 | 65.8 | 61.4 |
| Total equity | 56.4 | 50.3 | 19.2 | 34.6 | 39.8 | 31.6 | 29.8 | 33.9 | 43.3 | 43.3 |
| Total debt | 47.8 | 60.9 | 52.9 | 37.7 | 18.7 | 20.2 | 17.0 | 25.0 | 1.4 | 0.8 |
| Net cash from operating activities | 15.4 | (6.2) | (13.9) | (17.2) | 2.8 | (2.7) | 9.7 | (20.9) | 1.2 | 6.4 |
| Capital expenditure | (1.9) | (1.7) | (1.5) | (0.7) | (0.6) | (0.4) | (1.9) | (1.5) | (2.5) | (15.1) |
| Free cash flow (operating cash flow − capex) | 13.5 | (7.9) | (15.4) | (17.9) | 2.3 | (3.2) | 7.8 | (22.4) | (1.3) | (8.7) |
| Rs bn | TTM to Jun 2026 | Q4 FY2026 Apr – Jun 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 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 440.8 | 149.2 | 117.0 | 95.0 | 79.6 | 81.7 | 84.1 | 74.9 | 67.0 |
| Gross profit | 23.5 | 0.0 | 15.2 | 4.2 | 4.1 | 1.7 | (0.2) | (1.5) | (6.3) |
| Operating profit | 20.0 | (0.6) | 13.5 | 3.4 | 3.6 | 1.2 | (0.7) | (1.8) | (6.8) |
| Profit after tax | 6.2 | (2.9) | 7.3 | 0.7 | 1.0 | (0.4) | (2.8) | (4.5) | (7.2) |
| Profit attributable to shareholders | 6.2 | (2.9) | 7.3 | 0.7 | 1.0 | (0.4) | (2.8) | (4.5) | (7.2) |
| EPS – basic (Rs) Rs | 77.10 | (36.29) | 91.31 | 9.26 | 12.82 | (4.71) | (34.48) | (56.23) | (90.50) |
| 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 | 166.2 | 166.2 | 217.3 | 168.9 | 155.8 | 149.5 | 103.7 | 109.9 | 99.1 |
| Total equity | 56.4 | 56.4 | 59.4 | 52.1 | 51.3 | 50.3 | 4.7 | 7.5 | 12.0 |
| Total debt | 47.8 | 47.8 | 54.7 | 69.8 | 59.5 | 60.9 | 59.7 | 60.8 | 45.6 |
| Net cash from operating activities | 15.4 | 8.3 | 11.1 | (5.8) | 1.8 | (1.2) | (2.3) | (10.6) | 7.8 |
| Capital expenditure | (1.9) | (1.1) | (0.3) | (0.4) | (0.1) | (0.2) | (0.9) | (0.3) | (0.3) |
| Free cash flow (operating cash flow − capex) | 13.5 | 7.3 | 10.8 | (6.2) | 1.6 | (1.4) | (3.2) | (10.9) | 7.5 |
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. Updated 16 Oct 2026.