TICL The Thal Industries Corporation Limited
Latest results: FY2025 · Sep 2025
Last close · 16 Oct 2026
Rs 752.83 -5.90%
Financials
The Thal Industries Corporation Limited (TICL) financials
20 years of annual results (FY2006 – FY2025).
The Thal Industries Corporation Limited (TICL) reported revenue of Rs 48.2 bn for FY2025 (Oct 2024 – Sep 2025), up 68.6% from FY2024.
Profit attributable to shareholders was Rs 2.3 bn (EPS Rs 154.99), up 105.0%, a net margin of 4.8%.
It declared a dividend of Rs 10.00 per share for FY2025 and has paid a dividend in each of the last 20 years.
The balance sheet showed net cash of Rs 854.5 mn.
Return on equity was 20.9%.
Over the last five years revenue grew at a compound 24.3% a year.
At Rs 752.83 (close on 16 Oct 2026) the shares trade at 4.9× earnings (FY2025) and 0.94× book value, with a dividend yield of 1.3%.
Fundamentals
TICL at a glance
Revenue · FY2025
Rs 48.2 bn
▲ 68.6% year on year
Profit attributable to shareholders · FY2025
Rs 2.3 bn
▲ 105.0% year on year
EPS – basic (Rs) · FY2025
Rs 154.99
▲ 105.0% year on year
Dividend per share (Rs) · FY2025
Rs 10.00
▲ 300.0% year on year
Net margin · FY2025
4.8%
+0.9 pts year on year
Debt to equity · FY2025
13.2%
-103.7 pts year on year
Financial statements
Income statement
Revenue, costs, profit and earnings per share.
- Revenue · FY2025
- Rs 48.2 bn
- Profit attributable · FY2025
- Rs 2.3 bn
Balance sheet
Assets, liabilities, debt and shareholders' equity.
- Total assets · FY2025
- Rs 18.8 bn
- Equity · FY2025
- Rs 12.0 bn
Financial highlights
TICL financial results
| Rs bn | FY2025 Oct 2024 – Sep 2025 | FY2024 Oct 2023 – Sep 2024 | FY2023 Oct 2022 – Sep 2023 | FY2022 Oct 2021 – Sep 2022 | FY2021 Oct 2020 – Sep 2021 | FY2020 Oct 2019 – Sep 2020 | FY2019 Oct 2018 – Sep 2019 | FY2018 Oct 2017 – Sep 2018 | FY2017 Oct 2016 – Sep 2017 | FY2016 Oct 2015 – Sep 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 48.2 | 28.6 | 30.8 | 19.8 | 21.4 | 16.2 | 14.4 | 14.1 | 14.9 | 10.7 |
| Gross profit | 6.2 | 4.6 | 6.1 | 4.0 | 3.3 | 2.8 | 1.7 | 0.4 | 1.8 | 1.3 |
| Operating profit | 4.5 | 3.2 | 4.6 | 3.2 | 2.5 | 2.0 | 1.0 | (0.2) | 1.4 | 1.0 |
| Profit after tax | 2.3 | 1.1 | 2.0 | 1.8 | 1.6 | 1.3 | 0.3 | (0.2) | 0.7 | 0.7 |
| Profit attributable to shareholders | 2.3 | 1.1 | 2.0 | 1.8 | 1.6 | 1.3 | 0.3 | (0.2) | 0.7 | 0.7 |
| EPS – basic (Rs) Rs | 154.99 | 75.61 | 130.87 | 118.61 | 108.52 | 84.12 | 22.78 | (10.68) | 47.15 | 43.94 |
| Dividend per share (Rs) Rs | 10.00 | 2.50 | 5.00 | 3.50 | 3.00 | 3.00 | 1.50 | 8.86 | 22.58 | 10.00 |
| Total assets | 18.8 | 27.8 | 16.0 | 15.7 | 8.8 | 8.6 | 9.3 | 10.2 | 8.8 | 6.8 |
| Total equity | 12.0 | 10.2 | 9.2 | 7.3 | 5.6 | 3.5 | 2.2 | 1.9 | 2.3 | 1.9 |
| Total debt | 1.6 | 11.9 | 2.1 | 3.5 | 1.1 | 2.4 | 4.3 | 5.4 | 4.4 | 3.6 |
| Net cash from operating activities | 13.7 | (8.5) | 2.9 | (1.2) | 1.8 | 2.9 | 2.3 | 0.1 | 0.4 | 0.4 |
| Capital expenditure | (1.9) | (0.7) | (1.4) | (0.8) | (0.3) | (0.5) | (0.8) | (0.9) | (1.0) | (0.9) |
| Free cash flow (operating cash flow − capex) | 11.8 | (9.2) | 1.4 | (2.0) | 1.5 | 2.4 | 1.4 | (0.8) | (0.6) | (0.5) |
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 15 Oct 2026.