Last close · 16 Oct 2026
Rs 8.91 +0.22%
Financials
Waves Corporation Limited (WAVES) financials
20 years of annual results (FY2006 – FY2025).
Waves Corporation Limited (WAVES) reported revenue of Rs 4.8 bn for FY2025 (Jan – Dec 2025), up 21.2% from FY2024.
Profit attributable to shareholders was Rs 436.6 mn (EPS Rs 1.55), down 58.3%, a net margin of 11.1%.
No cash dividend was declared for FY2025.
Net debt stood at Rs 7.5 bn.
Return on equity was 4.3%.
Over the last five years revenue grew at a compound -10.9% a year.
At Rs 8.91 (close on 16 Oct 2026) the shares trade at 5.7× earnings (FY2025) and 0.25× book value.
Fundamentals
WAVES at a glance
Revenue · FY2025
Rs 4.8 bn
▲ 21.2% year on year
Profit attributable to shareholders · FY2025
Rs 436.6 mn
▼ 58.3% year on year
EPS – basic (Rs) · FY2025
Rs 1.55
▼ 58.3% year on year
Dividend per share (Rs) · FY2025
Rs 0.00
Net margin · FY2025
11.1%
-16.5 pts year on year
Debt to equity · FY2025
55.2%
+1.0 pts year on year
Financial statements
Income statement
Revenue, costs, profit and earnings per share.
- Revenue · FY2025
- Rs 4.8 bn
- Profit attributable · FY2025
- Rs 436.6 mn
Balance sheet
Assets, liabilities, debt and shareholders' equity.
- Total assets · FY2025
- Rs 25.0 bn
- Equity · FY2025
- Rs 10.2 bn
Financial highlights
WAVES financial results
| Rs bn | FY2025 Jan – Dec 2025 | FY2024 Jan – Dec 2024 | FY2023 Jan – Dec 2023 | FY2022 Jan – Dec 2022 | FY2021 Jan – Dec 2021 | FY2020 Jan – Dec 2020 | FY2019 Jan – Dec 2019 | FY2018 Jan – Dec 2018 | FY2017 * Jan – Dec 2017 | FY2016 Jan – Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 | 3.9 | 5.2 | 9.9 | 10.4 | 8.5 | 9.5 | 8.5 | 3.7 | 1.4 |
| Gross profit | 1.3 | 1.2 | 1.4 | 1.9 | 2.3 | 1.8 | 2.6 | 2.4 | 1.1 | 0.5 |
| Operating profit | 0.4 | 1.3 | 0.5 | 0.7 | 0.8 | 0.9 | 1.3 | 0.7 | 0.1 | (0.0) |
| Profit after tax | 0.5 | 1.1 | 0.3 | 0.2 | 0.3 | 0.1 | 0.4 | 0.4 | 0.3 | 0.1 |
| Profit attributable to shareholders | 0.4 | 1.0 | 0.2 | 0.2 | 0.3 | 0.1 | 0.4 | 0.4 | 0.3 | 0.1 |
| EPS – basic (Rs) Rs | 1.55 | 3.72 | 0.81 | 0.84 | 1.13 | 0.60 | 1.77 | 1.79 | 1.46 | 1.39 |
| Dividend per share (Rs) Rs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.95 | 0.83 | 0.00 |
| Total assets | 25.0 | 24.3 | 22.2 | 21.8 | 20.8 | 17.9 | 17.2 | 14.7 | 13.2 | 3.9 |
| Total equity | 13.6 | 13.0 | 11.2 | 10.8 | 10.3 | 8.5 | 8.3 | 8.4 | 8.2 | 1.4 |
| Total debt | 7.5 | 7.1 | 6.3 | 6.7 | 7.5 | 7.2 | 6.4 | 4.1 | 3.5 | 1.7 |
| Net cash from operating activities | (0.1) | (0.5) | 2.0 | 3.3 | (0.7) | (0.6) | (1.0) | (0.5) | (1.0) | 0.1 |
| Capital expenditure | (0.0) | (0.2) | (1.9) | (2.6) | (0.8) | (0.4) | (0.5) | (0.5) | (0.2) | (0.3) |
| Free cash flow (operating cash flow − capex) | (0.2) | (0.8) | 0.1 | 0.8 | (1.6) | (0.9) | (1.5) | (1.0) | (1.2) | (0.2) |
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.