Ghandhara Automobiles Limited (GAL) has reported its highest-ever annual profit after tax (PAT) of Rs. 4,096 million for the fiscal year 2025, significantly up by 11x YoY from Rs. 365 million recorded in FY24, translating to earnings per share (EPS) of Rs. 71.85.
The company also announced its first-ever final dividend of Rs. 10 per share, according to a notice issued on Monday.
Net sales for FY25 reached Rs. 34,512 million, marking a fourfold year-on-year increase. The robust performance was driven by a surge in sales volumes, with JAC X200 sales doubling to 1,274 units and JAC truck volumes rising by 21% to 198 units.
The company also sold an estimated 640 units of Dongfeng trucks and 1,500 units of JAC T9 Hunter during the year, according to a report by Arif Habib Ltd.
Gross margins improved to 18.4% in FY25, up from 12.0% last year, largely due to economies of scale and better cost efficiencies. In the fourth quarter alone, gross margins rose to 17.3% from 14.0% in the same period last year.
Earnings were further boosted by a Rs. 616 million contribution from Ghandhara Industries, in which GAL holds a 17% stake. The company’s effective tax rate for FY25 was 31.7%, compared to 25.4% in the previous year.
Arif Habib Limited has maintained a ‘Buy’ rating on GAL, with a June 2026 target price of Rs. 764.7 per share. The stock is currently trading at a price-to-earnings (P/E) multiple of 6.1x.
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