Crescent Steel & Allied Products Limited
By PSX Investors Zone · Updated October 22, 2026
Crescent Steel & Allied Products Limited (PSX: CSAP) is a diversified Pakistani company incorporated in 1983, with operations spanning steel pipe manufacturing and coating, engineering fabrication, infrastructure development, investments and energy-related activities. For the financial year ended 30 June 2026, it reported unconsolidated sales of Rs.7.936 billion, profit after tax of Rs.1.291 billion and EPS of Rs.16.63. Consolidated profit after tax was approximately Rs.1.533 billion, with consolidated EPS of Rs.19.74. The company was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index screening effective 5 June 2026, based on accounts to 31 December 2025. Its reported non-compliant income ratio was 1.73%, for which investors following a Shariah-compliant strategy should consider applicable purification guidance. The PSX profile also displays a Risk Warning Alert concerning continuous regulatory violations and potential suspension or delisting. Investors should verify the latest regulatory notices and financial disclosures before making investment decisions.
Company Overview
Crescent Steel & Allied Products Limited (PSX: CSAP) is a diversified Pakistani company listed on the Pakistan Stock Exchange. It was incorporated on 1 August 1983, and its steel pipe manufacturing operations began commercial production in March 1987.
The company operates across several business areas, including steel, engineering, infrastructure development, investments and energy-related activities. Its operations include manufacturing and coating steel pipes, engineering fabrication, investments and power-related activities. The company has also operated textile-related businesses; the status of individual segments should be checked in its latest annual report because certain activities have been classified as discontinued operations.
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Business Activities
Crescent Steel's operations cover several areas:
- Steel division: Manufacturing helical-seam submerged-arc-welded steel pipes and applying protective internal and external coatings.
- Engineering: Fabrication and erection of machinery for industries including sugar, cement, paper, dairy and steel.
- Investment and Infrastructure Development (IID): Investment-related activities and infrastructure development.
- Energy: Power-related activities and associated operations.
Demand for steel pipes and engineering services can be influenced by infrastructure spending, water and energy projects, industrial investment, oil and gas activity and customer capital-expenditure plans. Investment income and energy operations can also affect the group's consolidated financial performance.
Because the company operates across different business areas, investors should review both standalone and consolidated accounts. These figures can differ because consolidated statements include relevant subsidiaries and eliminate transactions between group companies.
Financial Performance — FY2026
For the financial year ended 30 June 2026, the company's reported results included the following:
| Financial indicator | FY2026 | FY2025 |
|---|---|---|
| Unconsolidated sales | Rs.7.936 billion | Rs.6.346 billion |
| Unconsolidated profit after tax | Rs.1.291 billion | Rs.1.343 billion |
| Unconsolidated EPS | Rs.16.63 | Rs.17.30 |
| Consolidated profit after tax | Approximately Rs.1.533 billion | Consolidated comparison should be taken from the annual report |
| Consolidated EPS | Rs.19.74 | Consolidated comparison should be taken from the annual report |
Source: FY2026 financial results published by the company and reported through PSX. The standalone and consolidated results are different measures and should not be mixed.
Unconsolidated sales increased by approximately 25.1% year over year, but standalone profit after tax decreased by approximately 3.9%. Gross profit increased to around Rs.2.014 billion from Rs.1.597 billion, while operating profit before finance costs declined to around Rs.1.908 billion from Rs.2.373 billion.
This contrast shows why revenue growth should not be considered in isolation. Investors should review operating expenses, investment performance, finance costs, taxes and segment-level results to understand the factors behind the change in earnings.
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Shariah Compliance Status
Crescent Steel & Allied Products Limited was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index screening effective 5 June 2026, using financial statements to 31 December 2025.
The reported screening ratios were:
| Shariah screening criterion | Reported ratio | Screening benchmark |
|---|---|---|
| Debt to total assets | 3.68% | Below 37% |
| Non-compliant investments to total assets | 18.98% | Below 33% |
| Non-compliant income to total revenue | 1.73% | Below 5% |
| Illiquid assets to total assets | 55.53% | At least 25% |
| Purification rate | 1.73% | Refer to applicable Shariah guidance |
The screening results show that the company's reported non-compliant income ratio was 1.73% for the stated period. Investors who follow Shariah-compliant investing principles should consult a qualified Shariah adviser or the relevant screening provider for guidance on any purification obligation.
These ratios relate to the specified review and should not be presented as current-period ratios without updated evidence. Shariah status can change following new financial statements and subsequent screening exercises.
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Dividend and Shareholder Returns
For FY2026, the board recommended a final cash dividend of Rs.3.50 per share, in addition to an interim cash dividend of Rs.2.00 per share already paid. If approved, the total proposed cash distribution for FY2026 would be Rs.5.50 per share.
The company's 42nd Annual General Meeting is scheduled for 28 October 2026 to consider the audited financial statements and the proposed final dividend, among other matters. As of 22 October 2026, the final dividend should therefore be described as proposed and subject to shareholder approval—not as an already approved or paid dividend.
Investors should check the latest PSX notice for the final resolution, entitlement dates and payment status.
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Important PSX Risk Warning Alert
The official PSX profile displays a Risk Warning Alert (RWA) for Crescent Steel & Allied Products Limited. The alert states that the company is in continuous violation of requirements specified under clauses 5.11.1 or 5.11.2 of PSX regulations and carries a risk of suspension of trading or delisting from the Exchange.
This is a material regulatory consideration and should be clearly disclosed to readers. Investors should check the latest PSX notices and company disclosures to understand the status and implications of the alert.
A Shariah-compliant screening classification does not remove regulatory, financial, liquidity or investment risks.
Official reference: PSX CSAP Company Profile and Risk Warning Alert
What Investors Should Monitor
Before evaluating CSAP shares, investors may wish to review:
- Steel and engineering demand: Orders and activity in infrastructure, energy and industrial projects.
- Segment performance: Results from steel, engineering, investments and energy activities.
- Operating profitability: Whether sales growth is translating into stronger operating earnings.
- Cash flow and working capital: Collection of receivables, inventory requirements and cash generated by operations.
- Investment performance: The effect of investment income and market movements on consolidated earnings.
- Dividend sustainability: Cash available for distributions after operating and capital-expenditure requirements.
- Shariah screening: The latest official screening and any applicable purification guidance.
- Regulatory disclosures: The latest status of the PSX Risk Warning Alert.
Frequently Asked Questions
What is the PSX ticker for Crescent Steel & Allied Products Limited?
Its Pakistan Stock Exchange symbol is CSAP.
Is Crescent Steel & Allied Products Limited Shariah-compliant?
It was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index screening effective 5 June 2026, based on accounts to 31 December 2025. Its reported purification rate was 1.73%. Investors should confirm the latest screening and applicable purification guidance.
What does Crescent Steel & Allied Products Limited do?
The company manufactures and coats steel pipes, provides engineering fabrication services and operates investment, infrastructure-development and energy-related businesses.
What were its FY2026 results?
The company reported unconsolidated sales of approximately Rs.7.936 billion, profit after tax of Rs.1.291 billion and EPS of Rs.16.63. Consolidated profit after tax was approximately Rs.1.533 billion, with EPS of Rs.19.74.
What dividend was proposed for FY2026?
The board proposed a final cash dividend of Rs.3.50 per share, in addition to Rs.2.00 per share in interim dividends. The final dividend is subject to shareholder approval at the AGM scheduled for 28 October 2026.
Does CSAP have a PSX regulatory warning?
Yes. The official PSX company profile displays a Risk Warning Alert concerning continuous regulatory violations and potential trading suspension or delisting. Check the latest PSX notices for current status.
Disclaimer
This profile is for educational and informational purposes only and is not a recommendation to buy or sell shares. Financial performance, dividend declarations, Shariah screening and regulatory status can change. Verify the latest official disclosures before making investment decisions.
This profile is for educational purposes and is not a recommendation to buy or sell any security.