First Tri-Star Modaraba
By PSX Investors Zone · Updated October 23, 2026

First Tri-Star Modaraba (PSX: FTSM) is a perpetual, multipurpose Modaraba managed by A.R.T. Modaraba Management (Private) Limited. Its activities include investment transactions and operating an educational institution, Imperial Tutorial College. For FY2026, academic revenue was Rs. 23.083 million, profit after taxation was Rs. 4.907 million and EPS was Rs. 0.23, compared with a restated FY2025 loss of Rs. 15.030 million and negative EPS of Rs. 0.71. The board recommended no dividend for FY2026. Although FTSM was marked Shariah-compliant in the PSX-KMI All Share Islamic Index review effective 5 June 2026, PSX displays a Risk Warning Alert concerning regulatory violations and possible suspension or delisting. The annual report also records a substantial negative investment-revaluation movement in other comprehensive income. Investors should review these issues alongside the company's earnings, market valuation and regulatory disclosures.
First Tri-Star Modaraba (PSX: FTSM) is a listed, perpetual, multipurpose Modaraba in Pakistan, managed by A.R.T. Modaraba Management (Private) Limited. Its activities include investment transactions and operating an educational institution.
Company Overview
According to the Pakistan Stock Exchange, First Tri-Star Modaraba was established under Pakistan's Modaraba regulatory framework. Its business activities include investments and educational services. The educational operation is known as Imperial Tutorial College.
The company's financial performance is influenced by academic income, operating expenses, investment income, financial charges and changes in the value of investments. As a result, profit after taxation alone may not fully reflect movements in the value of its investment portfolio.
Official sources:
Latest Financial Results: FY2026
The following figures relate to the financial year ended 30 June 2026. The annual results are presented in Pakistani rupees.
| Financial metric | FY2026 | FY2025 (restated) |
|---|---|---|
| Revenue from academic activities | Rs. 23.083m | Rs. 37.571m |
| Administrative expenses | Rs. 39.238m | Rs. 56.782m |
| Other income | Rs. 28.925m | Rs. 7.708m |
| Financial charges | Rs. 1.115m | Rs. 2.110m |
| Profit/(loss) before taxation | Rs. 5.593m | (Rs. 15.204m) |
| Profit/(loss) after taxation | Rs. 4.907m | (Rs. 15.030m) |
| EPS | Rs. 0.23 | (Rs. 0.71) |
Source: PSX financial announcements and the company's FY2026 annual report, transmitted through the official PSX company page.
What the results mean
FTSM returned to a small annual net profit in FY2026 after reporting a restated loss in FY2025. However, academic revenue fell by approximately 38.6% year-on-year. Other income increased and administrative expenses declined, contributing to the improved reported result.
The improvement in profit should therefore be assessed alongside the decline in academic revenue and the composition of other income. Investors should review the complete financial statements to distinguish recurring income from investment-related or other non-recurring items.
Earnings Per Certificate
For FY2026, reported basic and diluted earnings per certificate were Rs. 0.23, compared with a restated loss per certificate of Rs. 0.71 in FY2025.
Positive EPS indicates that the Modaraba reported a net accounting profit for the year. It does not establish that the business has achieved sustainable earnings growth. Academic revenue, investment income, operating costs and the valuation of the investment portfolio remain relevant to future performance.
Source: Official PSX financial information.
Dividend History and FY2026 Payout
The board recommended no cash dividend, bonus certificates or rights for FY2026.
| Item | FY2026 status |
|---|---|
| Cash dividend | Nil recommended |
| Bonus certificates | Nil recommended |
| Right certificates | Nil recommended |
Investors seeking earlier distributions should check the official PSX payouts section and historic announcements rather than assuming a recurring dividend policy. A past distribution, if any, does not guarantee a future payout.
Sources:
Share Price History and Market Valuation
The PSX company page's retrieved market snapshot dated 10 September 2026 showed the following figures. They are historical reference data, not a current quote.
| Market metric | Snapshot value |
|---|---|
| Share price | Rs. 35.28 |
| 52-week range | Rs. 11.52–65.08 |
| One-year price change | +157.33% |
| Year-to-date price change | +95.89% |
| Trailing P/E | N/A |
| Shares outstanding | 21.163 million |
| Free float | 8.465 million, or 40% |
Source: PSX FTSM market quote and history.
How to interpret the price movement
The September snapshot showed a large increase over the preceding year, alongside a wide 52-week trading range. Historical price appreciation should not be treated as evidence that the certificate will continue rising.
The PSX page reported the trailing P/E as unavailable. With FY2026 EPS of Rs. 0.23 and an older September price snapshot, a simple price-to-earnings calculation would not be a properly date-matched valuation. For publication, use the share price and EPS from consistent periods and clearly state the calculation date.
The company also issued notices about unusual certificate-price movements in March, July and August 2026. These notices make it particularly important to discuss volatility and verify the latest PSX announcements before publishing a current valuation.
Source: Official PSX FTSM announcements.
Other Comprehensive Income and Investment Risk
FY2026 profit after taxation was positive, but the financial statements reported a negative movement of approximately Rs. 193.836 million in the revaluation of investments classified at fair value through other comprehensive income, net of deferred tax.
Consequently, total comprehensive loss for FY2026 was approximately Rs. 188.929 million despite the net profit of Rs. 4.907 million.
This distinction matters: profit after taxation and total comprehensive income measure different items. The investment-revaluation movement may materially affect reported equity even when the income statement records a profit. Investors should examine the investment portfolio, valuation assumptions, concentration and changes in carrying values in the annual report.
Source: FY2026 annual report and financial statements, available through PSX.
Shariah Compliance Status
First Tri-Star Modaraba was marked Compliant in the PSX-KMI All Share Islamic Index recomposition announced in May 2026, effective 5 June 2026, using accounts dated 31 December 2025.
The official index notice reported the following screening information:
| Screening metric | Reported value |
|---|---|
| Final Shariah status | Compliant |
| Illiquid assets ratio | 94.42% |
| Net liquid assets ratio | (Rs. 3.59) |
| Share price used for screening | Rs. 0.00 as shown in the index notice |
For Modarabas and other Islamic financial institutions, conventional debt, investment and income screening ratios may be listed as not applicable under the relevant methodology. The illiquid-assets and net-liquid-assets figures above are specific to the screening period; they are not substitutes for a full review of the financial statements.
The FY2026 annual report's Shariah discussion also notes certain equity investments in companies under trading suspension that could not be disposed of at the time of reporting. Investors should read the complete Shariah Advisor's Report for the details and the treatment of these holdings.
Shariah compliance is period-specific. The June 2026 effective status should not be presented as a guarantee of continued compliance after future screening reviews.
Sources:
- Official PSX-KMI All Share Islamic Index recomposition — May 2026
- PSX Shariah-compliant investment resources
- PSX company page and annual report links
PSX Risk Warning Alert
The official PSX company page displays a Risk Warning Alert for FTSM. It states that the company is in continuous violation of specified clauses of PSX regulations and carries a risk of suspension of trading or delisting, subject to the exchange's terms and conditions.
This warning is a material regulatory concern and should be displayed prominently. Passing a Shariah screening review and meeting exchange listing requirements are separate matters; one does not cancel out the other.
Investors should verify the alert's current status and review subsequent PSX notices before making a decision.
Source: Official PSX profile — First Tri-Star Modaraba.
Key Risks for Investors
Regulatory and listing risk: The PSX Risk Warning Alert refers to continuing regulatory violations and possible suspension or delisting.
Declining academic revenue: Revenue from academic activities declined materially in FY2026. The sustainability of the educational operation's income warrants monitoring.
Investment valuation risk: The substantial negative revaluation movement in other comprehensive income shows that investment values can materially affect reported comprehensive performance.
Earnings quality: The return to profit was accompanied by lower academic revenue and higher other income. Investors should examine the nature and repeatability of that other income.
Shariah-related investment concerns: The annual report discusses equity holdings in suspended companies that could not be disposed of at the reporting date. Review the latest Shariah Advisor's Report and screening status.
Dividend uncertainty: No dividend was recommended for FY2026. Future distributions depend on earnings, liquidity, investment requirements and board decisions.
Certificate-price volatility: The wide 52-week range and official unusual-movement notices indicate that historical prices can fluctuate substantially.
What Investors Should Monitor
Before evaluating FTSM, review:
- The latest quarterly and annual financial statements.
- Academic revenue, operating expenses, other income and cash flows.
- Investment holdings and changes in fair value.
- Current EPS and a valuation ratio calculated from matching dates.
- Dividend announcements and official payout records.
- The current PSX Risk Warning Alert and any subsequent compliance notices.
- The latest official Shariah screening notice and the full Shariah Advisor's Report.
Frequently Asked Questions
Is First Tri-Star Modaraba Shariah-compliant?
It was marked compliant in the PSX-KMI All Share Islamic Index review effective 5 June 2026, based on accounts dated 31 December 2025. Investors should confirm the latest available screening status.
What is the PSX symbol for First Tri-Star Modaraba?
Its Pakistan Stock Exchange symbol is FTSM.
What were FTSM's FY2026 earnings?
For the year ended 30 June 2026, the Modaraba reported profit after taxation of Rs. 4.907 million and EPS of Rs. 0.23 per certificate.
Did FTSM recommend a dividend for FY2026?
No. The board recommended nil cash dividend, bonus certificates and rights for FY2026.
Why was total comprehensive income negative despite a net profit?
The financial statements reported a large negative revaluation movement on investments measured at fair value through other comprehensive income. This item is recorded outside the income statement and can materially affect total comprehensive income.
Does FTSM have a PSX Risk Warning Alert?
Yes. PSX displays a warning concerning continuing regulatory violations and possible suspension or delisting. Check the official exchange page for the current status.
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Official Sources
This profile is for educational purposes and is not a recommendation to buy or sell any security.