Ghani Dairies Limited
By PSX Investors Zone · Updated October 24, 2026
Ghani Dairies Limited (PSX: GDL) is a Pakistani dairy farming company engaged primarily in the production and sale of raw milk. Incorporated in October 2020, the company began commercial operations in October 2021 and was listed on the Pakistan Stock Exchange on February 19, 2026. The company operates a modern dairy farm in Rahdari, Noor Pur Thal, District Khushab, Punjab, using automated milking systems and controlled livestock housing. Its business depends on herd productivity, animal health, feed costs, milk quality, farm efficiency, and demand from milk processors and other buyers. For the financial year ended June 30, 2026, GDL reported revenue of approximately Rs 2.190 billion, operating profit of Rs 757.30 million, profit after tax of Rs 697.68 million, and EPS of Rs 1.92. Revenue increased approximately 23.2%, while profit after tax grew approximately 57.1% compared with FY2025. The board recommended no dividend for FY2026, retaining resources for business expansion. GDL was classified as Shariah-compliant in the KMI All Share Islamic Index review effective June 5, 2026, based on accounts as of December 31, 2025. The review reported a non-compliant income ratio of 0.16%. **Important regulatory disclosure:** The official PSX company page displays a Risk Warning Alert referring to continuing violations of specified exchange clauses and possible suspension or delisting. Investors should examine the latest exchange notices and company disclosures before evaluating the shares.
Ghani Dairies Limited (PSX: GDL) is a Pakistani dairy farming company principally engaged in the production and sale of raw milk. The company was incorporated on October 21, 2020, began commercial operations in October 2021, and converted from a private limited company into a public limited company on July 14, 2025. Its shares were listed on the Pakistan Stock Exchange on February 19, 2026.
GDL operates from Rahdari, Noor Pur Thal, District Khushab, Punjab. It is part of the wider Ghani Group, which has business interests in dairy farming, agriculture, livestock, salt processing, and other activities.
The company's operations involve maintaining a productive dairy herd, managing animal health and nutrition, producing raw milk, and supplying customers. Its performance depends on milk production per animal, herd composition, feed prices, veterinary expenses, milk quality, farm efficiency, and the prices it receives from customers.
Business Model and Operations
GDL's core business is raw milk production. Unlike a packaged-milk brand whose earnings may depend heavily on retail distribution and consumer branding, a raw-milk producer is particularly exposed to farm productivity, animal health, feed costs, and the terms of supply contracts.
The company's website describes a modern farm using automated milking systems, controlled livestock housing, and a solar power installation. These systems can support production efficiency, hygiene, and energy management, although the financial benefits depend on utilization, maintenance, and operating costs.
Investors should monitor the following operating indicators:
- Total herd size and the number of mature milking cows.
- Milk production volume and production per milking animal.
- Average selling price per litre.
- Feed, veterinary, labour, and electricity costs.
- Milk quality and spoilage management.
- Customer concentration and collection-payment terms.
- Capital expenditure for herd and infrastructure expansion.
- Operating cash flow relative to reported profit.
Company information: Official Ghani Dairies profile.
FY2026 Financial Performance
The following figures are from the company's reported financial results for the year ended June 30, 2026. Figures are rounded for readability.
| Financial metric | FY2026 | FY2025 |
|---|---|---|
| Revenue from contracts with customers | Rs 2,190.12m | Rs 1,777.88m |
| Gross profit | Rs 822.32m | Rs 619.99m |
| Operating profit | Rs 757.30m | Rs 567.73m |
| Finance cost | Rs 21.94m | Rs 6.21m |
| Profit before tax | Rs 663.20m | Rs 483.10m |
| Profit after tax | Rs 697.68m | Rs 444.15m |
| Earnings per share | Rs 1.92 | Rs 1.37 |
Source: FY2026 financial results summary and official PSX profile. Use the original audited annual report for final verification of all figures and reporting labels.
Revenue grew approximately 23.2% year over year. Gross profit increased approximately 32.6%, operating profit rose approximately 33.4%, and profit after tax increased approximately 57.1%. EPS improved from Rs 1.37 to Rs 1.92.
These results indicate improved reported profitability in FY2026. However, investors should not assess the business on net profit alone. The annual report, cash-flow statement, working-capital position, herd-expansion expenditure, and sustainability of milk margins should also be reviewed.
Profitability and Financial Ratios
The PSX data provider reports the following historical margins:
| Ratio | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Gross profit margin | 37.55% | 34.87% | 11.09% |
| Net profit margin | 31.86% | 24.98% | 4.93% |
| EPS growth | 40.15% | — | — |
Source: PSX official company profile. These ratios are provider-displayed figures and may differ from independent calculations using audited financial statements.
The improvement in reported margins is worth investigating alongside changes in milk selling prices, herd productivity, feed costs, operating efficiency, and other income or expense items. Investors should also examine whether profit growth is supported by cash generated from operations.
A high reported net margin should not be interpreted without considering the full income statement, particularly for a growing agricultural business with recurring feed requirements and capital expenditure.
Dividend History
For FY2026, the board recommended no cash dividend, bonus shares, or right shares. The company indicated that retaining resources would support future growth, herd expansion, and infrastructure development.
A profitable year therefore did not translate into a declared cash distribution. Investors seeking dividend income should distinguish earnings per share from dividends actually approved and paid.
Any future dividend should be verified through the official PSX payout record and the company's subsequent announcements.
Sources:
Share Price and Valuation Snapshot
The following is a dated market snapshot from the official PSX page for October 23, 2026, at approximately 4:41 p.m. Pakistan time. It is not a live quote.
| Market metric | Reported value |
|---|---|
| Share price | Rs 18.68 |
| Previous closing price | Rs 18.76 |
| Day's high | Rs 18.80 |
| Day's low | Rs 18.48 |
| 52-week range | Rs 16.01–33.00 |
| Trailing P/E ratio | N/A on PSX |
| Market capitalization | Approximately Rs 8.017bn |
| Shares outstanding | 429.20m |
| Free float | 107.30m shares |
| Free-float percentage | 25% |
Source: PSX official company profile.
PSX displayed the trailing P/E ratio as N/A in this market snapshot. Investors should not substitute a calculated ratio without specifying the share price date, EPS period, and whether the earnings are standalone or consolidated. A meaningful valuation assessment should also consider growth expectations, cash flow, reinvestment needs, livestock risks, and regulatory disclosures.
The 52-week range provides historical context, not a prediction of future share prices. Past share-price movements do not guarantee future performance.
Shariah Compliance Status
Ghani Dairies Limited was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index review based on financial statements as of December 31, 2025, with the recomposed index effective June 5, 2026.
The reported non-compliant income ratio in that review was 0.16%. A screening ratio is a measure used within the published screening methodology; it is not the percentage of the company's entire business that is non-compliant.
The original PSX listing notice dated February 18, 2026, also stated that the company was deemed Shariah-compliant after review of its financial statements and business activities, and that it would be included in the KMI All Share Islamic Index from listing.
Shariah status can change when financial ratios, income sources, business activities, or screening criteria change. Investors should verify the latest applicable review before making a decision.
Sources:
PSX Risk Warning Alert
The official PSX company page displays the following Risk Warning Alert:
The Company is in continuous violation as specified in Clauses 5.11.1. or 5.11.2. and carry risk of suspension of trading or being delisted from the Exchange and may be subject to such terms and conditions as specified by the Exchange.
This is a material regulatory disclosure that should be prominent in the profile. It refers to continuing violations of specified exchange clauses and potential suspension or delisting risk.
The alert does not, by itself, identify the precise underlying violation or confirm that the shares have been suspended or delisted. Before publishing this profile, review the latest PSX notice and subsequent company announcements to establish the current status and nature of the issue.
Source: PSX official company profile.
Key Risks to Monitor
1. Livestock and animal-health risk: Disease, mortality, fertility issues, and changes in milk yield can affect production and profitability.
2. Feed-cost volatility: Feed and fodder are major operating inputs. Increases in feed costs can reduce margins if selling prices do not adjust accordingly.
3. Milk price and customer concentration: Profitability depends on selling prices, demand from buyers, contract terms, and timely collections.
4. Operational efficiency: Herd expansion and infrastructure investment require effective management, trained staff, maintenance, and consistent animal care.
5. Capital expenditure: Growth may require additional livestock, housing, milking equipment, and other farm infrastructure. This can limit cash available for dividends.
6. Finance costs: Finance costs rose in FY2026 compared with FY2025 in the reported results. Investors should examine borrowings, repayment schedules, and the cost of financing expansion.
7. Cash-flow risk: Accounting profit does not necessarily translate into available cash. Changes in receivables, inventory, payables, and capital expenditure should be monitored.
8. Shariah-screening changes: The reported compliant status is based on a specific review date and should be reconfirmed.
9. Exchange regulatory risk: The PSX Risk Warning Alert refers to potential suspension or delisting. Its underlying cause and current status should be checked in official disclosures.
10. Market valuation risk: A lower share price or a historical trading range does not independently indicate undervaluation.
Frequently Asked Questions
1. What is Ghani Dairies Limited's PSX symbol?
Its Pakistan Stock Exchange symbol is GDL.
2. What is Ghani Dairies Limited's main business?
The company primarily produces and sells raw milk from its dairy farm in District Khushab, Punjab.
3. When was GDL listed on the Pakistan Stock Exchange?
Trading commenced on February 19, 2026.
4. How much profit did GDL report in FY2026?
The reported profit after tax was approximately Rs 697.68 million, with EPS of Rs 1.92.
5. Did GDL announce a dividend for FY2026?
No. The board recommended no cash dividend, bonus shares, or right shares for the year ended June 30, 2026.
6. Is GDL Shariah-compliant?
GDL was classified as compliant in the KMI All Share Islamic Index review effective June 5, 2026. The review based on December 2025 accounts reported a 0.16% non-compliant income ratio. Investors should check the latest review.
7. What is the PSX Risk Warning Alert on GDL?
The official PSX page displays a warning referring to continuing violations of specified exchange clauses and potential suspension or delisting. Investors should examine the latest exchange notices for details.
8. Where can investors verify GDL's financial results?
Use the official PSX company profile and the Ghani Dairies investor relations page.
Related Resources
- Explore company profiles
- Check Shariah-compliant stocks
- Read PSX market updates
- Official PSX profile — GDL
- Ghani Dairies Limited — official website
- KMI All Share Islamic Index review
Research and publication note: Financial figures refer to the year ended June 30, 2026, and the market snapshot is dated October 23, 2026. Confirm the current PSX Risk Warning Alert and the latest Shariah screening status before publishing or updating this profile.
This profile is for educational purposes and is not a recommendation to buy or sell any security.