Gharibwal Cement Limited
By PSX Investors Zone · Updated October 24, 2026
Gharibwal Cement Limited (PSX: GWLC) is a Pakistani cement manufacturer incorporated on December 29, 1960. The company is engaged in the production and sale of cement and operates in Pakistan's cement industry, where demand is influenced by construction activity, infrastructure spending, energy prices, freight costs, and competition. For FY2026, GWLC reported net sales of approximately Rs22.313 billion, compared with Rs19.687 billion in FY2025. Profit after tax increased to Rs2.345 billion from Rs2.205 billion, while earnings per share rose to Rs5.86 from Rs5.51. However, the quarter ended September 30, 2026, showed a significant deterioration. Net sales fell to approximately Rs3.852 billion from Rs4.928 billion in the corresponding quarter of the previous year, while profit after tax declined to Rs9.07 million from Rs277.58 million. Investors should investigate the causes of this quarterly decline before drawing conclusions about future earnings. GWLC was classified as Shariah-compliant in the PSX KMI All Share screening published in May 2026, based on financial statements through December 2025. The company also has a material PSX Risk Warning Alert concerning possible suspension of trading or delisting. This regulatory issue should be reviewed independently of its financial performance and Shariah status. Sources: [Official PSX profile](https://dps.psx.com.pk/company/GWLC) | [Official KMI screening](https://www.psx.com.pk/psx/themes/psx/uploads/PSX-N-610-KMI30-re-compostion-Dec25.pdf) | [Q1 FY2027 results](https://www.investify.pk/announcements/GWLC/dps-pdf-286774)
Gharibwal Cement Limited (PSX: GWLC) is a Pakistani cement manufacturer incorporated on December 29, 1960. The company is principally engaged in the production and sale of cement and is listed on the Pakistan Stock Exchange.
Business Overview
Gharibwal Cement operates in Pakistan's cement industry, which supplies a key construction material for residential buildings, commercial developments, infrastructure projects, and industrial construction.
Cement manufacturers are affected by construction demand, government infrastructure spending, fuel and electricity prices, transportation costs, raw-material availability, production utilization, and competition. Changes in these factors can affect both sales volumes and profit margins.
For investors, evaluating GWLC requires more than reviewing annual earnings. Quarterly production and sales trends, cost efficiency, operating cash flow, debt obligations, and the company's regulatory position are also important.
Official source: Pakistan Stock Exchange — GWLC
Financial Performance
The company's reported annual financial results for the years ended June 30 are summarised below.
| Financial metric | FY2026 | FY2025 |
|---|---|---|
| Net sales | Rs22.313 billion | Rs19.687 billion |
| Profit after tax | Rs2.345 billion | Rs2.205 billion |
| Earnings per share | Rs5.86 | Rs5.51 |
| Gross profit margin | 18.87% | 23.30% |
| Net profit margin | 10.51% | 11.20% |
Net sales increased by approximately 13.3% in FY2026, and profit after tax rose by approximately 6.4%. However, the reported gross profit margin declined from 23.30% to 18.87%, while the net profit margin fell from 11.20% to 10.51%.
This combination suggests that higher revenue did not translate into an equivalent improvement in profitability. Investors should review the audited annual report for details of production costs, energy expenses, freight, selling costs, finance costs, and other items affecting margins.
Source: Official PSX financials and reports
Latest Quarterly Performance: September 2026
The quarter ended September 30, 2026, reported a sharp year-on-year decline in financial performance.
| Financial metric | Q1 FY2027 | Q1 FY2026 |
|---|---|---|
| Net sales | Rs3.852 billion | Rs4.928 billion |
| Gross profit | Rs298.97 million | Rs653.35 million |
| Profit after tax | Rs9.07 million | Rs277.58 million |
| Earnings per share | Rs0.02 | Rs0.69 |
Net sales declined by approximately 21.8%, while profit after tax fell by approximately 96.7% compared with the same quarter of the previous year.
The substantial reduction in gross profit is particularly important. Investors should consult the complete quarterly financial statements and company disclosures to establish the reasons for the decline rather than assuming that it reflects one particular cause.
One additional event to monitor is the company's August 2026 disclosure that its kiln ID fan was damaged during operation, temporarily halting clinker production. The company said repair and replacement work was underway. Investors should check subsequent official disclosures to establish when operations resumed and whether the incident affected the September quarter.
Sources: Official PSX announcements | Quarterly results summary | Company announcement records
Dividend Information
For the financial year ended June 30, 2026, the board recommended no final cash dividend, bonus shares, or rights shares.
The company had previously credited an interim cash dividend of Rs0.50 per share in May 2026. That interim payment should be distinguished from the full-year dividend recommendation: the interim distribution does not mean that a further final dividend was declared.
Investors should consult the official PSX payout history and corporate announcements for the relevant entitlement and payment dates.
Source: Official PSX profile and payouts
Shariah Compliance
Gharibwal Cement Limited was classified as Shariah-compliant in the PSX KMI All Share screening published in May 2026, based on financial statements through December 31, 2025.
The screening reported:
- Debt ratio: 1.86%
- Non-compliant investment ratio: 7.55%
- Non-compliant income ratio: 1.25%
- Illiquid assets ratio: 85.67%
These figures belong to the December 2025 review period and should not be presented as ratios calculated from the June 2026 annual results. The published non-compliant income ratio was 1.25%; investors following purification guidance should refer to the relevant Shariah screening and their chosen scholarly methodology.
Shariah screening status is separate from the company's stock-exchange regulatory status. A compliant classification does not resolve any Risk Warning Alert displayed by PSX.
Source: Official PSX KMI-30 recomposition notice
Important PSX Risk Warning Alert
The official PSX company profile displays the following warning:
“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 risk that should be considered before evaluating the stock. Readers should review the latest PSX announcements to understand the current status of the warning and whether the company has taken the required steps. The warning should not be omitted merely because the company has reported annual profits or has a Shariah-compliant classification.
Source: Official PSX company profile — GWLC
Fundamental Analysis: What Investors Should Monitor
Investors researching Gharibwal Cement may focus on the following factors:
- Sales volume and demand: Review cement sales, dispatches, and demand from construction and infrastructure projects.
- Gross profit margin: Track changes in energy, fuel, transportation, and manufacturing costs.
- Quarterly earnings: Investigate the sharp decline in profit reported for the September 2026 quarter.
- Plant operations: Follow official disclosures about the kiln ID fan incident and the status of production.
- Cash flow and debt: Examine operating cash flow, borrowings, finance costs, and liquidity.
- Dividend policy: Distinguish interim dividends already credited from future distributions.
- Shariah status: Confirm the latest official KMI All Share screening.
- Exchange compliance: Verify the current position of the PSX Risk Warning Alert before making any assessment.
Frequently Asked Questions
What is Gharibwal Cement Limited's PSX symbol?
Its Pakistan Stock Exchange symbol is GWLC.
What were GWLC's FY2026 sales and profit?
The company reported net sales of approximately Rs22.313 billion and profit after tax of approximately Rs2.345 billion for the year ended June 30, 2026.
What happened in the September 2026 quarter?
Net sales fell to approximately Rs3.852 billion, and profit after tax declined to approximately Rs9.07 million, compared with Rs4.928 billion and Rs277.58 million respectively in the same quarter of the previous year.
Is GWLC Shariah-compliant?
It was classified as compliant in the PSX KMI All Share screening published in May 2026, based on December 2025 financial statements. Investors should check for any subsequent screening update.
Did GWLC announce a final dividend for FY2026?
No. The board recommended nil final cash dividend, bonus shares, and rights shares for FY2026. An interim cash dividend of Rs0.50 per share had been credited in May 2026.
Does GWLC have a PSX Risk Warning Alert?
Yes. The official PSX profile displays a warning concerning continuous violation of specified exchange clauses and possible suspension of trading or delisting. Verify the latest status directly with PSX.
Official Research Links
This profile is for educational purposes and is not a recommendation to buy or sell any security.