• Jauharabad Sugar Mills Limited

Company Overview

Jauharabad Sugar Mills Limited (PSX: JSML), formerly known as Kohinoor Sugar Mills Limited, is a Pakistani public limited company incorporated in 1968. Its shares have been listed on the Pakistan Stock Exchange since December 1973.

The company's principal activity is the manufacturing and sale of sugar and its by-products. Its registered office is at 125-B, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore, while its manufacturing facility is located in Jauharabad, District Khushab, Punjab.

The company was acquired by Cane Processing (Private) Limited in 2013, when its name changed from Kohinoor Sugar Mills Limited to Jauharabad Sugar Mills Limited. The company’s financial year ends on September 30.

Sources: PSX company profile and official company website.

Business Operations and Products

JSML operates in Pakistan's sugar and allied industries. Its main product is sugar manufactured from sugarcane. The production process also generates by-products, including:

• Molasses: A by-product used in various industrial and processing applications.
• Bagasse: Fibrous sugarcane residue that can be used as a fuel and in other industrial applications.
• Other processing by-products: Including material generated during sugar manufacturing.

The company’s financial performance is affected by sugarcane availability, procurement prices, crop yields, recovery rates, mill utilisation, energy costs, government policies, and market prices for sugar and related products.

Financial Performance

According to the financial data published on the PSX company page, JSML reported the following annual results:

Financial metric	FY2025	FY2024
Sales	Rs10.73 billion	Rs8.00 billion
Profit after taxation	Rs250.01 million	Rs1.88 million
Earnings per share (EPS)	Rs7.33	Rs0.06

The figures indicate higher reported sales and profit in FY2025 compared with FY2024. However, investors should assess the results alongside gross margins, sugar recovery rates, finance costs, working capital, inventory movements, and cash flows.

The company’s fiscal year ends on September 30, so investors should use its September-year-end annual reports when comparing results across periods. Quarterly performance can vary with the timing of the sugarcane crushing season.

Source: PSX financial information and company announcements.

Shariah Compliance Status

Jauharabad Sugar Mills Limited was classified as Compliant in the official PSX-KMI All Share Index recomposition notice dated May 29, 2026, based on accounts as of December 31, 2025.

The published screening ratios were:

• Debt ratio: 12.19%
• Non-compliant investment ratio: 0.57%
• Non-compliant income ratio: 0.17%
• Illiquid assets ratio: 83.49%

These ratios relate to the specified screening review and should not be treated as permanent. Investors should verify the latest official PSX-KMI screening publication before relying on the company's Shariah status.

Source: Official PSX-KMI All Share Index recomposition notice.

Ownership and Credit Rating

Cane Processing (Private) Limited is identified as JSML's holding company. Investors should consult the latest annual report for updated shareholding percentages, related-party information, and changes in ownership.

PACRA's March 2026 rating report maintained the company's long-term credit rating at BBB+ and short-term rating at A2, with a Positive outlook. Credit ratings assess credit risk and are not a guarantee of investment returns or share-price performance.

Source: PACRA rating report — March 2026.

Key Risks to Consider

Sugarcane supply and pricing: Crop conditions, sugarcane procurement prices, and availability can affect production costs and operating performance.

Sugar prices and regulation: Domestic sugar prices, government policies, export permissions, and industry regulations may influence revenue and margins.

Seasonality: Sugar production follows the crushing season, so quarterly results can differ significantly depending on the period being reported.

Working capital and financing: Sugar mills require funds for cane procurement, inventory, and operating costs. Borrowings and finance costs can affect profitability and liquidity.

By-product economics: Changes in demand and prices for molasses and bagasse may affect the contribution from allied products.

Shariah screening changes: The cited compliant classification applies to a specific screening date and may change after future reviews.

How Investors Can Research JSML

Before evaluating JSML, review the latest annual report, quarterly financial statements, PSX announcements, debt and finance costs, cash-flow statement, inventory levels, sugar recovery rates, and dividend declarations. Compare earnings across multiple crushing seasons and distinguish reported profit from cash generated by operations.

Investors should also examine the latest share price and valuation using dated market data, rather than relying on historical prices or a single year's EPS.

Official Resources

• PSX company profile, financial statements, and announcements
• Jauharabad Sugar Mills official website
• Corporate information
• PACRA rating report
• PSX Shariah-compliant investment resources

This profile is for company research and investor education. Historical financial performance and Shariah screening status do not guarantee future performance or continued compliance.