Leather Up Limited
By PSX Investors Zone · Updated October 27, 2026
Leather Up Limited (PSX: LEUL) is a Pakistani manufacturer and exporter of leather garments, jackets, bags, and other leather goods. Incorporated in 1990 and listed on the Pakistan Stock Exchange in 1994, the company serves overseas markets. Its FY2026 revenue increased by 124.7% to Rs. 27.16 million, but it reported a net loss of Rs. 4.75 million. Investors should monitor profitability, cash flow, accumulated losses, and the company's ability to sustain operations.
Company Overview
Leather Up Limited (PSX: LEUL) is a Pakistani company engaged in the manufacture and export of leather garments and related products. It was incorporated as a private limited company on December 2, 1990, converted into a public limited company on May 15, 1993, and listed on the Pakistan Stock Exchange in September 1994.
The company's product range includes leather jackets, bags, garments, and other leather goods supplied to international markets. Its head office and manufacturing facility are located in Karachi.
- PSX symbol: LEUL
- Sector: Leather & Tanneries
- Incorporated: December 2, 1990
- Public limited company: Since May 15, 1993
- PSX listing: September 14, 1994
- Head office and factory: DHA Phase II Extension, Karachi
- Official website: https://leatherupltd.com/
- Official PSX profile: https://dps.psx.com.pk/company/LEUL
Business Model and Export Markets
Leather Up Limited manufactures and exports leather garments, jackets, bags, and other leather products. Its business is exposed to overseas consumer demand, export orders, production costs, customer preferences, and competition from international manufacturers.
The company's export-oriented model means that exchange-rate movements can influence the rupee value of export receipts and imported inputs. Other factors include the price and availability of leather, labour costs, quality requirements, order volumes, and the company's ability to manage production and overhead expenses.
Investors should assess the company's revenue growth alongside gross profit, operating expenses, cash flow, and its ability to convert export orders into sustainable earnings.
Official references:
FY2026 Financial Performance
For the financial year ended June 30, 2026, Leather Up Limited reported the following results:
| Financial metric | FY2026 | FY2025 |
|---|---|---|
| Sales revenue | Rs. 27.16 million | Rs. 12.09 million |
| Gross profit | Rs. 2.05 million | Rs. 1.20 million |
| Operating loss | Rs. 4.33 million | Rs. 4.99 million |
| Loss before taxation | Rs. 4.51 million | Rs. 4.32 million |
| Loss after taxation | Rs. 4.75 million | Rs. 4.51 million |
| Loss per share | Rs. 0.79 | Rs. 0.75 |
Revenue increased by approximately 124.7%, while gross profit rose by around 70.5%. The operating loss narrowed by approximately 13.2%, but the net loss increased by around 5.3%.
This shows that higher sales have not yet translated into profitability. Cost of sales grew faster than revenue, while distribution expenses increased and other income declined. Administrative expenses remained a significant burden relative to the company's revenue.
Source: FY2026 financial-results announcement. For publication, consult the original filing linked through the official PSX company page.
Financial Position and Going-Concern Risk
The FY2026 disclosures identify financial challenges that investors should examine carefully.
Reported accumulated losses increased to approximately Rs. 53.72 million, while total equity fell to approximately Rs. 11.22 million against paid-up capital of Rs. 60 million. Operating cash flow was negative, with net cash used in operations of approximately Rs. 0.81 million.
Loans from directors also increased to approximately Rs. 1.34 million from Rs. 33,600 in FY2025. The annual-report disclosures discuss material uncertainty regarding the company's ability to continue as a going concern in the context of persistent losses.
These figures indicate that revenue growth alone is not enough to establish a financial recovery. Investors should monitor cash generation, new export orders, sponsor support, accumulated losses, and the next quarterly accounts.
Source: FY2026 annual-report and results disclosures.
Latest Corporate Announcement
The company scheduled a board meeting for October 29, 2026, at 3:30 PM in Karachi to consider the financial results for the quarter ended September 30, 2026, and any entitlement.
The declared closed period runs from October 21 through October 29, 2026.
As of October 27, the meeting is scheduled for a future date. Do not describe the September 2026 quarterly results or any dividend decision as confirmed until the company releases the relevant announcement.
Source: Latest LEUL announcements.
Dividend History
Leather Up Limited declared no dividend for FY2026. The company has also reported no cash dividend across the six-year period shown in its FY2025 annual financial summary.
Investors should distinguish between historical dividend records and future distributions. Given the company's continuing losses and cash-flow pressures, any future dividend would need to be assessed against profitability, liquidity, and official board recommendations.
Sources:
Share Price and Valuation
LEUL's share price can fluctuate significantly and should be checked on the official PSX page before publishing a current quote.
Because the company reported a loss per share of Rs. 0.79 for FY2026, a conventional positive price-to-earnings ratio based on those annual earnings is not meaningful. Other valuation measures, such as price-to-book value, should be considered carefully because the company's accumulated losses have substantially reduced its equity.
Investors should avoid interpreting a low share price or a sharp rise in revenue as proof of undervaluation or financial recovery.
Official reference: PSX LEUL profile.
Technical Analysis: Support and Resistance
Support and resistance levels require a fresh chart review, including recent highs and lows, price consolidation, and trading volume. Fixed price levels should not be published without checking current market data.
For LEUL, technical analysis should be considered alongside the company's reported losses, reduced equity, and going-concern uncertainty. Price movements alone cannot establish whether its financial position is improving.
Key Factors to Monitor
- Whether the increase in export revenue continues in subsequent quarters.
- Gross-profit margins and the cost of sales.
- Administrative and distribution expenses relative to revenue.
- Operating cash flow and available liquidity.
- Accumulated losses and the level of shareholders' equity.
- Director or sponsor funding and other financing arrangements.
- The September 2026 quarterly results expected to be considered at the October 29 board meeting.
- Any new disclosures about going-concern uncertainty or the company's operating plans.
Frequently Asked Questions
What is the PSX symbol of Leather Up Limited?
Its Pakistan Stock Exchange symbol is LEUL.
What does Leather Up Limited manufacture?
The company manufactures and exports leather jackets, bags, leather garments, and other leather goods.
When was Leather Up Limited incorporated?
It was incorporated on December 2, 1990, became a public limited company in 1993, and was listed on the PSX in September 1994.
What was LEUL's revenue in FY2026?
The company reported sales revenue of approximately Rs. 27.16 million, up around 124.7% from FY2025.
Did Leather Up Limited make a profit in FY2026?
No. It reported a net loss of approximately Rs. 4.75 million, equivalent to a loss per share of Rs. 0.79.
Did LEUL announce a dividend for FY2026?
No dividend was declared for FY2026.
When were the latest quarterly results scheduled for review?
The board meeting was scheduled for October 29, 2026, to consider results for the quarter ended September 30, 2026, and any entitlement.
What are the main investment risks associated with LEUL?
Key concerns include persistent net losses, accumulated losses, reduced shareholders' equity, negative operating cash flow, and the going-concern uncertainty discussed in its financial disclosures.
Where can investors find official LEUL announcements?
Visit the official PSX company profile and Leather Up's official website.
Disclaimer: This profile is for educational and informational purposes only and is not investment advice. Financial figures, corporate announcements, share prices, and the company's financial position should be verified against the latest official disclosures before publication or investment decisions.
This profile is for educational purposes and is not a recommendation to buy or sell any security.