International Steels Limited (PSX: ISL) reported a spectacular financial performance for the nine months ended March 31, 2026, with net profit surging 2.53 times to Rs2.41 billion compared to Rs951.31 million in the corresponding period last year. Reflecting this massive bottom-line expansion, earnings per share (EPS) jumped to Rs5.54 from Rs2.19 in 9MFY25.
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| Metric | 9MFY26 | 9MFY25 | Change |
|---|---|---|---|
| Net Profit | Rs2.41bn | Rs951.31m | +153% |
| EPS | Rs5.54 | Rs2.19 | +153% |
| Revenue | Rs67.28bn | Rs45.67bn | +47% |
| Gross Profit | Rs7.19bn | Rs3.57bn | +101% |
| Operating Profit | Rs4.81bn | Rs2.18bn | +120% |
Revenue and Gross Profit Growth
The primary engine behind this phenomenal growth was a robust surge in top-line sales. The company’s revenue from contracts with customers jumped by 47% year-on-year , reaching Rs67.28 billion up from Rs45.67 billion in the previous year. While the cost of sales also increased by 43% to Rs60.09 billion, it grew at a slightly slower pace than the top line. As a result, ISL’s gross profit more than doubled, recording a 101% expansion to Rs7.19 billion from Rs3.57 billion.
Operating Expenses
On the operating front, overheads naturally increased alongside the expanding business volume:
| Expense Category | 9MFY26 | 9MFY25 | Change |
|---|---|---|---|
| Selling & Distribution | Rs1.94bn | Rs1.04bn | +87% |
| Administrative Expenses | Rs432.28m | Rs345.39m | +25% |
| Finance Cost | Rs974.29m | Rs692.96m | +41% |
| Other Expenses | Rs680.68m | Rs201.29m | +238% |
| Other Income | Rs104.81m | Rs225.13m | -53% |
Despite the higher operational expenditures, the sheer strength of the gross margin expansion drove the operating profit up by a massive 120% to Rs4.81 billion from Rs2.18 billion last year.
Non-Operating Income and Bottom Line
Below the operating line, ISL faced several headwinds, including higher finance costs, a spike in other expenses, and lower other income. However, the company received a substantial boost from its share of net income of associates , which contributed a healthy Rs480.63 million to the bottom line (compared to zero in the previous year). This crucial addition, combined with the soaring operational earnings, pushed profit before taxation up by 147% to Rs3.74 billion.
Even after absorbing a proportionally heavier taxation expense of Rs1.33 billion (up 137% year-on-year), ISL easily secured a multi-fold leap in its final net profit, comfortably closing the nine-month period at Rs2.41 billion .
About International Steels Limited
International Steels Limited (PSX: ISL) is a leading Pakistani manufacturer of steel products, including cold rolled coils, galvanized steel, and other flat steel products. The company serves a diverse range of industries including automotive, construction, and home appliances.
