Baba Farid Sugar Mills Limited (BAFS) quarterly cash flow statement

Operating activities generated Rs 1.9 bn of cash in Q3 FY2026 (Apr – Jun 2026), down 44.4% on Q3 FY2025. Capital expenditure was Rs 11.1 mn, leaving free cash flow of Rs 1.9 bn. Dividends paid to shareholders came to Rs 0. Overall, cash decreased by Rs 15.2 mn.

BAFS cash flow statement (quarterly) (Rs mn)
Rs mn	TTM to Jun 2026	Q3 FY2026 Apr – Jun 2026	Q2 FY2026 Jan – Mar 2026	Q1 FY2026 Oct – Dec 2025	Q4 FY2025 Jul – Sep 2025	Q3 FY2025 Apr – Jun 2025	Q2 FY2025 Jan – Mar 2025	Q1 FY2025 Oct – Dec 2024	Q4 FY2024 Jul – Sep 2024	Q3 FY2024 Apr – Jun 2024	Q2 FY2024 Jan – Mar 2024	Q1 FY2024 Oct – Dec 2023	Q4 FY2023 Jul – Sep 2023	Q3 FY2023 Apr – Jun 2023	Q2 FY2023 Jan – Mar 2023	Q1 FY2023 Oct – Dec 2022	Q4 FY2022 Jul – Sep 2022	Q3 FY2022 Apr – Jun 2022	Q2 FY2022 Jan – Mar 2022	Q1 FY2022 Oct – Dec 2021	Q4 FY2021 Jul – Sep 2021
Operating activities
Profit (cash-flow starting line, as reported)	(1.1)	(214.9)	(78.4)	(90.2)	382.4	492.2	78.5	29.5	(149.4)	(231.9)	(342.9)	173.9	127.4	14.5	27.4	(76.6)	21.6	(115.9)	(48.9)	(24.4)	16.1
Depreciation & amortisation	156.2	44.1	42.6	42.0	27.5	27.6	27.3	26.7	28.4	28.1	28.0	27.8	29.9	28.3	28.2	27.8	27.7	27.2	26.6	23.2	24.6
Net cash from operating activities	(3,359.7)	1,947.9	(4,923.9)	(1,661.1)	1,277.3	3,503.6	(1,765.9)	(294.9)	1,790.8	1,082.9	(4,413.4)	(437.4)	853.1	1,833.1	(2,410.6)	(119.7)	680.1	1,422.6	(2,516.4)	(314.1)	56.9
Investing activities
Capital expenditure	(92.9)	(11.1)	(27.5)	(37.0)	(17.3)	(13.0)	(6.0)	(26.7)	(18.3)	(5.1)	(8.1)	(17.3)	—	(106.2)	(11.3)	(18.7)	(19.6)	(257.3)	(56.7)	(123.2)	(110.9)
Net cash from investing activities	(92.9)	(11.1)	(12.4)	(52.1)	(17.3)	(13.0)	446.0	(478.1)	(18.4)	(4.3)	591.6	(617.3)	78.2	(105.6)	3.7	(15.3)	(19.7)	8.6	(56.7)	(23.4)	(204.7)
Financing activities
Dividends paid	—	0.0	(18.6)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Borrowings raised / (repaid)	3,526.7	(1,922.0)	5,477.0	1,500.0	(1,528.3)	(3,361.5)	1,770.4	895.2	(1,838.0)	(1,118.7)	3,684.9	1,294.2	(1,038.3)	(1,606.6)	1,999.5	386.5	(753.6)	(1,434.2)	2,205.7	999.7	19.1
Net cash from financing activities	3,448.1	(1,952.0)	5,458.4	1,470.0	(1,528.3)	(3,391.5)	1,770.4	865.2	(1,838.0)	(1,148.7)	3,684.9	1,294.2	(1,038.3)	(1,606.6)	2,032.8	386.5	(753.6)	(1,434.2)	2,205.7	999.7	19.1
Net change in cash	(4.6)	(15.2)	522.1	(243.1)	(268.3)	99.1	450.5	92.2	(65.6)	(70.1)	(136.9)	239.6	(107.0)	120.9	(374.1)	251.5	(93.2)	(2.9)	(367.4)	662.1	(128.7)
Key figures
Free cash flow (operating cash flow − capex)	(3,452.6)	1,936.8	(4,951.4)	(1,698.1)	1,260.0	3,490.6	(1,771.9)	(321.6)	1,772.5	1,077.8	(4,421.5)	(454.6)	—	1,726.9	(2,421.9)	(138.4)	660.5	1,165.3	(2,573.0)	(437.3)	(54.0)

BAFS cash flow statement — year-on-year change (Rs mn)
Rs mn	Q3 FY2026 Apr – Jun 2026	Q2 FY2026 Jan – Mar 2026	Q1 FY2026 Oct – Dec 2025	Q4 FY2025 Jul – Sep 2025	Q3 FY2025 Apr – Jun 2025	Q2 FY2025 Jan – Mar 2025	Q1 FY2025 Oct – Dec 2024	Q4 FY2024 Jul – Sep 2024	Q3 FY2024 Apr – Jun 2024	Q2 FY2024 Jan – Mar 2024	Q1 FY2024 Oct – Dec 2023	Q4 FY2023 Jul – Sep 2023	Q3 FY2023 Apr – Jun 2023	Q2 FY2023 Jan – Mar 2023	Q1 FY2023 Oct – Dec 2022	Q4 FY2022 Jul – Sep 2022	Q3 FY2022 Apr – Jun 2022	Q2 FY2022 Jan – Mar 2022	Q1 FY2022 Oct – Dec 2021	Q4 FY2021 Jul – Sep 2021
Operating activities
Profit (cash-flow starting line, as reported)	-143.7%	-199.8%	-405.5%	—	—	—	-83.0%	-217.3%	-1,704.1%	-1,350.7%	—	+489.0%	—	—	—	+34.0%	-169.4%	—	-277.6%	—
Depreciation & amortisation	+59.4%	+56.5%	+56.9%	-3.3%	-1.5%	-2.5%	-3.7%	-4.9%	-0.7%	-0.7%	-0.0%	+8.0%	+3.7%	+5.7%	+19.9%	+12.6%	+16.5%	+16.7%	+2.9%	+3.4%
Net cash from operating activities	-44.4%	—	—	-28.7%	+223.6%	—	—	+109.9%	-40.9%	—	—	+25.4%	+28.9%	—	—	+1,094.8%	-19.1%	—	—	-95.9%
Investing activities
Capital expenditure	-14.7%	+361.4%	+38.9%	-5.7%	+157.6%	-26.5%	+54.5%	—	-95.2%	-28.2%	-7.7%	—	-58.7%	-80.1%	-84.8%	-82.4%	+2,087.0%	+36.3%	+268.9%	+73.8%
Net cash from investing activities	—	-102.8%	—	—	—	-24.6%	—	-123.5%	—	+15,854.0%	—	—	-1,325.6%	—	—	—	—	—	—	—
Financing activities
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Borrowings raised / (repaid)	—	+209.4%	+67.6%	—	—	-52.0%	-30.8%	—	—	+84.3%	+234.9%	—	—	-9.3%	-61.3%	-4,047.0%	—	+90.6%	+127.4%	—
Net cash from financing activities	—	+208.3%	+69.9%	—	—	-52.0%	-33.1%	—	—	+81.3%	+234.9%	—	—	-7.8%	-61.3%	-4,047.0%	—	+90.6%	+127.4%	—
Net change in cash	-115.3%	+15.9%	-363.7%	—	—	—	-61.5%	—	-158.0%	—	-4.7%	—	—	—	-62.0%	—	-108.8%	—	—	-139.5%
Key figures
Free cash flow (operating cash flow − capex)	-44.5%	—	—	-28.9%	+223.9%	—	—	—	-37.6%	—	—	—	+48.2%	—	—	—	-33.3%	—	—	-104.1%

Change against the same quarter a year earlier; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. TTM = the latest four quarters added together. Updated 16 Oct 2026.

All reported line items 53

BAFS cash flow statement — all reported line items (Rs mn)
Rs mn	Q3 FY2026 Apr – Jun 2026	Q2 FY2026 Jan – Mar 2026	Q1 FY2026 Oct – Dec 2025	Q4 FY2025 Jul – Sep 2025	Q3 FY2025 Apr – Jun 2025	Q2 FY2025 Jan – Mar 2025	Q1 FY2025 Oct – Dec 2024	Q4 FY2024 Jul – Sep 2024	Q3 FY2024 Apr – Jun 2024	Q2 FY2024 Jan – Mar 2024	Q1 FY2024 Oct – Dec 2023	Q4 FY2023 Jul – Sep 2023	Q3 FY2023 Apr – Jun 2023	Q2 FY2023 Jan – Mar 2023	Q1 FY2023 Oct – Dec 2022	Q4 FY2022 Jul – Sep 2022	Q3 FY2022 Apr – Jun 2022	Q2 FY2022 Jan – Mar 2022	Q1 FY2022 Oct – Dec 2021	Q4 FY2021 Jul – Sep 2021
Profit/(Loss) - Starting Line - Cash Flow	(214.9)	(78.4)	(90.2)	382.4	492.2	78.5	29.5	(149.4)	(231.9)	(342.9)	173.9	127.4	14.5	27.4	(76.6)	21.6	(115.9)	(48.9)	(24.4)	16.1
Non-cash Items & Reconciliation Adjustments - Cash Flow	285.7	135.2	60.5	84.9	154.1	185.3	147.6	195.3	314.8	280.7	83.3	83.6	157.2	148.2	54.5	(68.7)	112.1	103.9	37.3	(68.1)
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	54.1	(48.0)	(0.8)	25.8	2.2	4.6	(0.3)	5.7	(6.0)	5.0	(0.3)	(10.2)	(0.7)	2.6	(4.4)	(129.0)	1.4	2.8	(0.3)	(101.4)
Financial Income/(Expense) - Cash Flow - to Reconcile	187.6	140.5	19.4	31.6	124.2	153.5	121.2	162.2	290.5	250.4	54.5	63.9	129.7	125.7	31.0	43.1	79.5	67.9	14.2	12.3
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	44.1	42.6	42.0	27.5	27.6	27.3	26.7	28.4	28.1	28.0	27.8	29.9	28.3	28.2	27.8	27.7	27.2	26.6	23.2	24.6
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	44.1	42.6	42.0	27.5	27.6	27.3	26.7	28.4	28.1	28.0	27.8	29.9	28.3	28.2	27.8	27.7	27.2	26.6	23.2	24.6
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	—	—	0.0	0.0	—	—	0.0	(1.0)	2.3	(2.6)	1.3	0.0	(0.0)	(8.3)	0.0	(10.5)	4.0	6.6	0.3	(3.5)
Income Taxes - Paid/(Reimbursed) - Cash Flow	50.9	19.2	30.2	112.7	17.8	1.4	27.7	34.8	52.3	5.8	16.6	14.9	6.7	19.5	10.7	38.5	26.4	9.8	7.7	11.3
Interest Paid - Cash	90.4	10.5	21.7	87.1	185.7	115.9	178.6	312.0	241.7	32.1	60.8	155.3	117.1	36.7	34.4	77.4	71.2	6.4	0.1	7.1
Cash Flow from Operating Activities before Changes in Working Capital	(70.4)	27.0	(81.6)	267.5	442.8	146.5	(29.2)	(300.9)	(211.1)	(100.1)	179.8	40.8	47.9	119.4	(67.3)	(163.0)	(101.4)	38.8	5.1	(70.2)
Working Capital - Increase/(Decrease) - Cash Flow	2,018.4	(4,950.9)	(1,579.5)	1,009.8	3,060.9	(1,912.5)	(265.7)	2,091.7	1,293.9	(4,313.2)	(617.2)	812.3	1,785.2	(2,530.0)	(52.3)	843.1	1,524.1	(2,555.1)	(319.2)	127.2
Accounts Receivables - Decrease/(Increase) - Cash Flow	(241.1)	282.8	(99.6)	(96.5)	(124.1)	257.8	(9.6)	(178.2)	(24.5)	(35.3)	107.6	(13.8)	(92.1)	(66.0)	50.6	1.9	(72.9)	22.4	3.7	(13.7)
Inventories - Decrease/(Increase) - Cash Flow	1,643.7	(4,820.8)	(1,931.6)	1,761.2	2,934.0	(1,515.3)	(1,359.7)	2,445.3	1,371.9	(3,823.9)	(1,227.1)	1,130.8	1,477.8	(1,997.5)	(850.0)	973.9	1,681.1	(2,311.2)	(889.6)	288.3
Other Assets - Decrease/(Increase) - Cash Flow	0.2	(1.4)	0.1	(0.4)	0.4	0.4	(0.8)	0.6	1.2	1.6	(1.6)	0.6	(1.6)	(0.0)	0.1	(0.5)	(0.7)	0.6	0.5	0.7
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	(29.6)	(182.5)	176.5	(179.6)	117.4	(891.2)	1,104.4	(176.0)	(54.6)	(455.7)	503.8	(305.2)	401.0	(466.4)	746.9	(132.2)	(83.5)	(267.0)	566.1	(148.1)
Operating Lease Liabilities - Increase/(Decrease) - Cash Flow	—	—	—	(0.2)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Liabilities - Increase/(Decrease) -Total - Cash Flow	645.1	(229.0)	275.1	(474.8)	133.2	235.8	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Operating Activities	1,947.9	(4,923.9)	(1,661.1)	1,277.3	3,503.6	(1,765.9)	(294.9)	1,790.8	1,082.9	(4,413.4)	(437.4)	853.1	1,833.1	(2,410.6)	(119.7)	680.1	1,422.6	(2,516.4)	(314.1)	56.9
Capital Expenditures - Net - Cash Flow	11.1	27.5	37.0	17.3	13.0	6.0	26.7	18.3	4.2	8.1	17.3	(78.1)	106.0	(2.8)	15.3	19.6	(8.6)	56.7	123.2	104.6
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	11.1	27.5	37.0	17.3	13.0	6.0	26.7	18.3	4.2	8.1	17.3	(78.1)	106.0	(2.8)	15.3	19.6	(8.6)	56.7	123.2	104.6
Property, Plant & Equipment - Purchased - Cash Flow	11.1	27.5	37.0	17.3	13.0	6.0	26.7	18.3	5.1	8.1	17.3	—	106.2	11.3	18.7	19.6	257.3	56.7	123.2	110.9
Property, Plant & Equipment Sold - Cash Flow	—	—	—	0.0	—	—	—	—	0.9	—	—	78.1	0.2	14.1	3.4	0.0	266.0	—	—	6.3
Capital Expenditures - Total	11.1	27.5	37.0	17.3	13.0	6.0	26.7	18.3	5.1	8.1	17.3	—	106.2	11.3	18.7	19.6	257.3	56.7	123.2	110.9
Investments excluding Loans - Decrease/(Increase) - Cash Flow	0.0	15.0	(15.0)	0.0	0.0	451.7	(451.4)	0.0	(0.0)	599.7	(600.0)	0.0	0.0	0.0	0.0	0.0	0.0	0.2	99.8	(100.0)
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	0.0	15.0	(15.0)	0.0	0.0	451.7	(451.4)	0.0	(0.0)	599.7	(600.0)	0.0	0.0	0.0	0.0	0.0	0.0	0.2	99.8	(100.0)
Investment Securities - Sold/Matured - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	—	600.0	—	—	—	—	—	—	—	—	—	—
Investment Securities - Purchased - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	0.0	0.3	—	—	—	—	—	—	—	—	—	100.0
Other Investing Cash Flow - Decrease/(Increase)	(0.0)	0.0	(0.0)	0.0	0.0	0.2	—	(0.1)	(0.1)	0.0	0.0	0.1	0.3	0.9	0.0	(0.2)	0.0	(0.3)	0.0	(0.1)
Net Cash Flow from Investing Activities	(11.1)	(12.4)	(52.1)	(17.3)	(13.0)	446.0	(478.1)	(18.4)	(4.3)	591.6	(617.3)	78.2	(105.6)	3.7	(15.3)	(19.7)	8.6	(56.7)	(23.4)	(204.7)
Dividends Paid - Cash - Total - Cash Flow	0.0	18.6	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends - Common - Cash Paid	0.0	18.6	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(1,922.0)	5,477.0	1,500.0	(1,528.3)	(3,361.5)	1,770.4	895.2	(1,838.0)	(1,118.7)	3,684.9	1,294.2	(1,038.3)	(1,606.6)	1,999.5	386.5	(753.6)	(1,434.2)	2,205.7	999.7	19.1
Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow	(2,106.2)	5,491.8	1,516.9	(1,441.5)	(3,311.7)	1,854.4	944.4	(1,821.6)	(1,298.1)	3,732.9	1,345.9	(983.2)	(1,560.8)	2,082.3	121.6	(955.7)	(1,482.7)	2,207.0	651.1	20.3
Debt - Issued/Reduced - Long-Term - Cash Flow	184.3	(14.8)	(16.9)	(86.9)	(49.8)	(84.0)	(49.3)	(16.4)	179.4	(48.0)	(51.7)	(55.1)	(45.8)	(82.9)	264.9	202.1	48.6	(1.3)	348.6	(1.2)
Lease liabilities - Issued/(Reduced) - Cash Flow	(0.7)	0.2	(1.9)	(0.6)	(1.5)	(2.4)	(0.9)	0.1	(1.0)	(1.1)	(1.4)	(6.7)	(1.3)	(1.2)	(1.5)	(0.7)	(1.4)	(1.2)	(0.9)	(0.9)
Debt - Issued - Long-Term - Cash Flow	185.0	—	—	—	130.0	0.0	—	0.1	185.0	1.5	0.0	0.0	81.7	0.0	266.7	202.8	200.0	150.0	650.0	0.0
Lease liabilities - Issued - Cash flow	—	—	—	—	—	—	—	0.1	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Reduced - Long-Term - Cash Flow	0.7	—	16.9	86.9	179.8	84.0	49.3	16.5	5.6	49.5	51.7	55.1	127.5	82.9	1.8	0.7	151.4	151.3	301.4	1.2
Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue	0.7	—	1.9	0.6	1.5	2.4	0.9	—	1.0	1.1	1.4	6.7	1.3	1.2	1.5	0.7	1.4	1.2	0.9	0.9
Other Financing Cash Flow - Increase/(Decrease)	(30.0)	0.0	(30.0)	0.0	(30.0)	0.0	(30.0)	0.0	(30.0)	0.0	0.0	0.0	0.0	33.3	—	—	—	—	—	—
Net Cash Flow from Financing Activities	(1,952.0)	5,458.4	1,470.0	(1,528.3)	(3,391.5)	1,770.4	865.2	(1,838.0)	(1,148.7)	3,684.9	1,294.2	(1,038.3)	(1,606.6)	2,032.8	386.5	(753.6)	(1,434.2)	2,205.7	999.7	19.1
Net Change in Cash - Total	(15.2)	522.1	(243.1)	(268.3)	99.1	450.5	92.2	(65.6)	(70.1)	(136.9)	239.6	(107.0)	120.9	(374.1)	251.5	(93.2)	(2.9)	(367.4)	662.1	(128.7)
Net Cash from Continuing Operations	(15.2)	522.1	(243.1)	(268.3)	99.1	450.5	92.2	(65.6)	(70.1)	(136.9)	239.6	(107.0)	120.9	(374.1)	251.5	(93.2)	(2.9)	(367.4)	662.1	(128.7)
Net Cash - Beginning Balance	736.2	214.1	457.3	725.6	626.4	176.0	83.8	149.4	219.5	356.4	116.8	223.8	103.0	477.0	225.5	318.8	321.7	689.1	26.9	155.7
Net Cash - Ending Balance	721.0	736.2	214.1	457.3	725.6	626.4	176.0	83.8	149.4	219.5	356.4	116.8	223.8	103.0	477.0	225.5	318.8	321.7	689.1	26.9
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	50.9	19.2	30.2	112.7	17.8	1.4	27.7	34.8	52.3	5.8	16.6	14.9	6.7	19.5	10.7	38.5	26.4	9.8	7.7	11.3
Interest Paid - Cash Flow - Supplemental	90.4	10.5	21.7	87.1	185.7	115.9	178.6	312.0	241.7	32.1	60.8	155.3	117.1	36.7	34.4	77.4	71.2	6.4	0.1	7.1
CF from Optg Activities before Change in WC & Int Payments	20.0	37.5	(59.8)	354.6	628.5	262.4	149.4	11.1	30.7	(68.0)	240.6	196.1	165.0	156.1	(32.9)	(85.6)	(30.3)	45.2	5.2	(63.2)
Contract Liabilities - Increase/(Decrease) - Cash Flow	645.1	(229.0)	275.1	(474.8)	133.2	235.8	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation, Depletion & Amortization - Cash Flow	44.1	42.6	42.0	27.5	27.6	27.3	26.7	28.4	28.1	28.0	27.8	29.9	28.3	28.2	27.8	27.7	27.2	26.6	23.2	24.6
Free Cash Flow to Equity	14.8	525.6	(198.1)	(268.3)	129.1	(1.5)	573.6	(65.5)	(40.0)	(736.6)	839.6	(107.1)	120.5	(408.3)	251.5	(93.0)	(2.9)	(367.3)	562.4	(28.6)
Free Cash Flow Net of Dividends	1,936.8	(4,970.0)	(1,698.1)	1,260.0	3,490.6	(1,771.9)	(321.6)	1,772.5	1,077.8	(4,421.5)	(454.6)	—	1,726.9	(2,421.9)	(138.4)	660.5	1,165.3	(2,573.0)	(437.3)	(54.0)
Free Cash Flow	1,936.8	(4,951.4)	(1,698.1)	1,260.0	3,490.6	(1,771.9)	(321.6)	1,772.5	1,077.8	(4,421.5)	(454.6)	—	1,726.9	(2,421.9)	(138.4)	660.5	1,165.3	(2,573.0)	(437.3)	(54.0)

Every line the company reported, in the original order and wording, without regrouping or signs changed.