Baluchistan Wheels Limited (BWHL) cash flow statement

Operating activities generated Rs 264.6 mn of cash in FY2026 (Jul 2025 – Jun 2026), up 75.7% on FY2025, 46% of the starting profit. Capital expenditure was Rs 195.5 mn, leaving free cash flow of Rs 69.1 mn. Dividends paid to shareholders came to Rs 224.6 mn. Overall, cash increased by Rs 82.1 mn.

BWHL cash flow statement (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 * Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 * Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Operating activities
Profit (cash-flow starting line, as reported)	576.3	456.4	350.1	201.8	425.4	141.6	23.7	94.0	107.7	172.2	253.0	111.2	85.2	36.6	162.8	138.6	148.4	53.0	170.4	196.1
Depreciation & amortisation	48.0	40.9	47.3	45.5	50.6	48.9	51.5	50.3	45.7	37.8	35.6	43.6	39.9	40.9	43.2	43.9	45.5	43.4	38.5	30.2
Net cash from operating activities	264.6	150.6	406.4	93.6	217.3	183.0	241.5	166.3	(22.8)	45.0	211.7	143.7	112.3	67.2	112.2	34.6	50.8	107.7	95.0	116.0
Investing activities
Capital expenditure	(195.5)	(44.0)	(13.1)	(5.6)	(25.3)	(9.8)	(4.0)	(8.0)	(174.6)	(102.3)	(32.7)	(26.0)	(46.0)	(36.8)	(8.7)	(33.6)	(37.2)	(84.3)	(59.5)	(144.3)
Net cash from investing activities	51.3	(38.4)	(189.9)	5.6	(5.4)	(187.1)	(233.1)	(101.6)	78.5	0.5	(379.7)	119.0	(97.5)	(53.6)	(2.5)	(31.7)	(34.6)	(84.2)	(58.6)	(143.8)
Financing activities
Dividends paid	(224.6)	(118.8)	(178.5)	(122.2)	(129.0)	(19.8)	(27.6)	(38.4)	(52.9)	(66.0)	(39.7)	(29.8)	(19.7)	(19.8)	(26.5)	(16.7)	(36.4)	(16.6)	(26.5)	(33.2)
Borrowings raised / (repaid)	(9.1)	(10.6)	(23.8)	(24.2)	(36.1)	(17.1)	34.6	(12.4)	0.7	4.0	(3.3)	(6.8)	(0.9)	(7.4)	(76.3)	42.8	2.0	(28.6)	(26.7)	32.3
Net cash from financing activities	(233.7)	(129.4)	(202.3)	(146.5)	(165.1)	(36.9)	7.0	(50.8)	(52.2)	(62.1)	(43.0)	(36.6)	(20.7)	(27.2)	(102.7)	26.1	(34.4)	(45.2)	(53.2)	(0.9)
Net change in cash	82.1	(17.2)	14.2	(47.3)	46.7	(41.0)	15.4	13.9	3.6	(16.5)	(211.0)	226.1	(5.8)	(13.6)	6.9	29.0	(18.1)	(21.7)	(16.8)	(28.7)
Key figures
Free cash flow (operating cash flow − capex)	69.1	106.7	393.4	88.0	191.9	173.2	237.5	158.3	(197.4)	(57.3)	179.0	117.6	66.3	30.3	103.6	1.0	13.6	23.4	35.5	(28.3)

BWHL cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 * Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 * Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Operating activities
Profit (cash-flow starting line, as reported)	+26.3%	+30.4%	+73.5%	-52.6%	+200.5%	+497.5%	-74.8%	-12.8%	-37.4%	-31.9%	+127.5%	+30.5%	+133.0%	-77.5%	+17.5%	-6.6%	+179.9%	-68.9%	-13.1%	—
Depreciation & amortisation	+17.2%	-13.6%	+4.0%	-10.1%	+3.4%	-4.9%	+2.2%	+10.2%	+20.7%	+6.3%	-18.4%	+9.3%	-2.5%	-5.3%	-1.6%	-3.4%	+4.7%	+12.9%	+27.4%	—
Net cash from operating activities	+75.7%	-62.9%	+334.1%	-56.9%	+18.7%	-24.2%	+45.2%	—	-150.5%	-78.7%	+47.4%	+27.9%	+67.2%	-40.1%	+224.7%	-32.0%	-52.8%	+13.4%	-18.1%	—
Investing activities
Capital expenditure	+344.7%	+236.3%	+133.1%	-77.9%	+158.4%	+142.6%	-49.4%	-95.4%	+70.7%	+212.4%	+25.8%	-43.4%	+24.8%	+324.9%	-74.2%	-9.8%	-55.9%	+41.7%	-58.8%	—
Net cash from investing activities	—	—	-3,483.9%	—	—	—	—	-229.4%	+15,794.3%	—	-419.1%	—	—	—	—	—	—	—	—	—
Financing activities
Dividends paid	+89.1%	-33.5%	+46.0%	-5.2%	+549.9%	-28.1%	-28.2%	-27.3%	-19.9%	+66.4%	+33.3%	+50.9%	-0.4%	-25.2%	+58.7%	-54.2%	+119.3%	-37.4%	-20.1%	—
Borrowings raised / (repaid)	—	—	—	—	—	-149.4%	—	-1,794.2%	-81.6%	—	—	—	—	—	-278.3%	+2,023.3%	—	—	-182.7%	—
Net cash from financing activities	—	—	—	—	—	-629.8%	—	—	—	—	—	—	—	—	-493.5%	—	—	—	—	—
Net change in cash	—	-220.8%	—	-201.2%	—	-367.1%	+10.7%	+287.0%	—	—	-193.3%	—	—	-296.2%	-76.1%	—	—	—	—	—
Key figures
Free cash flow (operating cash flow − capex)	-35.2%	-72.9%	+346.9%	-54.1%	+10.8%	-27.1%	+50.0%	—	—	-132.0%	+52.2%	+77.3%	+118.6%	-70.7%	+10,194.4%	-92.6%	-41.7%	-34.0%	—	—

Change against the previous fiscal year; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 16 Oct 2026.

All reported line items 57

BWHL cash flow statement — all reported line items (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024	FY2023 Jul 2022 – Jun 2023	FY2022 Jul 2021 – Jun 2022	FY2021 Jul 2020 – Jun 2021	FY2020 Jul 2019 – Jun 2020	FY2019 Jul 2018 – Jun 2019	FY2018 Jul 2017 – Jun 2018	FY2017 Jul 2016 – Jun 2017	FY2016 Jul 2015 – Jun 2016	FY2015 Jul 2014 – Jun 2015	FY2014 Jul 2013 – Jun 2014	FY2013 Jul 2012 – Jun 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Profit/(Loss) - Starting Line - Cash Flow	576.3	456.4	350.1	201.8	425.4	141.6	23.7	94.0	107.7	172.2	253.0	111.2	85.2	36.6	162.8	138.6	148.4	53.0	170.4	196.1
Non-cash Items & Reconciliation Adjustments - Cash Flow	(19.6)	(61.3)	(84.5)	(39.3)	42.6	(19.0)	25.4	49.4	45.0	7.2	(5.8)	28.3	40.1	61.2	67.2	53.1	68.7	44.3	53.4	43.9
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	(42.4)	(104.5)	(137.4)	(89.6)	(12.4)	(65.3)	(27.9)	(6.9)	(6.5)	(25.9)	(33.4)	16.3	0.4	16.2	11.2	(0.8)	11.6	(17.1)	6.5	(0.9)
Financial Income/(Expense) - Cash Flow - to Reconcile	2.0	(0.1)	5.6	3.7	2.4	3.9	2.3	6.6	1.6	1.0	0.7	2.9	3.1	4.9	15.0	10.1	12.2	18.5	10.8	14.8
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	48.0	40.9	47.3	45.5	50.6	48.9	51.5	50.3	45.7	37.8	35.6	43.6	39.9	40.9	43.2	43.9	45.5	43.4	38.5	30.2
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	48.0	40.9	47.3	45.5	50.6	48.9	51.5	50.3	45.7	37.8	35.6	43.6	39.8	40.8	43.1	43.8	45.3	43.4	38.5	28.9
Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile	—	—	—	—	—	—	—	—	—	—	—	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0	1.3
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(28.2)	(5.4)	0.0	(0.0)	(0.3)	(3.7)	(0.0)	(3.1)	(0.6)	(0.3)	(0.8)	(33.7)	(0.6)	(0.7)	(1.7)	0.0	(0.6)	(0.0)	(0.5)	(0.2)
Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile	1.1	7.8	0.0	1.2	2.3	(2.8)	(0.5)	2.4	4.9	(5.4)	(7.9)	(0.8)	(2.8)	(0.3)	(0.6)	0.0	0.0	(0.5)	(1.8)	0.0
Income Taxes - Paid/(Reimbursed) - Cash Flow	203.2	152.2	133.2	156.3	41.2	(27.5)	(16.1)	6.8	78.2	117.6	46.9	34.7	52.7	50.1	50.4	49.5	49.0	32.8	37.6	80.8
Interest Paid - Cash	2.9	2.6	5.8	5.4	4.0	2.6	—	—	—	—	—	—	—	—	15.8	9.9	13.4	16.6	10.9	15.3
Interest & Dividends - Received - Total - Cash Flow	77.6	104.9	147.2	85.9	45.9	35.6	20.9	1.8	5.9	17.9	10.3	2.2	0.6	0.4	0.4	0.3	0.3	0.6	1.7	2.0
Cash Flow from Operating Activities before Changes in Working Capital	428.2	345.2	273.8	86.8	468.7	183.0	86.0	138.3	80.4	79.8	210.6	107.1	73.2	48.0	164.2	132.6	154.9	48.4	177.0	145.9
Working Capital - Increase/(Decrease) - Cash Flow	(163.6)	(194.6)	132.6	6.8	(251.4)	0.0	155.5	28.0	(103.1)	(34.8)	1.2	36.6	39.1	19.2	(51.9)	(98.0)	(104.1)	59.3	(82.0)	(29.9)
Accounts Receivables - Decrease/(Increase) - Cash Flow	(131.9)	(54.5)	(118.5)	125.4	(2.2)	(193.0)	25.7	30.7	(50.9)	(22.9)	(33.8)	10.8	71.5	(13.0)	28.4	(32.2)	(22.3)	24.7	23.8	(34.8)
Inventories - Decrease/(Increase) - Cash Flow	(95.0)	(96.4)	102.0	(114.0)	(202.4)	81.6	123.7	8.5	(10.4)	(55.3)	8.0	17.1	7.3	(7.0)	(84.3)	(39.8)	(72.1)	(52.6)	29.0	(16.8)
Other Assets - Decrease/(Increase) - Cash Flow	0.7	(1.8)	0.4	0.7	(0.9)	1.2	0.6	—	—	—	—	—	—	—	—	—	0.0	76.8	(75.0)	0.0
Accrued Expenses - Increase/(Decrease) - Cash Flow	42.1	(13.1)	29.8	(9.9)	9.9	—	—	4.2	—	(10.8)	(3.9)	8.0	(11.8)	6.9	—	—	—	—	—	—
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	20.5	(28.8)	118.9	4.7	(55.9)	110.3	5.4	(15.4)	(41.8)	54.3	30.9	0.7	(27.9)	32.2	3.9	(26.0)	(9.7)	10.4	(59.8)	21.6
Net Cash Flow from Operating Activities	264.6	150.6	406.4	93.6	217.3	183.0	241.5	166.3	(22.8)	45.0	211.7	143.7	112.3	67.2	112.2	34.6	50.8	107.7	95.0	116.0
Capital Expenditures - Net - Cash Flow	151.2	37.9	8.2	2.1	23.3	(29.5)	2.5	1.8	172.8	98.9	30.0	(34.5)	36.6	33.8	3.1	31.7	34.6	84.2	58.6	143.8
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	151.2	37.9	8.2	2.1	23.3	(29.5)	2.5	1.8	172.8	98.9	30.0	(34.5)	36.6	33.8	3.1	31.7	34.6	84.2	58.6	143.8
Property, Plant & Equipment - Purchased - Cash Flow	195.5	44.0	13.1	5.6	25.3	9.8	4.0	8.0	174.6	102.3	32.7	26.0	46.0	36.8	8.7	33.6	37.2	84.3	59.5	144.3
Property, Plant & Equipment Sold - Cash Flow	44.3	6.1	4.8	3.5	2.0	39.3	1.5	6.1	1.9	3.4	2.8	60.5	9.4	3.0	5.5	1.9	2.6	0.1	0.9	0.5
Capital Expenditures - Total	195.5	44.0	13.1	5.6	25.3	9.8	4.0	8.0	174.6	102.3	32.7	26.0	46.0	36.8	8.7	33.6	37.2	84.3	59.5	144.3
Investments excluding Loans - Decrease/(Increase) - Cash Flow	202.4	(0.5)	(181.7)	7.7	17.9	(216.7)	(230.6)	(99.8)	251.3	99.4	(349.7)	84.5	(60.9)	(19.8)	0.6	0.0	—	—	—	—
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	202.4	(0.5)	(181.7)	7.7	17.9	(216.7)	(230.6)	(99.8)	251.3	99.4	(349.7)	84.5	(60.9)	(19.8)	0.6	0.0	—	—	—	—
Investment Securities - Sold/Matured - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	0.2	0.6	0.0	—	—	—	—
Investment Securities - Purchased - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	20.0	—	—	—	—	—	—
Other Investing Cash Flow - Decrease/(Increase)	—	—	—	—	(0.0)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Investing Activities	51.3	(38.4)	(189.9)	5.6	(5.4)	(187.1)	(233.1)	(101.6)	78.5	0.5	(379.7)	119.0	(97.5)	(53.6)	(2.5)	(31.7)	(34.6)	(84.2)	(58.6)	(143.8)
Dividends Paid - Cash - Total - Cash Flow	224.6	118.8	178.5	122.2	129.0	19.8	27.6	38.4	52.9	66.0	39.7	29.8	19.7	19.8	26.5	16.7	36.4	16.6	26.5	33.2
Dividends - Common - Cash Paid	224.6	118.8	178.5	122.2	129.0	19.8	27.6	38.4	52.9	66.0	39.7	29.8	19.7	19.8	26.5	16.7	36.4	16.6	26.5	33.2
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(9.1)	(10.6)	(23.8)	(24.2)	(36.1)	(17.1)	34.6	(12.4)	0.7	4.0	(3.3)	(6.8)	(0.9)	(7.4)	(76.3)	42.8	2.0	(28.6)	(26.7)	32.3
Debt - Issued/(Reduced) - Long-Term & Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	5.3	(2.5)	(3.8)	3.3	—	0.0	(27.7)	(7.9)	(25.8)	(17.5)	47.8
Debt - Issued - Long-Term & Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	5.3	—	—	3.3	—	0.0	—	—	—	—	47.8
Debt - Reduced - Long-Term & Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	2.5	3.8	—	—	—	27.7	7.9	25.8	17.5	—
Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	(0.1)	(67.4)	64.3	9.9	0.0	—	—
Debt - Issued - Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	67.5	9.9	0.0	—	—
Debt - Reduced - Short-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	0.1	—	3.2	—	—	—	—
Debt - Issued/Reduced - Long-Term - Cash Flow	(9.1)	(10.6)	(23.8)	(24.2)	(36.1)	(17.1)	34.6	(12.4)	0.7	(1.4)	(0.8)	(3.0)	(4.2)	(7.3)	(8.9)	6.2	0.0	(2.8)	(9.1)	(15.5)
Lease liabilities - Issued/(Reduced) - Cash Flow	(9.1)	(10.6)	(23.8)	(15.5)	(14.7)	—	—	(5.8)	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Issued - Long-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0	6.5	—	—	—	—
Debt - Reduced - Long-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	7.3	8.9	0.3	0.0	2.8	9.1	15.5
Net Cash Flow from Financing Activities	(233.7)	(129.4)	(202.3)	(146.5)	(165.1)	(36.9)	7.0	(50.8)	(52.2)	(62.1)	(43.0)	(36.6)	(20.7)	(27.2)	(102.7)	26.1	(34.4)	(45.2)	(53.2)	(0.9)
Net Change in Cash - Total	82.1	(17.2)	14.2	(47.3)	46.7	(41.0)	15.4	13.9	3.6	(16.5)	(211.0)	226.1	(5.8)	(13.6)	6.9	29.0	(18.1)	(21.7)	(16.8)	(28.7)
Net Cash from Continuing Operations	82.1	(17.2)	14.2	(47.3)	46.7	(41.0)	15.4	13.9	3.6	(16.5)	(211.0)	226.1	(5.8)	(13.6)	6.9	29.0	(18.1)	(21.7)	(16.8)	(28.7)
Net Cash - Beginning Balance	15.8	33.0	18.8	66.0	19.3	60.4	45.0	31.1	27.5	44.1	255.0	28.9	34.7	48.3	41.4	12.4	30.5	52.2	69.0	97.7
Net Cash - Ending Balance	97.9	15.8	33.0	18.8	66.0	19.3	60.4	45.0	31.1	27.5	44.1	255.0	28.9	34.7	48.3	41.4	12.4	30.5	52.2	69.0
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	203.2	152.2	133.2	156.3	41.2	(27.5)	(16.1)	6.8	78.2	117.6	46.9	34.7	52.7	50.1	50.4	49.5	49.0	32.8	(37.6)	(80.8)
Interest Paid - Cash Flow - Supplemental	2.9	2.6	5.8	5.4	4.0	2.6	—	—	—	—	—	—	—	—	15.8	9.9	13.4	16.6	10.9	15.3
Interest & Dividends - Received - Cash Flow - Supplemental	77.6	104.9	147.2	85.9	45.9	35.6	20.9	1.8	5.9	17.9	10.3	2.2	0.6	0.4	0.4	0.3	0.3	0.6	1.7	2.0
CF from Optg Activities before Change in WC & Int Payments	431.1	347.8	279.5	92.2	472.7	185.6	86.0	138.3	80.4	79.8	210.6	107.1	73.2	48.0	180.0	142.4	168.3	65.0	187.9	161.3
Depreciation, Depletion & Amortization - Cash Flow	48.0	40.9	47.3	45.5	50.6	48.9	51.5	50.3	45.7	37.8	35.6	43.6	39.9	40.9	43.2	43.9	45.5	43.4	38.5	30.2
Free Cash Flow to Equity	104.3	102.1	374.4	67.3	157.8	195.5	273.6	152.1	(194.8)	(49.9)	178.4	171.4	74.8	26.0	32.8	45.7	18.2	(5.1)	9.7	4.5
Free Cash Flow Net of Dividends	(155.5)	(12.1)	214.8	(34.2)	62.9	153.4	209.8	119.9	(250.3)	(123.3)	139.3	87.9	46.6	10.5	77.1	(15.7)	(22.7)	6.8	9.0	(61.5)
Free Cash Flow	69.1	106.7	393.4	88.0	191.9	173.2	237.5	158.3	(197.4)	(57.3)	179.0	117.6	66.3	30.3	103.6	1.0	13.6	23.4	35.5	(28.3)

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