Baluchistan Wheels Limited (BWHL) quarterly cash flow statement

Operating activities generated Rs 147.8 mn of cash in Q4 FY2026 (Apr – Jun 2026), down 3.3% on Q4 FY2025, 94% of the starting profit. Capital expenditure was Rs 77.5 mn, leaving free cash flow of Rs 70.4 mn. Overall, cash increased by Rs 22.7 mn.

BWHL cash flow statement (quarterly) (Rs mn)
Rs mn	TTM to Jun 2026	Q4 FY2026 Apr – Jun 2026	Q3 FY2026 Jan – Mar 2026	Q2 FY2026 Oct – Dec 2025	Q1 FY2026 Jul – Sep 2025	Q4 FY2025 Apr – Jun 2025	Q3 FY2025 Jan – Mar 2025	Q2 FY2025 Oct – Dec 2024	Q1 FY2025 Jul – Sep 2024	Q4 FY2024 Apr – Jun 2024	Q3 FY2024 Jan – Mar 2024	Q2 FY2024 Oct – Dec 2023	Q1 FY2024 Jul – Sep 2023	Q4 FY2023 Apr – Jun 2023	Q3 FY2023 Jan – Mar 2023	Q2 FY2023 Oct – Dec 2022	Q1 FY2023 Jul – Sep 2022	Q4 FY2022 Apr – Jun 2022	Q3 FY2022 Jan – Mar 2022	Q2 FY2022 Oct – Dec 2021	Q1 FY2022 Jul – Sep 2021
Operating activities
Profit (cash-flow starting line, as reported)	576.3	156.5	115.7	156.9	147.2	156.9	105.6	99.3	94.6	118.7	66.2	144.6	20.6	45.6	69.0	48.2	38.9	177.2	76.9	120.8	50.5
Depreciation & amortisation	48.0	14.7	11.8	11.2	10.2	10.9	10.3	7.7	12.0	11.3	14.2	11.8	10.1	12.2	10.4	11.5	11.4	12.7	12.8	12.7	12.4
Net cash from operating activities	265.6	147.8	(37.6)	39.9	115.4	152.9	(19.1)	40.6	(23.8)	93.1	96.4	29.5	187.4	27.9	(169.8)	338.9	(103.3)	198.7	48.4	124.2	(154.0)
Investing activities
Capital expenditure	(195.5)	(77.5)	(73.4)	(9.6)	(35.0)	(32.2)	(11.4)	(0.2)	(0.3)	(1.1)	(0.7)	(1.1)	(10.2)	(4.5)	(0.2)	(0.3)	(0.6)	(0.1)	(0.2)	(5.2)	(19.8)
Net cash from investing activities	51.3	(111.5)	143.2	109.6	(90.1)	(166.2)	98.8	(36.7)	65.6	(13.1)	(45.6)	(36.6)	(94.5)	24.8	158.5	(257.7)	80.0	(102.0)	(35.3)	(34.0)	165.9
Financing activities
Dividends paid	—	—	(133.1)	(92.5)	—	(0.1)	(79.1)	—	(39.7)	(66.4)	(39.5)	(35.8)	(36.8)	(26.4)	(33.1)	(62.8)	(0.0)	(26.5)	(23.1)	(79.4)	—
Borrowings raised / (repaid)	(9.1)	(13.7)	(3.7)	10.9	(2.6)	(4.4)	(2.3)	(1.1)	(2.7)	(4.5)	(8.1)	(5.0)	(6.2)	(32.7)	20.4	(0.9)	(11.0)	(40.4)	2.6	11.5	(9.8)
Net cash from financing activities	(234.7)	(13.7)	(136.8)	(81.6)	(2.6)	(4.5)	(81.5)	(1.1)	(42.4)	(70.8)	(47.6)	(40.8)	(43.1)	(59.1)	(12.7)	(63.7)	(11.0)	(66.9)	(20.5)	(67.9)	(9.8)
Net change in cash	82.1	22.7	(31.2)	67.9	22.7	(17.8)	(1.7)	2.8	(0.5)	9.2	3.2	(47.9)	49.8	(6.5)	(24.0)	17.5	(34.3)	29.8	(7.5)	22.3	2.2
Key figures
Free cash flow (operating cash flow − capex)	70.1	70.4	(111.0)	30.3	80.4	120.7	(30.4)	40.4	(24.0)	92.0	95.7	28.5	177.2	23.4	(170.0)	338.6	(104.0)	198.6	48.1	119.0	(173.8)

BWHL cash flow statement — year-on-year change (Rs mn)
Rs mn	Q4 FY2026 Apr – Jun 2026	Q3 FY2026 Jan – Mar 2026	Q2 FY2026 Oct – Dec 2025	Q1 FY2026 Jul – Sep 2025	Q4 FY2025 Apr – Jun 2025	Q3 FY2025 Jan – Mar 2025	Q2 FY2025 Oct – Dec 2024	Q1 FY2025 Jul – Sep 2024	Q4 FY2024 Apr – Jun 2024	Q3 FY2024 Jan – Mar 2024	Q2 FY2024 Oct – Dec 2023	Q1 FY2024 Jul – Sep 2023	Q4 FY2023 Apr – Jun 2023	Q3 FY2023 Jan – Mar 2023	Q2 FY2023 Oct – Dec 2022	Q1 FY2023 Jul – Sep 2022	Q4 FY2022 Apr – Jun 2022	Q3 FY2022 Jan – Mar 2022	Q2 FY2022 Oct – Dec 2021	Q1 FY2022 Jul – Sep 2021
Operating activities
Profit (cash-flow starting line, as reported)	-0.3%	+9.6%	+58.0%	+55.7%	+32.2%	+59.6%	-31.3%	+358.6%	+160.1%	-4.1%	+199.8%	-46.9%	-74.2%	-10.3%	-60.1%	-23.0%	+149.1%	+127.1%	+319.3%	+549.9%
Depreciation & amortisation	+34.7%	+15.3%	+45.2%	-14.9%	-3.5%	-27.8%	-34.2%	+19.4%	-7.3%	+36.2%	+2.6%	-12.0%	-4.3%	-18.1%	-9.9%	-7.8%	-6.6%	+7.0%	+8.3%	+6.6%
Net cash from operating activities	-3.3%	—	-1.7%	—	+64.2%	-119.8%	+37.6%	-112.7%	+233.8%	—	-91.3%	—	-86.0%	-451.1%	+172.9%	—	+166.5%	+743.0%	+197.5%	-352.5%
Investing activities
Capital expenditure	+140.8%	+546.3%	+5,530.0%	+13,328.7%	+2,714.2%	+1,560.2%	-83.9%	-97.4%	-74.6%	+290.9%	+245.8%	+1,518.9%	+4,897.8%	-29.7%	-94.1%	-96.8%	-98.5%	-88.7%	+54.2%	+11,043.8%
Net cash from investing activities	—	+44.9%	—	-237.3%	—	—	—	—	-153.0%	-128.8%	—	-218.1%	—	—	—	-51.8%	—	—	—	—
Financing activities
Dividends paid	—	+68.2%	—	—	-99.9%	+100.5%	—	+7.7%	+151.3%	+19.4%	-42.9%	+920,875.0%	-0.2%	+42.9%	-20.9%	—	—	+1,156,050.0%	+300.0%	—
Borrowings raised / (repaid)	—	—	—	—	—	—	—	—	—	-139.9%	—	—	—	+691.2%	-108.2%	—	—	-83.3%	—	—
Net cash from financing activities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-233.6%	—	—
Net change in cash	—	—	+2,302.9%	—	-293.6%	-153.5%	—	-101.1%	—	—	-374.2%	—	-121.8%	—	-21.6%	-1,659.3%	—	—	+31.7%	—
Key figures
Free cash flow (operating cash flow − capex)	-41.7%	—	-25.0%	—	+31.2%	-131.8%	+42.1%	-113.6%	+293.1%	—	-91.6%	—	-88.2%	-453.3%	+184.5%	—	+190.0%	+1,261.7%	+210.0%	-385.9%

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 50

BWHL cash flow statement — all reported line items (Rs mn)
Rs mn	Q4 FY2026 Apr – Jun 2026	Q3 FY2026 Jan – Mar 2026	Q2 FY2026 Oct – Dec 2025	Q1 FY2026 Jul – Sep 2025	Q4 FY2025 Apr – Jun 2025	Q3 FY2025 Jan – Mar 2025	Q2 FY2025 Oct – Dec 2024	Q1 FY2025 Jul – Sep 2024	Q4 FY2024 Apr – Jun 2024	Q3 FY2024 Jan – Mar 2024	Q2 FY2024 Oct – Dec 2023	Q1 FY2024 Jul – Sep 2023	Q4 FY2023 Apr – Jun 2023	Q3 FY2023 Jan – Mar 2023	Q2 FY2023 Oct – Dec 2022	Q1 FY2023 Jul – Sep 2022	Q4 FY2022 Apr – Jun 2022	Q3 FY2022 Jan – Mar 2022	Q2 FY2022 Oct – Dec 2021	Q1 FY2022 Jul – Sep 2021
Profit/(Loss) - Starting Line - Cash Flow	156.5	115.7	156.9	147.2	156.9	105.6	99.3	94.6	118.7	66.2	144.6	20.6	45.6	69.0	48.2	38.9	177.2	76.9	120.8	50.5
Non-cash Items & Reconciliation Adjustments - Cash Flow	(42.4)	15.6	(38.8)	46.0	3.6	(16.7)	(31.4)	(16.7)	(44.4)	124.9	0.9	(16.6)	136.8	(157.9)	(11.2)	(7.0)	57.5	(7.6)	(10.3)	3.0
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	(34.5)	9.5	(50.7)	33.3	(24.6)	(14.8)	(35.1)	(29.9)	(56.9)	109.4	(12.8)	(27.8)	124.2	(169.5)	(24.3)	(20.0)	44.7	(21.4)	(24.1)	(11.6)
Financial Income/(Expense) - Cash Flow - to Reconcile	0.7	(0.5)	0.5	1.4	(0.1)	(1.8)	0.6	1.1	0.8	1.2	1.9	1.8	0.2	0.9	1.3	1.3	0.4	0.7	0.5	0.8
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	14.7	11.8	11.2	10.2	10.9	10.3	7.7	12.0	11.3	14.2	11.8	10.1	12.2	10.4	11.5	11.4	12.7	12.8	12.7	12.4
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	14.7	11.8	11.2	10.2	10.9	10.3	7.7	12.0	11.3	14.2	11.8	10.1	12.2	10.4	11.5	11.4	12.7	12.8	12.7	12.4
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(23.3)	(4.3)	(0.1)	(0.6)	(0.0)	0.0	(5.4)	0.0	(0.1)	0.1	0.0	(0.0)	0.0	0.0	0.0	(0.0)	(0.3)	(0.0)	(0.0)	(0.0)
Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile	0.0	(1.0)	0.3	1.8	17.4	(10.3)	0.7	0.0	0.6	0.0	0.0	(0.6)	0.2	0.3	0.3	0.3	(0.0)	0.4	0.5	1.4
Income Taxes - Paid/(Reimbursed) - Cash Flow	13.9	74.5	62.9	51.9	49.0	28.6	32.5	42.1	46.3	6.9	39.6	40.4	65.1	39.3	7.5	44.3	(2.2)	13.5	10.2	19.7
Interest Paid - Cash	2.9	2.2	0.5	1.4	81.0	0.5	1.7	1.1	5.8	—	1.7	—	5.4	—	1.4	—	4.0	1.2	—	0.9
Interest & Dividends - Received - Total - Cash Flow	27.0	18.5	26.0	11.1	104.8	41.4	17.1	23.3	66.9	28.5	37.9	15.6	27.5	23.5	32.3	4.0	26.2	0.3	18.7	2.8
Cash Flow from Operating Activities before Changes in Working Capital	124.3	73.1	80.8	151.0	135.4	101.2	50.7	58.0	89.1	212.6	142.0	(20.7)	139.4	(104.7)	60.4	(8.4)	259.1	54.9	119.0	35.7
Working Capital - Increase/(Decrease) - Cash Flow	23.6	(110.7)	(40.9)	(35.6)	17.5	(120.2)	(10.1)	(81.7)	4.0	(116.2)	(112.5)	208.1	(111.5)	(65.1)	278.4	(95.0)	(60.4)	(6.5)	5.2	(189.7)
Accounts Receivables - Decrease/(Increase) - Cash Flow	91.2	(207.0)	16.1	(32.2)	(41.5)	82.2	(148.1)	52.9	(66.4)	(2.2)	62.0	(111.9)	134.2	(234.3)	74.3	151.2	(1.9)	2.0	4.0	(6.2)
Inventories - Decrease/(Increase) - Cash Flow	(97.9)	4.2	18.8	(20.2)	118.5	(186.0)	38.2	(67.1)	(53.7)	(93.6)	(167.4)	267.4	(91.9)	8.8	189.2	(220.2)	(68.2)	(7.8)	(6.5)	(119.8)
Other Assets - Decrease/(Increase) - Cash Flow	(5.6)	6.3	0.0	(0.0)	(0.6)	(1.3)	(0.1)	0.1	(3.8)	4.2	2.9	(2.9)	8.5	(7.8)	(0.6)	0.6	(1.2)	0.4	0.5	(0.5)
Accrued Expenses - Increase/(Decrease) - Cash Flow	39.7	(7.0)	14.9	(5.5)	(50.2)	19.4	29.8	(12.0)	5.6	15.5	(32.2)	40.9	(43.2)	27.6	37.1	(31.4)	8.9	(14.6)	48.7	(33.0)
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	(3.8)	92.7	(90.7)	22.3	(8.8)	(34.6)	70.2	(55.7)	122.3	(40.1)	22.2	14.5	(119.2)	140.6	(21.6)	4.9	2.2	13.6	(41.5)	(30.1)
Net Cash Flow from Operating Activities	147.8	(37.6)	39.9	115.4	152.9	(19.1)	40.6	(23.8)	93.1	96.4	29.5	187.4	27.9	(169.8)	338.9	(103.3)	198.7	48.4	124.2	(154.0)
Capital Expenditures - Net - Cash Flow	46.8	61.2	9.0	34.2	31.9	11.4	(5.6)	0.3	0.9	(2.4)	0.6	9.0	4.5	(2.3)	0.3	(0.4)	(1.3)	0.2	5.1	19.3
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	46.8	61.2	9.0	34.2	31.9	11.4	(5.6)	0.3	0.9	(2.4)	0.6	9.0	4.5	(2.3)	0.3	(0.4)	(1.3)	0.2	5.1	19.3
Property, Plant & Equipment - Purchased - Cash Flow	77.5	73.4	9.6	35.0	32.2	11.4	0.2	0.3	1.1	0.7	1.1	10.2	4.5	0.2	0.3	0.6	0.1	0.2	5.2	19.8
Property, Plant & Equipment Sold - Cash Flow	30.7	12.2	0.6	0.9	0.3	0.0	5.8	0.0	0.2	3.1	0.4	1.2	—	2.5	0.0	1.1	1.4	0.0	0.0	0.6
Capital Expenditures - Total	77.5	73.4	9.6	35.0	32.2	11.4	0.2	0.3	1.1	0.7	1.1	10.2	4.5	0.2	0.3	0.6	0.1	0.2	5.2	19.8
Investments excluding Loans - Decrease/(Increase) - Cash Flow	(64.7)	204.4	118.6	(55.9)	(134.3)	110.2	(42.3)	65.9	(10.7)	(46.3)	(36.0)	(85.5)	29.5	156.0	(257.4)	79.6	(103.3)	(35.1)	(28.9)	185.2
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	(64.7)	204.4	118.6	(55.9)	(134.3)	110.2	(42.3)	65.9	(10.7)	(46.3)	(36.0)	(85.5)	29.5	156.0	(257.4)	79.6	(103.3)	(35.1)	(28.9)	185.2
Investment Securities - Sold/Matured - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	—	—	3.2	—	—	—	—	—	—	—	—	—
Investment Securities - Purchased - Unclassified - Cash Flow	—	—	—	—	—	—	—	—	—	—	39.2	—	—	—	—	—	—	—	—	—
Other Investing Cash Flow - Decrease/(Increase)	—	—	—	—	—	—	—	—	(1.5)	(1.7)	—	—	(0.3)	0.3	—	—	(0.0)	—	—	—
Net Cash Flow from Investing Activities	(111.5)	143.2	109.6	(90.1)	(166.2)	98.8	(36.7)	65.6	(13.1)	(45.6)	(36.6)	(94.5)	24.8	158.5	(257.7)	80.0	(102.0)	(35.3)	(34.0)	165.9
Dividends Paid - Cash - Total - Cash Flow	—	133.1	92.5	—	0.1	79.1	—	39.7	66.4	39.5	35.8	36.8	26.4	33.1	62.8	0.0	26.5	23.1	79.4	—
Dividends - Common - Cash Paid	—	133.1	92.5	—	0.1	79.1	—	39.7	66.4	39.5	35.8	36.8	26.4	33.1	62.8	0.0	26.5	23.1	79.4	—
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(13.7)	(3.7)	10.9	(2.6)	(4.4)	(2.3)	(1.1)	(2.7)	(4.5)	(8.1)	(5.0)	(6.2)	(32.7)	20.4	(0.9)	(11.0)	(40.4)	2.6	11.5	(9.8)
Debt - Issued/Reduced - Long-Term - Cash Flow	(13.7)	(3.7)	10.9	(2.6)	(4.4)	(2.3)	(1.1)	(2.7)	(4.5)	(8.1)	(5.0)	(6.2)	(32.7)	20.4	(0.9)	(11.0)	(40.4)	2.6	11.5	(9.8)
Lease liabilities - Issued/(Reduced) - Cash Flow	(13.7)	(3.7)	10.9	(2.6)	(4.4)	(2.3)	(1.1)	(2.7)	(19.0)	2.8	(1.4)	(6.2)	(11.8)	5.7	(9.3)	—	(11.7)	(6.7)	3.6	—
Debt - Reduced - Long-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	11.0	—	—	—	9.8
Other Financing Cash Flow - Increase/(Decrease)	—	—	—	—	—	—	0.1	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Financing Activities	(13.7)	(136.8)	(81.6)	(2.6)	(4.5)	(81.5)	(1.1)	(42.4)	(70.8)	(47.6)	(40.8)	(43.1)	(59.1)	(12.7)	(63.7)	(11.0)	(66.9)	(20.5)	(67.9)	(9.8)
Net Change in Cash - Total	22.7	(31.2)	67.9	22.7	(17.8)	(1.7)	2.8	(0.5)	9.2	3.2	(47.9)	49.8	(6.5)	(24.0)	17.5	(34.3)	29.8	(7.5)	22.3	2.2
Net Cash from Continuing Operations	22.7	(31.2)	67.9	22.7	(17.8)	(1.7)	2.8	(0.5)	9.2	3.2	(47.9)	49.8	(6.5)	(24.0)	17.5	(34.3)	29.8	(7.5)	22.3	2.2
Net Cash - Beginning Balance	75.3	106.4	38.5	15.8	33.6	35.3	32.5	33.0	23.8	20.6	68.6	18.8	25.2	49.2	31.7	66.0	36.3	43.8	21.5	19.3
Net Cash - Ending Balance	97.9	75.3	106.4	38.5	15.8	33.6	35.3	32.5	33.0	23.8	20.6	68.6	18.8	25.2	49.2	31.7	66.0	36.3	43.8	21.5
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	13.9	74.5	62.9	51.9	49.0	28.6	32.5	42.1	46.3	6.9	39.6	40.4	65.1	39.3	7.5	44.3	(2.2)	13.5	10.2	19.7
Interest Paid - Cash Flow - Supplemental	2.9	2.2	0.5	1.4	81.0	0.5	1.7	1.1	5.8	—	1.7	—	5.4	—	1.4	—	4.0	1.2	—	0.9
Interest & Dividends - Received - Cash Flow - Supplemental	27.0	18.5	26.0	11.1	104.8	41.4	17.1	23.3	66.9	28.5	37.9	15.6	27.5	23.5	32.3	4.0	26.2	0.3	18.7	2.8
CF from Optg Activities before Change in WC & Int Payments	127.2	75.3	81.3	152.4	216.3	101.7	52.5	59.1	94.9	212.6	143.7	(20.7)	144.8	(104.7)	61.8	(8.4)	263.1	56.1	119.0	36.6
Depreciation, Depletion & Amortization - Cash Flow	14.7	11.8	11.2	10.2	10.9	10.3	7.7	12.0	11.3	14.2	11.8	10.1	12.2	10.4	11.5	11.4	12.7	12.8	12.7	12.4
Free Cash Flow to Equity	87.4	(102.5)	41.8	78.6	116.6	(32.8)	45.0	(26.7)	87.8	90.6	23.9	172.2	(9.3)	(147.2)	337.6	(113.9)	159.5	50.7	130.6	(183.0)
Free Cash Flow Net of Dividends	70.4	(244.1)	(62.2)	80.4	120.6	(109.6)	40.4	(63.7)	25.6	56.2	(7.4)	140.4	(3.0)	(203.0)	275.8	(104.0)	172.1	25.0	39.6	(173.8)
Free Cash Flow	70.4	(111.0)	30.3	80.4	120.7	(30.4)	40.4	(24.0)	92.0	95.7	28.5	177.2	23.4	(170.0)	338.6	(104.0)	198.6	48.1	119.0	(173.8)

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