Skip to content
Smart Money
Create free account Log in

Modarabas

FTSM First Tri-Star Modaraba

Latest results: FY2026 · Jun 2026

Watch FTSM · free results alerts

Last close · 16 Oct 2026

Rs 34.65 -10.00%

Quarterly · Q1 FY2022 – Q4 FY2026

First Tri-Star Modaraba (FTSM) quarterly balance sheet

At the end of Q4 FY2026 (Apr – Jun 2026) First Tri-Star Modaraba had total assets of Rs 360.7 mn, down 38.5% on Q4 FY2025. Shareholders' equity was Rs 272.6 mn (Rs 12.88 per share), 75.6% of total assets.

FTSM balance sheet (quarterly) (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
Assets
Cash & short-term investments 1.6 22.2 16.8 26.0 3.5 10.0 3.7 15.5
Investments 343.2 346.0 397.3 556.5 556.5 480.6 480.7 480.5
Loans, leases & receivables — 0.0 0.0 0.0 0.0 0.0 0.0 0.4
Total assets 360.7 383.6 432.5 607.9 586.6 562.9 569.5 577.7
Liabilities
Borrowings — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Total liabilities 88.0 99.1 100.0 147.6 144.2 153.2 161.3 120.3
Equity
Equity attributable to shareholders 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total equity 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total liabilities & equity 360.7 383.6 432.5 607.9 586.6 562.9 569.5 577.7
Key figures
Shares outstanding mn 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2
Common equity 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Book value per share (Rs) Rs 12.88 13.44 15.71 21.75 20.91 19.36 19.29 21.61
FTSM balance sheet — 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
Assets
Cash & short-term investments -52.7% +122.4% +359.1% +67.4% +73.9% -14.6% +181.1% -27.1%
Investments -38.3% -28.0% -17.4% +15.8% +15.8% +12.7% +12.7% +12.7%
Loans, leases & receivables — 0.0% 0.0% -97.9% -97.9% -99.9% -99.9% -96.7%
Total assets -38.5% -31.9% -24.0% +5.2% +3.8% -0.7% +1.8% +1.6%
Liabilities
Borrowings — -73.7% +49.3% +87.3% +111.5% — — —
Total liabilities -38.9% -35.3% -38.0% +22.7% +20.6% +37.2% +46.7% +375.4%
Equity
Equity attributable to shareholders -38.4% -30.6% -18.5% +0.6% -0.8% -10.0% -9.2% -15.8%
Total equity -38.4% -30.6% -18.5% +0.6% -0.8% -10.0% -9.2% -15.8%
Total liabilities & equity -38.5% -31.9% -24.0% +5.2% +3.8% -0.7% +1.8% +1.6%
Key figures
Shares outstanding — — — — — — — —
Common equity -38.4% -30.6% -18.5% +0.6% -0.8% -10.0% -9.2% -15.8%
Book value per share (Rs) -38.4% -30.6% -18.5% +0.6% -0.8% -10.0% -9.2% -15.8%

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

FTSM balance sheet — common size (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
Assets
Cash & short-term investments 0.5% 5.8% 3.9% 4.3% 0.6% 1.8% 0.6% 2.7%
Investments 95.1% 90.2% 91.8% 91.5% 94.9% 85.4% 84.4% 83.2%
Loans, leases & receivables — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Borrowings — 1.6% 2.6% 2.6% 3.4% 4.2% 1.3% 1.5%
Total liabilities 24.4% 25.8% 23.1% 24.3% 24.6% 27.2% 28.3% 20.8%
Equity
Equity attributable to shareholders 75.6% 74.2% 76.9% 75.7% 75.4% 72.8% 71.7% 79.2%
Total equity 75.6% 74.2% 76.9% 75.7% 75.4% 72.8% 71.7% 79.2%
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Common equity 75.6% 74.2% 76.9% 75.7% 75.4% 72.8% 71.7% 79.2%

Each line as a percentage of total assets.

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

All reported line items 110
FTSM balance sheet — 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
Cash & Cash Equivalents 1.0 21.8 16.1 25.4 3.0 9.5 3.1 15.1
Cash & Short Term Investments 1.6 22.2 16.8 26.0 3.5 10.0 3.7 15.5
Short-Term Investments - Total 0.6 0.4 0.6 0.5 0.5 0.5 0.5 0.4
Loans & Receivables - Net - Short-Term — 0.0 0.0 0.0 0.0 0.0 0.0 0.4
Loans & Receivables - Total — 0.0 0.0 0.0 0.0 0.0 0.0 0.4
Trade Accounts & Trade Notes Receivable - Net — — — — — — — —
Receivables - Other - Total — 0.0 0.0 0.0 0.0 0.0 0.0 0.4
Inventories - Total — — — — — — — —
Inventories - Other - Total — — — — — — — —
Prepaid Expenses - Short-Term 14.4 6.8 5.5 6.2 4.1 48.9 73.9 68.7
Investments - Total 343.2 346.0 397.3 556.5 556.5 480.6 480.7 480.5
Other Current Assets - Total — — — — — — — —
Property, Plant & Equipment - Net - Total 2.0 6.6 11.1 19.7 22.9 23.8 11.7 12.9
Other Assets - Total 0.1 2.5 2.5 0.1 0.1 0.1 0.1 0.1
Total Current Assets 16.0 29.0 22.3 32.2 7.6 58.9 77.6 84.6
Investments - Long-Term 342.6 345.5 396.7 556.0 556.0 480.2 480.1 480.1
Investment Property - Net — — — — — — — —
Investments - Available for Sale/Held to Maturity - Long-Term — — — — — — — —
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total — — — 19.7 22.9 23.8 11.7 12.9
Right of Use Tangible Assets - Total - Net — — — 15.4 18.0 18.6 6.2 7.2
Right of Use Tangible Assets - Capital/Finance Lease - Net — — — 15.4 18.0 18.6 6.2 7.2
Property, Plant & Equipment - Other - Net — — — 4.2 5.0 5.2 5.5 5.7
Total Assets 360.7 383.6 432.5 607.9 586.6 562.9 569.5 577.7
Debt - Total — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Short-Term Debt & Current Portion of Long-Term Debt — 6.2 11.2 16.0 20.0 18.2 4.7 4.4
Current Portion of Long-Term Debt including Capitalized Leases — 6.2 11.2 16.0 20.0 18.2 4.7 4.4
Capitalized Leases - Current Portion — 6.2 11.2 16.0 20.0 18.2 4.7 4.4
Debt - Long-Term - Total — — — — 0.0 5.2 2.8 4.2
Capitalized Lease Obligations - Long-Term — — — — 0.0 5.2 2.8 4.2
Long-Term Debt excluding Capitalized Leases — — — — — — — —
Other Non-Current Assets - Total 0.1 2.5 2.5 0.1 0.1 0.1 0.1 0.1
Debt - Non-Convertible - Long-Term — — — — — — — —
Dividends Payable 39.5 39.5 39.5 39.5 39.5 77.2 102.2 61.1
Deferred Tax - Asset - Long-Term — 2.4 2.4 — — — — —
Deferred Tax & Investment Tax Credits - Long-Term 0.3 0.0 0.0 37.3 37.3 14.2 15.3 15.5
Deferred Tax - Liability - Long-Term 0.3 0.0 0.0 37.3 37.3 14.2 15.3 15.5
Payables & Accrued Expenses 40.5 44.5 42.5 47.7 43.0 33.6 31.6 31.5
Trade Account Payables - Total 40.5 44.5 42.5 47.7 43.0 33.6 31.6 31.5
Other Non-Current Assets 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Total Liabilities 88.0 99.1 100.0 147.6 144.2 153.2 161.3 120.3
Shareholders' Equity - Attributable to Parent Shareholders - Total 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total Non-Current Assets 344.7 354.6 410.3 575.7 579.0 504.0 491.9 493.1
Common Equity Attributable to Parent Shareholders 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Common Equity - Contributed 211.6 211.6 211.6 211.6 211.6 211.6 211.6 211.6
Common Stock - Issued & Paid 211.6 211.6 211.6 211.6 211.6 211.6 211.6 211.6
Equity - Non-Contributed - Reserves & Retained Earnings 61.0 72.9 120.9 248.7 230.8 198.1 196.5 245.8
Trade Accounts Payable & Accruals - Short-Term 40.5 44.5 42.5 47.7 43.0 33.6 31.6 31.5
Comprehensive Income - Accumulated - Total (86.6) (81.6) (30.3) 89.1 89.0 35.1 35.1 35.1
Trade Accounts & Trade Notes Payable - Short-Term 40.5 44.5 42.5 47.7 43.0 33.6 31.6 31.5
Other Reserves/Equity - Total 147.6 154.5 151.2 159.6 141.7 163.0 161.4 210.7
Income Taxes - Payable - Short-Term 4.5 5.7 3.6 3.9 1.6 2.0 1.8 0.7
Dividends/Distributions Payable 39.5 39.5 39.5 39.5 39.5 77.2 102.2 61.1
Other Current Liabilities - Total — — — 0.0 0.0 0.0 0.0 —
Common Equity - Total 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total Liabilities & Equity 360.7 383.6 432.5 607.9 586.6 562.9 569.5 577.7
Other Current Liabilities — — — 0.0 0.0 0.0 0.0 —
Revaluation Reserves (86.6) (81.6) (30.3) 89.1 89.0 35.1 35.1 35.1
Total Current Liabilities 84.5 95.9 96.9 107.1 104.2 131.0 140.3 97.7
Other Non-Current Liabilities - Total 3.2 3.2 3.1 3.2 2.7 2.8 2.9 2.9
Other Non-Current Liabilities 3.2 3.2 3.1 3.2 2.7 2.8 2.9 2.9
Total Non-Current Liabilities 3.5 3.2 3.1 40.5 40.0 22.2 21.0 22.5
Common Shares - Issued - Total mn 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2
Common Shares - Outstanding - Total mn 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Shares - Issued - Issue Specific mn 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2
Common Shares - Outstanding - Issue Specific mn 21.2 21.2 21.2 21.2 21.2 21.2 21.2 21.2
Common Shares - Treasury - Issue Specific mn 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Asset Allocation Factor - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00× 1.00×
Right of Use Tangible Assets - Total - Net - Supplemental — — — 15.4 18.0 18.6 6.2 7.2
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental — — — 15.4 18.0 18.6 6.2 7.2
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental — — — 4.2 5.0 5.2 5.5 5.7
Finance and Operating Lease Liabilities - Total - Supplemental — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Debt including Finance and Operating Lease Liabilities - Supplemental — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Net Debt (1.6) (16.0) (5.5) (10.0) 16.6 13.4 3.9 (7.0)
Asset Accruals 359.6 361.8 416.4 582.5 583.6 553.5 566.4 562.6
Cash & Cash Equivalents - Total 1.0 21.8 16.1 25.4 3.0 9.5 3.1 15.1
Cash & Short Term Investments - Total 1.6 22.2 16.8 26.0 3.5 10.0 3.7 15.5
Debt - including Preferred Equity & Minority Interest - Total — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Investments - Permanent 342.6 345.5 396.7 556.0 556.0 480.2 480.1 480.1
Net Book Capital 271.0 268.5 327.0 450.3 459.0 423.1 412.1 450.4
Net Operating Assets 271.0 268.5 327.0 450.3 459.0 423.1 412.1 450.4
Provisions - Total 0.3 0.0 0.0 37.3 37.3 14.2 15.3 15.5
Shareholders Equity - Common 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Tangible Total Equity 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Tangible Book Value 272.6 284.5 332.5 460.3 442.4 409.7 408.2 457.4
Total Book Capital 272.6 290.7 343.8 476.3 462.4 433.1 415.7 466.0
Total Capital 272.6 290.7 343.8 476.3 462.4 433.1 415.7 466.0
Total Long Term Capital 276.2 287.7 335.6 500.8 482.4 431.9 429.2 480.0
Book Value excluding Other Equity 125.0 130.0 181.4 300.7 300.7 246.7 246.7 246.7
Income Taxes - Payable - Long-Term & Short-Term 4.5 5.7 3.6 3.9 1.6 2.0 1.8 0.7
Accruals - Short-Term (69.5) (88.7) (90.8) (100.3) (99.6) (81.6) (65.8) (28.3)
Cash & Short Term Investments - Net of Debt 1.6 16.0 5.5 10.0 (16.6) (13.4) (3.9) 7.0
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments — 6.2 11.2 16.0 20.0 18.2 4.7 4.4
Total Fixed Assets - Net 344.7 354.6 410.3 575.7 579.0 504.0 491.9 493.1
Working Capital (68.5) (66.9) (74.6) (74.9) (96.6) (72.1) (62.7) (13.1)
Interest Bearing Liabilities - Total — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Working Capital - Non-Cash (70.1) (89.1) (91.4) (100.9) (100.0) (82.1) (66.4) (28.7)
Working Capital excluding Other Current Assets & Liabilities — — — (74.9) (96.6) (72.1) (62.7) —
Net Debt Including Preferred Equity & Minority Interest (1.6) (16.0) (5.5) (10.0) 16.6 13.4 3.9 (7.0)
Other Short-Term & Long-Term Assets - Total 0.1 2.5 2.5 0.1 0.1 0.1 0.1 0.1
Other Short-Term & Long-Term Liabilities - Total 3.2 3.2 3.1 3.2 2.7 2.8 2.9 2.9
Total Current Assets excluding Total Inventories — — — — — — — —
Tangible Book Value excluding Other Equity 125.0 130.0 181.4 300.7 300.7 246.7 246.7 246.7
Total Debt Excluding Islamic — 6.2 11.2 16.0 20.0 23.4 7.5 8.5
Trade Accounts & Trade Notes Receivable - Net - Total — — — — — — — —
Current Liabilities excluding Current Debt - Total — 89.7 85.7 91.2 84.1 112.8 135.6 93.4
Cash in Hand & with Banks - Total 1.0 21.8 16.1 25.4 3.0 9.5 3.1 15.1
Current Assets excluding Cash & Short Term Investments - Total 14.4 6.8 5.5 6.2 4.1 49.0 74.0 69.1
Cash, Short Term Investments & Accounts Receivable - Total — — — — — — — —

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