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Cement

GWLC Gharibwal Cement Limited

Latest results: FY2026 · Jun 2026

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Last close · 16 Oct 2026

Rs 45.72 +2.74%

Quarterly · Q1 FY2022 – Q4 FY2026

Gharibwal Cement Limited (GWLC) quarterly balance sheet

At the end of Q4 FY2026 (Apr – Jun 2026) Gharibwal Cement Limited had total assets of Rs 41.5 bn, up 7.2% on Q4 FY2025. Current assets of Rs 12.7 bn covered current liabilities of Rs 5.2 bn 2.47 times. Total debt was Rs 1.0 bn, leaving net cash of Rs 5.1 bn. Shareholders' equity was Rs 28.0 bn (Rs 70.05 per share), 67.6% of total assets.

GWLC balance sheet (quarterly) (Rs bn)
Rs bn 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 6.1 4.4 3.9 3.8 1.9 2.8 2.5 1.0
Trade receivables 1.0 0.9 1.0 1.0 0.9 0.9 1.0 0.9
Inventories 4.4 5.8 6.0 4.2 5.9 4.6 4.9 6.5
Other current assets 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0
Total current assets 12.7 12.0 11.6 9.9 9.5 9.4 9.4 9.4
Property, plant & equipment 28.7 28.8 28.8 28.9 28.9 28.6 28.4 28.4
Intangible assets — — — — — — — —
Other non-current assets 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Total non-current assets 28.7 28.9 29.0 29.1 29.2 28.9 28.8 28.5
Total assets 41.5 40.9 40.6 39.0 38.7 38.3 38.2 38.0
Liabilities
Trade payables 4.6 4.5 4.6 3.6 3.4 3.5 3.8 3.8
Short-term borrowings & current portion of debt 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3
Total current liabilities 5.2 4.9 5.0 4.0 3.7 3.9 4.2 4.1
Long-term debt 0.6 0.4 0.5 0.6 0.7 0.7 0.8 0.9
Other non-current liabilities — — — — — — — —
Total non-current liabilities 8.3 8.6 8.7 8.9 9.1 9.1 9.2 9.3
Total liabilities 13.4 13.5 13.8 12.9 12.8 13.0 13.4 13.4
Equity
Share capital 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Reserves & retained earnings 24.0 23.4 22.9 22.1 21.9 21.3 20.8 20.6
Equity attributable to shareholders 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Non-controlling interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total equity 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Total liabilities & equity 41.5 40.9 40.6 39.0 38.7 38.3 38.2 38.0
Key figures
Total debt 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Net debt / (net cash) (5.1) (3.6) (3.1) (3.0) (1.0) (1.8) (1.5) 0.2
Shares outstanding mn 400.3 400.3 400.3 400.3 400.3 400.3 400.3 400.3
Common equity 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Book value per share (Rs) Rs 70.05 68.47 67.15 65.29 64.60 63.23 62.06 61.42
GWLC 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 +222.3% +57.3% +53.7% +279.0% +135.1% +174.1% +67.2% -8.1%
Trade receivables +9.9% -5.3% -3.8% +13.6% +4.4% +29.4% +76.5% +30.6%
Inventories -25.6% +27.3% +20.7% -35.9% +5.1% -19.5% +10.4% +102.7%
Other current assets +1.2% +1.2% +24.6% +49.5% +64.5% +0.3% -84.5% -33.0%
Total current assets +34.5% +27.9% +23.3% +5.0% +11.4% +4.8% +10.9% +45.0%
Property, plant & equipment -0.8% +0.8% +1.6% +1.6% +1.3% -0.8% +0.2% +1.0%
Intangible assets — — — — — — — —
Other non-current assets 0.0% 0.0% -32.9% -35.7% -35.7% 0.0% +49.0% +55.1%
Total non-current assets -1.6% +0.0% +0.7% +2.2% +2.0% +0.2% +1.5% +1.1%
Total assets +7.2% +6.8% +6.3% +2.9% +4.2% +1.3% +3.7% +9.3%
Liabilities
Trade payables +36.4% +27.1% +22.1% -3.8% -1.9% -20.2% -2.8% +29.0%
Short-term borrowings & current portion of debt +94.9% -9.7% -10.4% +5.9% +0.7% +29.1% +26.7% -14.6%
Total current liabilities +39.3% +25.9% +18.9% -3.0% -0.9% -18.3% -1.9% +20.8%
Long-term debt -11.3% -35.5% -37.6% -38.2% -28.4% -35.3% -34.1% +363.7%
Other non-current liabilities — — — — — — — —
Total non-current liabilities -9.2% -5.4% -4.7% -3.7% -2.3% -4.2% -4.2% +7.6%
Total liabilities +4.8% +4.0% +2.8% -3.5% -1.9% -8.9% -3.5% +11.4%
Equity
Share capital 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Reserves & retained earnings +10.0% +9.9% +9.8% +7.5% +9.0% +9.0% +9.7% +10.0%
Equity attributable to shareholders +8.4% +8.3% +8.2% +6.3% +7.5% +7.5% +8.0% +8.2%
Non-controlling interest — — — — — — — —
Total equity +8.4% +8.3% +8.2% +6.3% +7.5% +7.5% +8.0% +8.2%
Total liabilities & equity +7.2% +6.8% +6.3% +2.9% +4.2% +1.3% +3.7% +9.3%
Key figures
Total debt +13.2% -27.4% -29.8% -28.2% -23.3% -23.4% -23.7% +131.8%
Net debt / (net cash) — — — -2,030.3% -376.5% -671.9% — —
Shares outstanding — — — — — — — —
Common equity +8.4% +8.3% +8.2% +6.3% +7.5% +7.5% +8.0% +8.2%
Book value per share (Rs) +8.4% +8.3% +8.2% +6.3% +7.5% +7.5% +8.0% +8.2%

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

GWLC 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 14.7% 10.7% 9.6% 9.7% 4.9% 7.2% 6.6% 2.6%
Trade receivables 2.4% 2.1% 2.3% 2.6% 2.4% 2.4% 2.6% 2.3%
Inventories 10.5% 14.2% 14.7% 10.7% 15.2% 11.9% 12.9% 17.1%
Other current assets 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.1%
Total current assets 30.7% 29.3% 28.6% 25.4% 24.5% 24.5% 24.7% 24.9%
Property, plant & equipment 69.2% 70.5% 71.0% 74.1% 74.8% 74.7% 74.2% 74.9%
Intangible assets — — — — — — — —
Other non-current assets 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2%
Total non-current assets 69.3% 70.7% 71.4% 74.6% 75.5% 75.5% 75.3% 75.1%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Trade payables 11.1% 11.0% 11.4% 9.3% 8.7% 9.2% 9.9% 10.0%
Short-term borrowings & current portion of debt 1.0% 0.7% 0.7% 0.7% 0.5% 0.8% 0.8% 0.7%
Total current liabilities 12.4% 12.0% 12.4% 10.2% 9.6% 10.2% 11.1% 10.8%
Long-term debt 1.5% 1.1% 1.2% 1.4% 1.8% 1.8% 2.0% 2.3%
Other non-current liabilities — — — — — — — —
Total non-current liabilities 20.0% 21.0% 21.5% 22.8% 23.6% 23.7% 24.0% 24.4%
Total liabilities 32.4% 33.0% 33.9% 33.1% 33.2% 33.9% 35.0% 35.2%
Equity
Share capital 9.6% 9.8% 9.8% 10.3% 10.3% 10.4% 10.5% 10.5%
Reserves & retained earnings 57.9% 57.2% 56.3% 56.7% 56.5% 55.6% 54.5% 54.2%
Equity attributable to shareholders 67.6% 67.0% 66.1% 66.9% 66.8% 66.1% 65.0% 64.8%
Non-controlling interest 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total equity 67.6% 67.0% 66.1% 66.9% 66.8% 66.1% 65.0% 64.8%
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Total debt 2.4% 1.8% 1.9% 2.1% 2.3% 2.6% 2.8% 3.0%
Net debt / (net cash) (12.3%) (8.9%) (7.7%) (7.6%) (2.6%) (4.6%) (3.8%) 0.4%
Common equity 67.6% 67.0% 66.1% 66.9% 66.8% 66.1% 65.0% 64.8%

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 123
GWLC balance sheet — all reported line items (Rs bn)
Rs bn 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 2.3 1.4 1.2 1.9 0.4 1.0 2.0 0.5
Cash & Short Term Investments 6.1 4.4 3.9 3.8 1.9 2.8 2.5 1.0
Short-Term Investments - Total 3.8 3.0 2.7 1.9 1.5 1.8 0.6 0.5
Loans & Receivables - Net - Short-Term 2.0 1.2 1.2 1.4 1.2 1.2 1.2 1.5
Loans & Receivables - Total 2.0 1.3 1.4 1.6 1.4 1.5 1.6 1.5
Trade Accounts & Trade Notes Receivable - Net 1.0 0.9 1.0 1.0 0.9 0.9 1.0 0.9
Loans - Short-Term 0.3 0.4 0.3 0.4 0.3 0.3 0.3 0.6
Income Tax - Receivables - Short-Term 0.7 — — — — — — —
Inventories - Total 4.4 5.8 6.0 4.2 5.9 4.6 4.9 6.5
Inventories - Raw Materials — — — — — — — —
Inventories - Other - Total — — — — — — — —
Prepaid Expenses - Short-Term 0.3 0.5 0.5 0.5 0.4 0.8 0.7 0.4
Investments - Total 3.8 3.0 2.7 1.9 1.5 1.8 0.6 0.5
Other Current Assets - Total 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0
Property, Plant & Equipment - Net - Total 28.7 28.8 28.8 28.9 28.9 28.6 28.4 28.4
Other Current Assets 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0
Other Assets - Total 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Intangible Assets - Total - Net — — — — — — — —
Total Current Assets 12.7 12.0 11.6 9.9 9.5 9.4 9.4 9.4
Intangible Assets - excluding Goodwill - Net - Total — — — — — — — —
Receivables & Loans - Long-Term — 0.1 0.1 0.2 0.2 0.3 0.4 —
Loans - Long-Term — 0.1 0.1 0.2 0.2 0.3 0.4 —
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total — — — — — — 28.4 —
Construction in Progress - Net — — — — — — 3.2 —
Right of Use Tangible Assets - Total - Net — — — — — — — —
Right of Use Tangible Assets - Capital/Finance Lease - Net — — — — — — — —
Property, Plant & Equipment - Other - Net — — — — — — 25.2 —
Total Assets 41.5 40.9 40.6 39.0 38.7 38.3 38.2 38.0
Debt - Total 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Short-Term Debt & Current Portion of Long-Term Debt 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3
Current Portion of Long-Term Debt including Capitalized Leases 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3
Capitalized Leases - Current Portion — — — — — — — —
Debt - Long-Term - Total 0.6 0.4 0.5 0.6 0.7 0.7 0.8 0.9
Current Portion of Long-Term Debt excluding Capitalized Leases 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3
Assets Held for Sale/Discontinued Operations - Long-Term — — — — — — — —
Capitalized Lease Obligations - Long-Term — — — — — — — —
Long-Term Debt excluding Capitalized Leases 0.6 0.4 0.5 0.6 0.7 0.7 0.8 0.9
Other Non-Current Assets - Total 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Debt - Non-Convertible - Long-Term 0.6 0.4 0.5 0.6 0.7 0.7 0.8 0.9
Dividends Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Deferred Tax & Investment Tax Credits - Long-Term 7.7 8.1 8.2 8.4 8.4 8.4 8.4 8.4
Deferred Tax - Liability - Long-Term 7.7 8.1 8.2 8.4 8.4 8.4 8.4 8.4
Payables & Accrued Expenses 4.7 4.6 4.7 3.7 3.5 3.6 3.9 3.8
Trade Account Payables - Total 4.6 4.5 4.6 3.6 3.4 3.5 3.8 3.8
Other Non-Current Assets 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1
Accrued Expenses 0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.0
Total Liabilities 13.4 13.5 13.8 12.9 12.8 13.0 13.4 13.4
Shareholders' Equity - Attributable to Parent Shareholders - Total 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Total Non-Current Assets 28.7 28.9 29.0 29.1 29.2 28.9 28.8 28.5
Common Equity Attributable to Parent Shareholders 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Common Equity - Contributed 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Common Stock - Issued & Paid 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Equity - Non-Contributed - Reserves & Retained Earnings 24.0 23.4 22.9 22.1 21.9 21.3 20.8 20.6
Retained Earnings - Total 16.3 15.8 15.2 14.4 14.0 13.3 12.8 12.4
Trade Accounts Payable & Accruals - Short-Term 4.7 4.6 4.7 3.7 3.5 3.6 3.9 3.8
Comprehensive Income - Accumulated - Total 7.7 7.6 7.7 7.8 7.9 8.0 8.1 8.2
Trade Accounts & Trade Notes Payable - Short-Term 4.6 4.5 4.6 3.6 3.4 3.5 3.8 3.8
Accrued Expenses - Short-Term 0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.0
Dividends/Distributions Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities - Total 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Common Equity - Total 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Deferred Income - Short-Term 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Total Liabilities & Equity 41.5 40.9 40.6 39.0 38.7 38.3 38.2 38.0
Other Current Liabilities 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0
Revaluation Reserves 7.7 7.6 7.7 7.8 7.9 8.0 8.1 8.2
Total Current Liabilities 5.2 4.9 5.0 4.0 3.7 3.9 4.2 4.1
Accounts Payable including Accrued Expenses - Long-Term — — — — — — — —
Accrued Expenses - Long-Term — — — — — — — —
Other Non-Current Liabilities - Total — — — — — — — —
Provisions - Long-Term — — — — — — — —
Post Employment Benefits - Pension & Other - Long-Term — — — — — — — —
Total Non-Current Liabilities 8.3 8.6 8.7 8.9 9.1 9.1 9.2 9.3
Common Shares - Issued - Total mn 400.3 400.3 400.3 400.3 400.3 400.3 400.3 400.3
Common Shares - Outstanding - Total mn 400.3 400.3 400.3 400.3 400.3 400.3 400.3 400.3
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Common Shares - Authorized - Issue Specific mn 800.0 800.0 800.0 800.0 800.0 800.0 800.0 800.0
Common Shares - Issued - Issue Specific mn 400.3 400.3 400.3 400.3 400.3 400.3 400.3 400.3
Common Shares - Outstanding - Issue Specific mn 400.3 400.3 400.3 400.3 400.3 400.3 400.3 400.3
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 — — — — — — — —
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental — — — — — — — —
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental — — — — — — — —
Finance and Operating Lease Liabilities - Total - Supplemental — — — — — — — —
Debt including Finance and Operating Lease Liabilities - Supplemental 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Net Debt (5.1) (3.6) (3.1) (3.0) (1.0) (1.8) (1.5) 0.2
Asset Accruals 39.2 39.5 39.3 37.0 38.1 37.0 35.9 37.5
Cash & Cash Equivalents - Total 2.3 1.4 1.2 1.9 0.4 1.0 2.0 0.5
Cash & Short Term Investments - Total 6.1 4.4 3.9 3.8 1.9 2.8 2.5 1.0
Debt - including Preferred Equity & Minority Interest - Total 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Net Book Capital 23.0 23.8 23.8 23.2 24.9 23.5 23.4 24.7
Net Operating Assets 23.0 23.8 23.8 23.2 24.9 23.5 23.4 24.7
Provisions - Total 7.7 8.1 8.2 8.4 8.4 8.4 8.4 8.4
Shareholders Equity - Common 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Tangible Total Equity 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Tangible Book Value 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Total Book Capital 29.1 28.1 27.6 27.0 26.7 26.3 25.9 25.7
Total Capital 29.1 28.1 27.6 27.0 26.7 26.3 25.9 25.7
Total Long Term Capital 36.3 36.0 35.6 35.0 35.0 34.4 34.0 33.8
Unearned Revenue - Total 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Book Value excluding Other Equity 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Assets Held for Sale/Discontinued Operations - Long-Term & Short-Term — — — — — — — —
Contract Liabilities - Short-Term - Advance Consideration & Progress Billings in Excess of Unbilled Revenue 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Accruals - Short-Term 5.3 5.7 5.4 4.0 5.4 4.5 3.2 4.9
Cash & Short Term Investments - Net of Debt 5.1 3.6 3.1 3.0 1.0 1.8 1.5 (0.2)
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.3
Total Fixed Assets - Net 28.7 28.9 28.9 29.0 29.0 28.7 28.5 28.5
Working Capital 7.6 7.1 6.6 5.9 5.8 5.5 5.2 5.3
Interest Bearing Liabilities - Total 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Working Capital - Non-Cash 1.5 2.7 2.7 2.1 3.9 2.7 2.7 4.3
Working Capital excluding Other Current Assets & Liabilities 7.6 7.1 6.6 5.9 5.7 5.4 5.2 5.3
Net Debt Including Preferred Equity & Minority Interest (5.1) (3.6) (3.1) (3.0) (1.0) (1.8) (1.5) 0.2
Other Short-Term & Long-Term Assets - Total 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Other Short-Term & Long-Term Liabilities - Total 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Total Current Assets excluding Total Inventories 8.4 6.2 5.7 5.7 3.6 4.8 4.5 2.9
Tangible Book Value excluding Other Equity 28.0 27.4 26.9 26.1 25.9 25.3 24.8 24.6
Total Debt Excluding Islamic 1.0 0.7 0.8 0.8 0.9 1.0 1.1 1.1
Trade Accounts & Trade Notes Receivable - Net - Total 1.0 0.9 1.0 1.0 0.9 0.9 1.0 0.9
Current Liabilities excluding Current Debt - Total 4.8 4.6 4.8 3.7 3.5 3.6 3.9 3.9
Cash in Hand & with Banks - Total 2.3 1.4 1.2 1.9 0.4 1.0 2.0 0.5
Current Assets excluding Cash & Short Term Investments - Total 6.7 7.6 7.7 6.1 7.6 6.6 6.9 8.4
Cash, Short Term Investments & Accounts Receivable - Total 7.1 5.2 4.8 4.8 2.8 3.7 3.5 1.9

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