IMAGE Image Pakistan Limited

Image Pakistan Limited (IMAGE) financial ratios

Image Pakistan Limited earned a net margin of 15.1% in FY2026 against a five-year average of 12.9% (Synthetic & Rayon median 3.4%). Return on equity was 14.6%, compared with a sector median of 4.0%. Cash took about 184 days to cycle through receivables, inventory and payables.

FY2026 vs the Synthetic & Rayon median

Net margin: 15.1%; Sector median 3.4%
Return on equity (ROE): 14.6%; Sector median 4.0%
Debt to equity: 40.1%; Sector median 59.3%

Median of the 9 companies in the sector with the figure for their latest fiscal year.

IMAGE financial ratios (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
Profitability
Gross margin	—	46.2%	39.0%	38.7%	43.3%	44.1%	53.3%	51.4%	56.9%	41.0%	8.1%	—	—	—	—
EBITDA margin	34.5%	33.4%	18.1%	17.3%	18.1%	24.4%	25.4%	29.5%	40.5%	48.6%	87.5%	—	—	—	—
Operating margin	—	24.6%	15.2%	14.3%	14.3%	19.9%	16.2%	19.2%	31.5%	37.0%	5.5%	—	—	—	—
Pre-tax margin	16.1%	20.1%	12.1%	12.4%	10.0%	15.5%	9.6%	15.2%	24.4%	37.7%	(25.1%)	—	—	—	—
Net margin	15.1%	16.5%	10.0%	10.7%	12.1%	11.5%	5.6%	13.6%	24.2%	38.9%	(1.0%)	—	—	—	—
Effective tax rate	6.4%	17.7%	16.9%	13.6%	(21.0%)	26.0%	41.9%	10.7%	1.2%	(3.2%)	—	—	—	—	—
Returns
Return on equity (ROE)	14.6%	18.9%	12.6%	13.0%	13.5%	10.1%	2.1%	5.3%	10.8%	18.8%	(0.1%)	—	—	—	—
Return on assets (ROA)	—	12.4%	9.1%	9.4%	9.1%	6.3%	1.5%	3.7%	7.3%	13.2%	(0.0%)	—	—	—	—
Return on invested capital (ROIC)	—	18.5%	13.7%	12.7%	12.9%	9.7%	2.9%	5.8%	10.0%	14.7%	—	—	—	—	—
Liquidity
Current ratio	—	2.80×	2.96×	3.04×	3.57×	2.18×	2.75×	3.47×	5.91×	3.29×	1.82×	0.95×	—	—	—
Quick ratio	—	1.18×	0.99×	0.80×	0.77×	0.68×	0.33×	0.57×	3.47×	2.48×	1.23×	0.47×	—	—	—
Leverage
Debt to equity	40.1%	30.5%	4.5%	9.6%	8.1%	23.5%	20.8%	17.3%	31.2%	33.1%	20.0%	18.1%	—	—	—
Debt to capital	28.6%	23.4%	4.3%	8.7%	7.5%	19.0%	17.2%	14.7%	23.8%	24.9%	16.7%	15.3%	—	—	—
Debt to assets	—	18.3%	3.3%	6.8%	6.0%	13.9%	13.7%	12.6%	21.0%	22.4%	14.8%	13.6%	—	—	—
Assets to equity	—	1.53×	1.39×	1.39×	1.49×	1.62×	1.45×	1.43×	1.48×	1.43×	1.34×	—	—	—	—
Efficiency
Asset turnover	—	0.75×	0.91×	0.88×	0.75×	0.55×	0.27×	0.27×	0.30×	0.34×	0.04×	—	—	—	—
Receivable days days	184	109	55	36	69	84	81	188	243	118	182	—	—	—	—
Inventory days days	—	352	285	324	404	524	1,284	776	370	80	202	—	—	—	—
Payable days days	—	155	123	115	152	200	302	171	145	88	262	—	—	—	—
Cash conversion cycle days	184	306	217	245	320	408	1,063	793	468	110	122	—	—	—	—
Dividends
Dividend payout ratio	—	30.3%	75.7%	0.0%	47.8%	0.0%	0.0%	108.0%	0.0%	0.0%	—	—	—	—	—
Earnings retention rate	—	0.70×	0.24×	1.00×	0.52×	1.00×	1.00×	(0.08×)	1.00×	1.00×	—	—	—	—	—

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

IMAGE: frequently asked questions

Does IMAGE pay dividends?

Yes. Image Pakistan Limited declared a dividend of Rs 1.00 per share for FY2026. It has paid a dividend in each of the last 2 years. At Rs 24.19 that is a dividend yield of 4.1%.

Information only, not investment advice.