Last close · 16 Oct 2026
Rs 272.56 -0.91%
Quarterly · Q1 FY2022 – Q4 FY2026
Shezan International Limited (SHEZ) quarterly cash flow statement
Operating activities generated Rs 458.5 mn of cash in Q4 FY2026 (Apr – Jun 2026), down 46.2% on Q4 FY2025, 147% of the starting profit. Capital expenditure was Rs 67.7 mn, leaving free cash flow of Rs 390.8 mn. Overall, cash decreased by Rs 26.9 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) | 565.7 | 311.0 | 156.7 | (45.4) | 143.4 | 205.9 | 74.5 | (34.7) | 40.2 | 115.2 | (200.7) | (253.2) | (27.3) | 46.4 | 103.3 | (35.4) | 57.5 | 79.3 | 98.6 | (71.7) | 80.1 |
| Depreciation & amortisation | 181.6 | 49.4 | 45.2 | 44.0 | 43.1 | 48.8 | 47.0 | 46.6 | 46.6 | 51.2 | 53.6 | 53.7 | 53.3 | 61.7 | 59.0 | 58.1 | 55.7 | 61.8 | 60.7 | 61.6 | 60.8 |
| Net cash from operating activities | (183.4) | 458.5 | (103.7) | (160.3) | (377.8) | 852.8 | (626.5) | (122.2) | 319.0 | 374.7 | (90.8) | (104.1) | 75.0 | 624.9 | (522.8) | 123.5 | (289.8) | 51.2 | 191.8 | (251.5) | 288.1 |
| Investing activities | |||||||||||||||||||||
| Capital expenditure | (209.6) | (67.7) | (101.0) | (10.8) | (30.2) | (64.9) | (30.5) | (6.5) | (31.5) | (26.7) | (3.5) | (0.7) | (19.3) | (58.8) | (5.3) | (55.8) | (70.8) | (17.7) | (98.7) | (10.9) | (20.8) |
| Net cash from investing activities | (178.4) | (45.6) | (96.5) | (6.3) | (29.9) | (64.2) | (29.5) | (5.5) | (29.2) | (19.1) | (0.5) | 3.2 | (16.0) | (55.9) | 14.8 | (48.5) | (66.2) | 25.8 | (42.4) | (3.8) | (20.5) |
| Financing activities | |||||||||||||||||||||
| Dividends paid | — | — | 0.0 | (61.8) | — | 0.0 | 0.0 | — | — | 0.0 | (0.1) | (17.6) | 0.0 | 0.0 | 0.0 | (44.2) | (0.0) | — | (0.1) | (43.1) | (0.1) |
| Borrowings raised / (repaid) | 361.9 | (439.8) | 265.3 | 243.7 | 292.7 | (675.1) | 639.0 | 122.4 | (322.8) | (332.2) | 101.7 | 67.9 | (56.2) | (483.4) | 477.7 | (40.6) | 345.2 | (80.7) | (127.0) | 285.6 | (344.1) |
| Net cash from financing activities | 300.1 | (439.8) | 265.3 | 181.8 | 292.7 | (675.1) | 639.0 | 122.4 | (322.8) | (332.2) | 101.6 | 50.3 | (56.2) | (483.4) | 477.7 | (84.8) | 345.2 | (80.7) | (127.1) | 242.5 | (344.2) |
| Net change in cash | (61.6) | (26.9) | 65.1 | 15.2 | (115.0) | 113.6 | (17.0) | (5.2) | (33.0) | 23.4 | 10.2 | (50.7) | 2.9 | 85.5 | (30.3) | (9.8) | (10.8) | (3.7) | 22.3 | (12.9) | (76.6) |
| Key figures | |||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | (393.0) | 390.8 | (204.7) | (171.1) | (408.0) | 787.9 | (657.0) | (128.7) | 287.5 | 348.0 | (94.3) | (104.8) | 55.7 | 566.0 | (528.0) | 67.7 | (360.6) | 33.5 | 93.1 | (262.5) | 267.3 |
| 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) | +51.0% | +110.4% | — | +256.3% | +78.8% | — | — | — | +148.2% | -294.3% | — | -147.4% | -41.5% | +4.7% | — | -28.2% | +34.7% | +208.8% | — | -44.5% |
| Depreciation & amortisation | +1.3% | -3.9% | -5.6% | -7.6% | -4.7% | -12.3% | -13.3% | -12.6% | -17.1% | -9.2% | -7.6% | -4.2% | -0.1% | -2.8% | -5.6% | -8.5% | -11.9% | -12.4% | -12.0% | -13.4% |
| Net cash from operating activities | -46.2% | — | — | -218.4% | +127.6% | — | — | +325.1% | -40.0% | — | -184.3% | — | +1,120.2% | -372.6% | — | -200.6% | -85.7% | -42.2% | — | — |
| Investing activities | ||||||||||||||||||||
| Capital expenditure | +4.3% | +231.3% | +66.5% | -4.2% | +142.8% | +774.2% | +846.7% | +62.6% | -54.6% | -33.6% | -98.8% | -72.7% | +232.8% | -94.7% | +410.6% | +240.9% | -66.8% | +3,155.0% | +29.8% | +5.2% |
| Net cash from investing activities | — | — | — | — | — | — | -272.6% | — | — | -103.5% | — | — | -316.3% | — | — | — | — | -745.1% | -364.2% | — |
| Financing activities | ||||||||||||||||||||
| Dividends paid | — | — | — | — | — | -100.0% | — | — | — | — | -60.1% | -100.0% | — | -100.0% | +2.4% | -75.7% | — | — | +123,180.0% | — |
| Borrowings raised / (repaid) | — | -58.5% | +99.0% | — | — | +528.3% | +80.3% | — | — | -78.7% | — | -116.3% | — | — | -114.2% | — | — | — | -1.9% | -238.5% |
| Net cash from financing activities | — | -58.5% | +48.5% | — | — | +529.2% | +143.6% | — | — | -78.7% | — | -116.3% | — | — | -135.0% | — | — | — | -16.7% | -238.5% |
| Net change in cash | -123.7% | — | — | — | +384.3% | -266.0% | — | -1,233.8% | -72.6% | — | — | — | — | -236.0% | — | — | -108.6% | -55.0% | — | — |
| Key figures | ||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | -50.4% | — | — | -241.9% | +126.4% | — | — | +416.3% | -38.5% | — | -255.0% | — | +1,588.2% | -667.4% | — | -234.9% | -89.0% | -71.7% | — | — |
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 17 Oct 2026.
All reported line items 51
| 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 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) - Starting Line - Cash Flow | 0.3 | 0.2 | (0.0) | 0.1 | 0.2 | 0.1 | (0.0) | 0.0 | 0.1 | (0.2) | (0.3) | (0.0) |
| Non-cash Items & Reconciliation Adjustments - Cash Flow | 0.1 | 0.0 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile | 0.0 | (0.1) | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Income/(Expense) - Cash Flow - to Reconcile | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 |
| Income Taxes - Paid/(Reimbursed) - Cash Flow | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
| Interest Paid - Cash | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.1 |
| Interest & Dividends - Received - Total - Cash Flow | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | 0.0 | 0.3 | — | 0.0 | 0.0 |
| Cash Flow from Operating Activities before Changes in Working Capital | 0.3 | 0.1 | 0.0 | 0.2 | 0.2 | 0.1 | (0.0) | 0.0 | 0.1 | (0.2) | (0.2) | (0.0) |
| Working Capital - Increase/(Decrease) - Cash Flow | 0.2 | (0.2) | (0.2) | (0.5) | 0.6 | (0.7) | (0.1) | 0.3 | 0.3 | 0.1 | 0.1 | 0.1 |
| Accounts Receivables - Decrease/(Increase) - Cash Flow | 0.2 | (0.5) | 0.1 | (0.2) | 0.6 | (1.1) | 0.1 | 0.2 | 0.3 | (0.5) | 0.2 | 0.2 |
| Inventories - Decrease/(Increase) - Cash Flow | (0.0) | (0.1) | 0.0 | (0.1) | (0.3) | 0.2 | 0.0 | 0.3 | (0.1) | 0.2 | (0.0) | (0.0) |
| Other Assets - Decrease/(Increase) - Cash Flow | 0.0 | 0.0 | (0.0) | (0.0) | 0.0 | 0.0 | (0.0) | (0.0) | 0.0 | (0.0) | 0.0 | (0.0) |
| Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow | (0.1) | 0.3 | (0.3) | (0.2) | 0.3 | 0.2 | (0.2) | (0.2) | 0.0 | 0.4 | (0.1) | (0.1) |
| Other Liabilities - Increase/(Decrease) -Total - Cash Flow | 0.0 | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 | (0.0) | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 |
| Net Cash Flow from Operating Activities | 0.5 | (0.1) | (0.2) | (0.4) | 0.9 | (0.6) | (0.1) | 0.3 | 0.4 | (0.1) | (0.1) | 0.1 |
| Capital Expenditures - Net - Cash Flow | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.0) | 0.0 |
| Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (0.0) | 0.0 |
| Property, Plant & Equipment - Purchased - Cash Flow | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Property, Plant & Equipment Sold - Cash Flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Capital Expenditures - Total | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Cash Flow from Investing Activities | (0.0) | (0.1) | (0.0) | (0.0) | (0.1) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | 0.0 | (0.0) |
| Dividends Paid - Cash - Total - Cash Flow | — | 0.0 | 0.1 | — | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Dividends - Common - Cash Paid | — | 0.0 | 0.1 | — | 0.0 | 0.0 | — | — | 0.0 | 0.0 | 0.0 | 0.0 |
| Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow | (0.4) | 0.3 | 0.2 | 0.3 | (0.7) | 0.6 | 0.1 | (0.3) | (0.3) | 0.1 | 0.1 | (0.1) |
| Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow | (0.4) | 0.0 | 0.2 | 0.3 | (0.7) | 0.7 | 0.2 | (0.3) | (0.3) | 0.1 | 0.1 | (0.0) |
| Debt - Issued - Short-Term - Cash Flow | 16.8 | — | — | — | — | — | — | — | — | — | — | — |
| Debt - Reduced - Short-Term - Cash Flow | 17.2 | — | — | — | — | — | — | — | — | — | — | — |
| Debt - Issued/Reduced - Long-Term - Cash Flow | (0.0) | 0.2 | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) |
| Lease liabilities - Issued/(Reduced) - Cash Flow | 0.2 | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) |
| Debt - Issued - Long-Term - Cash Flow | 0.2 | 0.2 | — | — | — | — | — | — | — | — | — | — |
| Lease liabilities - Issued - Cash flow | 0.2 | 0.0 | — | — | — | — | — | — | — | — | — | — |
| Debt - Reduced - Long-Term - Cash Flow | 0.2 | — | — | — | — | — | — | — | — | — | — | — |
| Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue | 0.0 | — | — | — | — | — | — | — | — | — | — | — |
| Other Financing Cash Flow - Increase/(Decrease) | 0.0 | — | — | — | — | — | — | — | — | — | — | — |
| Net Cash Flow from Financing Activities | (0.4) | 0.3 | 0.2 | 0.3 | (0.7) | 0.6 | 0.1 | (0.3) | (0.3) | 0.1 | 0.1 | (0.1) |
| Net Change in Cash - Total | (0.0) | 0.1 | 0.0 | (0.1) | 0.1 | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | (0.1) | 0.0 |
| Net Cash from Continuing Operations | (0.0) | 0.1 | 0.0 | (0.1) | 0.1 | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | (0.1) | 0.0 |
| Net Cash - Beginning Balance | 0.1 | 0.1 | 0.0 | 0.2 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Net Cash - Ending Balance | 0.1 | 0.1 | 0.1 | 0.0 | 0.2 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 |
| Interest Paid - Cash Flow - Supplemental | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.1 |
| Interest & Dividends - Received - Cash Flow - Supplemental | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | 0.0 | 0.3 | — | 0.0 | 0.0 |
| CF from Optg Activities before Change in WC & Int Payments | 0.4 | 0.2 | 0.0 | 0.2 | 0.4 | 0.3 | 0.1 | 0.1 | 0.5 | (0.1) | (0.2) | 0.1 |
| Contract Liabilities - Increase/(Decrease) - Cash Flow | 0.0 | (0.0) | 0.0 | (0.0) | 0.0 | — | — | — | 0.0 | (0.0) | 0.0 | 0.0 |
| Depreciation, Depletion & Amortization - Cash Flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free Cash Flow to Equity | (0.0) | 0.1 | 0.1 | (0.1) | 0.1 | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | (0.0) | 0.0 |
| Free Cash Flow Net of Dividends | 0.4 | (0.2) | (0.2) | (0.4) | 0.8 | (0.7) | (0.1) | 0.3 | 0.3 | (0.1) | (0.1) | 0.1 |
| Free Cash Flow | 0.4 | (0.2) | (0.2) | (0.4) | 0.8 | (0.7) | (0.1) | 0.3 | 0.3 | (0.1) | (0.1) | 0.1 |
Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 12 periods; the table above goes back further.