Skip to content
Smart Money
Create free account Log in

Sugar & Allied Industries

TCORP Tariq Corporation Limited

Latest results: FY2025 · Sep 2025

Watch TCORP · free results alerts

Last close · 16 Oct 2026

Rs 19.63 -0.76%

Annual · FY2011 – FY2025

Tariq Corporation Limited (TCORP) balance sheet

At the end of FY2025 (Oct 2024 – Sep 2025) Tariq Corporation Limited had total assets of Rs 8.6 bn, up 1.8% on FY2024. Current assets of Rs 3.3 bn covered current liabilities of Rs 4.1 bn 0.80 times. Total debt was Rs 676.4 mn, net debt Rs 660.9 mn. Shareholders' equity was Rs 3.8 bn (Rs 55.29 per share), 44.8% of total assets.

TCORP balance sheet (annual) (Rs mn)
Rs mn FY2025 Oct 2024 – Sep 2025 FY2024 Oct 2023 – Sep 2024 FY2023 Oct 2022 – Sep 2023 FY2022 Oct 2021 – Sep 2022 FY2021 Oct 2020 – Sep 2021
Assets
Cash & short-term investments 15.5 19.6 59.9 55.6 120.4
Trade receivables 2,150.6 1,783.3 190.5 180.7 269.8
Inventories 515.3 694.7 495.6 1,798.7 1,326.5
Other current assets 9.3 10.2 5.1 1.0 0.5
Total current assets 3,321.8 2,741.1 1,150.7 2,413.4 2,086.7
Property, plant & equipment 5,150.9 5,584.7 5,651.1 5,133.3 5,006.2
Intangible assets 70.0 70.0 70.0 0.0 0.0
Long-term investments — — — — —
Other non-current assets 23.5 36.4 43.9 46.8 42.6
Total non-current assets 5,273.5 5,706.0 5,780.0 5,195.1 5,048.8
Total assets 8,595.3 8,447.2 6,930.7 7,608.5 7,135.5
Liabilities
Trade payables 3,182.6 3,031.9 1,115.0 680.5 677.2
Short-term borrowings & current portion of debt 473.7 460.8 506.6 2,292.8 2,203.6
Total current liabilities 4,137.4 3,925.4 2,018.0 3,950.1 3,177.4
Long-term debt 202.7 423.0 606.0 634.8 683.1
Other non-current liabilities — — — — —
Total non-current liabilities 610.0 750.3 1,263.6 960.1 960.6
Total liabilities 4,747.4 4,675.7 3,281.5 4,910.2 4,138.0
Equity
Share capital 662.1 662.1 529.7 529.7 385.2
Reserves & retained earnings 2,825.7 2,749.3 2,825.6 1,874.8 2,496.4
Equity attributable to shareholders 3,847.9 3,771.5 3,649.1 2,698.4 2,997.5
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total equity 3,847.9 3,771.5 3,649.1 2,698.4 2,997.5
Total liabilities & equity 8,595.3 8,447.2 6,930.7 7,608.5 7,135.5
Key figures
Total debt 676.4 883.8 1,112.7 2,927.5 2,886.7
Net debt / (net cash) 660.9 864.2 1,052.8 2,872.0 2,766.4
Shares outstanding mn 68.3 68.3 54.7 54.7 39.8
Common equity 3,778.2 3,701.8 3,579.5 2,628.7 2,997.5
Book value per share (Rs) Rs 55.29 54.17 65.46 48.07 75.38
TCORP balance sheet — year-on-year change (Rs mn)
Rs mn FY2025 Oct 2024 – Sep 2025 FY2024 Oct 2023 – Sep 2024 FY2023 Oct 2022 – Sep 2023 FY2022 Oct 2021 – Sep 2022 FY2021 Oct 2020 – Sep 2021
Assets
Cash & short-term investments -20.9% -67.3% +7.7% -53.8% +148.3%
Trade receivables +20.6% +836.3% +5.4% -33.0% -71.8%
Inventories -25.8% +40.2% -72.4% +35.6% +30.3%
Other current assets -8.9% +101.3% +387.1% +131.8% —
Total current assets +21.2% +138.2% -52.3% +15.7% -11.8%
Property, plant & equipment -7.8% -1.2% +10.1% +2.5% +11.3%
Intangible assets 0.0% 0.0% — — —
Long-term investments — — — — —
Other non-current assets -35.3% -17.2% -6.2% +10.0% +59.0%
Total non-current assets -7.6% -1.3% +11.3% +2.9% +11.6%
Total assets +1.8% +21.9% -8.9% +6.6% +3.5%
Liabilities
Trade payables +5.0% +171.9% +63.8% +0.5% -24.2%
Short-term borrowings & current portion of debt +2.8% -9.1% -77.9% +4.0% +43.9%
Total current liabilities +5.4% +94.5% -48.9% +24.3% +7.7%
Long-term debt -52.1% -30.2% -4.5% -7.1% -3.2%
Other non-current liabilities — — — — —
Total non-current liabilities -18.7% -40.6% +31.6% -0.0% -1.4%
Total liabilities +1.5% +42.5% -33.2% +18.7% +5.4%
Equity
Share capital 0.0% +25.0% 0.0% +37.5% 0.0%
Reserves & retained earnings +2.8% -2.7% +50.7% -24.9% +1.2%
Equity attributable to shareholders +2.0% +3.4% +35.2% -10.0% +1.0%
Non-controlling interest — — — — —
Total equity +2.0% +3.4% +35.2% -10.0% +1.0%
Total liabilities & equity +1.8% +21.9% -8.9% +6.6% +3.5%
Key figures
Total debt -23.5% -20.6% -62.0% +1.4% +29.0%
Net debt / (net cash) -23.5% -17.9% -63.3% +3.8% +26.4%
Shares outstanding — — — — —
Common equity +2.1% +3.4% +36.2% -12.3% +1.0%
Book value per share (Rs) +2.1% -17.3% +36.2% -36.2% +1.0%

Change against the previous fiscal year; shown when the earlier figure is positive.

TCORP balance sheet — common size (Rs mn)
Rs mn FY2025 Oct 2024 – Sep 2025 FY2024 Oct 2023 – Sep 2024 FY2023 Oct 2022 – Sep 2023 FY2022 Oct 2021 – Sep 2022 FY2021 Oct 2020 – Sep 2021
Assets
Cash & short-term investments 0.2% 0.2% 0.9% 0.7% 1.7%
Trade receivables 25.0% 21.1% 2.7% 2.4% 3.8%
Inventories 6.0% 8.2% 7.2% 23.6% 18.6%
Other current assets 0.1% 0.1% 0.1% 0.0% 0.0%
Total current assets 38.6% 32.5% 16.6% 31.7% 29.2%
Property, plant & equipment 59.9% 66.1% 81.5% 67.5% 70.2%
Intangible assets 0.8% 0.8% 1.0% 0.0% 0.0%
Long-term investments — — — — —
Other non-current assets 0.3% 0.4% 0.6% 0.6% 0.6%
Total non-current assets 61.4% 67.5% 83.4% 68.3% 70.8%
Total assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities
Trade payables 37.0% 35.9% 16.1% 8.9% 9.5%
Short-term borrowings & current portion of debt 5.5% 5.5% 7.3% 30.1% 30.9%
Total current liabilities 48.1% 46.5% 29.1% 51.9% 44.5%
Long-term debt 2.4% 5.0% 8.7% 8.3% 9.6%
Other non-current liabilities — — — — —
Total non-current liabilities 7.1% 8.9% 18.2% 12.6% 13.5%
Total liabilities 55.2% 55.4% 47.3% 64.5% 58.0%
Equity
Share capital 7.7% 7.8% 7.6% 7.0% 5.4%
Reserves & retained earnings 32.9% 32.5% 40.8% 24.6% 35.0%
Equity attributable to shareholders 44.8% 44.6% 52.7% 35.5% 42.0%
Non-controlling interest 0.0% 0.0% 0.0% 0.0% 0.0%
Total equity 44.8% 44.6% 52.7% 35.5% 42.0%
Total liabilities & equity 100.0% 100.0% 100.0% 100.0% 100.0%
Key figures
Total debt 7.9% 10.5% 16.1% 38.5% 40.5%
Net debt / (net cash) 7.7% 10.2% 15.2% 37.7% 38.8%
Common equity 44.0% 43.8% 51.6% 34.5% 42.0%

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 15 Oct 2026.

All reported line items 133
TCORP balance sheet — all reported line items (Rs mn)
Rs mn FY2025 Oct 2024 – Sep 2025 FY2024 Oct 2023 – Sep 2024 FY2023 Oct 2022 – Sep 2023 FY2022 Oct 2021 – Sep 2022 FY2021 Oct 2020 – Sep 2021
Cash & Cash Equivalents 15.1 14.3 54.5 49.7 112.8
Cash & Short Term Investments 15.5 19.6 59.9 55.6 120.4
Short-Term Investments - Total 0.4 5.3 5.3 5.9 7.6
Financial Assets - Short-Term 0.4 5.3 5.3 5.9 7.6
Loans & Receivables - Net - Short-Term 2,150.6 1,783.3 217.6 255.5 314.3
Loans & Receivables - Total 2,150.6 1,783.3 217.6 255.5 314.3
Trade Accounts & Trade Notes Receivable - Net 2,150.6 1,783.3 190.5 180.7 269.8
Income Tax - Receivables - Short-Term — 0.0 27.1 74.8 44.6
Receivables - Other - Total — — — — —
Inventories - Total 515.3 694.7 495.6 1,798.7 1,326.5
Inventories - Raw Materials — — — — —
Prepaid Expenses - Short-Term 631.1 233.3 372.6 302.6 325.0
Investments - Total 0.4 5.3 5.3 5.9 7.6
Other Current Assets - Total 9.3 10.2 5.1 1.0 0.5
Property, Plant & Equipment - Net - Total 5,150.9 5,584.7 5,651.1 5,133.3 5,006.2
Other Current Assets 9.3 10.2 5.1 1.0 0.5
Other Assets - Total 32.8 46.6 49.0 47.9 43.1
Investments in Associates, Joint Ventures and Unconsolidated Subsidiaries 29.1 15.0 15.0 15.0 —
Intangible Assets - Total - Net 70.0 70.0 70.0 0.0 0.0
Total Current Assets 3,321.8 2,741.1 1,150.7 2,413.4 2,086.7
Intangible Assets - excluding Goodwill - Net - Total 70.0 70.0 70.0 0.0 0.0
Investments - Long-Term — — — — —
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total 5,150.9 5,584.7 5,651.1 5,133.3 5,006.2
Right of Use Tangible Assets - Total - Net 48.1 61.8 24.9 31.4 13.3
Right of Use Tangible Assets - Capital/Finance Lease - Net 48.1 61.8 24.9 31.4 13.3
Property, Plant & Equipment - Other - Net 5,102.8 5,522.9 5,626.2 5,101.9 4,993.0
Natural Resources/Biological Assets - Net — 55.1 — — —
Total Assets 8,595.3 8,447.2 6,930.7 7,608.5 7,135.5
Debt - Total 676.4 883.8 1,112.7 2,927.5 2,886.7
Short-Term Debt & Current Portion of Long-Term Debt 473.7 460.8 506.6 2,292.8 2,203.6
Current Portion of Long-Term Debt including Capitalized Leases 244.4 360.8 405.2 319.9 331.9
Capitalized Leases - Current Portion — — — — 2.0
Short-Term Debt & Notes Payable 229.3 100.0 101.4 1,972.8 1,871.7
Debt - Long-Term - Total 202.7 423.0 606.0 634.8 683.1
Current Portion of Long-Term Debt excluding Capitalized Leases 244.4 360.8 405.2 319.9 329.9
Assets Held for Sale/Discontinued Operations - Long-Term — — — — —
Capitalized Lease Obligations - Long-Term 28.7 31.9 15.9 29.9 8.3
Long-Term Debt excluding Capitalized Leases 124.7 335.2 528.6 538.3 674.9
Other Non-Current Assets - Total 23.5 36.4 43.9 46.8 42.6
Debt - Non-Convertible - Long-Term 124.7 335.2 528.6 538.3 674.9
Dividends Payable 30.2 15.7 30.1 15.7 1.2
Deferred Tax - Asset - Long-Term — — — — —
Deferred Tax & Investment Tax Credits - Long-Term 407.3 327.2 657.5 325.3 277.4
Deferred Tax - Liability - Long-Term 407.3 327.2 657.5 325.3 277.4
Payables & Accrued Expenses 3,182.6 3,031.9 1,115.0 680.5 677.2
Trade Account Payables - Total 3,182.6 3,031.9 1,115.0 680.5 677.2
Other Non-Current Assets 23.5 36.4 43.9 46.8 42.6
Total Liabilities 4,747.4 4,675.7 3,281.5 4,910.2 4,138.0
Shareholders' Equity - Attributable to Parent Shareholders - Total 3,847.9 3,771.5 3,649.1 2,698.4 2,997.5
Total Non-Current Assets 5,273.5 5,706.0 5,780.0 5,195.1 5,048.8
Common Equity Attributable to Parent Shareholders 3,778.2 3,701.8 3,579.5 2,628.7 2,997.5
Common Equity - Contributed 952.5 952.5 753.9 753.9 501.1
Common Stock - Issued & Paid 662.1 662.1 529.7 529.7 385.2
Equity - Non-Contributed - Reserves & Retained Earnings 2,825.7 2,749.3 2,825.6 1,874.8 2,496.4
Retained Earnings - Total 543.5 451.3 269.4 (119.0) 20.5
Trade Accounts Payable & Accruals - Short-Term 3,182.6 3,031.9 1,115.0 680.5 677.2
Comprehensive Income - Accumulated - Total 2,242.5 2,298.0 2,458.8 1,894.2 2,214.0
Trade Accounts & Trade Notes Payable - Short-Term 3,182.6 3,031.9 1,115.0 680.5 677.2
Other Reserves/Equity - Total 39.8 0.0 97.4 99.6 262.0
Income Taxes - Payable - Short-Term 0.5 4.0 — — —
Dividends/Distributions Payable 30.2 15.7 30.1 15.7 1.2
Other Current Liabilities - Total 450.5 413.1 366.3 961.1 295.4
Common Equity - Total 3,778.2 3,701.8 3,579.5 2,628.7 2,997.5
Deferred Income - Short-Term 437.1 374.2 316.7 768.1 211.5
Common Stock - Additional Paid in Capital including Option Reserve 290.4 290.4 224.2 224.2 115.9
Total Shareholders' Equity - including Minority Interest & Hybrid Debt 3,847.9 3,771.5 3,649.1 2,698.4 2,997.5
Total Liabilities & Equity 8,595.3 8,447.2 6,930.7 7,608.5 7,135.5
Other Current Liabilities 13.4 38.9 49.6 193.0 83.9
Revaluation Reserves 2,242.5 2,298.0 2,458.8 1,894.2 2,002.2
Total Current Liabilities 4,137.4 3,925.4 2,018.0 3,950.1 3,177.4
Hybrid Financial Instrument - Liability - Long-Term 49.4 55.9 61.6 66.6 —
Preferred Stock - Liability Portion - Long-Term 49.4 55.9 61.6 66.6 —
Other Non-Current Liabilities - Total — — — — —
Customer Advances - Long-Term — — — — —
Deferred Revenue - Long-Term — — — — —
Other Non-Current Liabilities — — — — —
Total Non-Current Liabilities 610.0 750.3 1,263.6 960.1 960.6
Preferred Shareholders Equity 69.7 69.7 69.7 69.7 —
Preferred Stock - Non-Redeemable 69.7 69.7 69.7 69.7 —
Preferred Stock - Convertible - Non-Redeemable 69.7 69.7 69.7 69.7 —
Comprehensive Income - Other - Total — — — 0.0 211.8
Common Shares - Issued - Total mn 68.3 68.3 54.7 54.7 39.8
Common Shares - Outstanding - Total mn 68.3 68.3 54.7 54.7 39.8
Common Shares - Treasury - Total mn 0.0 0.0 0.0 0.0 0.0
Common Shares - Authorized - Issue Specific mn 72.3 72.3 54.7 54.7 547.2
Common Shares - Issued - Issue Specific mn 68.3 68.3 54.7 54.7 39.8
Common Shares - Outstanding - Issue Specific mn 68.3 68.3 54.7 54.7 39.8
Common Shares - Treasury - Issue Specific mn 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×
Right of Use Tangible Assets - Total - Net - Supplemental 48.1 61.8 24.9 31.4 13.3
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental 48.1 61.8 24.9 31.4 13.3
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental 5,102.8 5,522.9 5,626.2 5,101.9 4,993.0
Finance and Operating Lease Liabilities - Total - Supplemental 28.7 31.9 15.9 29.9 10.2
Debt including Finance and Operating Lease Liabilities - Supplemental 676.4 883.8 1,112.7 2,927.5 2,886.7
Net Debt 660.9 864.2 1,052.8 2,872.0 2,766.4
Asset Accruals 8,580.3 8,432.9 6,876.2 7,558.8 7,022.7
Cash & Cash Equivalents - Total 15.1 14.3 54.5 49.7 112.8
Cash & Short Term Investments - Total 15.5 19.6 59.9 55.6 120.4
Debt - including Preferred Equity & Minority Interest - Total 746.1 953.5 1,182.4 2,997.2 2,886.7
Investments - Permanent 29.1 15.0 15.0 15.0 —
Net Book Capital 4,508.8 4,635.7 4,701.9 5,570.3 5,763.9
Net Operating Assets 4,508.8 4,635.7 4,701.9 5,570.3 5,763.9
Provisions - Total 407.3 327.2 657.5 325.3 277.4
Shareholders Equity - Common 3,778.2 3,701.8 3,579.5 2,628.7 2,997.5
Tangible Total Equity 3,777.9 3,701.5 3,579.1 2,698.4 2,997.5
Tangible Book Value 3,708.2 3,631.8 3,509.5 2,628.7 2,997.5
Total Book Capital 4,454.7 4,585.6 4,692.1 5,556.2 5,884.2
Total Capital 4,524.3 4,655.3 4,761.8 5,625.9 5,884.2
Total Long Term Capital 4,457.9 4,521.8 4,912.7 3,658.5 3,958.1
Unearned Revenue - Total 437.1 374.2 316.7 768.1 211.5
Book Value excluding Other Equity 3,738.5 3,701.8 3,482.1 2,529.1 2,735.5
Assets Held for Sale/Discontinued Operations - Long-Term & Short-Term — — — — —
Income Taxes - Payable - Long-Term & Short-Term 0.5 4.0 — — —
Contract Liabilities - Short-Term - Advance Consideration & Progress Billings in Excess of Unbilled Revenue 437.1 374.2 316.7 768.1 211.5
Accruals - Short-Term (830.7) (1,198.5) (921.8) (1,586.4) (1,203.5)
Cash & Short Term Investments - Net of Debt (660.9) (864.2) (1,052.8) (2,872.0) (2,766.4)
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments 244.4 360.8 405.2 319.9 331.9
Total Fixed Assets - Net 5,273.5 5,706.0 5,780.0 5,195.1 5,048.8
Working Capital (815.6) (1,184.3) (867.3) (1,536.7) (1,090.8)
Interest Bearing Liabilities - Total 676.4 883.8 1,112.7 2,927.5 2,886.7
Working Capital - Non-Cash (831.1) (1,203.9) (927.2) (1,592.3) (1,211.1)
Working Capital excluding Other Current Assets & Liabilities (374.4) (781.4) (506.1) (576.6) (795.8)
Net Debt Including Preferred Equity & Minority Interest 730.6 933.9 1,122.5 2,941.6 2,766.4
Other Short-Term & Long-Term Assets - Total 32.8 46.6 49.0 47.9 43.1
Other Short-Term & Long-Term Liabilities - Total 450.5 413.1 366.3 961.1 295.4
Total Current Assets excluding Total Inventories 2,806.5 2,046.5 655.1 614.7 760.2
Tangible Book Value excluding Other Equity 3,668.5 3,631.8 3,412.1 2,529.1 2,735.5
Total Debt Excluding Islamic 676.4 883.8 1,112.7 2,927.5 2,886.7
Trade Accounts & Trade Notes Receivable - Net - Total 2,150.6 1,783.3 190.5 180.7 269.8
Current Liabilities excluding Current Debt - Total 3,663.7 3,464.6 1,511.3 1,657.3 973.8
Cash in Hand & with Banks - Total 15.1 14.3 54.5 49.7 112.8
Current Assets excluding Cash & Short Term Investments - Total 3,306.3 2,721.5 1,090.8 2,357.8 1,966.3
Cash, Short Term Investments & Accounts Receivable - Total 2,166.1 1,802.9 250.3 236.2 390.1

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