Panther Tyres Limited

Panther Tyres Limited (PTL) is a private limited company based in Pakistan, established in 1983 and later converted to public limited in 2003. As of June 30, 2025, the company had 168 million shares outstanding, held by 2,978 shareholders. The major shareholders include directors, CEO, their spouse and minor children who control 75.15% of the company, followed by local general public with 8.57% shares.

Modarabas & Mutual Funds hold 5.20% shares, while insurance companies hold 5.12%. Around 4.43% of shares are held by associated companies, undertakings & related parties, leaving the rest to other categories of shareholders.

During the period from 2021 to 2026, PTL's top-line revenue showed an upward trend, with a notable 39.86% year-on-year growth in 2021. However, the bottom-line profit experienced a decline in the following two years. In 2024, PTL's bottom-line ticked up, followed by a dip in 2025 and a significant rise in 2026. Gross and operating margins registered sound growth in 2021 and 2023-2024, but weakened in 2025 before rebounding in 2026.

The company's export sales grew by 54% in 2021, reaching 8.3% of its sales mix, compared to 7.6% in 2020. PTL launched the truck bus bias tyre (TBB) in 2020 and the largest and heaviest tyre in the off-the-road category in 2021. Export sales to 12 countries grew to 9.1% of PTL's sales mix by 2022. Despite cost of sales increasing by 38.59% in 2021, PTL managed to improve its gross profit by 47.33% due to cost control measures and passed on the impact to consumers, resulting in a gross profit margin of 15.25% in 2021.

The company's operating profit rebounded by 58.29% in 2021, with the operating margin rising from 8.44% in 2020 to 9.56% in 2021. Finance costs were reduced by 45.15% in 2021 due to monetary easing, while the gearing ratio remained stable at 17%. Net profit grew by 283% in 2021, reaching Rs.851.26 million with an EPS of Rs.5.07, up from Rs.2.52 in 2020.