Panther Tyres Limited: performance and outlook

Panther Tyres Limited (PTL) is a publicly traded company based in Pakistan, founded in 1983 and transformed into a public entity in 2003. As of June 30, 2025, PTL has 168 million shares outstanding, held by 2,978 shareholders. The majority stake lies with directors, the CEO, their spouse, and minor children, accounting for 75.15 percent of shares.

Local general public shareholders hold 8.57 percent, while modarabas, mutual funds, insurance companies, and associated companies own 5.20 percent, 5.12 percent, and 4.43 percent, respectively. The remaining shares are distributed among other categories of shareholders.

Over the years 2021-2026, PTL's top-line sales experienced an upward trend, peaking in 2026, while the bottom-line profits fluctuated, registering a decline in 2025 after a significant growth in 2024. Net sales in 2021 grew by 39.86 percent year-on-year to Rs. 16.202.07 million, driven by strong sales to OEMs and local and export replacement markets.

Export sales, which comprised 8.3 percent of the sales mix, more than doubled from the previous year. During 2021, the company achieved a 47.33 percent year-on-year growth in gross profit, reaching 15.25 percent, despite a 40.16 percent increase in distribution expenses.

In 2022, PTL's topline expanded by 26.28 percent year-on-year to Rs. 20,460.23 million, fueled by improved performance in OEM and replacement markets. However, cost of sales surged by 32.29 percent due to higher raw material prices and currency depreciation. The company's operating profit margin fell to a six-year low of 6.62 percent in 2022, as finance costs escalated by 98 percent. Net profit declined by 46.26 percent in 2022, falling to Rs. 457.457 million with an EPS of Rs. 3.07.