Karachi: Ghandara Industries Limited (GHNI) announced significant growth in its fiscal year 2026 earnings and sales during a corporate briefing. The company reported a 51% year-over-year increase in earnings per share (EPS) to Rs162.57, supported by a 62% growth in topline revenue reaching Rs60.7 billion. Vehicle sales rose by 55% to approximately 5,300 units. In the first quarter of fiscal year 2027, EPS saw a 65% increase year-over-year to Rs60.89.

According to JS Global, GHNI experienced a notable 47% increase in truck sales, totaling 4,261 units in FY26. The sales of D-Max vehicles surged to 795 units, a significant rise from 36 units in the previous year. However, bus sales declined by 23% year-over-year. The overall market for trucks and buses expanded by 61% to 8,424 units in FY26, with GHNI securing a 53% market share.

Management reported selling 61 completely built-up (CBU) units of Zhongtong buses and plans to start completely knocked down (CKD) production within two months, aiming at an annual market size of 300-400 units. The introduction of CKD production involves a capital expenditure of Rs2-3 billion, which also covers investments in solar and infrastructure. The company is considering launching an electric vehicle variant of Zhongtong buses in the future.

GHNI aims to enhance the D-Max pickup with advanced features like ADAS, though approvals from Japanese manufacturers may delay the process. Additionally, GHNI will become the exclusive supplier of UD trucks in Pakistan, focusing on CBU units initially. The company's customer advances amounted to approximately Rs18 billion in the first quarter of FY27, with delivery times averaging two months.

The growth in volumes over the past few years is attributed to the enforcement of axle load regulations, road infrastructure developments, particularly in Punjab, and limited alternative transport modes in the country. GHNI sold a total of 5,294 units in FY26 and targets over 6,000 units for FY27.