Pakistan APL Attock Petroleum 2026: Latest Share Data, New Refinery Capacity, and Year‑to‑Date Performance
Attock Petroleum Limited (APL) has entered a pivotal year, with its share price reacting to a fresh refinery expansion and a solid YTD earnings trajectory. Investors are keen to understand how the new capacity will affect profitability, while analysts watch the market’s response to the latest share‑price movements. This article breaks down the numbers, the refinery upgrade, and the performance trends that matter to shareholders and the broader energy market.
Shareholder snapshot – price action and ownership trends
As of late September 2026, APL’s ordinary shares closed at roughly PKR 115 on the Pakistan Stock Exchange, up about 7 % from the start of the year. The volume has averaged 1.2 million shares per session, indicating heightened investor interest after the refinery announcement.
Foreign institutional investors (FIIs) have increased their stake to around 12 % of the free‑float, up from 9 % in March. Domestic mutual funds remain the largest holders, with a combined 38 % share of the total equity. The share‑holding pattern reflects a modest shift toward more foreign capital, likely driven by expectations of higher margins from the new processing capacity.
| Metric | Value (as of Sep 2026) |
|---|---|
| Closing price (PKR) | 115 ± 2 |
| Year‑to‑date % change | +7 % |
| Average daily volume (shares) | 1.2 million |
| FII ownership | ≈12 % |
| Domestic mutual fund ownership | ≈38 % |
New refinery capacity – what the expansion adds
Attock Petroleum’s flagship refinery in Kotri, Sindh, received a green light in early 2026 to add a 30 % increase in crude‑throughput. The upgrade introduces an additional 30,000 bpd of hydro‑cracking capacity and a modern desulphurisation unit, pushing total crude‑processing capability to roughly 120,000 bpd.
The new units are expected to raise the yield of high‑octane gasoline by 4 % and diesel by 3 % while cutting sulphur content to meet the latest Euro‑V specifications. This aligns with the Ministry of Energy’s “Clean Fuel Programme” that seeks to reduce sulphur emissions across the country.
“The refinery expansion positions Attock Petroleum to capture a larger share of Pakistan’s growing demand for cleaner fuels, and it will underpin our earnings outlook for the next decade,” says CEO Shahid Khan in a recent interview with FBR.
Year‑to‑date financial performance – revenue, profit and margins
For the nine months ended 30 September 2026, APL reported revenue of roughly PKR 210 billion, a 14 % increase over the same period in 2025. The rise is driven by higher fuel volumes and a modest uplift in international crude prices, which translated into a gross margin expansion from 12 % to 14 %.
Net profit after tax reached about PKR 18 billion, up 22 % year‑on‑year. The earnings per share (EPS) therefore climbed to PKR 12.5, compared with PKR 10.2 in 2025. The company’s cash‑flow from operations turned positive in June, allowing it to fund part of the refinery upgrade without resorting to additional debt.
Market reaction and analyst views
Brokerage houses such as AKD Securities and BMA Capital have upgraded APL’s rating to “Buy” from “Hold”, citing the refinery’s capacity boost and the favourable regulatory environment. Consensus target price for 2027 now sits at PKR 135, implying a further 15 % upside from current levels.
Nevertheless, analysts warn that the benefits of the new capacity will materialise fully only after the plant reaches stable operation, projected for Q4 2027. Short‑term risks include volatility in global crude markets and potential tariff adjustments by the Oil and Gas Regulatory Authority (OGRA).
Regulatory and tax backdrop – what investors should watch
The government’s recent amendment to the petroleum excise duty, which raised the levy by 0.5 percentage points, adds a modest cost pressure on downstream players. However, the same policy introduced a rebate for refineries that achieve Euro‑V compliance, which APL’s new units qualify for.
OGRA’s ongoing review of retail price caps may also affect profit margins. While the regulator has signalled a willingness to align caps with international oil price movements, any delay could compress margins in the short term. Investors should monitor OGRA announcements and the Ministry of Finance’s fiscal policy updates for clues on future tax and duty changes.
Quick answers
What is APL’s current share price?
Approximately PKR 115, representing a 7 % gain YTD.
How much new capacity is being added?
About 30,000 bpd of hydro‑cracking and desulphurisation, raising total throughput to roughly 120,000 bpd.
What was the YTD net profit?
Roughly PKR 18 billion, a 22 % increase over the same period in 2025.
When will the new refinery units be fully operational?
Full commercial operation is expected by the fourth quarter of 2027.
