Service Industries Limited (SRVI) reported consolidated earnings per share of PKR 186.35 for CY25 (CY24: PKR 88.04). Meanwhile, in 1QCY26 SRVI reported EPS of PKR 64.17 (1QCY25: PKR 26.60). Service Industries Limited operates as the parent entity with nine subsidiaries and one associate company.
Through SLM, the group is the first Pakistani manufacturer of radial truck and bus tyres. Current TBR capacity is moving from 1.6 million to 2 million tyres by June 2024. A further expansion to 2 million tyres in a new SKU segment is expected by 1QCY27. Tyre exports reached USD 90 million in 2025, up from USD 74 million in 2024. Service Tyres Private Limited’s revenue reached PKR 50 billion. The company is expanding into motorcycle, three-wheeler, and agriculture bias tyres. Footwear exports contributed USD 70 million in 2025.
Service Retail operates 283 retail outlets and has successfully solarized nearly 46% of its stores to improve cost efficiency. A new MoU with a Chinese group for “Service Athletic Global Footwear” is expected to start production in June with an initial capacity of 1 million pairs. The group is aggressively pursuing green energy to counter rising costs, including a 7.5 MW wind turbine and 12.5 MW solar project at SLM, plus additional solar capacity in the tyre business.
Management indicated that Service Tyres and Service Retail are potential candidates for future IPOs, though timelines are subject to board and shareholder approval. Going forward, the group aims for USD 100 million in TBR tyre exports alone in the coming year. Moreover, the group is actively exploring new business opportunities similar to the SLM model to further enhance shareholder value. Key risks include illicit tyre trade (grey market), competition from unregulated small players in footwear, and input cost volatility driven by global political unrest.
Important Disclosures
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