GDL reported earnings per share of PKR 0.33 in 3QFY26 (3QFY25: PKR 3.21). In 9MFY26, EPS stood at PKR 0.92 (9MFY25: PKR 9.89). In 9MFY26, production volume increased by 23% YoY to 11.15 million liters. During the same period, Revenue rose to PKR 3.6 billion, up from PKR 2.3 billion in the same period last year. Management successfully reduced feed costs from PKR 83/kg last June to PKR 68/kg currently through timely investments in seasonal procurement.
The company has successfully procured 800 pregnant heifers through two shipments (300 and 500 cows). An additional 300 cows from Australia are expected to arrive at Karachi port on May 12, which will bring the total herd count to approximately 1,100, achieving 90% of the original IPO target of 1,250 cows. Three new sheds are now operational and fully equipped with headlocks and free stalls to ensure animal comfort.
The company has also invested in tractors and front-wheel loaders to streamline raw material movement and feed compaction. GDL is introducing automatic calf feeders, a technology common in Europe and the US, to Pakistan. This system uses RFID tags to provide precise milk quantities at exact temperatures, which is expected to significantly reduce pneumonia cases and milk wastage. LCs have been opened for grain storage silos.
These will allow the company to procure commodities during the harvest season when they are 30–40% cheaper and store them with high nutritional retention, mitigating “out of season” price spikes. A central pivot system is being installed for in-house fodder growth to improve profitability.
Additionally, the procurement of sand spreaders will improve bedding uniformity, which management notes is essential for cow comfort and rumination. Going forward, management remains optimistic about reaching a profit after tax of PKR 600 million for FY26 and PKR 1.6 billion for FY27. A three-month delay in the IPO process led to temporary banking financing and increased financial costs, though management expects these costs to minimize in the coming quarters.
Important Disclosures
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