Hinopak Motors Limited (HINO) reported earnings per share of PKR 21.82 for MY26, compared to earnings per share of PKR 6.53 in MY25. Furthermore, in 1QMY27, the company reported earnings per share of PKR 8.45, compared to earnings per share of PKR 16.81 in the same period last year (SPLY). In 1QMY27, the company sold 156 units, generating PKR 3.2 bn in revenue, PKR 210 million in PAT, and an EPS of PKR 8.45.
The Medium Duty Truck lineup is currently under development, with fully UNR compliant models expected to be introduced within approximately 1.5 years. Management emphasized that the company is focused on balancing market share with profitability, rather than aggressively pursuing low end volumes at the expense of margins.
The company expects the product mix to shift increasingly toward LDTs over the next couple of years, which is likely to influence the overall margin profile given the lower profitability of the segment relative to heavier truck categories. After the market recorded exceptional growth of 85% last year, management expects industry growth to normalize toward a more sustainable 10–20% range. On the Electric Vehicle front, management does not see commercial EV trucks as an immediate opportunity.
The key constraints remain charging infrastructure, market readiness, and overall commercial feasibility, which limit the near term viability of EV trucks in Pakistan. Management clarified that the reported 17% gross margin in 1QMY27 was temporarily inflated by the reversal of certain provisions.
Excluding these reversals, the company’s normalized core gross margin was approximately 12–14%. The weakening of the Japanese Yen against the US Dollar, from around JPY 151/USD to JPY 160/USD and eventually touching JPY 162/USD by June, has been beneficial for the company.
Important Disclosures
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