Engro Powergen Qadirpur Limited
By PSX Investors Zone · Updated October 23, 2026
Engro Powergen Qadirpur Limited (PSX: EPQL) is a Pakistani power-generation company that operates a 217.3 MW combined-cycle power plant near Qadirpur, District Ghotki, Sindh. The plant uses permeate gas, a low-calorific-value gas associated with gas processing, to generate electricity for the national grid. EPQL is a subsidiary of Engro Energy Limited and has operated commercially since March 2010. Its financial performance is influenced by electricity generation, fuel availability, plant utilization, power-purchase arrangements, operating costs and finance income or expenses. For the nine months ended September 30, 2026, EPQL reported revenue of approximately Rs 10.10 billion and profit after tax of Rs 700.20 million, down from Rs 851.07 million in the corresponding period of 2025. The board also declared an interim cash dividend of Rs 0.75 per share for the third quarter of 2026. EPQL was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index screening announced in May 2026, based on accounts as of December 31, 2025. This is a dated screening result and should be checked against future official updates. Separately, PSX currently displays a Risk Warning Alert concerning possible trading suspension or delisting under specified exchange regulations. Investors should assess this regulatory warning alongside the company's financial position and Shariah status.
Company Overview
Engro Powergen Qadirpur Limited (EPQL) is a Pakistani electricity-generation company listed on the Pakistan Stock Exchange. The company was established to develop and operate a power-generation facility near Qadirpur in District Ghotki, Sindh.
Its 217.3 MW combined-cycle power plant commenced commercial operations on March 27, 2010. The facility uses permeate gas, a low-calorific-value gas that was previously flared, to generate electricity. EPQL is a subsidiary of Engro Energy Limited, which held a majority shareholding of 68.89% as reported in the company's 2025 directors' report.
Official sources: PSX Company Profile | Engro Energy — EPQL
Business Activities
EPQL's core business is electricity generation and sale to the power purchaser under its contractual arrangements. The company's results are influenced by the following factors:
- Fuel availability: Access to permeate gas and other eligible gas sources affects generation and plant utilization.
- Plant availability and efficiency: Maintenance schedules, outages and operational performance affect the electricity available for dispatch.
- Power-purchase arrangements: Contractual terms and capacity and energy payments influence revenue.
- Operating and maintenance costs: Fuel, maintenance and other production costs affect gross margins.
- Receivables and cash flows: Payment timing under power-sector arrangements can affect liquidity and finance income.
- Regulatory and contractual developments: Changes in power-purchase agreements, regulatory requirements and fuel-supply arrangements may influence future performance.
EPQL has reported pursuing additional gas-supply options to improve fuel availability and plant load factor. The actual benefit depends on the availability, contractual terms and implementation of those arrangements.
Financial Performance
Annual results
The following figures are reported on the PSX company page. Amounts are in Pakistani rupees.
| Financial metric | FY2025 | FY2024 |
|---|---|---|
| Sales | Rs 11.89 billion | Rs 13.25 billion |
| Profit after tax | Rs 836.28 million | Rs 2.14 billion |
| Earnings per share | Rs 2.58 | Rs 6.61 |
| Gross profit margin | 11.05% | 21.14% |
| Net profit margin | 7.03% | 16.16% |
Source: EPQL financial information on PSX.
EPQL's FY2025 results reflected a considerable decline in profitability. Sales decreased by approximately 10.3%, while profit after tax fell by approximately 60.9% compared with FY2024. Gross profit also declined substantially, indicating pressure on operating margins.
Investors should examine the annual report for details of generation volumes, fuel costs, power-purchase arrangements, receivables and the movement in finance income.
Latest results: Nine months ended September 30, 2026
EPQL announced its results for the quarter ended September 30, 2026, on October 19, 2026. The nine-month figures were:
| Financial metric | 9M 2026 | 9M 2025 |
|---|---|---|
| Revenue | Rs 10.10 billion | Rs 8.64 billion |
| Gross profit | Rs 1.08 billion | Rs 1.11 billion |
| Profit before tax | Rs 713.56 million | Rs 877.63 million |
| Profit after tax | Rs 700.20 million | Rs 851.07 million |
| Earnings per share | Rs 2.16 | Rs 2.63 |
Source: PSX financial announcements.
Revenue increased by approximately 16.8% year over year, but profit after tax declined by approximately 17.7%. The cost of revenue rose faster than revenue, while net finance income turned into a net finance cost. These factors contributed to weaker profitability despite higher reported revenue.
For the third quarter alone, EPQL recorded profit after tax of approximately Rs 353.79 million and earnings per share of Rs 1.09, compared with Rs 391.15 million and Rs 1.21 in the corresponding quarter of 2025.
The key analytical point is that higher revenue does not automatically mean stronger earnings. Investors should assess margins, costs, cash generation and the sustainability of electricity dispatch.
Shariah Compliance Status
EPQL was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index recomposition announced on May 29, 2026, effective June 5, 2026. The screening used financial information as of December 31, 2025.
The published screening ratios were:
| Shariah screening measure | Reported ratio |
|---|---|
| Debt / total assets | 13.86% |
| Non-compliant investments / total assets | 0.32% |
| Non-compliant income / total revenue | 3.18% |
| Illiquid assets / total assets | 72.04% |
| Net liquid assets per share | Rs 0.87 |
Official source: PSX-KMI All Share Islamic Index recomposition notice.
These figures describe the screening period and should not be treated as a permanent certification. The Securities and Exchange Commission of Pakistan announced revised Shariah-screening criteria in February 2026, including a reduction in the interest-bearing debt-to-assets threshold from 37% to 33%. The revised threshold is scheduled to apply from the November 2026 recomposition based on June 2026 financial statements.
For this reason, investors should confirm EPQL's status in the latest official screening list before relying on its previous classification.
Important PSX Risk Warning Alert
The PSX company page currently displays a Risk Warning Alert stating that the company is in continuous violation of specified clauses, 5.11.1 or 5.11.2, and carries a risk of trading suspension or delisting from the Exchange.
This is a material exchange-related risk and should be disclosed prominently. The alert does not, by itself, establish that trading has already been suspended or that delisting has occurred. Investors should review the latest PSX notices to determine the precise regulatory issue, any applicable deadline and whether the company has subsequently remedied the matter.
Official reference: EPQL page on PSX.
Shariah screening and exchange regulatory standing are separate considerations. A Shariah-compliant classification does not remove a regulatory warning or guarantee that a stock is suitable for an investor.
Dividends and Corporate Actions
For FY2025, the board recommended a final cash dividend of Rs 1.25 per share in addition to interim cash dividends of Rs 10.50 per share already paid during the year. The combined FY2025 cash dividend was therefore Rs 11.75 per share, subject to the applicable corporate approvals and payment process.
For the nine months ended September 30, 2026, the board declared a third-quarter interim cash dividend of Rs 0.75 per share (7.5%). The PSX financial-announcements page lists the entitlement period as October 20–31, 2026.
Official references: EPQL PSX announcements | PSX financial announcements.
Past dividends are not a guarantee of future distributions. Investors should verify entitlement dates, book closure dates, approvals and payment status through official company and PSX announcements.
Key Factors to Monitor
Fuel supply and plant utilization: Additional gas availability could influence generation volumes and fixed-cost absorption. Actual performance depends on implemented supply arrangements and dispatch.
Revenue versus costs: The latest nine-month results show revenue growth alongside lower profit. Future margins will depend on costs, generation and contractual revenue components.
Power-sector receivables: Delays in payments can affect cash balances and finance income. Review receivables, cash flows and related disclosures.
Regulatory developments: The outstanding PSX Risk Warning Alert deserves careful monitoring. Investors should not rely solely on the company's historical financial results.
Shariah status: EPQL's published screening result is based on December 2025 accounts. Recheck the official PSX-KMI All Share Islamic Index following future recompositions.
Dividend sustainability: Evaluate cash flows, earnings, contractual receipts and liquidity before drawing conclusions from the company's historical payouts.
Frequently Asked Questions
What is the PSX symbol of Engro Powergen Qadirpur Limited?
The company's ticker on the Pakistan Stock Exchange is EPQL.
What does Engro Powergen Qadirpur Limited do?
It generates electricity at a 217.3 MW combined-cycle power plant near Qadirpur, District Ghotki, Sindh, using permeate gas and other eligible fuel sources under its operating arrangements.
Is EPQL Shariah-compliant?
EPQL was classified as Shariah-compliant in the PSX-KMI All Share Islamic Index recomposition announced in May 2026, based on financial information as of December 31, 2025. Investors should verify the latest official screening result.
What were EPQL's latest reported nine-month earnings?
For the nine months ended September 30, 2026, the company reported revenue of approximately Rs 10.10 billion, profit after tax of Rs 700.20 million and earnings per share of Rs 2.16.
Did EPQL declare a dividend in October 2026?
The company declared an interim cash dividend of Rs 0.75 per share for the third quarter ended September 30, 2026.
What does the PSX Risk Warning Alert mean?
PSX warns of potential trading suspension or delisting due to continuous violations of specified exchange regulations. Investors should consult the latest PSX disclosures to establish the current status and any subsequent developments.
Conclusion
Engro Powergen Qadirpur Limited is a power-generation company whose operating performance depends on fuel availability, plant utilization, power-purchase arrangements and cost management. Its nine-month 2026 results show higher revenue but lower profit compared with the same period of 2025, highlighting the importance of analysing margins and cash flows rather than revenue alone.
Before making an investment decision, investors should review the company's latest financial statements, dividend disclosures, current Shariah-screening status and PSX Risk Warning Alert together. Historical compliance, profitability and dividend payments do not guarantee future outcomes.
This company profile is for educational and informational purposes and is not a recommendation to buy or sell shares.
This profile is for educational purposes and is not a recommendation to buy or sell any security.