International Steels (ISL) – PSX Company Profile

International Steels Limited (PSX: ISL) is a Pakistani flat-steel manufacturer and exporter incorporated in 2007 and listed on the Pakistan Stock Exchange in 2011. The company produces cold-rolled, galvanized and colour-coated steel coils and sheets for industrial, construction, appliance and other manufacturing applications. It is a subsidiary of International Industries Limited. For FY2026, ISL reported revenue of approximately Rs93.35 billion, profit after tax of Rs3.67 billion, and EPS of Rs8.44. Its first-quarter FY2027 results also showed year-on-year growth in revenue and profitability. ISL was classified as Shariah-compliant in the PSX-KMI All Share Index recomposition dated May 29, 2026. Investors should assess steel-market cycles, raw-material costs, borrowing requirements, cash flows and valuation alongside the latest official disclosures.

Company Overview

International Steels Limited (PSX: ISL) is a Pakistani manufacturer and exporter of flat-steel products. The company was incorporated on September 3, 2007, and listed on the Pakistan Stock Exchange on June 1, 2011. It is a subsidiary of International Industries Limited.

ISL manufactures cold-rolled, galvanized, and colour-coated steel coils and sheets. These products are used in a range of applications, including construction, appliances, engineering, and other industrial manufacturing. The company commenced commercial operations on January 1, 2011.

Its registered office is currently listed at 101 Beaumont Plaza, 10 Beaumont Road, Karachi. On October 20, 2026, the company announced that its head office and registered office would move to 2nd Floor, Dawood Center, MT Khan Road, Karachi, effective November 2, 2026.

Sources: PSX company profile and official ISL website.

Business Model and Products

ISL operates in the flat-steel segment, processing steel into products designed for industrial and commercial customers.

Cold-rolled steel: Used in applications requiring specific thickness, surface finish, and dimensional accuracy.
Galvanized steel: Steel coated with zinc to improve corrosion resistance.
Colour-coated steel: Coated steel products used in applications where surface finish, appearance, and protection are important.

Demand for these products can be influenced by construction activity, manufacturing output, appliance production, infrastructure spending, and export-market conditions. The company's performance also depends on steel prices, imported raw materials, energy costs, foreign exchange movements, production efficiency, and competition.

Financial Performance

Annual results: FY2026

For the financial year ended June 30, 2026, ISL reported the following annual results:

Financial metric	FY2026	FY2025
Revenue	Rs93.35 billion	Rs62.31 billion
Gross profit	Rs10.73 billion	Rs5.34 billion
Operating profit	Rs7.18 billion	Rs3.32 billion
Profit after tax	Rs3.67 billion	Rs1.56 billion
Earnings per share (EPS)	Rs8.44	Rs3.58

Revenue increased by approximately 49.8% year on year, while profit after tax increased by approximately 135.6%. These figures indicate improved reported profitability, but investors should also review working capital, borrowing levels, finance costs, operating cash flow, and the sustainability of margins.

Latest quarterly results: Q1 FY2027

For the three months ended September 30, 2026, the company reported:

Financial metric	Q1 FY2027	Q1 FY2026
Revenue	Rs23.76 billion	Rs20.92 billion
Profit after tax	Rs2.21 billion	Rs620.34 million
EPS	Rs5.07	Rs1.43

These are standalone quarterly figures reported through the PSX filing. The results show a substantial year-on-year increase in profit and EPS. One quarter alone, however, cannot establish whether the improved performance will continue throughout the financial year.

Sources: PSX company profile and financial results and official ISL website.

Dividend History and Latest Disclosure

For FY2026, the board recommended a final cash dividend of Rs3 per share, in addition to an interim dividend of Rs2 per share. The final dividend was approved at the company's annual general meeting on October 5, 2026, bringing the total FY2026 cash dividend to Rs5 per share.

The PSX announcements list a final cash dividend credit notice dated October 16, 2026. Investors should consult the official filing for payment details and any eligibility requirements.

For the quarter ended September 30, 2026, the board recommended no cash dividend, bonus shares, or right shares.

Source: Official PSX announcements.

Shariah Compliance Status

International Steels Limited was classified as Compliant in the official PSX-KMI All Share Index recomposition dated May 29, 2026, based on the relevant screening data as of December 31, 2025.

The published screening ratios were:

Debt ratio: 10.61%
Non-compliant investment ratio: 1.53%
Non-compliant income ratio: 0.06%
Illiquid assets ratio: 91.58%

These ratios belong to the specified screening exercise and should not be treated as permanent. Investors should verify the latest official PSX-KMI screening publication before relying on the company's Shariah status.

Source: Official PSX-KMI All Share Index recomposition notice.

Key Risks to Consider

Steel-market cycles: Steel demand and selling prices can change with economic activity, construction, infrastructure spending, and industrial production.

Raw-material and currency exposure: Imported inputs and exchange-rate movements can affect production costs and profitability.

Margin volatility: Revenue growth does not necessarily lead to sustained profit growth. Changes in steel prices, input costs, and competition can affect margins.

Working capital and borrowing: Inventory, receivables, and financing requirements can influence cash flow and finance costs.

Export and competitive conditions: International demand, trade policies, freight costs, and regional competition can affect market access and returns.

Shariah screening changes: The cited classification applies to the May 2026 recomposition and should be rechecked against newer official publications.

How Investors Can Research ISL

Before evaluating ISL, review the latest annual report, quarterly statements, cash-flow statement, borrowing profile, production and sales trends, and official PSX announcements. Compare profitability with revenue growth and determine whether earnings are supported by operating cash generation. Also consider the cyclical nature of steel manufacturing and the share price relative to earnings, assets, and business risks.

A company’s recent profit growth and Shariah classification are useful research inputs, but neither guarantees future returns.

Official Resources

This profile is intended for company research and investor education. Historical results and Shariah screening status do not guarantee future performance or continued compliance.

This profile is for educational purposes and is not a recommendation to buy or sell any security.

International Steels Limited