GEMMEL

Mughal Energy Limited

By PSX Investors Zone · Updated October 24, 2026

Mughal Energy Limited company profile

Mughal Energy Limited (PSX: GEMMEL) is a Pakistani power-generation company and a subsidiary of Mughal Iron & Steel Industries Limited. Incorporated in 2012, the company developed a 36.5 MW hybrid captive power plant intended primarily to supply electricity to group companies. Its main 31.5 MW turbine reportedly achieved commercial operation on August 31, 2026. In FY2026, the company reported a net profit of Rs9.13 million and earnings per share of Rs0.05, compared with a net loss in the previous financial year. The company appeared as Shariah-compliant in the PSX-KMI All Share Islamic Index recomposition dated May 29, 2026, using December 31, 2025 screening data. Investors should also note that PSX displays a Risk Warning Alert citing continuous regulatory non-compliance and possible suspension or delisting. Both the Shariah screening status and regulatory position should be rechecked against the latest official disclosures.

Mughal Energy Limited (PSX: GEMMEL) is a Pakistani power-generation company listed on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange. Incorporated on August 19, 2012, the company is a subsidiary of Mughal Iron & Steel Industries Limited. Its principal business covers electricity generation and activities related to energy supply. The company's corporate office is located at 31-A Shadman I, Lahore, while its power plant site is on Sheikhupura Road, Lahore.

Business Overview

Mughal Energy developed a 36.5-megawatt (MW) hybrid captive power plant intended primarily to supply electricity to group companies. According to the company's project information reported in market disclosures, the main 31.5 MW turbine achieved its Commercial Operation Date (COD) on August 31, 2026. The project is designed to use a blend of coal and biofuel. Commercial performance will depend on reliable plant operations, fuel availability and cost, financing expenses, applicable tariffs, and electricity demand from the intended customers.

The project represents a shift from the company's development and pre-commercial-operation phase toward power generation and billing. Actual operating performance and cash generation should be assessed through subsequent quarterly financial statements and official company announcements.

Financial Performance

For the financial year ended June 30, 2026, Mughal Energy reported a profit after tax of approximately Rs9.13 million and earnings per share (EPS) of Rs0.05. This compares with a net loss of approximately Rs21.28 million and a loss per share of Rs0.12 in FY2025. The company reported no revenue for FY2026 in its annual results, and its profit was therefore not generated from reported electricity-sales revenue during that financial year. Other income contributed significantly to the result.

The board recommended no cash dividend for FY2026. Investors should not interpret the return to accounting profitability as proof of sustainable operating earnings: the company's post-COD financial results will be important in determining whether power sales can support operating expenses, financing costs and future cash requirements.

Source: PSX company profile and financial information. The PSX page notes that some financial data is standardized by its data provider; consult the company's official financial statements for the original reported figures.

Shariah Compliance

Mughal Energy Limited was listed as Compliant in the PSX-KMI All Share Islamic Index recomposition published on May 29, 2026, using screening data as of December 31, 2025. The published screening table reported a debt ratio of 8.90%, an investment ratio of 0.00%, and a non-compliant income ratio of 0.00% for the relevant review period.

Source: Official PSX-KMI All Share Islamic Index recomposition notice, May 29, 2026.

The company also submitted a Shariah disclosure for the financial year ended June 30, 2026. That disclosure lists financing obtained through Islamic modes as well as interest or mark-up accrued on conventional financing or advances. These disclosures are financial information and should not be treated as a standalone certification of Shariah status. Index screening is periodic, so investors should verify the latest official KMI All Share Islamic Index list before making a decision.

Important PSX Risk Warning Alert

The official PSX company page displays the following Risk Warning Alert:

“The Company is in continuous violation as specified in Clauses 5.11.1. or 5.11.2. and carry risk of suspension of trading or being delisted from the Exchange and may be subject to such terms and conditions as specified by the Exchange.”

Source: Official PSX profile for GEMMEL.

This warning is material. Investors should review the relevant PSX notices and company disclosures to determine the specific outstanding compliance issue, its current status and any action taken by the Exchange. A Risk Warning Alert does not, by itself, mean the shares have already been suspended or delisted; however, the stated risk should be considered before evaluating the security.

Key Factors to Monitor

  • Operating performance: Subsequent financial statements should show whether commercial operations translate into electricity-sales revenue and operating cash flow.
  • Fuel and production costs: The plant's fuel mix and supply arrangements can affect the cost of power generation.
  • Financing burden: Borrowings and finance costs may materially affect future earnings and liquidity.
  • Customer concentration: Dependence on group companies for electricity demand creates exposure to the operating and financial condition of those customers.
  • Regulatory compliance: Monitor the PSX Risk Warning Alert, relevant notices and any formal update concerning possible suspension or delisting.
  • Shariah screening: Confirm the company's latest status in the official PSX-KMI All Share Islamic Index recomposition rather than relying indefinitely on a prior review.

Investor Learning Point

A company moving from project development into commercial operations can experience a significant change in its financial statements. Investors should distinguish pre-operational income from recurring electricity-sales revenue and examine operating cash flow, debt obligations, fuel costs and regulatory disclosures alongside reported profit and EPS.

Frequently Asked Questions

What is Mughal Energy Limited's PSX symbol?

Its symbol is GEMMEL, and it is listed on the PSX Growth Enterprise Market Board.

Is Mughal Energy Shariah-compliant?

It was classified as compliant in the PSX-KMI All Share Islamic Index recomposition published in May 2026, based on December 2025 data. Check the latest official review because screening status can change.

Did Mughal Energy pay a dividend for FY2026?

The company reported a nil cash dividend for FY2026.

What is the main regulatory concern?

The PSX company page displays a Risk Warning Alert citing continuous violation of specified PSX regulations and the possibility of trading suspension or delisting. Investors should check the latest official notices for the current position.

Official Sources

Important: This profile reports company and exchange disclosures; it does not imply that the security is free of regulatory risk or guarantee future financial performance.

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

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