National Refinery Limited
By PSX Investors Zone · Updated October 20, 2026
National Refinery Limited (PSX: NRL) is a Pakistan-based refinery company that produces petroleum fuels, lube base oils, bitumen and speciality chemical products. For FY2026, PSX standardized financial data reports sales of approximately Rs. 440.84 billion, profit after tax of Rs. 6.16 billion and earnings per share (EPS) of Rs. 77.09. Investors should review refining margins, crude oil and petroleum product prices, inventory movements, working capital, regulatory developments and the company’s PSX Risk Warning Alert. NRL’s appearance in the available KMI-30 and KMI All Share Index listings should be checked against the latest official Shariah screening notice before relying on its status.
Company Overview
National Refinery Limited (NRL) is a listed Pakistani refinery company operating in the petroleum refining sector. Its refinery complex includes fuel-refining and lube-refining operations. The company produces petroleum fuels, lube base oils, bitumen and speciality chemical products.
NRL’s operations are exposed to changes in crude oil prices, refined petroleum product prices, refinery margins, inventory valuation, exchange rates, energy costs and domestic petroleum demand.
Official sources: PSX company profile | NRL official website | NRL financial reports
Business Model
NRL processes crude oil and other feedstocks into petroleum and refinery-related products. Its performance depends not only on sales volume but also on the difference between input costs and the value of its finished products.
Key areas to monitor include:
- Fuel-refining margins and product demand
- Lube base oil and speciality product performance
- Crude oil procurement and inventory valuation
- Energy, financing and operating costs
- Refinery upgrades, maintenance and regulatory requirements
- Receivables, cash flow and working-capital requirements
Financial Performance
FY2026 Annual Results
PSX’s standardized financial data reports the following figures for the financial year ended June 30, 2026:
| Financial metric | FY2026 |
|---|---|
| Sales | Rs. 440.84 billion |
| Profit after tax | Rs. 6.16 billion |
| Earnings per share (EPS) | Rs. 77.09 |
| Gross profit margin | 5.34% |
| Net profit margin | 1.40% |
For comparison, PSX standardized data reports FY2025 sales of approximately Rs. 307.66 billion, a loss after tax of Rs. 14.87 billion and EPS of negative Rs. 185.91.
These figures indicate a substantial reported recovery in FY2026 compared with FY2025. However, refinery earnings can be volatile, so investors should also review cash flows, working capital, inventory effects and the audited annual report. PSX notes that its standardized figures may differ from issuer-reported figures.
Source: PSX NRL profile and financials
Latest Quarterly Results
A result announcement dated October 19, 2026, reported the following for the quarter ended September 30, 2026:
| Financial metric | Quarter ended Sep 30, 2026 |
|---|---|
| Net revenue | Rs. 152.31 billion |
| Profit after tax | Rs. 11.57 billion |
| EPS | Rs. 144.68 |
For the corresponding quarter of 2025, the announcement reported net revenue of approximately Rs. 79.57 billion, profit after tax of Rs. 1.03 billion and EPS of Rs. 12.82.
The company’s board recommended no cash dividend, bonus shares or right shares in that quarterly result announcement. Investors should read the original PSX filing and subsequent quarterly report for full details.
Source: NRL result announcement | Announcement summary and original filing link
Share Price and Valuation
PSX displayed an NRL share price of Rs. 672.00 and a trailing price-to-earnings ratio of 8.72 on October 19, 2026, at approximately 9:53 AM. These are time-specific market observations, not live prices.
| Indicator | Recorded value |
|---|---|
| Share price | Rs. 672.00 |
| P/E ratio (TTM) | 8.72 |
| 52-week range | Rs. 259.00–672.90 |
| Price snapshot date | October 19, 2026 |
Source: Official PSX NRL profile
A low P/E ratio does not automatically mean a share is undervalued. Investors should assess whether earnings are sustainable across the refining cycle and compare the valuation with cash flow, debt, capital expenditure and other refinery companies.
Dividend Information
Do not assume that NRL will pay a dividend simply because it has reported a profit. Check the company’s latest board announcements, annual report, dividend history, entitlement dates and any subsequent PSX notices before publishing a dividend amount or yield.
Official source: NRL announcements on PSX
Shariah Screening Status
NRL appears in the PSX KMI-30 recomposition notice based on accounts as of December 31, 2025. The available PSX screener also shows NRL among KMI-30 and KMI All Share Index constituents.
- PSX KMI-30 notice: https://dps.psx.com.pk/download/attachment/277332-1.pdf
- PSX screener: https://dps.psx.com.pk/screener
- PSX company profile and disclosures: https://dps.psx.com.pk/company/NRL
Important: Index membership reflects the relevant screening and recomposition period. It should not be treated as a permanent certification. Before publishing a current “Shariah-compliant” label, check the newest official PSX screening notice, its effective date and any subsequent revisions.
Important PSX Risk Warning
The NRL profile on PSX displays a Risk Warning Alert stating that the company is in continuous violation of the requirements specified in Clauses 5.11.1 or 5.11.2, and that it carries a risk of suspension of trading or delisting.
This warning is important for investors and should not be omitted from the profile. It does not, by itself, establish that trading has already been suspended or that the company has been delisted. Check the current PSX notice and company disclosures for the nature of the violation and any change in status.
Source: Official PSX NRL profile
Key Risks to Monitor
- Refining margins: Changes in the prices of crude oil and finished petroleum products can materially affect profitability.
- Inventory valuation: Falling product prices may create inventory losses; rising prices can have different effects depending on stock levels and timing.
- Regulatory exposure: Refinery operations depend on applicable government policies, product specifications and regulatory requirements.
- Working capital: Large receivables, inventory balances or financing needs may pressure cash flow.
- Earnings volatility: A strong quarter does not guarantee similar results in future periods.
- PSX Risk Warning Alert: Investors should verify the latest status of the exchange’s warning before making decisions.
Investor Research Checklist
Before analysing NRL, review:
- The latest audited annual report and quarterly financial statements.
- Refining margins, sales volumes and product mix.
- Operating cash flow, debt, finance costs and working capital.
- Capital expenditure and refinery-upgrade progress.
- Official dividend announcements and entitlement dates.
- The latest PSX Shariah screening notice and effective date.
- The current PSX Risk Warning Alert and any related company disclosures.
Frequently Asked Questions
What does NRL do?
National Refinery Limited processes crude oil and produces petroleum fuels, lube base oils, bitumen and speciality chemical products.
What was NRL’s EPS for FY2026?
PSX standardized financial data reports EPS of Rs. 77.09 for FY2026. Confirm the figure against the audited annual report before republication.
Is NRL Shariah-compliant?
NRL appeared in the cited PSX KMI-30 recomposition notice based on December 31, 2025 accounts. Verify the latest official screening notice before relying on this status.
Does NRL carry a PSX risk warning?
Yes. The PSX company profile reviewed for this page displays a Risk Warning Alert concerning continuous violations and possible suspension or delisting. Check the latest exchange notices for the current position.
Is NRL a good investment?
That depends on an investor’s objectives, risk tolerance, valuation assessment and interpretation of the company’s financial position. This profile provides information for research; it is not a personal buy or sell recommendation.
Disclaimer
This page is for educational and informational purposes only. Financial figures, share prices, valuation ratios and screening status may change or be updated by official sources. Verify the latest PSX announcements, company reports and Shariah screening notices before making an investment decision. PSX Investors Zone does not guarantee returns or provide personalized investment advice.
This profile is for educational purposes and is not a recommendation to buy or sell any security.