AICLRs 31.0+9.1%BERGRs 36.5-14.4%PRLRs 147.7+44.2%AGLRs 16.9+69.1%KAPCORs 51.5+57.5%SITCRs 52.5-4.6%NMLRs 374.1+210.3%NETSOLRs 5,771.3+29.7%BOPRs 138.7-11.7%PSORs 443.1+105.3%NPLRs 18.7+89.3%FMLRs 288.6+94.9%MARIRs 23.5-11.0%THALLRs 140.6+110.3%NRLRs 61.3-22.3%HBLRs 451.9-6.7%SYSRs 1,566.1+36.2%GATMRs 79.9+33.4%GHGLRs 1,075.6+1.5%FCEPLRs 85.0+61.6%PNSCRs 566.1-42.5%AVNRs 463.8+57.3%FFLRs 135.5+33.3%AGTLRs 159.5-34.9%FEROZRs 274.0+45.3%SRVIRs 38.0+63.0%ILPRs 26.7+20.5%KELRs 71.8+64.8%MLCFRs 1.8-5.9%HTLRs 157.8+46.7%PIOCRs 54.6+58.7%IGIHLRs 98.5-4.8%EFERTRs 76.5+20.3%FFCRs 14.2-30.0%GHNIRs 476.1+34.4%PTCRs 14,713.1+1.5%TPLPRs 2,078.1+10.1%UBLRs 355.3-25.8%ISLRs 171.0+2.7%APLRs 38.3+9.0%ABOTRs 4.4-26.4%PKGSRs 61.2+35.3%FABLRs 263.0-1.9%ATLHRs 10.6-5.5%OGDCRs 71.0+43.4%MTLRs 106.9-27.7%NCLRs 5.7+56.9%UNITYRs 758.2+41.8%LUCKRs 67.7+22.9%KTMLRs 158.5+51.2%SNBLRs 172.8+16.1%BWCLRs 196.5+40.1%CHCCRs 25.0-4.0%ASTLRs 9.1+14.5%ITTEFAQRs 12.3-9.9%AGPRs 30.8-42.3%HINOONRs 61.3-35.9%ENGRORs 68.6+46.4%ATRLRs 26.4+81.9%SHELRs 187.1-5.4%JDWSRs 2.1+20.6%EFUGRs 50.9+44.1%KOHCRs 79.1+42.0%BNWMRs 54.3+62.8%GLAXORs 56.9+14.0%CNERGYRs 49.2-1.8%JSBLRs 377.8-24.1%SEARLRs 21.7-21.2%MCBRs 81.8-4.4%BAFLRs 110.1+14.1%TGLRs 236.2-8.1%NCPLRs 27.7+19.9%AIRLINKRs 81.3+23.7%PAELRs 27.5+77.4%PAKTRs 1.7+3.6%INDURs 74.3-34.6%EPCLRs 17.8-50.1%TRGRs 100.9+18.5%SNGPRs 3.6-7.2%MEBLRs 95.1+11.0%PPLRs 12.0+27.2%POLRs 149.8+69.1%BAHLRs 123.3-17.6%GWLCRs 18.0+9.8%ACPLRs 41.8+19.4%FCCLRs 146.4+6.4%HCARRs 752.9-10.6%NBPRs 173.6-16.9%FATIMARs 237.9+68.5%SSGCRs 12.9+40.7%AKBLRs 268.1-10.1%LOTCHEMRs 65.9-7.3%NATFRs 5.0-57.8%MUGHALRs 76.8-47.2%PSMCRs 514.2-32.5%ICIRs 268.1+5.8%HUBCRs 48.3+16.8%NESTLERs 4.6-50.6%ARPLRs 89.9-12.9%DGKCRs 681.9+39.9%PSELRs 113.5-0.4%AICLRs 31.0+9.1%BERGRs 36.5-14.4%PRLRs 147.7+44.2%AGLRs 16.9+69.1%KAPCORs 51.5+57.5%SITCRs 52.5-4.6%NMLRs 374.1+210.3%NETSOLRs 5,771.3+29.7%BOPRs 138.7-11.7%PSORs 443.1+105.3%NPLRs 18.7+89.3%FMLRs 288.6+94.9%MARIRs 23.5-11.0%THALLRs 140.6+110.3%NRLRs 61.3-22.3%HBLRs 451.9-6.7%SYSRs 1,566.1+36.2%GATMRs 79.9+33.4%GHGLRs 1,075.6+1.5%FCEPLRs 85.0+61.6%PNSCRs 566.1-42.5%AVNRs 463.8+57.3%FFLRs 135.5+33.3%AGTLRs 159.5-34.9%FEROZRs 274.0+45.3%SRVIRs 38.0+63.0%ILPRs 26.7+20.5%KELRs 71.8+64.8%MLCFRs 1.8-5.9%HTLRs 157.8+46.7%PIOCRs 54.6+58.7%IGIHLRs 98.5-4.8%EFERTRs 76.5+20.3%FFCRs 14.2-30.0%GHNIRs 476.1+34.4%PTCRs 14,713.1+1.5%TPLPRs 2,078.1+10.1%UBLRs 355.3-25.8%ISLRs 171.0+2.7%APLRs 38.3+9.0%ABOTRs 4.4-26.4%PKGSRs 61.2+35.3%FABLRs 263.0-1.9%ATLHRs 10.6-5.5%OGDCRs 71.0+43.4%MTLRs 106.9-27.7%NCLRs 5.7+56.9%UNITYRs 758.2+41.8%LUCKRs 67.7+22.9%KTMLRs 158.5+51.2%SNBLRs 172.8+16.1%BWCLRs 196.5+40.1%CHCCRs 25.0-4.0%ASTLRs 9.1+14.5%ITTEFAQRs 12.3-9.9%AGPRs 30.8-42.3%HINOONRs 61.3-35.9%ENGRORs 68.6+46.4%ATRLRs 26.4+81.9%SHELRs 187.1-5.4%JDWSRs 2.1+20.6%EFUGRs 50.9+44.1%KOHCRs 79.1+42.0%BNWMRs 54.3+62.8%GLAXORs 56.9+14.0%CNERGYRs 49.2-1.8%JSBLRs 377.8-24.1%SEARLRs 21.7-21.2%MCBRs 81.8-4.4%BAFLRs 110.1+14.1%TGLRs 236.2-8.1%NCPLRs 27.7+19.9%AIRLINKRs 81.3+23.7%PAELRs 27.5+77.4%PAKTRs 1.7+3.6%INDURs 74.3-34.6%EPCLRs 17.8-50.1%TRGRs 100.9+18.5%SNGPRs 3.6-7.2%MEBLRs 95.1+11.0%PPLRs 12.0+27.2%POLRs 149.8+69.1%BAHLRs 123.3-17.6%GWLCRs 18.0+9.8%ACPLRs 41.8+19.4%FCCLRs 146.4+6.4%HCARRs 752.9-10.6%NBPRs 173.6-16.9%FATIMARs 237.9+68.5%SSGCRs 12.9+40.7%AKBLRs 268.1-10.1%LOTCHEMRs 65.9-7.3%NATFRs 5.0-57.8%MUGHALRs 76.8-47.2%PSMCRs 514.2-32.5%ICIRs 268.1+5.8%HUBCRs 48.3+16.8%NESTLERs 4.6-50.6%ARPLRs 89.9-12.9%DGKCRs 681.9+39.9%PSELRs 113.5-0.4%

Compare Watch

NRL

BUY

National Refinery Limited

Refinery · 0.36% of the KSE-100

Price

Rs 61.33

Market cap

Rs 13.8bn

12-month return

-22.3%

Rank

15 of 101

65composite

Rule-based46

ML ranker100

Conviction88

Why the engine ranks it here

National Refinery Limited (NRL) screens as attractive relative to the rest of the KSE-100, ranking 15 of 101 on a composite score of 65/100.

National Refinery Limited sits in the Refinery sector and scores best on profitability & earnings quality (55/100), weakest on valuation (39/100). At PKR 61.33 the shares trade on a P/E of 1.3x, 0.20x book, a 15.1% dividend yield. The Piotroski F-Score is 8 of 9 (very strong) and the Altman Z''-Score is 5.65 (watch zone).

What it does well

NRL is unusually steady at 25.8% annualised volatility.

Price trend

NRL holds 2.18x of current assets against current liabilities.

Balance-sheet strength

NRL backs its reported profit with 2.52x of operating cash.

Profitability & earnings quality

What holds it back

NRL trades at 0.20x book value, above peers.

Valuation

NRL is valued richly at 2.6x EV/EBITDA.

Valuation

NRL has lagged the KSE-100 by -29.1% over six months.

Price trend

What would change this view

→ a pull-back in the share price, or earnings catching up with the current multiple

Five-pillar breakdown

Each pillar scores the company against sector peers, where 50 is the sector average.

Profitability & earnings quality30% weight55

Valuation25% weight39

Balance-sheet strength20% weight44

Growth15% weight49

Price trend10% weight42

The classic screens

Piotroski tests nine accounting facts about improvement; Altman scores the distance from financial distress.

Piotroski F-Score

8 / 9

very strong · 8 of 9 tests passed

Altman Z''-Score

5.65

grey zone · safe above 5.85

Profitable on assets

ROA 1.8%

Cash generative

CFO PKR 25,801m

Returns improving

ROA 1.8% vs -0.7% a year ago

Earnings backed by cash

CFO PKR 25,801m vs profit PKR 10,240m

Deleveraging

debt/assets 0.18 vs 0.19

Liquidity improving

current ratio 2.18 vs 2.25

Margin expanding

gross margin 17.4% vs 14.5%

Assets working harder

asset turnover 1.14x vs 1.13x

No shareholder dilution

225m shares vs 225m

Altman components

Working capital / assets0.241

Retained earnings / assets0.119

Operating profit / assets0.043

Equity / liabilities0.138

Sales / assets1.136

Price history

Weekly closes. Beta 1.23 against the index, annualised volatility 26%, RSI 62.

+482.4% over this window

Reported accounts

The last twelve quarters as filed, in PKR millions. The publication date is what the engine uses to decide when a figure became knowable.

Quarter	Revenue	Gross profit	Operating	Net income	EPS	Filed
2025 Q4	Rs 173.6bn	Rs 40.6bn	Rs 10.9bn	Rs 5.9bn	26.26	2026-04-30
2025 Q3	Rs 168.6bn	Rs 30.9bn	Rs 7.1bn	Rs 3.1bn	13.99	2025-11-14
2025 Q2	Rs 176.3bn	Rs 31.9bn	Rs 7.2bn	Rs 3.5bn	15.36	2025-08-14
2025 Q1	Rs 163.8bn	Rs 28.5bn	Rs 6.2bn	Rs 2.7bn	11.81	2025-05-15
2024 Q4	Rs 146.4bn	Rs 22.6bn	Rs 4.4bn	Rs 974m	4.33	2025-04-30
2024 Q3	Rs 153.4bn	Rs 24.1bn	Rs 4.8bn	Rs 352m	1.56	2024-11-14
2024 Q2	Rs 171.7bn	Rs 26.7bn	Rs 5.2bn	Rs -267m	-1.19	2024-08-14
2024 Q1	Rs 176.7bn	Rs 20.4bn	Rs 2.5bn	Rs -3.2bn	-14.11	2024-05-15
2023 Q4	Rs 180.6bn	Rs 27.9bn	Rs 5.5bn	Rs -1.3bn	-5.99	2024-04-29
2023 Q3	Rs 197.4bn	Rs 21.9bn	Rs 2.4bn	Rs -5.1bn	-22.68	2023-11-14
2023 Q2	Rs 242.4bn	Rs 30.4bn	Rs 4.4bn	Rs -3.6bn	-15.92	2023-08-14
2023 Q1	Rs 256.0bn	Rs 37.8bn	Rs 7.0bn	Rs -730m	-3.24	2023-05-15

Ranked against Refinery

Every peer in the same sector, ordered by composite score. These are the companies whose ratios set this one's z-scores.

PRLPakistan Refinery Limited0.9x73

NRLNational Refinery Limited1.4x65

ATRLAttock Refinery Limited1.9x49

CNERGYCnergyico PK Limited0.6x48

Scored as of 31 December 2025. Generated by an automated screen for research and educational use. Not investment advice, and not a substitute for a SECP-licensed adviser.