Summary
Lucky Core Industries (formerly ICI Pakistan) runs five segments under one ticker: a commodity-chemicals side in Soda Ash and Polyester, roughly 65% of revenue, under pressure from Chinese overcapacity and tariff liberalisation, and a healthcare side in Pharmaceuticals and Animal Health, roughly 24% of revenue, that has become the profit engine since the September 2024 Pfizer Pakistan asset acquisition. This preview explains why the FY26 profit mix, not the headline earnings decline, is the question worth understanding.
Methodology
Prepared from the LCI FY2024-25 Annual Report, the audited FY26 results announcement of 3 August 2026, PSX filings, and cited third-party coverage. FY26 segment operating results are estimates: company-disclosed growth rates applied to FY25 reported bases, with Chemicals & Agri Sciences derived as the residual against the reported consolidated operating result. EPS figures are split-adjusted throughout for the July 2025 five-for-one split. The report is information and analysis only, with no rating or target price.
Public findings
- Healthcare's share of segment operating profit has risen from about 17% in FY22 to roughly 45% in FY26, with Pharmaceuticals likely overtaking Soda Ash as the largest single profit contributor.
- Soda Ash operating profit is down about 44% from its FY24 peak as glass-sector demand, export prices, and import competition weakened together.
- Polyester is operating near breakeven on roughly PKR 40bn of revenue, squeezed by dumped imports and higher FY26 PTA feedstock costs.
- FY26 operating cash flow fell 67% on working-capital absorption, so dividends paid were only just covered by cash from operations.
- The stock trades at about 11x trailing earnings and 1.8x book for a 17% ROE, with the healthcare franchise consolidated inside a chemicals-cyclical multiple.
Inside the full report
The full report also covers:
- Segment-by-segment operating results, FY20 to FY26e
- FY26 group financials and cash-flow analysis
- Growth and decline map with macro tailwinds and headwinds
- Valuation context, watch list, and downside triggers
- Sources, methodology notes, and disclosures