Skip to content
PSX
HUBC

The Hub Power Company Limited

HUBC · Power Generation & Distribution · Group accounts

Share price
Rs 193.18
30 Oct 2026, 4:49 PM PKT
Latest accounts
Sep 2026
Q1 report

Operating performance

Figures from the reports' own text. Only like-for-like series are charted: levels across every report, volumes across full years.

Installed capacity

2,289 MW in Annual report FY26.

MW · as stated in each report

Pakistan electricity generation FY2023-24

130,617 GWh in Annual report FY24.

GWh · full-year totals · Pakistan

Units generated - Operating subsidiaries and associates collectively

5,363 GWh in Annual report FY26.

GWh · full-year totals

Other reported figures (90) — not charted because they are not like-for-like
FigureLatestPeriodWhy not chartedSource
Capacity Purchase Price - Hub (9M, Rs mn)18,921.69 Rs mnMar 2022Fewer than three full-year figures
CSR investment FY2023-24257 PKR millionJun 2024Fewer than three full-year figures
Clean energy contributed to national grid357 GWhJun 2026Fewer than three full-year figures
Coal consumed at TEL and TNPTL, cumulative2.95 million tonsJun 2025Fewer than three full-year figures
Sindh Engro Coal Mining Co. (SECMC) total mine capacity post Phase-II7.6 MPTADec 2022Unit not recognised
Imported coal-based power plant capacity1,320 MWJun 2026Fewer than three comparable periods
Company's share of Pakistan electricity generation FY2023-245,004 GWhJun 2024Fewer than three full-year figures
Company's share of Pakistan electricity generation FY2023-243.8 %Jun 2024Fewer than three comparable periods
Company's share of Pakistan electricity generation9,074 GWhJun 2021Fewer than three full-year figures
Company's share of Pakistan's electricity generation3.4 %Jun 2023Fewer than three comparable periods
Consolidated net profit attributable to owners12,786 Rs millionSept 2026Fewer than three full-year figures
CPHGC plant capacity1,320 MWJun 2023Fewer than three comparable periods
CSR investment162 PKR mnJun 2023Fewer than three full-year figures
DC fast-charging stations installed and operationalized24 countJun 2026Fewer than three full-year figures
Energy directly consumed368 GWhJun 2024Fewer than three full-year figures
Cash dividend per share FY2024 total17.5 RsJun 2024Fewer than three full-year figures
Energy generated during agreement year - Laraib420 GWhMar 2022Fewer than three full-year figures
Energy generated from coal3,691 GWhJun 2025Fewer than three full-year figures
Energy generated from hydel354 GWhJun 2025Fewer than three full-year figures
Energy generated from RFO39 GWhJun 2025Fewer than three full-year figures
Energy purchase price revenue (consolidated)16,067,689 Rs '000Sept 2023Fewer than three full-year figures
Consolidated EPS9.86 RsSept 2026Fewer than three full-year figures
Public charging stations within DC fast-charging installed21 countJun 2026Fewer than three full-year figures
DC fast EV chargers operationalized by HGL8 countJun 2025Fewer than three full-year figures
Foreign exchange saved since COD by Thar plants117 USD millionMar 2023Fewer than three full-year figures
Gross profit margin (unconsolidated)73.27 %Jun 2024Fewer than three comparable periods
Safe man-hours in 20246.12 millionJun 2024Fewer than three full-year figures
Hub Plant load factor, 3 months Dec 20250 %Dec 2025Fewer than three comparable periods
Hub Plant output produced (GWh), 3 months Dec 20250 GWhDec 2025Fewer than three full-year figures
Hub Plant capacity1,292 MWJun 2021Fewer than three comparable periods
Hub Plant NSA settlement received (Rs million)36,499 Rs millionDec 2024Fewer than three full-year figures
Hydropower project capacity84 MWJun 2026Fewer than three comparable periods
Laraib plant capacity84 MWJun 2023Fewer than three comparable periods
Controlling stake in LEL74.95 %Jun 2026Fewer than three comparable periods
Energy mix - coal share of energy consumption87.4 %Jun 2024Fewer than three comparable periods
LEL energy contribution345 GWhJun 2023Fewer than three full-year figures
Man-hours completed across operational power stations3.08 millionJun 2022Fewer than three full-year figures
SECMC mining capacity (Phase II)7.6 MTPAJun 2025Fewer than three full-year figures
HPHL shareholding in AMPL53 %Jun 2026Fewer than three comparable periods
Narowal plant capacity225 MWJun 2023Fewer than three comparable periods
Load factor0 %Jun 2025Fewer than three comparable periods
Consolidated profit attributable to owners (Rs million), 6M23,335 Rs millionDec 2024Fewer than three full-year figures
Consolidated net profit57,554 PKR mnJun 2023Reported in different units
Unconsolidated profit (Rs million), 6M13,604 Rs millionDec 2024Fewer than three full-year figures
Intercity NEV travel coverage Karachi to Peshawar1,300 kmJun 2026Fewer than three full-year figures
Active NEV dealership locations7 countJun 2026Fewer than three full-year figures
Overdue trade debts from CPPA-G53,524 PKR millionJun 2024Fewer than three full-year figures
Pakistan installed power generation capacity44,000 MWJun 2022Fewer than three comparable periods
PRIME gas processing plant capacity10.7 MMBOEJun 2024Fewer than three full-year figures
HPHL joint venture interest in Prime50 %Jun 2026Fewer than three comparable periods
Share of profit from PRIME6.5 PKR billionJun 2024Fewer than three full-year figures
Capacity purchase price revenue (consolidated)19,578,883 Rs '000Sept 2023Fewer than three full-year figures
Shareholding in SECMC8 %Jun 2022Fewer than three comparable periods
Renewable energy generated354 GWhJun 2025Fewer than three full-year figures
Hydel (renewable) share of energy usage7 %Jun 2024Fewer than three comparable periods
RFO consumed at NEL7,788 tonsJun 2025Fewer than three full-year figures
Energy mix - RFO share of energy consumption4.2 %Jun 2024Fewer than three comparable periods
RFO-fired engine-based combined cycle capacity225 MWJun 2026Fewer than three comparable periods
Return on equity50.09 %Jun 2024Fewer than three comparable periods
Cumulative safe man-hours since last LWI across operational plants30 millionJun 2024Fewer than three full-year figures

Projects

46 projects, wells and blocks, most recently mentioned first. Stages are as reported; durations between reports are not project timelines.

  • Sindh Engro Coal Mining Company Limited (SECMC) equity investmentAnnouncedLast reported Sept 2026 · 23 mentions

    Equity investment at fair value through OCI Rs 4,757,837k (Sep 2026); Phase II mine capacity 7.6 MTPA; Phase III expansion to 11.2 MTPA

    View history
    1. Reported in Sept 2026 · Other / unclear Equity investment at fair value through OCI Rs 4,757,837k (Sep 2026); Phase II mine capacity 7.6 MTPA; Phase III expansion to 11.2 MTPA
    2. Reported in Jun 2026 · Other / unclear · Rs 5,687,837k Equity investment at fair value through OCI Rs 5,687,837k; dividend income Rs 2,588,384k; Phase II mine capacity 7.6 MTPA; Phase III expansion to 11.2 MTPA
    3. Reported in Mar 2026 · Other / unclear · Rs 5,687,837k Equity investment at fair value through OCI Rs 5,687,837k at Mar 2026 (fair value gain Rs 447m in period); dividend income Rs 2,588,384k; Phase II mine capacity 7.6 MTPA
    4. Reported in Dec 2025 · Other / unclear · Rs 5,687,837k Equity investment at fair value through OCI Rs 5,687,837k at Dec 2025 (fair value gain Rs 447m); discount rate 18.26%; Phase II mine capacity 7.6 MTPA
    5. Reported in Sept 2025 · Other / unclear · Rs 5,240,837k Equity investment at fair value through OCI Rs 5,240,837k at Sep 2025; Phase II mine capacity 7.6 MTPA
    6. Reported in Jun 2025 · Other / unclear · Rs 4,752,121k Equity investment at fair value through OCI Rs 4,752,121k at Mar 2025; gain on revaluation Rs 324,304k for nine months; Phase II mine capacity 7.6 MTPA
    7. Reported in Mar 2025 · Other / unclear · Rs 4,752,121k Equity investment at fair value through OCI Rs 4,752,121k at Mar 2025 (Rs 4,427,817k at Jun 2024); level 3 fair value; gain on revaluation Rs 324,304k for nine months
    8. Reported in Dec 2024 · Other / unclear · Rs 4,752,121k Equity investment at fair value through OCI Rs 4,752,121k at Dec 2024 (Rs 4,427,817k at Jun 2024); level 3 fair value; gain on revaluation Rs 324,304k for six months
    9. Reported in Sept 2024 · Other / unclear · Rs 4,427,817k Equity investment at fair value through OCI Rs 4,427,817k at Sep 2024 (unchanged); level 3 fair value
    10. Reported in Jun 2024 · Announced Definitive agreement for acquisition of SECMC shares, subject to corporate and regulatory approvals; equity investment FVOCI Rs 3,517,658k at Mar 2024
    11. Reported in Mar 2024 · Announced · Rs 3,517,658k Definitive agreement for acquisition of SECMC shares, subject to corporate and regulatory approvals; equity investment FVOCI Rs 3,517,658k at Mar 2024
    12. Reported in Dec 2023 · Announced · Rs 3,490,501k Board authorised negotiations and execution of agreements for proposed acquisition of SECMC shares, subject to approvals; equity investment FVOCI Rs 3,490,501k at Dec 2023
    13. Reported in Sept 2023 · Operating · Rs 3,352,724k FVOCI investment Rs 3,352,724k at Sep 2023 (Rs 3,259,115k at Jun 2023)
    14. Reported in Jun 2023 · Operating · Rs 3,259,115k Phase II COD achieved October 1, 2022, expanding mining capacity to 7.6 MTPA; FVOCI investment Rs 3,259,115k at Jun 2023 (Rs 3,070,833k at Jun 2022)
    15. Reported in Mar 2023 · Operating · Rs 2,841,258k Phase II COD achieved October 1, 2022, expanding capacity from 3.8 to 7.6 MTPA; FVOCI investment Rs 2,841,258k vs Rs 3,070,833k at Jun 2022
    16. Reported in Dec 2022 · Operating · Rs 2,869,944k Phase II COD achieved October 1, 2022, expanding capacity from 3.8 to 7.6 MTPA; FVOCI investment Rs 2,869,944k vs Rs 3,070,833k at Jun 2022 (p.16 note 11; p.33 note 11.5)
    17. Reported in Sept 2022 · Operating · Rs 2,744,997k Phase II COD achieved October 10, 2022, expanding capacity from 3.8 to 7.6 MTPA (p.6); FVOCI investment Rs 2,744,997k (p.20 note 19 / p.35 note 20) vs Rs 3,070,833k at Jun 2022 (fair value loss Rs 325,836k in OCI, p.9)
    18. Reported in Jun 2022 · Operating 8% stake; Phase I COD July 10, 2019; Phase II expansion to 7.6 Mt/annum near completion, undergoing tests of completion (p.32, p.34); FVOCI investment Rs 3,070,833k (note 14.6/15.5)
    19. Reported in Mar 2022 · Other / unclear · Rs 2,951,876 thousand Equity investment at fair value through OCI; fair value Rs 2,951,876k; revaluation gain Rs 217,172k in 9 months
    20. Reported in Dec 2021 · Other / unclear · Rs 2,892,638 thousand Equity investment at fair value through OCI; fair value Rs 2,892,638k; unrealized gain Rs 157,933k in 6 months
    21. Reported in Sept 2021 · Other / unclear · Rs 197 million Investment in SECMC during the period
    22. Reported in Jun 2021 · Other / unclear · Rs 122 million Additional investment
    23. Reported in Jun 2021 · Under construction Expanding mining capacity from 3.8 MTPA to 7.6 MTPA; Company holds 8%
  • Prime International Oil & Gas Company Limited (50:50 JV) - ENI Pakistan businessExplorationLast reported Sept 2026 · 23 mentions

    Joint venture 50% via HPHL; equity-method investment Rs 15,864,686k; share of profit Rs 414,141k in Q1; dividend received Rs 96,000k

    View history
    1. Reported in Sept 2026 · Exploration Joint venture 50% via HPHL; equity-method investment Rs 15,864,686k; share of profit Rs 414,141k in Q1; dividend received Rs 96,000k
    2. Reported in Jun 2026 · Exploration · Rs 14,292,194k Investment Rs 14,292,194k; share of profit Rs 960,442k for 9 months; Sukhpur II and Naing Sharif blocks acquired; four offshore blocks acquired in Pakistan Offshore Bid Round 2025
    3. Reported in Mar 2026 · Exploration · Rs 14,292,194k Investment Rs 14,292,194k at Mar 2026; share of profit Rs 960,442k for 9 months; Sukhpur II and Naing Sharif blocks awarded April 2025; acquired 4 offshore blocks in Pakistan Offshore Bid Round 2025
    4. Reported in Dec 2025 · Exploration · Rs 14,278,153k Investment Rs 14,278,153k; share of profit Rs 269,046k for quarter; Sukhpur II and Naing Sharif blocks awarded April 2025, activities to commence after regulatory formalities; acquired 4 offshore blocks in Pakistan Offshore Bid Round 2025 (31 Oct 2025), operatorship of one block
    5. Reported in Sept 2025 · Exploration · Rs 14,248,647k Investment Rs 14,248,647k; share of profit Rs 517,763k for quarter; Prime tested a new well under commissioning; Sukhpur II and Naing Sharif exploration blocks awarded April 2025, activities to commence after regulatory formalities
    6. Reported in Jun 2025 · Exploration · Rs 12,737,290k Investment Rs 12,737,290k; share of profit Rs 1,161,056k for nine months; dividend received Rs 216,000k; South West Miano III exploration licence and petroleum concession executed; planning first exploration well
    7. Reported in Mar 2025 · Exploration · Rs 12,737,290k Investment Rs 12,737,290k at Mar 2025; share of profit Rs 1,161,056k for nine months; dividend received Rs 216,000k; South West Miano III exploration licence and petroleum concession agreement executed; JV budget approved, planning first exploration well
    8. Reported in Dec 2024 · Completed · Rs 12,266,217k Investment Rs 12,266,217k at Dec 2024; share of profit Rs 582,653k for six months; dividend received Rs 48,000k; South West Miano III exploration licence and petroleum concession agreement executed
    9. Reported in Sept 2024 · Completed · Rs 12,022,317k Investment Rs 12,022,317k at Sep 2024; share of profit Rs 381,012k in quarter; dividend received Rs 48,000k in quarter; South West Miano III exploration licence and petroleum concession agreement under execution
    10. Reported in Jun 2024 · Completed Investment Rs 7,796,703k at Mar 2024; share of profit Rs 2,475,494k in nine months; dividend received Rs 144,000k
    11. Reported in Mar 2024 · Completed · Rs 7,796,703k Investment Rs 7,796,703k at Mar 2024 (Rs 5,550,044k at Jun 2023); share of profit Rs 2,475,494k in nine months; dividend received Rs 144,000k
    12. Reported in Dec 2023 · Completed · Rs 7,032,348k Investment Rs 7,032,348k at Dec 2023 (Rs 5,550,044k at Jun 2023); share of profit Rs 1,567,139k in six months
    13. Reported in Sept 2023 · Completed · Rs 6,395,362k ENI Pakistan business acquisition completed December 29, 2022; investment Rs 6,395,362k at Sep 2023 (Rs 5,550,044k at Jun 2023); share of profit Rs 845,318k in quarter
    14. Reported in Jun 2023 · Completed · Rs 5,550,044k ENI Pakistan business acquisition completed December 29, 2022; investment Rs 5,550,044k at Jun 2023 (Rs 467,327k at Jun 2022); provisionally awarded S W Miano III Block in June 2023 subject to regulatory approvals
    15. Reported in Mar 2023 · Completed · Rs 1,673,816k ENI acquisition completed December 29, 2022 after DGPC approval November 14, 2022; investment Rs 1,673,816k; investment during period Rs 120,528k; share of profit Rs 1,085,961k
    16. Reported in Dec 2022 · Completed · Rs 587,855k ENI acquisition completed December 29, 2022 after DGPC approval November 14, 2022; investment Rs 587,855k (p.32 note 11.3; p.33)
    17. Reported in Sept 2022 · Announced · Rs 467,327k Acquisition of ENI Pakistan business in process through 50:50 JV via HPHL; E&P strategy to pursue organic growth in owned assets and new fields via government auctions (p.6); investment Rs 467,327k (p.30 note 11.3)
    18. Reported in Jun 2022 · Announced Acquisition of ENI Pakistan business in process; expected to mark foray into oil and gas; JV to pursue organic growth and new fields via government auctions (p.34, p.72); investment Rs 467,327k (note 15.4)
    19. Reported in Mar 2022 · Announced · Rs 198,733 thousand Acquisition well underway; DGPC regulatory approvals progressing; expected completion Q2 CY 2022; investment during period Rs 198,733k; share of profit Rs 1,385k in 9 months
    20. Reported in Dec 2021 · Announced Acquisition of ENI's Pakistan business well underway; regulatory approvals from DGPC and FBR tax matters progressing; expected completion Q1 2022; share of profit Rs 1,037k in 6 months; investment Rs 280,739k in FY2021
    21. Reported in Sept 2021 · Other / unclear Share of profit Rs 1.586 million in quarter
    22. Reported in Sept 2021 · Completed Joint venture with Holding of 50%; investment during year Rs 281 million (FY2021)
    23. Reported in Jun 2021 · Completed Acquisition of ENI Pakistan's business, Company's first step into oil & gas; Share Purchase Agreements signed
  • Thar Energy Limited (TEL) 330MW lignite power plant, Thar Block IIOperatingLast reported Sept 2026 · 26 mentions

    Subsidiary, 60% holding; investment Rs 11,973,816k (unconsolidated); TEL plant generated 583 GWh in Q1 (496 GWh prior year); dividend received Rs 4,885,317k

    View history
    1. Reported in Sept 2026 · Operating Subsidiary, 60% holding; investment Rs 11,973,816k (unconsolidated); TEL plant generated 583 GWh in Q1 (496 GWh prior year); dividend received Rs 4,885,317k
    2. Reported in Jun 2026 · Operating · Rs 11,973,816k Subsidiary, 60% holding; TEL plant generated 1,822 GWh in FY2025-26 (1,594 GWh prior year); PCD achieved
    3. Reported in Mar 2026 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; PCD achieved; SBLC guarantee USD 31m for TEL sponsors' support
    4. Reported in Dec 2025 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; PCD achieved, maiden dividend declared and disbursed in period
    5. Reported in Sept 2025 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; plant output 496 GWh for quarter
    6. Reported in Jun 2025 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; TEL plant output 1,101 GWh for nine months (consolidated)
    7. Reported in Mar 2025 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; TEL plant output 1,101 GWh for nine months (consolidated), net electrical output 1,102 GWh per directors' review; load factor 56%
    8. Reported in Dec 2024 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; SBLC guarantee USD 31m to TEL and intercreditor agent till Oct 31, 2025; TEL plant output 1,940 GWh in quarter (consolidated) / 403 GWh net electrical output in quarter per directors' review
    9. Reported in Sept 2024 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; SBLC guarantee USD 31m to TEL and intercreditor agent till Oct 31, 2025; TEL plant output 1,940 GWh in quarter (consolidated) / 403 GWh net electrical output in quarter per directors' review
    10. Reported in Jun 2024 · Operating Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; SBLC guarantee USD 31m to TEL and intercreditor agent till Oct 31, 2025; TEL plant output 1,541 GWh in nine months
    11. Reported in Mar 2024 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; SBLC guarantee USD 31m to TEL and intercreditor agent till Oct 31, 2025; TEL plant output 1,541 GWh in nine months
    12. Reported in Dec 2023 · Operating · Rs 11,973,816k Subsidiary, 60% holding; investment Rs 11,973,816k unchanged; SBLC guarantee USD 31m to TEL and intercreditor agent till Oct 31, 2025
    13. Reported in Sept 2023 · Operating · Rs 11,973,816k COD achieved October 1, 2022; investment in TEL Rs 11,973,816k unconsolidated, unchanged in Sep 2023 quarter; 60% holding
    14. Reported in Jun 2023 · Operating · Rs 11,973,816k COD achieved October 1, 2022; investment in TEL Rs 11,973,816k unconsolidated at Jun 2023 (Rs 9,657,465k at Jun 2022); 60% holding; additional investment in TEL Rs 2,316 million during the year
    15. Reported in Mar 2023 · Other / unclear · Rs 2,316,353k Investment in subsidiary Rs 2,316,353k during nine months
    16. Reported in Mar 2023 · Operating · Rs 11,973,816k COD achieved October 1, 2022; investment in TEL Rs 11,973,816k unconsolidated at Mar 2023 (Rs 9,657,465k at Jun 2022); subsidiary holding 60%; capital WIP TEL Rs 70,920,192k at Jun 2022 transferred to operating PPE; 9-month sub investment Rs 2,316,353k
    17. Reported in Dec 2022 · Other / unclear · Rs 2,080,848k Investment in subsidiary Rs 2,080,848k during six months (p.19 note 17.1)
    18. Reported in Dec 2022 · Operating · Rs 11,738,312k COD achieved October 1, 2022; investment in TEL Rs 11,738,312k (unconsolidated, p.16) vs Rs 9,657,465k at Jun 2022; subsidiary holding 60%; capital WIP TEL Rs 70,920,192k at Jun 2022 transferred to operating PPE (p.31)
    19. Reported in Sept 2022 · Operating · Rs 11,520,000k Commercial Operations Date achieved October 1, 2022 with 22 million safe manhours (p.6); subsequent event COD 01 Oct 2022 (p.14 note 11.1); investment in TEL Rs 11,520,000k (p.14) vs Rs 9,657,465k at Jun 2022; capital WIP TEL Rs 70,920,192k (p.29); TEL drew Rs 4,162 million under long term PKR loan (p.31 note 14.1)
    20. Reported in Jun 2022 · Other / unclear Project construction 97.5% complete; COD targeted 3rd quarter CY 2022 (p.34) / beginning of September (p.30, p.11); synchronized with national grid August 3, 2022; investment in TEL Rs 9,657,465k (p.82/p.84 vs Rs 7,165,917k prior) and additional investment Rs 2,491,548k (p.149); capital WIP TEL Rs 70,920,192k (p.190); 20 million safe manhours (p.30)
    21. Reported in Mar 2022 · Under construction · Rs 8,980,965 thousand Project progress 93%; COD targeted July 2022; 15 million safe manhours milestone; TEL investment Rs 8,980,965k (from Rs 7,165,917k at Jun 2021); investment during period Rs 1,815,047k
    22. Reported in Dec 2021 · Under construction · Rs 251,981 thousand Construction 86% complete; COD targeted July 2022; long term investment in TEL Rs 251,981k in 6 months; TEL services receivable
    23. Reported in Sept 2021 · Under construction · Rs 3,746 million Long term investments made (TEL) Rs 3,746 million; TEL drawn Rs 37,450 million under long term loans
    24. Reported in Sept 2021 · Under construction Construction 77% complete; COD targeted first half of 2022; achieved 10 million safe manhours milestone
    25. Reported in Jun 2021 · Other / unclear · Rs 753 million Additional investments in TEL
    26. Reported in Jun 2021 · Under construction Construction 68.44% complete; COD targeted Q1 2022; financial close announced Jan 30, 2020
  • ThalNova Power Thar (TNPTL) 330MW lignite power plant, Thar Block IIOperatingLast reported Sept 2026 · 23 mentions

    Joint venture 38.3% via HPHL; equity-method carrying value Rs 16,418,510k (Sep 2026); dividend received Rs 2,916,224k in Q1; TNPTL management services and receivables noted

    View history
    1. Reported in Sept 2026 · Operating Joint venture 38.3% via HPHL; equity-method carrying value Rs 16,418,510k (Sep 2026); dividend received Rs 2,916,224k in Q1; TNPTL management services and receivables noted
    2. Reported in Jun 2026 · Operating · Rs 16,404,585k Joint venture 38.3% via HPHL; investment Rs 16,404,585k (equity method); TNPTL plant generated 1,824 GWh in FY2025-26 (1,768 GWh prior year); dividend received Rs 4,926,176k
    3. Reported in Mar 2026 · Operating · Rs 16,404,585k Joint venture 38.3% via HPHL; investment Rs 16,404,585k at Mar 2026 (equity method); share of profit Rs 3,847,938k for 9 months, Rs 1,274,219k for quarter; dividend received Rs 4,926,176k; SBLC guarantee USD 20m
    4. Reported in Dec 2025 · Operating · Rs 15,130,366k Joint venture 38.3% via HPHL; PCD achieved; investment Rs 15,130,366k at Dec 2025; share of profit Rs 1,243,237k for quarter; dividend received Rs 4,926,176k; SBLC guarantee USD 20m
    5. Reported in Sept 2025 · Other / unclear Short term investments in treasury bills and term deposits (Rs 10,906,231k treasury bills, Rs 5,817,501k TDRs) — not a project; omitted
    6. Reported in Sept 2025 · Operating Joint venture 38.3% via HPHL; share of profit Rs 1,330,482k for quarter; PCD achievement expected next quarter
    7. Reported in Jun 2025 · Operating · Rs 15,930,588k Associate 38.3% via HPHL; investment Rs 15,930,588k at Mar 2025; share of profit Rs 2,823,106k for nine months
    8. Reported in Mar 2025 · Operating · Rs 15,930,588k Associate 38.3% via HPHL; investment Rs 15,930,588k at Mar 2025 (Rs 13,070,834k at Jun 2024); share of profit Rs 2,823,106k for nine months
    9. Reported in Dec 2024 · Operating · Rs 14,914,347k Associate 38.3% via HPHL; investment Rs 14,914,347k at Dec 2024 (Rs 14,039,109k at Sep 2024 per previous period; Rs 13,070,834k at Jun 2024); share of profit Rs 1,843,513k for six months
    10. Reported in Sept 2024 · Operating · Rs 14,039,109k Associate 38.3% via HPHL; investment Rs 14,039,109k at Sep 2024 (Rs 13,070,834k at Jun 2024); share of profit Rs 968,275k in quarter
    11. Reported in Jun 2024 · Operating Associate 38.3% via HPHL; investment Rs 12,692,221k at Mar 2024; Rs 87,780k invested in nine months; share of profit Rs 3,324,438k in nine months
    12. Reported in Mar 2024 · Operating · Rs 12,692,221k Associate 38.3% via HPHL; investment Rs 12,692,221k at Mar 2024 (Rs 9,248,899k at Jun 2023); Rs 87,780k invested in nine months; share of profit Rs 3,324,438k in nine months
    13. Reported in Dec 2023 · Operating · Rs 11,682,890k Associate 38.3% via HPHL; investment rose to Rs 10,502,749k in Sep 2023 per prior period; Dec 2023 investment Rs 11,682,890k; Rs 87,780k invested in period; share of profit Rs 2,320,198k in six months (Q2 Rs 1,185,529k)
    14. Reported in Sept 2023 · Operating · Rs 10,502,749k COD achieved February 17, 2023; associate 38.3% via HPHL; investment rose to Rs 10,502,749k at Sep 2023 from Rs 9,248,899k; share of profit Rs 1,159,101k in quarter; Rs 87,780k investment made in quarter
    15. Reported in Jun 2023 · Operating · Rs 9,248,899k COD achieved February 17, 2023; associate 38.3% via HPHL; investment in associate Rs 9,248,899k at Jun 2023 (Rs 4,910,679k at Jun 2022)
    16. Reported in Mar 2023 · Operating · Rs 6,693,724k Achieved COD February 17, 2023; associate 38.3% via HPHL; investment in associate Rs 6,693,724k consolidated at Mar 2023; investment during period Rs 1,548,354k
    17. Reported in Dec 2022 · Operating · Rs 5,382,866k Achieved COD February 17, 2023 (subsequent event, p.14 note 11.2; p.32 note 11.2); associate 38.3% via HPHL; investment in associate Rs 5,382,866k consolidated (p.32); unconsolidated investment during period Rs 651,100k (p.33); construction previously 90.01% complete with COD targeted 4Q CY2022 (p.6 previous)
    18. Reported in Sept 2022 · Under construction · Rs 4,805,085k Construction 90.01% complete; COD targeted 4th quarter CY 2022 (p.6); financial close Sept 30, 2020; Company holds 38.3% via HPHL (p.13/p.27); investment in associate Rs 4,805,085k (p.30 note 11.2 consolidated)
    19. Reported in Jun 2022 · Under construction Project construction 83.01% complete; COD targeted 4th quarter CY 2022 (p.34); Company holds 38.3% and management control (p.32); investment in associate TNPTL Rs 4,910,679k (p.149 / note 15.2)
    20. Reported in Mar 2022 · Under construction · Rs 280,063 thousand Project progress 75%; COD targeted second half of CY 2022; steam drum hoisted October 2021; Company holds 38.3%; RCOD extended to June 30, 2022 (p.16-17, p.31) ; investment during period Rs 280,063k
    21. Reported in Dec 2021 · Under construction · Rs 81,566 thousand Construction 65% complete; COD targeted second half of 2022; RCOD extended to July 01, 2022; steam drum hoisted October 2021; Company holds 38.3%; investment during period Rs 81,566k
    22. Reported in Sept 2021 · Under construction Construction 53% complete; COD targeted second half of 2022; steam drum hoisted in October; Company holds 38.3%
    23. Reported in Jun 2021 · Under construction Construction 46.23% complete; COD targeted Q2 2022; financial close Sept 30, 2020; Company holds 38.3%

Risks

Highlighted by management in the latest report. Severity is a model assessment, not a probability.

  • Tax dispute at TEL: FBR/ACIR contest CPP exemption under Clause 132; tax demands Rs 6,741m (TY2023) and Rs 7,817m (TY2025); matter pending before ATIR; Sindh High Court stay obtained; no provision recognised

    Model severitymedium· tax

  • Mothballing expenses continuing for Hub Plant shutdown (Rs 127,410k in Q1)

    Model severitymedium· operational· mentioned since Dec 2025

  • Heavy reliance on subsidiary and associate dividend income (Rs 9,705m unconsolidated Q1)

    Model severitymedium· other

  • Circular debt / delayed CPPA-G payments: Rs 14,392m of trade debts overdue but not impaired; delayed payments carry mark-up (KIBOR+2% for TEL, 3M KIBOR+1% for NEL, 6M KIBOR+2% for LEL); Rs 6,076m unbilled

    Model severitymedium· circular debt· mentioned since Jun 2025

Not mentioned in the latest report (4)

Absence from a later report does not mean the risk was resolved.

  • Hub Plant shut down following PPA/IA termination under Negotiated Settlement Agreement effective Oct 1, 2024 (last mentioned Jun 2026)
  • Thar coal and CPEC projects depend on substantial Chinese debt financing (last mentioned Jun 2026)
  • Operational and HSE risks including process safety and environmental compliance (last mentioned Jun 2026)
  • Management and directors state key risks managed via ERM framework; specifics referred to page xxx (last mentioned Jun 2026)

Management view

What management expects, from the Q1 report for Sept 2026

  • Drilling operations are ongoing in the Bhadra area under the Kirthar block, with the wellsite ready for the next Kadanwari well after Bhadra. (neutral tone)
  • Management is evaluating viable alternate business plans for the shut-down Hub Plant. (neutral tone)
  • The Company has sufficient financial resources and expects to generate sufficient income in future years from its equity investments. (positive tone)
  • Geological and geophysical activities are currently underway in the Naing Sharif block. (neutral tone)

Stated targets: Final dividend of Rs 5.00 per share (Rs 6,485.772 million) for FY2026 approved at AGM on October 20, 2026.; Interim cash dividend of Rs 5.00 per share (Rs 6,485.772 million) declared for FY2027 on October 28, 2026.; Theoretical maximum output: Narowal 472 GWh, Laraib 185 GWh, Thar 664 GWh (p.40).

▲ positive · ■ neutral · ▼ negative tone, as assessed by the model.

Read from HUBC's reports; nothing here is a forecast by this dashboard.