Panther Tyres Limited (hereinafter referred to as ‘Panther’ or ‘the Company’) is a public listed company incorporated under the Companies Ordinance, 1984 (now “Companies Act, 2017”). The Company is listed on PSX with a free float of ~20.41% at end Sep'25. Mian Tyre & Rubber Company Limited was established in 1983 as a private limited company and was later onconverted into a public limited company with effect from Oct 2003. The Company changed its name to Panther Tyres Limited in Oct-2011. During Feb-21, the Company got listed on PSX. With the operating history of ~40 years, the Company has emerged as one of the top players in tyre and tube market of Pakistan. Panther’s products are divided into three divisions i.e., i) Two Wheel, ii) Three Wheel and, iii) Four Wheel. TheCompany is one of the major producers of motorcycle & tractor tyres and tubes in Pakistan. It is also engaged in the manufacturing and marketing of tyres and tubes for rickshaws, forklifts, LTV, scooters, HTV and OTR. Later, the Company also entered into the segment of trucks & bus tyres. During Apr-18, the Company ventured into the trading business of automobile lubricants and motorcycle spare parts.

The sponsoring family owns the major shareholding of the Company. Mian Iftikhar Ahmed is the major shareholder,he possesses ~47.86% shares of the Company, his wife, Ms. Samina Iftikhar and son Mian Faisal Iftikhar holdshareholding of ~10.34% and 15.76%, respectively. During the year ending June 30, 2021, the Company was listed on the Pakistan Stock Exchange and there has beensome change in the shareholding structure of the Company. However, the major shareholding of the Company remains with the sponsoring family.Mian Iftikhar Ahmed is the founder of the company. He is the pioneer of tyre and Butyl tube manufacturing in Pakistan. He is recognized as one of the leaders and mentors of the local tyre industry. Under his leadership, the Company achieved many milestones and became a prominent player in the industry. Panther is the main business of the sponsor's family. They don't have any strategic stake in any other business. Therefore, the financial strength of the sponsors is deemed adequate.

The Company’s governance framework is robust, overseen by a seven-member Board of Directors comprising two executive directors, two non-executive directors, and three independent directors, ensuring balanced representation and effective oversight. The segregation of the Chairman and CEO roles promotes accountability and strategic governance. Mian Iftikhar Ahmed, the Chairman and founder, brings over five decades of leadership in the tyre and rubber industry, guiding the Company’s strategic direction. Mian Faisal Iftikhar, the CEO, has over 20 years of experience in tyre manufacturing, production management, and business expansion, contributing to operational excellence. The independent directors, including Mr. Muhammad Junaid Ali, Mr. Muhammad Ali Durrani, and Ambassador Iqbal Ahmad Khan, add depth through their diverse expertise in finance, marketing, and international relations, while Ms. Ayesha Iftikhar and Mr. Zahid Mehmud strengthen marketing and technical leadership. The Board meets regularly with strong attendance, supported by an independent internal audit function that reports directly to the Audit Committee. The Company’s external auditors, KPMG Taseer Hadi & Co., Chartered Accountants, expressed an unqualified opinion on the FY25 financial statements, reflecting adherence to sound governance and reporting standards. Overall, the Board’s diverse experience, professional composition, and structured oversight contribute to effective governance and organizational stability.

Panther Tyres Limited is led by a seasoned and technically proficient management team with deep expertise in manufacturing, finance, operations, and human resources. The organizational structure is lean and functionally aligned, enabling efficient decision-making and operational agility. The Chief Executive Officer, Mian Faisal Iftikhar, brings over two decades of leadership experience in the tyre and tube industry, driving the Company’s strategic growth and operational excellence. He is supported by a team of qualified professionals across key domains. Ghulam Abbas, Chief Financial Officer, is a fellow member of ICAP and ICMAP with over 15 years of experience in corporate finance and IPO execution, having successfully led the Company’s listing despite pandemic challenges. Mohsin Muzaffar Butt, Company Secretary and Head of Audit, brings extensive international experience in corporate governance, internal audit, and regulatory compliance, ensuring strong control and transparency frameworks. Muhammad Riaz, General Manager Operations, with over 20 years of plant and production experience, has been instrumental in technology upgradation, quality enhancement, and obtaining EU e-mark and ISO certifications. Abid Salar, Head of Human Resources, has driven organizational transformation through talent development, performance management, and engagement initiatives. Ch. Zafar Salam, National Sales Manager, has over a decade of progressive experience in sales leadership, strengthening the Company’s market presence across replacement, OEM, and export segments. The Company operates through clearly defined departments with robust internal controls and reporting lines. It leverages advanced digital solutions, including SAP ECC 6.0, ensuring integrated operations, financial transparency, and data-driven management. Business continuity and data recovery protocols are in place to ensure seamless operations. Overall, the management’s collective experience, technological orientation, and structured oversight continue to underpin Panther’s operational efficiency and strategic resilience.

The tyre industry in Pakistan plays a vital role in the broader mobility sector, with demand closely linked toreplacement cycles and sales of automobiles and motorcycles. Given the industry’s heavy reliance on imported rawmaterials (natural rubber, synthetic rubber, etc.), it remains structurally vulnerable to exchange ratevolatility and global commodity price swings. Demand is predominantly replacement-driven (~80–85%), while OEMs account for a smaller share. The 2/3-wheeler segment continues to anchor industry volumes, with over1.5million units sold in FY25, supported by affordability and resilient rural demand. In the commercial segment, demand for Truck and Bus Radial (TBR) tyres is expanding, aided by regulatory push for localization, ongoingimport substitution, and rising logistics requirements. In FY25, truck and bus sales stood at ~5,200 units, while theLCV and pickup segment posted a strong ~61% volumetric growth, reinforcing the strategic significance of thecommercial tyre space. Conversely, the agricultural tyre segment witnessed a slowdown, with tractor salesdeclining to ~29,000 units in FY25 versus ~45,911 units in FY24, reflecting a ~37% contraction. The decline underscores pressure on rural incomes and mechanization uptake. Nonetheless, the segment remains strategically important, with prospects of recovery tied to improvement in rural purchasing power. Overall, the industry exhibits steady underlying demand potential, supported by replacement needs, gradual localization initiatives, and growing export avenues. However, rising input costs, currency depreciation, energy shortages, and competition from smuggled and under-invoiced tyres continue to weigh on sector margins. Future growth remains contingent on macroeconomic stability, sustained policy support for localization, and the industry’s ability to diversify its exportbase. The Company has evolved to become one of the largest and leading suppliers and manufacturers of Tyres and Tubes in Pakistan. The Company is also honoured suppliers of Suzuki, and Honda  for the past 30 years.The Company has achieved a milestone in captivating a vast extent of customers from Asian, Middle East, African & European countries. Moreover, the Company is the second only manufacturer of tractor tyres and TBB tyres in Pakistan and first only manufacturer of off-the-road (OTR) tyres. During 3MFY26, Panther Tyres Limited recorded revenues of PKR 8,918 million, reflecting a 9.5% YoY increase , indicating sustained business momentum. For FY25, net sales stood at PKR 32,567 million, marking a 10.3% YoY growth compared to PKR 29,523 million in FY24, primarily driven by a steady recovery in the automobile and allied sectors. The growth was supported by consistent demand in the 2- and 3-wheeler segments, complemented by stable replacement market sales. Gross profit margin improved to 15.0% in 3MFY26 (FY25: 13.1%, FY24: 14.6%), reflecting better cost management and improved production efficiencies. Operating margin also strengthened to 9.6% in 3MFY26 (FY25: 7.7%), while net profit margin increased to 3.2% (FY25: 1.3%, FY24: 1.6%), aided by easing input costs and controlled operating expenses. Despite persistent competition in the replacement segment and exposure to raw material price volatility, PTL’s diversified market presence, operational efficiency measures, and pricing discipline continue to support business stability. The near-term outlook remains stable, with gradual margin recovery expected on account of improved demand and enhanced production efficiencies.

Working capital metrics remained satisfactory during 3MFY26, supported by prudent inventory and receivable management. The gross working capital cycle improved slightly to 100 days in 3MFY26 (FY25: 106 days, FY24: 107 days), while net working capital days reduced to 78 days (FY25: 84 days, FY24: 87 days), indicating improved liquidity turnover. Cash flow coverages strengthened as of 3MFY26. The EBITDA-to-finance cost ratio improved to 3.3x (FY25: 2.1x, FY24: 1.8x), and FCFO-to-finance cost increased to 2.3x (FY25: 1.7x, FY24: 1.7x), reflecting improved operational cash generation relative to debt servicing costs. Free cash flow from operations was recorded at PKR 756 million in 3MFY26, compared to PKR 2,386 million in FY25, demonstrating continued positive cash flows despite seasonal working capital buildup. As of September 2025, total borrowings increased slightly to PKR 11,639 million (FY25: PKR 10,680 million), with short-term borrowings comprising ~63% of total debt. The leverage ratio stood at 56.6% (FY25: 55.2%, FY24: 60.7%), reflecting a moderately leveraged yet stable capital structure. Liquidity position remains comfortable, supported by strong cash conversion efficiency and adequate unutilized facilities. The capitalization profile remains adequate, with manageable gearing and improving coverages expected to sustain financial flexibility and debt-servicing capacity.

Panther Tyres Limited is set to issue its first rated, secured, privately-placed, short-term Sukuk of up to PKR 2,000 million to support the Company’s working capital requirements. The Sukuk carries a markup of 6-Month KIBOR + 0.50% with a tenor of up to six (6) months from the date of drawdown. The profit and principal will be paid in bullet form at maturity.The purpose of the instrument is to finance the Company’s working capital requirements, primarily to build up inventories in order to meet increased demand and fulfill other sales orders during the peak season.

The underlying instrument will be secured by a ranking charge over current assets of the company.

The issuer will maintain a Debt Payment Account (“DPA”) under the lien of the Investment Agent. The first payment equivalent to PKR 500mln shall be made in DPA on or before 21 days before maturity, the second payment on or before 15 days, third payment on or before 7 days, and the last fourth payment on or before 1 day before maturity date of the issue. Such that the amount equivalent to full issue is available in DPA, 2 days before the maturity.