Tariq Glass Industries Limited (‘TGL’ or ‘the Company’) is a public limited entity incorporated in 1978, under the Companies Act 1913 (now “Companies Act, 2017”). The Company subsequently converted into a public listed company in 1980, and its shares are quoted on the Pakistan Stock Exchange (PSX) under the symbol “TGL”. The Company’s registered office is situated at 128-J, Model Town, Lahore.

Tariq Glass Industries Limited (“TGL” or “the Company”) traces its origins to M/s Nasir Sadiq Corporation (Pakistan) Limited, incorporated in 1978 as a private limited company. The entity was subsequently converted into a public limited company in 1980 and listed on the Pakistan Stock Exchange in 1984. In 1996, the Company adopted its present name, reflecting its strategic focus on the glass manufacturing business. Over the years, TGL has evolved from a small-scale glassware producer into one of Pakistan’s most established and reputable glass manufacturers. A key milestone in this transformation was its technical collaboration with Toyo Glass Co. Ltd., Japan, which introduced advanced manufacturing know-how and elevated product quality standards across its operations. Through continuous modernization and adherence to sound governance practices, TGL has built a strong reputation for quality, innovation, and reliability. Its long-standing presence and sustained investment in technology have positioned it as a leading contributor to Pakistan’s glass industry, supporting import substitution and industrial growth in the country.

Tariq Glass Industries Limited (“TGL” or “the Company”) is engaged in the manufacturing and sale of a diversified range of glass products, including tableware, opal glass, glass containers, and float glass. The Company’s manufacturing complex is located at 33 KM, Lahore–Sheikhupura Road, Sheikhupura, Punjab, comprising multiple plants dedicated to distinct product categories. As of June 2025, the Company reported an actual glass pulled production of 221,232 metric tons (FY24: 226,176 MTons) and a pack production of 182,867 metric tons (FY24: 183,460 MTons). No additional furnaces were commissioned, nor were any existing ones decommissioned during the year. The overall production capacity remains variable, as it depends on the glass type and size being produced. The Company operates two plants each for opal glass and tableware, with cumulative installed capacities of approximately 1,050 tons per day (TPD) and 340 TPD, respectively. Additionally, TGL can divert 70 TPD plant for the manufacturing of glass containers. The float glass plant further strengthens the Company’s product portfolio by producing clear, tinted, and reflective glass across multiple thickness ranges. TGL’s operations are supported by modern manufacturing technology, automated furnaces, and in-house mould-making and design facilities. The production processes are efficiently integrated, ensuring consistency in quality and cost-effectiveness. The Company has maintained a long-standing technical collaboration with Toyo Glass Co. Ltd., Japan, which contributes to continual process improvements and enhanced product quality standards. The Company markets its products under well-recognized brands including “Toyo Nasic,” “Omroc,” and “Nova,” which cater to both domestic and export markets. Continuous modernization, improved fuel efficiency, and optimization of production processes enable the Company to sustain its competitive position within the local glass industry.

The sponsoring family cumulatively holds about 49.23% of the company directly through the CEO, directors, and their spouses and minor children, and a further 11.79% indirectly through associated companies and related undertakings. The general public holds around 18.11% of the shares, while Modarabas and Mutual Funds collectively account for about 14.82% of the ownership. The remaining approximately 6.05% is held by other categories, including banks, development finance institutions, insurance companies, non-banking financial institutions, provident and pension funds, corporate entities, and other shareholders.

The Company’s ownership structure is characterized by strong family control, with the majority of shares held by the sponsoring family. This concentrated shareholding has remained largely consistent over the years, reflecting a stable and long-term commitment to the business. The continuity in ownership has supported sustained strategic direction, operational consistency, and confidence among stakeholders. The sponsors maintain active involvement in key policy decisions, ensuring alignment between ownership and management objectives. Given the family’s historical attachment to the Company and lack of indications of any divestment, it is expected that majority shareholding will remain within the family domain for the foreseeable future, providing stability to the governance and control framework.

The sponsoring family possesses decades of experience in the glass manufacturing sector, having been associated with Tariq Glass Industries Limited since its inception. Their understanding of the domestic market, technological trends, and consumer preferences has played a critical role in transforming the Company from a traditional tableware producer into a diversified glass manufacturer with a robust product portfolio, including float glass, opal glass, and glass containers. The sponsors’ leadership has been instrumental in executing strategic expansions, modernizing production facilities, and introducing energy-efficient technologies. Their ability to adapt to evolving market dynamics, coupled with prudent business foresight, has allowed the Company to retain a competitive edge in both domestic and export markets. The management team, led by family members, remains well-versed in operational and financial matters, ensuring sound decision-making supported by experienced professionals across departments.

The sponsors exhibit sound financial standing, underpinned by their established business profile and consistent dividend income from Tariq Glass Industries Limited, the group’s flagship entity and primary source of wealth generation. The family’s financial commitment to the Company remains high, as evidenced by their ongoing reinvestment in expansion projects and modernization initiatives. Mr. Omer Baig, a key member of the sponsoring family, holds a central leadership role within the organization and is regarded as a prominent industry figure with deep sectoral knowledge and strategic acumen. The absence of significant investments in unrelated ventures ensures focused resource allocation toward core operations. Overall, the sponsors’ strong financial capacity, low external reliance, and high business concentration in TGL contribute positively to the Company’s overall financial resilience and long-term growth sustainability.

The Board of Directors consists of seven members: two executive directors, including the Managing Director/CEO; three non-executive directors, one of whom is a female director; and two independent directors.

Mr. Mansoor Irfani serves as the Chairman of the Board, bringing over four decades of association with the Company and extensive leadership experience from his distinguished career in the Armed Forces of Pakistan. The Board includes Mr. Omer Baig, Managing Director/CEO and a key sponsoring director, who has led major expansions in tableware and opal glass manufacturing; Mr. Mohammad Baig, a Chemical Engineering graduate from Imperial College and a Chartered Engineer, contributing strong technical and process-engineering expertise; Mr. Saad Iqbal, a certified director with diversified exposure in the power, textile, and manufacturing sectors, serving on the boards of major listed companies; Ms. Rubina Nayyar, a seasoned HR specialist with more than 35 years of experience in labor law compliance, employee development, and organizational capacity building. The Board further comprises Mr. Faiz Muhammad, an Independent Director with substantial experience in business management, corporate strategy, and leadership roles across prominent trade and government bodies; and Mr. Adnan Aftab, an accomplished manufacturing professional with over 30 years of industrial leadership and executive training from Harvard Business School Collectively, the Board brings a balanced mix of technical, operational, and strategic competencies, while the Company ensures ongoing board development through regular training and capacity-building programs for its directors.

The Board meets at least quarterly, following a pre-defined agenda, to oversee management performance and provide strategic direction. During FY25, four Board meetings were held, with strong attendance from the directors. Minutes of the meetings are properly documented, and action points are communicated to the relevant stakeholders. Additionally, the Board has established two committees: (i) the Audit Committee and (ii) the HR Committee, both chaired by independent directors. These committees enhance the Board’s effectiveness by offering focused oversight and ensuring the implementation of the Board’s policies.

The Company's external auditors, M/s Crowe Hussain Chaudhry & Co. Chartered Accountants, are classified in the 'A' category on the SBP’s panel of auditors. They have issued an unqualified opinion on the Company’s annual financial statements for the year ending June 30th, 2025, confirming their satisfaction with the Company’s compliance with applicable policies and accounting principles.

Tariq Glass Industries Limited (TGL) has a well-defined and structured organizational framework that supports operational efficiency and effective internal controls. The Company operates through seven key functional departments: (i) Corporate Affairs (shares), (ii) Internal Audit, (iii) Human Resources & Administration, (iv) Sales, (v) Operations/Production service, (vi) Finance & Accounts, and (vii) Information Technology. Each division is led by qualified professionals and follows a multilayered hierarchy to ensure accountability and timely decision-making. The Internal Audit function reports directly to the Board Audit Committee, ensuring compliance and transparency. The HR & Administration department focuses on employee development and organizational efficiency, while the Sales team oversees domestic and export market operations. The Operations division manages production, quality control, and plant maintenance, supported by skilled technical staff. Finance & Accounts ensures prudent financial management, budgeting, and reporting, and the IT department facilitates automation and system integration. Furthermore, the Corporate Affairs (Shares) department administers share capital, financial arrangements, mortgage management, and all related compliances, governance, and investor communication.  All key positions are currently filled by experienced personnel, ensuring stable governance and smooth coordination across departments. The overall structure promotes strong oversight, efficient communication, and alignment between strategic direction and operational performance.

Mr. Omer Baig serves as the Managing Director/CEO of the Company. He holds a degree in Business Studies from the USA and subsequently joined the family business. His leadership has been a key driver of the Company’s growth. He is supported by a team of seasoned professionals with extensive experience across various sectors. Notably, Mr. Waqar Ullah, the Company’s CFO, is a qualified Chartered Accountant and has been with the Company for over three decades, and Mr. Mohsin Ali, a business & law graduate, has been with the Company for over two decades. 

Tariq Glass Industries Limited (TGL) demonstrates a high degree of managerial effectiveness supported by a structured organizational framework, clearly defined reporting lines, and an experienced management team. The Company operates under a multi-layered hierarchy that delineates roles and responsibilities at every level, enabling efficient communication, timely decision-making, and effective control over operations. Departmental heads report to senior management through a well-established chain of command, ensuring that strategic objectives are consistently translated into operational performance. Regular performance reviews, interdepartmental coordination meetings, and management oversight contribute to maintaining organizational discipline and responsiveness. The leadership team, comprising qualified professionals in finance, operations, and sales, ensures that key business areas remain aligned with the Company’s long-term strategic direction. However, the formalization of management committees, such as for operations, risk management, and strategy, would further enhance effectiveness by strengthening cross-functional collaboration and facilitating proactive issue resolution. This step would not only streamline communication between departments but also help in institutionalizing decision-making processes, reducing key-person dependency, and fostering accountability at multiple organizational levels.

TGL is equipped with the latest SAP solution, SAP S/4 HANA, to meet its IT requirements. The software is fully integrated, comprising all the key modules, providing real-time data that supports the management's needs and strengthens effective decision-making.

The Company has an in-house internal audit function that reports directly to the Board’s Audit Committee. It conducts periodic reviews to identify, assess, and mitigate risks arising from business operations, while ensuring the implementation of approved policies and procedures. Additionally, the Company's corporate structure is divided into various departments, each with an effective internal control system to ensure the achievement of strategic goals and reliable reporting.

Pakistan’s glass manufacturing industry operates as an oligopolistic market dominated by a few major players in float glass, tableware, and container glass. The sector caters to both industrial and consumer markets, serving construction, food and beverages, and pharmaceuticals. In FY25, industry revenue was estimated at PKR ~88.7bln (FY24: PKR ~85.2bln), reflecting modest YoY growth of ~4%, primarily driven by pricing amid elevated cost pressures. In 1QFY26, revenue rose by ~12.3% YoY. Despite this, production of glass plates and sheets declined significantly by ~36% YoY in FY25 to ~13.0mln Sq.M, and further by ~2.5% in 1QFY26, owing to weaker construction activity, softened industrial demand, and temporary furnace shutdowns by key players. Consequently, imports increased sharply to USD ~114.7mln in FY25 (FY24: USD ~83.2mln), mainly driven by glass fibers and containers, while exports weakened to USD ~33.2mln, down ~19% YoY, with further contraction in early FY26. Demand dynamics remain closely linked to macroeconomic conditions. Float glass demand continues to reflect the slowdown in the construction and real estate sectors, while food & beverage and pharmaceutical packaging segments provide relatively stable but smaller demand streams. Tableware consumption remains sensitive to household purchasing power. The industry remains highly energy-intensive, with fuel and power comprising ~34% of direct manufacturing costs. Persistent energy price volatility and structural supply challenges continue to pressure operations, though some relief in fuel and raw material costs supported margin improvement in FY25. Leading players are increasingly integrating solar and hybrid energy solutions to enhance efficiency and mitigate cost volatility. Structural challenges include import dependence for specialized raw materials, exchange rate volatility, periodic plant shutdowns, and rising working capital requirements. Net working capital days climbed to ~101 in FY25 (FY24: ~94), driven by higher inventory levels and elongated receivable cycles. Despite volume pressures, pricing strength supported stable profitability, with gross margins improving to ~29.1% in FY25. The medium-term outlook remains stable, supported by macroeconomic stabilization, expected recovery in construction activity, and ongoing technological upgrades, including expansions in value-added glass segments. Within this context, Tariq Glass Industries Limited remains well-positioned to capitalize on sector recovery and evolving industry dynamics.

Tariq Glass Industries Limited (TGL) has grown to become one of the largest and most prominent manufacturers and suppliers of tableware, opal glass, and float glass in Pakistan. The management claims to hold an estimated ~60% market share in the tableware segment and around ~50% in the opal glass segment, reflecting its strong brand equity and leadership within the domestic glass industry. The Company’s diversified product portfolio allows it to cater to a broad customer base across household, commercial, and industrial segments, reducing concentration risk and enhancing business sustainability. Its flagship brands, “Toyo Nasic,” “Omroc,” and “Nova”, enjoy strong market recognition and customer loyalty, positioning TGL as a premium-quality manufacturer in the local market. In comparison to other players operating in the sector, TGL maintains a distinct competitive advantage due to its scale of operations, product diversification, and consistent brand performance. While peers such as Ghani Glass Limited and Baluchistan Glass Limited operate within narrower product domains, TGL’s broad-based presence across tableware, opal glass, and float glass segments ensures steady demand streams and revenue stability. The Company’s established domestic market leadership and growing export footprint further strengthen its relative standing in the industry. Its ability to sustain market share across economic cycles demonstrates resilience, supported by strong distribution channels, an experienced management team, and enduring brand value.

During FY25, Tariq Glass Industries Limited (TGL) reported net revenues of ~PKR 33.56bln, reflecting a YoY growth of ~13.4% compared to ~PKR 29.60bln in FY24. The topline improvement was predominantly supported by the domestic market, which contributed ~95.3% of total sales (FY24: ~93.5%), as local gross sales increased to ~PKR 41.10bln from ~PKR 35.24bln in the previous year. Export revenues, conversely, declined to ~PKR 2.03bln (FY24: ~PKR 2.46bln), reducing the export share to ~5% of total sales (FY24: ~7%), primarily due to softer demand in key regional markets and reduced shipment volumes. The product-wise mix within local sales remained stable, with the float glass segment continuing to dominate. Float glass contributed ~69.6% of local revenue in FY25 (FY24: ~67%), amounting to ~PKR 21.96bln, supported by sustained demand from the construction, packaging, and industrial fabrication sectors. The tableware division accounted for ~30.4% of local sales (FY24: ~33%), standing at ~PKR 9.57bln, reflecting marginally moderated household consumption and competitive pressures. On the export front, the composition shifted modestly, with tableware contributing ~58.7% of foreign sales (FY24: ~67.4%) and float glass contributing ~41.3% (FY24: ~32.6%). The reduced tableware share highlights subdued offtake in Middle Eastern and South Asian markets, alongside normalization of exchange-rate–driven advantages that supported export competitiveness in prior periods. Overall topline recovery in FY25 contrasts with the modest ~4.1% growth observed in FY24, which had been constrained by high inflation, weakened consumer sentiment, and muted construction activity. The stronger momentum in FY25 was supported by improved plant utilization, strengthened domestic penetration, and stable pricing discipline across key product categories, enabling the Company to maintain its market leadership position. As the Company enters FY26, early indicators provide insight into the sustainability of this momentum. Net revenues for 1QFY26 stood at ~PKR 7.50bln, which is below the FY25 quarterly average. Export contribution remained limited, and higher deduction ratios (sales tax and discounts) further compressed reported revenues. The softer start to FY26 likely reflects seasonal moderation in construction-linked demand and timing-based variability in export shipments. Subsequent quarters will be instrumental in determining whether the growth trajectory achieved in FY25 can be sustained through FY26.

The Company’s profitability profile strengthened considerably during FY25, supported by improved operating efficiency, disciplined cost management, and sustained pricing power in key product segments. The gross profit margin improved to ~31.0% in FY25 (FY24: ~26.4%), driven by better furnace efficiency, favorable production yields, and a product mix concentrated in higher-margin float glass. Enhanced control over energy and raw material costs also contributed to the expansion in gross margins. The operating profit margin rose to ~27.7% in FY25 (FY24: ~22.8%), reflecting the benefits of operational leverage, stable administrative overheads, and a disciplined distribution cost structure. The improvement underscores the Company’s ability to capitalize on increased volumes while maintaining strong cost rationalization practices across manufacturing and commercial functions. The net profit margin, however, recorded a marginal moderation to ~14.2% in FY25 (FY24: ~14.8%). The slight decline stemmed mainly from higher input costs and an increased effective tax burden, which partially offset operational gains. Despite this, overall profitability remained robust, backed by the Company’s core operational strength and not dependent on non-recurring income streams, as observed in previous years. As the Company transitions into FY26, initial margin trends provide an early indication of operating stability. During 1QFY26, margins softened relative to FY25 levels, with the gross margin at ~23.9%, operating margin at ~20.2%, and net margin at ~11.8%. The dip primarily reflects lower quarterly sales, higher incidence of deductions (sales tax and discounts), and seasonal moderation in construction-linked demand. Nonetheless, margins remain aligned with historical patterns for early-year quarters, and subsequent performance will determine whether FY25’s profitability momentum is sustained through FY26.

TGL has entered into a J.V (a green eld project) with Lucky Core Industries Ltd.,  and incorporated a new entity, Lucky TG (Pvt) Ltd to produce 1,000 TPD of float glass. This will further augment its revenue streams and supplement the exploration of the untapped global export market of glass. The Company has also acquired Baluchistan Glass Ltd. through MMM Holding (Pvt.) Ltd, with the strategic intent of expanding its product portfolio into the pharmaceutical segment.

The Company’s working capital position exhibited stability and improvement during FY25, supported by stronger operational liquidity and disciplined management of short-term assets. Net working capital days improved to ~86 days in FY25 (FY24: ~98 days), reflecting enhanced efficiency in managing inventory and operating cycles. Inventory days declined to ~61 days (FY24: ~65 days) owing to improved production scheduling, better stock alignment with demand, and faster turnover across both float and tableware segments. Conversely, trade receivable days increased to ~103 days in FY25 (FY24: ~98 days), mainly due to extended credit terms offered to institutional clients and key distributors amid competitive market dynamics. The extension, though deliberate from a commercial standpoint, resulted in a modest elongation of the overall receivable cycle. Despite this, the Company’s liquidity position remained robust, supported by strong internal cash generation and the absence of reliance on short-term borrowing. Short-term trade leverage remained at ~0.00%, reaffirming TGL’s ability to fully finance its working capital requirements through internal resources. The current ratio, standing at ~3.3x in FY25, continued to demonstrate a healthy liquidity buffer, underpinned by prudent management of short-term obligations and a conservative financial strategy. Overall, the Company’s working capital profile reflects efficient operational liquidity, strong cash discipline, and conservative financial management, ensuring smooth continuity of operations without dependence on external short-term funding. In 1QFY26, net working capital days increased to ~100 days, reflecting the impact of a seasonal dip in revenues during the quarter. Inventory days remained stable at ~61 days, indicating no stock accumulation, while trade receivable days improved to ~55 days markedly, supported by stronger collections and lower quarterly sales. Trade payable days stayed consistent at ~16 days, suggesting unchanged supplier payment behavior. Meanwhile, the current ratio strengthened to ~4.7x, aided by higher cash balances and lower current liabilities, though short-term trade leverage temporarily increased to ~84.4% due to lower sales in the quarter. Overall, the 1QFY26 movement appears to reflect seasonal variability rather than a structural shift, and upcoming quarters will be important in assessing normalization of the working capital cycle in line with revenue recovery.

The Company’s cash flow coverages strengthened considerably during FY25, supported by robust internal cash generation and improved earnings performance. Free Cash Flows from Operations (FCFO) increased to ~PKR 6.52bln in FY25 (FY24: ~PKR 5.66bln), reflecting a YoY improvement of ~15%, driven by higher profitability and efficient working capital management. As a result, key coverage indicators demonstrated substantial enhancement, with EBITDA to finance cost improving to ~36.3x (FY24: ~15.8x) and FCFO to finance cost rising to ~22.5x (FY24: ~11.0x). These strengthened metrics reflect a notable reduction in financial risk exposure, underpinned by low leverage, minimal finance cost burden, and consistent cash flow generation from core operations. Overall, TGL’s coverage profile in FY25 remained strong, indicating sufficient liquidity headroom and ample repayment capacity to comfortably meet financing obligations, thereby reinforcing the Company’s financial resilience. As the Company transitions into FY26, early coverage indicators provide insight into the strength of underlying operational cash flows. During 1QFY26, coverages demonstrated further improvement quarterly, with the EBITDA-to-finance cost ratio rising sharply to ~91.6x, supported by strong earnings relative to a significantly lower finance cost burden. Similarly, FCFO to finance cost improved to ~31.6x in 1QFY26, despite the seasonal moderation in revenues during the quarter. The exceptionally strong quarterly coverage metrics largely reflect the Company’s negligible finance cost exposure and sustained capacity to generate positive operating cash flows. While quarterly fluctuations are natural, the 1QFY26 results underscore TGL’s continued financial flexibility, with internal cash flows remaining adequate to comfortably meet all financing commitments.

The Company continues to maintain a conservatively leveraged capital structure, underscoring its strong internal capital generation and disciplined approach to debt management. Total debt declined significantly to ~PKR 1,149mln in FY25 (FY24: ~PKR 4,709mln), marking a substantial ~76% reduction following the complete retirement of short-term borrowings and a pronounced contraction in long-term obligations. Long-term borrowings stood at ~PKR 507mln in FY25 (FY24: ~PKR 1,161mln), while no short-term debt remained outstanding, reflecting the Company’s ability to finance its operational and working capital needs entirely through internal resources. This extensive deleveraging was supported by strong operating cash flows, improved profitability, and careful capital allocation, resulting in a marked improvement in capitalization metrics. The Company’s leverage ratio improved to ~4.9% in FY25 (FY24: ~20.2%), highlighting enhanced financial flexibility and a strengthened balance sheet position. The reduction in debt exposure not only shields the Company from interest rate volatility but also reinforces its capacity to withstand macroeconomic pressures while preserving sufficient headroom for future investment requirements. As the Company enters FY26, early capitalization trends further reinforce the strength of its balance sheet. In 1QFY26, total debt remained low at ~PKR 1,046mln, comprising ~PKR 396mln in long-term borrowings and ~PKR 650mln in short-term borrowings, the latter reflecting temporary working capital utilization during a seasonally softer sales quarter. Despite this marginal increase in short-term debt, the overall leverage ratio continued to decline, improving to ~4.1% in 1QFY26 (FY25: ~4.9%), supported by higher equity levels and sustained profitability. The Company’s capitalization profile thus remains comfortably positioned, with minimal debt burden and ample internal financing capacity, ensuring continued financial resilience and flexibility during FY26.