Honda Atlas Cars (Pakistan) Limited reported earnings per share of PKR 18.97 in MY25 against earnings per share of PKR 16.34 in MY24 an increase of 16%.
Net revenue in MY25 reached PKR 78.1 Bn, a rise of 42% compared to MY24 with PKR 55.1 Bn. The company saw its gross margin increase from 8% in MY24 to 9% in MY25. HCAR launched a new hybrid variant of its HR-V model on July 14th 2025. The management apprised that the response has been positive and it expects to sell 400-500 units per month on average in the first year.
The company’s bestselling model, City, has a sales mix of 75:25 between 1.2L and 1.5L respectively. Management also highlighted that despite falling steel prices it expects pressure on margins due to depreciation and the absorption of the NEV adoption levy.
The localization levels of HCAR’s models are as follows:
Civic: 64%
City: 74%
HR-V: 61%
BR-V: 52%
Management expects that after the expiration of incentives under the 2021-26 auto policy it will reap the benefits of localization due to a level playing field with its competitors.
Going forward, the management was optimistic about volumetric growth with 40-50% volumes growth expected in MY26.
Important Disclosures
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