Financial Snapshot of IMAGE (PSX)

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Overview

IMAGE (PSX: IMAGE) Financial Snapshot – Image Pakistan Limited As of June 22-23, 2026 (data from stockanalysis.com and PSX/company filings; fiscal year ends June 30; figures in PKR millions unless noted). Current price: Rs. 26.10. Market cap: Rs. 6.01 billion. Shares outstanding: 230.37 million.

Image Pakistan Limited (PSX: IMAGE) is a Karachi-based company (incorporated in 1990) that manufactures and sells embroidered fabrics, ready-to-wear (RTW) garments (stitched/unstitched suits), and related value-added textiles under its high-street fashion brand “Image.” It also has e-commerce operations via subsidiaries and some legacy polyester filament yarn production. It operates primarily in Pakistan with growing exports and international e-commerce fulfillment.

Competitors:

  • Primary peers on PSX in textiles & apparel: Nishat Mills (NISH), Sapphire Fibres, Interloop, and other garment/exporters.
  • Broader: Regional textile manufacturers in Pakistan and South Asia focused on value-added fabrics and ready-to-wear. IMAGE differentiates via its branded “Image” high-street retail fashion line (embroidered fabrics, stitched/unstitched suits) with domestic stores and e-commerce.

Valuation Snapshot Revenue:

FY2025 (ended Jun 30, 2025): Rs. 4,595 million, +15.67% YoY (from Rs. 3,973 million in FY2024). TTM (to Mar 2026): Rs. 4,490 million (+1.37%).

Revenue % and division by segment (from company descriptions and reports):

  • Primarily value-added embroidered fabrics and ready-to-wear garments under the Image brand (core business – stitched and unstitched suits for women, sold via own stores, e-commerce, and channels in Pakistan and internationally).
  • Focus on apparel/textiles manufacturing and branded retail. No exact granular % splits are publicly detailed in summaries, but the business is concentrated in embroidered fabric and garment production/sales (historically evolved from polyester to fashion/apparel focus).

PE:

  • Annualized P/E (current price / last FY diluted EPS): Rs. 26.10 / Rs. 3.30 ≈ 7.91.
  • PE (TTM): 7.48.
  • PE (FWD): Not explicitly listed (trailing-focused data; proxy similar to current ~7.5 on growth trajectory).
  • Earning Growth: 5-year average: Strong historical expansion (Revenue from Rs. 1,002M FY2021 to Rs. 4,595M FY2025 with high CAGR in earlier years moderating to +15.67%; EPS from Rs. 1.53 to Rs. 3.30 with robust growth). Proxy ≈20% for 5-year average earnings growth.
  • 1/PEG: ≈2.67 (20% growth / PE TTM 7.48; attractive on historical trajectory).

Cash Position:

  • Cash and Cash Equivalent: Rs. 385.23 million (recent stats; earlier periods showed Rs. 97–172 million range in cash & bank balances, with fluctuations).
  • Total shares outstanding: 230.37 million.
  • Long-term Debt: Significant portion of total debt (Total Debt Rs. 1.75 billion; Debt/Equity 0.36 implies most is longer-term financing/leases).
  • Cash per share: (Rs. 385.23M – Rs. 1,750M) / 230.37M ≈ -Rs. 5.93 (net debt position on total debt basis; liquidity supported by strong current ratio of 4.24).

Revised estimates of PE:

  • Annualized PE = (Stock price – cash/share)/Earnings: (Rs. 26.10 – (-Rs. 5.93)) / Rs. 3.30 ≈ 9.71.
  • Earnings Estimate = (Stock price)/ PE (FWD): Rs. 26.10 / 7.5 ≈ Rs. 3.48 (proxy).
  • Revised PE(FWD) = (Stock price – cash per share)/Earnings Estimate: (Rs. 26.10 – (-Rs. 5.93)) / Rs. 3.48 ≈ 9.20.
  • 1/PEG: ≈2.17 (20% growth / Revised PE(FWD) 9.20).

Debt:

  • % Convertible notes (Unsecured) in total debt: 0% (no mention in filings or ratios).
  • % Senior Convertible (Secured) Notes in total debt: 0%.
  • % of bank loans in total debt: High/significant (primary component; typical bank/working capital financing and leases for textile operations, consistent with Debt/Equity 0.36 and low overall leverage).

Fair price:

5 years average earnings growth x Earnings Estimate: 20% × Rs. 3.48 ≈ Rs. 69.60.

Capital Intensity:

CapEx/Revenue Moderate (asset growth in PP&E and right-of-use assets noted; positive FCF Yield ~6% current indicates sustainable levels post-expansion. Exact ratio not granular, but consistent with textile manufacturing investments in capacity and inventory.

Average Profit Margins: % (Last 5 years); Gross Margin: %;

  • Gross Margin: 47.93% TTM (strong; historical improvement in FY2025 ~46%).
  • Average Profit Margins (last 5 years): Significant improvement — Net Profit Margin to 17.93% TTM / ~14% in recent FY (from lower single digits earlier). Operating Margin 26.08% TTM. Strong upward trend with scale and operational efficiency.

Book Value Per Share:

Rs. 21.07 (inferred from PB ~1.24 and price; supports equity growth).

Debt to Equity:

0.36 (low-moderate).

Reasons for being low: Conservative capital structure with equity-funded growth, strong internal cash generation, and efficient operations in the textile sector. Low leverage supports stability amid economic cycles; not very high due to high ROE (~17–19%) and focus on profitability over aggressive borrowing.

Net Debt:

Net debt position (~Rs. 1.37 billion; Net Debt/Equity 0.28).

What causes it: Expansion in property/plant/equipment, inventory (stock-in-trade growth), and working capital for revenue growth and operations. How is management going to pay it: Strong operating cash flow and positive FCF (TTM FCF Yield ~6%), improving margins, dividend policy (yield ~7.6%, payout ~50%), and cash management. High current/quick ratios provide liquidity buffer; focus on sustainable growth and shareholder returns.

Additional Notes:

IMAGE shows strong historical revenue and earnings growth with improving margins and solid ROE in the textiles/apparel sector. Valuation attractive on low-double-digit PE with dividend yield support. Recent TTM growth is moderating, but profitability is strong.

Disclaimer

Data from stockanalysis.com and PSX filings as of the latest available (June 2026). Verify with the most recent reports for updates. Not investment advice.

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