Loads Limited ('Loads' or 'the Company') was incorporated on 01-Jan-79 as a private limited company. The Company was listed on the Pakistan Stock Exchange (PSX) in 2016. Over the years, the Company has expanded itself, and currently, it has four subsidiaries, including Specialized Autoparts Industries (Pvt) Ltd., Multiple Autoparts Industries (Pvt) Ltd., Specialized Motorcycles (Pvt) Ltd., and Hi-Tech Alloy Wheels Ltd. Primary business of these companies is the manufacturing and selling of motor vehicle parts. The Company manufactures radiators, exhaust systems, and sheet metal components for automobiles, showcasing a diverse product range. Key clients include Suzuki, Toyota, Honda, and others. It operates two manufacturing plants, DSU 19 and DSU 38, situated at Port Qasim, Karachi. Additionally, Loads possesses an in-house facility for dies designing and manufacturing, equipped with advanced CNC automatic machines.

The major stake (~25.51%) is held by Syed Shahid Ali and ~24.68% is held by Treet Corporation Limited (Associated Company) and Directors hold ~0.16% , followed by Others (~9.67%) and Insurance Companies (~0.22%). The general public holds the remaining stake of ~39.76%. The ownership of the Company is expected to remain stable in the future. The Sponsor, Treet Corporation Limited, is a leading Pakistani conglomerate with over 70 years of experience and drives innovation across various industries such as automotive, personal care, healthcare, packaging, and energy storage. It operates through several listed and public subsidiaries or associated companies. Over the years, the Company maintained its financial strength. Going forward, in case of any financial support, the Sponsors will assist the Company.

The overall control of the Company lies with a seven-member Board. The BoD comprises four Non–Executive, one Executive, and two Independent Directors, including two female directors. The Chairman of the Board, Syed Shahid Ali, has more than four decades of experience. He is also the Chairman of Treet Corporation Limited and is on the Board of various companies. Other members of the Board carry diversified professional experience and have served in leading positions. During FY26, the Board met six times. The Board is assisted by two committees, namely, the Audit Committee and Human Resources & Remuneration Committee. Both committees are chaired by Independent Directors. The minutes of the meetings are formally documented. External Auditors M/S Yousuf Adil, Chartered Accountants, have issued an unqualified audit report pertaining to the financial statements for FY26. The firm is QCR rated and on SBP's panel in category "A".

The Company operates through eight departments, namely: (i) Finance, (ii) IT, (iii) Human Resources & Admin (HR), (iv) Technical, (v) Special Project & Business Development, (vi) Production, (vii) Supply Chain, and (viii) Quality Assurance. All heads of department report directly to the CEO, who then reports to the Board. However, the Head of Internal Audit and HR functionally reports to the respective Board committee, and administratively to the CEO. Mr. M. Mohtashim Aftab has been appointed as the CEO of Loads, effective from 17-May-24. He brings an overall experience of 31 years in business partnering, strategic planning, and risk management. He also serves as the CEO and Director of all subsidiaries of Loads. Mr. Mobin Akhter has been appointed as CFO of the Company in Jul-25 and has over two decades of experience. He has been associated with the Company since 2009. The other management team members are comprised of seasoned professionals, each with a range of expertise in their respective fields. The Company has an operational management committee to monitor overall operations. The committee is chaired by the CEO and comprises senior management. The committee meets monthly to monitor the operational challenges and strategies. The Company uses an SAP system for generating daily, weekly, and monthly reports, alongside other extensive data capabilities. It has upgraded its facilities and integrated advanced machinery to meet increased demand and enhance operational efficiency. The Company has obtained quality certifications IS0-14001 and IS0-9001, demonstrating its emphasis on producing high-quality products.

Pakistan’s automotive parts industry forms part of Large-Scale Manufacturing (LSM), which accounts for ~67.5% of manufacturing value and ~8% of GDP, while the automobile sector itself represents ~3.1% of LSM Sector research automotive. The industry remains highly fragmented, with over ~1,600 vendors, including ~400 Tier-1 suppliers catering directly to OEMs such as Pak Suzuki, Indus Motor, Honda Atlas, and Lucky Motor Corporation Sector research automotive. Demand is primarily driven by OEM production, supplemented by the replacement market and limited exports, while a meaningful portion of OEM demand continues to be met through imports of high-tech components and CKD kits, which rose to PKR ~90.2bn in FY25 amid demand recovery. The sector remains highly sensitive to inflation, interest rates, and exchange rate volatility, given its heavy reliance on imported raw materials, which comprise over ~80% of total costs, though margins and volumes showed improvement in FY25 following macroeconomic stabilization. The Company recorded revenue of PKR 7,583 million in FY26, compared to PKR 6,033 million in FY25, reflecting a growth of approximately ~26%. The Company's revenue is predominantly derived from local sales, which account for approximately 99% of total sales, while export sales contribute less than 1%. By product segment, the Company generates around 61% of its revenue from exhaust systems, 34% from sheet metal components, and 5% from radiators. Gross profit margin during FY26 clocked in at ~23.4% (FY25: ~22.2%), primarily driven by a decline in manufacturing expenses. This improvement translated into stronger operating performance, with the operating margin reported at ~17.5% (FY25: ~16.5%). However, the net profit margin witnessed a decline to ~7.4% (FY25: ~8.1%). Going forward, margins are expected to remain around sustainable operating levels, with profitability largely driven by core manufacturing performance in the absence of one-off income items 

In FY26, net working capital days improved to ~43 days (FY25: ~54 days), inventory days stood at FY26: ~60 days (FY25: ~56 days) and an increase in trade payable days to ~51 days (FY25: ~47 days). Trade receivable days also declined to ~34 days (FY25: ~46 days). Going forward, the working capital cycle is expected to remain efficient, supported by disciplined inventory management and improved creditor terms, which should help sustain lower net working capital requirements. In FY26, the Company’s EBITDA increased by ~35% to ~PKR 1,300 million (FY25: ~PKR 959 million), supported by a profit before tax of ~PKR 1,037 million (FY25: ~PKR 797 million). This translated into a stronger EBITDA-to-finance cost coverage of ~4.1x (FY25: ~2.4x). Overall, the improvement in earnings and coverage metrics underscores the Company’s enhanced debt-servicing capacity and a more resilient financial profile. As of FY26, the leveraging ratio stood at ~18.1% (FY25: ~30.1%), reflecting a reduction in both short-term and longterm borrowings as the Company streamlined its working capital requirements through internal cash flows. Looking ahead, leverage is expected to remain manageable, supported by a growing equity base and the Company’s ability to fund operations and working capital requirements through internally generated cash flows.

Loads Limited is to issue a Rated, Secured, Privately Placed Listed Mid-Term Islamic Certificate (Sukuk) amounting to up to PKR 750mln, inclusive of a PKR 250mln green shoe option. The Sukuk will be issued as redeemable capital under Section 66 of the Companies Act, 2017 and the Sukuk (Privately Placed) Regulations, 2017. The proceeds are intended to support the Company’s working capital requirements and will be privately placed with Qualified Institutional Buyers through an Information Memorandum. The proposed Sukuk will carry a rental rate of 1-month KIBOR + 2.50% p.a. and will have a tenor of 18 months, including a six-month grace period.

The proposed Sukuk shall rank pari passu with the Company’s other secured obligations, with no contractual subordination to any other debt instrument. The Sukuk will be secured through a first pari passu charge over the identified plant and machinery, maintained with a 25% margin, thereby providing security against the outstanding obligations under the instrument. In the event of default or liquidation, the Sukuk holders will have a claim on the secured assets in accordance with the terms of the security arrangement, subject to any prior-ranking claims, if applicable.

Initially, a ranking charge shall be created, which shall be upgraded to pari passu within 120 days. In addition, the Company shall maintain a Debt Payment Account (DPA) under lien in favour of the Investment Agent, i.e. Pak Oman Investment Company Limited, to facilitate timely payment of principal and profit. The Company shall deposit the required principal and profit amounts in the DPA at least five days prior to the respective payment dates. The outstanding principal will be repaid through 12 equal monthly installments. Each Sukuk certificate will have a face value of PKR 1mln.