EcoPack Limited ("EcoPack" or the "Company") incorporated as a Public Limited Company in 1992, is listed on the Pakistan Stock Exchange (PSX).

The Company started commercial production in 1993. Over the years, the Company enhanced its production capacity of both PET Preforms and Bottles. EcoPack was the first Company to introduce PET bottles for the Carbonated Soft Drink (CSD) industry. In 2008, EcoPack consolidated all its production units into one facility in the Hattar Industrial Estate, KPK, while the head office is located in ZETA Mall, Main GT Road, Islamabad.

EcoPack Limited operates through two product segments: (i) PET Preforms (Injection) (ii) PET Bottles (Blowing) During FY26, the installed production capacity of the PET Preforms division remained stable at ~685mln units per annum (FY25: ~685mln units). Meanwhile, the PET Bottles division witnessed capacity enhancement following the installation of a new blowing machine, increasing its installed production capacity to ~413mln units per annum (FY25: ~341mln units). Capacity utilization of the PET Preforms division improved to ~82% (FY25: ~79%), whereas utilization of the PET Bottles division declined to ~51.8% (FY25: ~72.7%), primarily owing to lower production volumes amid subdued demand. Furthermore, as part of its ongoing expansion strategy, the Company installed a new injection molding machine from Husky Injection Molding Systems, China, in Apr’26, which became operational in Jul’26. The machine, having an annual production capacity of ~230mln units, was acquired at a cost of ~PKR 750mln, financed through debt. The additional capacity is expected to support higher preform production volumes and strengthen the Company's market position going forward.

The majority of EcoPack’s ownership resides with the sponsors through the Jamil family (27.61%). Mr. Hussain Jamil holding a 17.03% stake in the Company, is the single largest stakeholder. Mr. Hussain Jamil is leading the Company for several years.

Ownership of the business is seen as stable, as the major ownership is vested with the Jamil family.

The Jamil family has been in business with the plastic packaging business since 1969 and is well-versed with the dynamics of the industry. Their acumen in the industry is reflected in EcoPack's growth over the decades, as it has become one of the leading players in the industry.

EcoPack is a financially stable business with a well-established operational track record. The sponsors demonstrate robust financial capabilities, underscored by their strong business profile and unwavering commitment to supporting EcoPack’s growth and operational expansion. Their continued financial backing reinforces the Company’s stability and long-term viability.

EcoPack’s Board consists of seven members, ensuring an appropriate balance of oversight and governance. The Board composition includes three independent directors, one executive director, and three non-executive directors.

The Board of Directors of the Company reflects a diverse mix of qualifications and extensive experience, supporting sound governance practices. Mr. Asad Ali Sheikh, the current Chairperson and a Non-Executive Director, brings over 40 years of experience and serves on the Audit Committee. The Board includes non-executive directors, Mr. Ali Jamil with 49 years of experience and Ms. Laila Jamil with 21 years of experience, provide additional oversight. Independent Directors, Mr. Ameen Jan with 26 years of experience and Mr. Zohair Ashir with 31 years of experience, both serving on key committees. Muhammad Asif Saad has been appointed as independent director in replacement of Ms.Sonya Jamil on Oct 24, 2026. Mr Asif Saad brings valuable corporate experience to the board as an ex-CEO of a leading chemicals manufacturing multinational company in Pakistan. He has also provided leadership serving on boards of large public companies. Mr. Hussain Jamil, CEO and Sponsor Director with 51 years of industry expertise, leads the executive team. This well-structured board ensures effective corporate governance through its collective experience and diversity. 

The Board ensures effective governance through two committees, namely i) the Audit Committee ii) Human Resource and Remuneration Committee. Both committees are chaired by independent directors. The Board met seven times during FY26 to discharge its duties, with the majority of members attended all meetings.

The Company has instituted an internal audit function to strengthen internal controls and enhance operational efficiency. The Audit Committee reviews the financial statements and ensures that the accounts fairly represent the financial position of the Company. It also ensures the effectiveness of internal controls. EcoPack’s external auditors, M/s A.F. Ferguson & Co, have expressed an unqualified opinion on the financial reports for FY26.

EcoPack Limited has a well-defined organizational structure, supported by an experienced senior management team with clearly delineated roles and responsibilities. The Chief Executive Officer, Mr. Hussain Jamil, oversees the Company's overall strategic direction and business operations, supported by key executives responsible for operations, finance, commercial and technical functions, and business development. The organizational hierarchy facilitates functional specialization, operational coordination and accountability across key departments. Furthermore, the increasing involvement of Mr. Shahan Ali Jamil in business development and strategic decision-making supports management continuity and succession planning. The long-standing association of senior executives with the Company provides institutional stability and a comprehensive understanding of its operations.

The Company’s management team comprises seasoned professionals with long-standing association and a deep-rooted understanding of the business. Mr. Hussain Jamil- Chief Executive Officer leads EcoPack's management team with over 51 years of industry experience, including 32 years with the Group. Supporting him is Mr. Mohammad Raza Chinoy, Chief Operating Officer brings 21 years of professional experience with 17 years at the Company. Financial operations are overseen by Mr. Muhammad Ali Adil, Chief Financial Officer with 28 years of experience, including 21 years at EcoPack. Mr. Shahan Ali Jamil, Chief Information Officer, contributes 14 years of specialized knowledge. He is graduate from Cornell University, USA. This highly experienced leadership team ensures strong governance and operational excellence. The long tenures and diverse expertise of the senior management team reflect strong institutional continuity and leadership stability.

EcoPack Limited has established two functional management committees to facilitate interdepartmental coordination and strengthen operational oversight. These include: (i) the Waste Sale Committee, headed by the Director Commercial & Technical, which oversees waste disposal and related sales activities; and (ii) the SAP Steering Committee, headed by the Chief Financial Officer, which supervises matters relating to the Company's Enterprise Resource Planning (ERP) system. These committees provide a structured mechanism for addressing functional matters, supporting coordination and enhancing management effectiveness.

EcoPack leverages advanced SAP ERP solutions to ensure seamless information flow across all operational units, including its Plant, Head Office, and Regional Offices. The system’s real-time dashboards provide live data integration, enabling daily performance tracking and end-of-day summary reports for informed decision-making. This technological advancement enhances operational efficiency, transparency, and process automation, allowing management to monitor key metrics effectively. By harnessing these capabilities, EcoPack maintains smooth operations, optimizes resource allocation, and drives continuous improvement across its business functions.

The Company maintains a formal internal control framework, with oversight exercised by the Board's Audit Committee. The Committee is responsible for reviewing financial reporting processes, evaluating the adequacy of internal controls, overseeing internal audit activities and monitoring compliance with applicable regulatory requirements. The Company has an established internal audit function, headed by the Head of Internal Audit, which supports the assessment of operational and financial controls. Furthermore, the implementation of IT-based security measures, coupled with the integrated SAP ERP system, supports data integrity, process monitoring and control across key business functions. These mechanisms provide a structured framework for risk oversight and internal accountability.

Polyethylene, polypropylene, PVC, nylon, and PET constitute the primary raw materials for the plastic packaging industry. Being petroleum-based products, these inputs remain highly sensitive to fluctuations in international crude oil prices and exchange rate movements. During FY25, global crude oil prices softened, averaging around USD 70.2/bbl (FY24: USD 83.9/bbl), as increased OPEC+ production outpaced the recovery in global demand. Consequently, polymer prices also eased, with average PET import prices declining to approximately USD 1,014/MT in FY25 (FY24: USD 1,116/MT), reflecting lower global crude oil prices and improved supply conditions. However, the benefit of lower international prices was partially offset by exchange rate volatility, as the industry's heavy reliance on imported raw materials continues to expose manufacturers to foreign currency risk and input cost fluctuations. However, EcoPack are buying raw material locally so no direct impact of exchange rate.

During FY26, the Company maintained an established presence in Pakistan's PET packaging industry, with an estimated market share of ~12% in the PET Preforms segment and ~28% in the PET Bottles segment (FY25: ~9% and ~34%, respectively), as reported by management. The Company's market position in the preform segment strengthened, supported by increased sales volumes and established relationships with leading beverage manufacturers. Going forward, management targets increasing its preform market share to ~20% during FY27, supported by the recently commissioned injection molding capacity.

EcoPack Limited generates revenue through two principal divisions: (i) PET Preforms (Injection) and (ii) PET Bottles (Blowing). During FY26, the Company's topline declined by ~9.7% to PKR ~6.5bln (FY25: PKR ~7.2bln), primarily attributable to lower PET bottle sales volumes. The PET Bottles division remained the major revenue contributor, accounting for ~62.6% (FY25: ~63.4%) of total sales, followed by the PET Preforms division at ~35.8% (FY25: ~35.6%). Despite the overall revenue decline, preform sales volumes increased, supported by higher demand from existing customers and growing penetration in the segment. However, the increase in preform volumes was insufficient to offset the decline in bottle sales and lower product realizations during the period.

During FY26, the Company's gross profit margin improved to 20.6% (FY25: 16.8%), primarily attributable to improved cost efficiencies. Similarly, the operating profit margin increased to 13.0% (FY25: 10.6%). The Company's finance cost declined to PKR ~148mln (FY25: PKR ~190mln), mainly supported by lower borrowing rates. Consequently, net profit increased by ~22.1% to PKR ~415mln (FY25: PKR ~340mln), while the net profit margin improved to 6.4% (FY25: 4.7%), reflecting strengthened profitability during the period.

EcoPack Limited continues to strengthen its competitive position through strategic capacity expansion, operational efficiencies and investment in renewable energy. During FY26, the Company installed an additional 1.8MW solar power system on a newly acquired ~2.88-acre plot, increasing its total solar generation capacity to ~2.3MW. The additional capacity became operational during FY27 and is expected to reduce energy costs and support profitability. Going forward, the Company is also planning to diversify its products which would strengthen the business profile. These initiatives are expected to support long-term business growth, improve operational efficiencies and strengthen the Company's competitive position.

EcoPack Limited's working capital cycle is driven by the interplay of inventory, trade receivables, and trade payables, with short-term borrowings and free cash flow from operations serving as the primary funding sources. During FY26, the Company's gross working capital cycle increased to 64 days (FY25: 56 days), primarily attributable to higher inventory days of 29 (FY25: 25 days) and receivable days of 34 (FY25: 31 days). Despite an increase in payable days to 12 (FY25: 9 days), the net working capital cycle extended to 52 days (FY25: 47 days), indicating higher working capital requirements. The Company's working capital needs are primarily financed through short-term borrowing facilities. Consequently, working capital efficiency remained under pressure during FY26, with a greater portion of funds tied up in operating assets. The Company's working capital requirements continue to be primarily financed through short-term borrowing facilities, highlighting the importance of efficient inventory management, timely collection of receivables, and prudent cash flow management.

During FY26, the Company's free cash flows from operations (FCFO) increased to PKR ~882mln (FY25: PKR ~840mln), reflecting improved operational profitability and cash generation. Meanwhile, finance costs declined to PKR ~148mln (FY25: PKR ~190mln), primarily attributable to lower borrowing rates, despite an increase in total borrowings. Consequently, the Company's interest coverage ratio improved to 6.3x (FY25: 4.8x), indicating strengthened capacity to meet interest obligations. However, debt coverage marginally declined to 3.3x (FY25: 3.5x), reflecting increased debt servicing requirements following the Company's debt-financed capacity expansion. Nevertheless, the coverage indicators remained comfortable, supported by healthy operating cash flows and reduced financing costs.

During FY26, the Company's leverage ratio increased to 43.3% (FY25: 33.9%), primarily driven by additional borrowings undertaken to finance capacity expansion and capital expenditure requirements. Meanwhile, the equity base strengthened to PKR ~1,991mln (FY25: PKR ~1,667mln), supported by improved profitability and earnings retention, providing a cushion against increased indebtedness. During the period, the Company declared cash dividends of PKR ~97mln (FY25: PKR ~72mln), translating into a payout ratio of ~23.4% (FY25: ~21.2%) of net profit. Management remains committed to maintaining adequate earnings retention to support operational requirements and future growth initiatives, while aligning dividend distributions with profitability. Going forward, prudent debt management, sustained cash flow generation and realization of anticipated benefits from capacity expansion will remain critical to moderating leverage and maintaining a comfortable financial risk profile.