$POL posted Rs8.56bn profit, up 45% YoY vs Rs5.89bn last year, EPS Rs30.10 vs Rs20.74. Net sales grew 25% to Rs16.79bn on 26% gross sales growth, while exploration costs crashed 83% to Rs193m and other income jumped 59% to Rs2.97bn.

View: BUY maintained by E&P coverage with Dec-26 target PKR 850, ∼22% upside. Drivers: higher crude realization, lower exploration write-offs, treasury income. Risk: production decline.
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