Ghani Glass vs Tariq Glass: Glass Stocks 2026
On 2 November 2026 prices, Ghani Glass scores better on our scorecard: it trades at 4.9 times trailing earnings and below book value, and paid Rs 3.50 a share for FY26, a 9.4% yield. Tariq Glass grew faster, with Q1 FY27 profit up 69%, but trades at 6.4 times earnings and yields 2.9%.
Key takeaways
- Ghani Glass scores 7 on our six-measure scorecard (lower is better) and Tariq Glass 11.
- Ghani Glass paid four dividends for FY26 totalling Rs 3.50, a 9.4% yield, and declared another Rs 1 with its Q1 FY27 results.
- Tariq Glass's Q1 FY27 profit rose 69% to Rs 1.49 billion as its gross profit rose 53% on 6.5% higher sales.
- Ghani Glass's profit rose 57% to Rs 1.11 billion, with sales up only 2%.
- Both companies hold more cash than debt.
PSX retail investor
M Zubair is a retail investor on the Pakistan Stock Exchange. He writes SeekhKar's guides to explain the basics of investing, such as reading annual reports, P/E ratios, dividends and valuation, in simple language for new PSX investors. Everything here is for learning, not investment advice.
Ghani Glass vs Tariq Glass: Valuation at a Glance
Ghani Glass (GHGL) and Tariq Glass Industries (TGL) are the two glass makers in the KSE-100. Both end their financial year on 30 June, so their results for the quarter ended 30 September 2026 (Q1 FY27) cover the same period. Prices are PSX closing prices on 2 November 2026.
Earnings are trailing twelve months (TTM): FY26 EPS, minus Q1 FY26, plus Q1 FY27. Dividends are each company's dividends for FY26.
| Metric | GHGL | TGL |
|---|---|---|
| Share price, 2 Nov 2026 | Rs 37.32 | Rs 171.65 |
| Market capitalisation | Rs 37 bn | Rs 30 bn |
| EPS, Q1 FY27 | Rs 1.11 | Rs 8.68 |
| EPS, TTM | Rs 7.63 | Rs 26.85 |
| P/E, TTM | 4.9x | 6.4x |
| Book value per share, 30 Jun 2026 | Rs 42.09 | Rs 156.85 |
| P/B | 0.89x | 1.09x |
| ROE (TTM EPS ÷ book value) | 18.1% | 17.1% |
| Dividend per share, FY26 | Rs 3.50 | Rs 5.00 |
| Dividend yield | 9.4% | 2.9% |
| EPS growth, Q1 FY27 vs Q1 FY26 | +56.3% | +68.9% |
| Net debt ÷ equity, 30 Jun 2026 | −0.14x | −0.07x |
Ghani Glass's book value, debt and cash are from S&P Global data; Tariq Glass's are from its Q1 FY27 accounts. A negative net debt figure means more cash than debt.
Which Glass Stock Is Cheaper?
Ghani Glass, on every price measure. It trades at 4.9 times trailing earnings and 0.89 times book value, against 6.4 and 1.09 for Tariq Glass, while earning a slightly higher return on its book (18.1% against 17.1%).
Tariq Glass's premium comes with faster growth and the bigger recovery: its FY26 profit fell 16% to Rs 4.01 billion as sales fell, and its first quarter of FY27 was its most profitable of the last seven quarters. Our guide to finding undervalued stocks on the PSX explains why a low P/E is only a starting point.
Q1 FY27 Results
| Quarter ended 30 Sep | Net sales, 2026 | 2025 | Profit after tax, 2026 | 2025 | Change |
|---|---|---|---|---|---|
| Tariq Glass | Rs 7.99 bn | Rs 7.50 bn | Rs 1.49 bn | Rs 0.89 bn | +69% |
| Ghani Glass | Rs 10.22 bn | Rs 9.99 bn | Rs 1.11 bn | Rs 0.71 bn | +57% |
- Tariq Glass: sales rose 6.5% but gross profit rose 53% to Rs 2.75 billion, so its gross margin rose from 23.9% to 34.5%.
- Ghani Glass: sales rose 2% and gross profit 49% to Rs 3.16 billion, a gross margin of 30.9% against 21.1%.
Both made most of their gains from wider margins rather than higher sales.
Dividend History and Yield
| Company | FY26 dividend | Yield | Yield after 15% tax | Payout of TTM EPS |
|---|---|---|---|---|
| Ghani Glass | Rs 3.50 | 9.4% | 8.0% | 46% |
| Tariq Glass | Rs 5.00 | 2.9% | 2.5% | 19% |
- Ghani Glass pays almost every quarter: Rs 0.50 (November 2025), Rs 1 (March 2026), Rs 1 (July 2026) and a Rs 1 final (October 2026) for FY26, after Rs 1.50 for FY25. It declared another Rs 1 with its Q1 FY27 results on 28 October 2026.
- Tariq Glass paid a Rs 5 interim for FY26 (March 2026) and no final dividend. It paid Rs 4 as an FY25 interim.
At 2 November prices, Rs 100,000 in Ghani Glass would have earned about Rs 8,000 from its FY26 dividends after the 15% tax for filers. The dividend calculator works this out for any stock and amount.
Scorecard: Which Glass Stock?
We ranked the two companies 1 (best) or 2 on six measures, with equal weight. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Debt | Total |
|---|---|---|---|---|---|---|---|
| Ghani Glass | 1 | 1 | 1 | 1 | 2 | 1 | 7 |
| Tariq Glass | 2 | 2 | 2 | 2 | 1 | 2 | 11 |
- Value and income: Ghani Glass. The lower P/E and P/B, a 9.4% yield and more net cash. The risk is flat sales: almost all of its growth came from margins.
- Recovery: Tariq Glass. The faster growth and a margin back above its FY25 level. The risks are a lower yield and a business whose profit fell in FY26.
Our engineering and glass sector guide covers the other numbers to check, such as gas and energy costs. This comparison is educational and is not a recommendation to buy or sell any stock. Prices change daily, and we update these figures after each quarterly result.