Lucky Core vs Lotte Chemical (Noventra): Stocks 2026
On 2 November 2026 prices, Noventra (formerly Lotte Chemical Pakistan) scores better on our scorecard: it trades at 6.9 times trailing earnings and its nine-month profit rose almost six-fold. Lucky Core is cheaper on book value, at 1.4 times, and pays a steadier dividend, but its Q1 FY27 profit fell 25%.
Key takeaways
- Noventra scores 7 on our six-measure scorecard (lower is better) and Lucky Core Industries 11.
- Noventra's nine-month profit rose to Rs 4.85 billion from Rs 0.84 billion as its gross profit rose 161% on 4% higher sales.
- Noventra has agreed to buy 56.19% of Engro Polymer & Chemicals for about Rs 19.7 billion and raised its authorised capital to Rs 40 billion.
- Lucky Core's Q1 FY27 profit fell 25% to Rs 1.62 billion as costs, finance cost and exchange losses rose.
- Lucky Core paid Rs 10.50 a share for FY26 in two equal payments, a 5.8% yield.
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.
Lucky Core vs Noventra: Valuation at a Glance
Lucky Core Industries (LCI), formerly ICI Pakistan, and Noventra Limited (LOTCHEM), formerly Lotte Chemical Pakistan, are the two chemical companies in the KSE-100. Lucky Core makes polyester, soda ash, chemicals, medicines and animal health products; Noventra makes PTA, the raw material for polyester. Noventra still trades under the LOTCHEM symbol. Prices are PSX closing prices on 2 November 2026.
Lucky Core ends its year on 30 June and Noventra on 31 December. Earnings are trailing twelve months (TTM) to 30 September 2026 for both: FY26 EPS minus Q1 FY26 plus Q1 FY27 for Lucky Core, and 9M 2026 EPS plus October to December 2025 for Noventra.
| Metric | LCI | LOTCHEM |
|---|---|---|
| Share price, 2 Nov 2026 | Rs 179.87 | Rs 23.55 |
| Market capitalisation | Rs 83 bn | Rs 36 bn |
| EPS, TTM | Rs 19.97 | Rs 3.39 |
| P/E, TTM | 9.0x | 6.9x |
| Book value per share, 30 Jun 2026 | Rs 128.68 | Rs 13.39 |
| P/B | 1.40x | 1.76x |
| ROE (TTM EPS ÷ book value) | 15.5% | 25.3% |
| Dividends, last 12 months | Rs 10.50 | Rs 6.50 |
| Dividend yield | 5.8% | 27.6% |
| EPS growth, latest period | −24.5% | +482% |
| Net debt ÷ equity, 30 Jun 2026 | 0.08x | 0.03x |
EPS growth is Q1 FY27 against Q1 FY26 for Lucky Core and 9M 2026 against 9M 2025 for Noventra. Book values, debt and cash are from S&P Global data; Lucky Core's figures are consolidated. Noventra's yield includes a Rs 5 dividend paid in February 2026 (see below).
Which Chemical Stock Is Cheaper?
Noventra on earnings, Lucky Core on book value. Noventra trades at 6.9 times trailing earnings against 9.0 for Lucky Core, and earns 25% on its book value against 16%. Lucky Core trades at 1.40 times book against 1.76.
The two are moving in opposite directions. Noventra's profit has recovered from almost nothing in 2025 (EPS Rs 0.74 for the year) as PTA margins improved, while Lucky Core's fell in FY26 and again in Q1 FY27. Our guide to P/E ratios by sector explains why a P/E based on a fast-changing profit needs care.
Latest Results: Q1 FY27 and 9M 2026
| Company | Net sales, 2026 | 2025 | Profit after tax, 2026 | 2025 | Change |
|---|---|---|---|---|---|
| Noventra (9M) | Rs 63.18 bn | Rs 60.54 bn | Rs 4.85 bn | Rs 0.84 bn | +480% |
| Lucky Core (Q1 FY27) | Rs 29.90 bn | Rs 28.62 bn | Rs 1.62 bn | Rs 2.15 bn | −25% |
- Noventra: sales rose 4% but gross profit rose 161% to Rs 6.12 billion, so almost all of the gain came from wider margins.
- Lucky Core: sales rose 4% but cost of sales rose 9%, so gross profit fell 12% to Rs 5.40 billion. Finance cost rose 41% and exchange losses grew more than five-fold; a lower tax charge and a larger share of associates' profit made up part of the fall.
Noventra's Engro Polymer Deal
Lotte Chemical of Korea sold its 75.01% of the company to PTA Global Holding, a UAE joint venture of AsiaPak Investments and Montage, and shareholders approved the new name, Noventra, on 22 September 2026.
On 31 August 2026 Noventra agreed to buy 510.7 million shares of Engro Polymer & Chemicals (EPCL), 56.19% of the company, from Engro Corporation at Rs 38.60 a share, about Rs 19.7 billion. It has paid a Rs 3 billion deposit, and completion depends on regulatory approvals. The price is more than half of Noventra's own market value and about its book value, and shareholders have approved raising its authorised capital to Rs 40 billion. No right issue has been announced, but how the deal is paid for is the main thing for shareholders to watch.
Dividend History and Debt
- Lucky Core pays twice a year: Rs 6.80 (February 2025) and Rs 6.20 (September 2025) for FY25, then Rs 5.25 (February 2026) and Rs 5.25 (September 2026) for FY26. At 2 November prices Rs 10.50 is a 5.8% yield, or 5.0% after the 15% tax for filers.
- Noventra paid Rs 5 in February 2026 and Rs 1.50 in July 2026. The Rs 5 was more than its whole 2025 EPS of Rs 0.74, so it was paid from past profits and may not be repeated. On the Rs 1.50 alone, the yield is 6.4%.
Both have little net debt: Lucky Core 0.08 times its equity and Noventra 0.03 times at 30 June 2026, before the Engro Polymer payment. The dividend calculator works out your income after tax from any payout.
Scorecard: Which Chemical Stock?
We ranked the two companies 1 (best) or 2 on six measures, with equal weight. Noventra ranks first on yield with or without the Rs 5 dividend. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Debt | Total |
|---|---|---|---|---|---|---|---|
| Noventra | 1 | 2 | 1 | 1 | 1 | 1 | 7 |
| Lucky Core | 2 | 1 | 2 | 2 | 2 | 2 | 11 |
- Recovery: Noventra. The lower P/E, the higher ROE and fast growth. The risks are PTA margins, which can swing, and the cost of the Engro Polymer deal.
- Diversified and steady: Lucky Core. Several businesses, a lower price to book and a dividend paid twice a year. The risk is falling profit.
Our refinery and chemical sector guide covers the other numbers to check. 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.