National Foods vs Fauji Foods vs Murree: Food Stocks 2026
On 2 November 2026 prices, Murree Brewery scores best on our scorecard: it trades at 6.2 times trailing earnings, holds the most net cash and grew Q1 FY27 profit 22%. National Foods pays the highest yield, 9.8%, helped by money from selling its Canadian business. Fauji Foods trades at 38 times earnings and pays no dividend.
Key takeaways
- Murree Brewery scores 7 on our six-measure scorecard (lower is better), National Foods 10 and Fauji Foods 18.
- National Foods paid Rs 30 a share for FY26, including Rs 18 in October 2025, after agreeing to sell control of its Canadian distributor.
- National Foods' recurring FY26 EPS was Rs 25.40; including the gain on the sale it was Rs 111.42.
- Murree Brewery's Q1 FY27 profit rose 22% to Rs 1.18 billion, and it declared a Rs 6.50 interim dividend.
- Fauji Foods' nine-month profit fell 30% to Rs 666 million even though sales rose 14%.
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.
National Foods vs Fauji Foods vs Murree: Valuation at a Glance
National Foods (NATF), Fauji Foods (FFL) and Murree Brewery (MUREB) are the three food and drink companies in the KSE-100 after the large consumer groups in our Nestle, Colgate and Unilever Foods comparison. National Foods sells spices, ketchup and pickles; Fauji Foods sells Nurpur dairy products; Murree Brewery makes beer, spirits, juices and bottled water. Prices are PSX closing prices on 2 November 2026.
National Foods and Murree end their year on 30 June and Fauji Foods on 31 December. Earnings are trailing twelve months (TTM) to 30 September 2026: FY26 EPS minus Q1 FY26 plus Q1 FY27 for National Foods and Murree, and 9M 2026 EPS plus October to December 2025 for Fauji Foods. For National Foods we use recurring EPS, without the gain on selling its Canadian business.
| Metric | NATF | FFL | MUREB |
|---|---|---|---|
| Share price, 2 Nov 2026 | Rs 307.67 | Rs 12.80 | Rs 895.98 |
| Market capitalisation | Rs 72 bn | Rs 32 bn | Rs 25 bn |
| EPS, TTM | Rs 25.78 | Rs 0.34 | Rs 144.79 |
| P/E, TTM | 11.9x | 37.6x | 6.2x |
| Book value per share, 30 Jun 2026 | Rs 133.35 | Rs 4.47 | Rs 750.69 |
| P/B | 2.31x | 2.86x | 1.19x |
| ROE (TTM EPS ÷ book value) | 19.3% | 7.6% | 19.3% |
| Dividends, last 12 months | Rs 30.00 | None | Rs 41.50 |
| Dividend yield | 9.8% | 0% | 4.6% |
| EPS growth, latest period | +11.1% | −31.6% | +22.4% |
| Net debt ÷ equity, 30 Jun 2026 | −0.29x | 0.18x | −0.46x |
EPS growth is Q1 FY27 against Q1 FY26 for National Foods (continuing operations) and Murree, and 9M 2026 against 9M 2025 for Fauji Foods. Dividends are FY26 for National Foods and Murree. Book values, debt and cash are from S&P Global data; a negative net debt figure means more cash than debt.
Which Food Stock Is Cheapest?
Murree Brewery, on every price measure. It trades at 6.2 times trailing earnings and 1.19 times book value, against 11.9 and 2.31 for National Foods. Both earn about 19% on their book value. Fauji Foods trades at 37.6 times its small trailing profit and 2.9 times book, and earns 7.6% on its book.
One thing to know: because it makes alcohol, Murree is not in Shariah-compliant indices such as the KMI-30, so many Pakistani investors will not hold it. Our guide to halal stocks on the PSX explains how the screening works.
Latest Results: Q1 FY27 and 9M 2026
| Company | Net sales, 2026 | 2025 | Profit after tax, 2026 | 2025 | Change |
|---|---|---|---|---|---|
| Murree (Q1 FY27) | Rs 8.81 bn | Rs 8.07 bn | Rs 1.18 bn | Rs 0.96 bn | +22% |
| National Foods (Q1 FY27) | Rs 11.07 bn | Rs 10.16 bn | Rs 0.89 bn | Rs 0.80 bn | +11% |
| Fauji Foods (9M) | Rs 23.92 bn | Rs 20.96 bn | Rs 0.67 bn | Rs 0.95 bn | −30% |
- Murree Brewery: sales rose 9% and gross profit 14% to Rs 2.44 billion.
- National Foods: sales rose 9% but gross profit was flat at Rs 3.94 billion. Profit from continuing operations rose 11%; a year earlier it also had Rs 0.83 billion from the Canadian business it has since sold, so total EPS fell to Rs 3.81 from Rs 5.59.
- Fauji Foods: sales rose 14% but gross profit rose only 1% to Rs 3.80 billion, so profit fell 30%.
National Foods' Canadian Sale and Dividends
In October 2025 National Foods' Dubai subsidiary agreed to sell 50.5% of A-1 Bags & Supplies, its Canadian distributor, out of the 60% it owned. Its FY26 profit was Rs 26.4 billion, of which Rs 20.5 billion came from the discontinued Canadian business, so EPS was Rs 111.42; without the one-off gain, recurring EPS was Rs 25.40. Its FY26 tax rate was also unusually low, 2% against 12% in FY25.
Its FY26 dividends were Rs 18 (October 2025), Rs 3 (March 2026), Rs 4 (May 2026) and a Rs 5 final, Rs 30 in all, more than its recurring earnings. It declared another Rs 3 with its Q1 FY27 results. The board has also approved a 5-for-1 share split; once it takes effect, the share price and every per-share figure here will be one-fifth as large.
Dividend History and Yield
| Company | Last 12 months | Yield | Yield after 15% tax | Payout of TTM EPS |
|---|---|---|---|---|
| National Foods | Rs 30.00 | 9.8% | 8.3% | 116% |
| Murree Brewery | Rs 41.50 | 4.6% | 3.9% | 29% |
| Fauji Foods | None | 0% | 0% | 0% |
- Murree Brewery pays four times a year: Rs 5 (November 2025), Rs 12 (March 2026), Rs 10 (May 2026) and a Rs 14.50 final for FY26, the same Rs 41.50 in total as for FY25. It declared a Rs 6.50 interim for FY27 on 23 October 2026.
- Fauji Foods has paid no cash dividend in the last twelve months.
The dividend calculator works out your income after tax from any of these payouts.
Scorecard: Best Food Stock on the PSX?
We ranked the three companies 1 (best) to 3 on six measures, with equal weight. National Foods and Murree tie on ROE (19.3%), so both rank 1 there. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Debt | Total |
|---|---|---|---|---|---|---|---|
| Murree Brewery | 1 | 1 | 2 | 1 | 1 | 1 | 7 |
| National Foods | 2 | 2 | 1 | 1 | 2 | 2 | 10 |
| Fauji Foods | 3 | 3 | 3 | 3 | 3 | 3 | 18 |
- Value: Murree Brewery. The lowest P/E and P/B, the most net cash and 22% growth. The catch for many investors is that it is not Shariah-compliant.
- Income: National Foods. The highest yield and a 19% ROE. The risk is that part of the yield came from a one-off sale, and its tax rate was unusually low in FY26.
- Turnaround case: Fauji Foods. Growing sales, but falling profit, no dividend and the highest P/E.
Our food and personal care sector guide lists 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.