Cement Sector — PSX Analysis
Cement is a cyclical sector that correlates strongly with construction activity, infrastructure spending, and real estate development in Pakistan. Major costs include energy (coal/electricity) and raw materials (limestone, clay).
At a Glance
- Companies tracked
- 10
- Valuation approach
- Asset-heavy
- Reference P/E
- 8-12x
- Reference P/B
- 1.5-2.5x
- Reference dividend yield
- 4-6%
Reference ranges are SeekhKar editorial benchmarks for comparison, not live market figures. To check a company against them, use today's price from your broker and its latest reported EPS, book value and dividends. Models used: Graham Number and P/E-relative.
Cement Stocks Compared
The listed companies side by side on their latest results: P/E, P/B, dividends, growth and debt.
Pioneer Cement vs Power Cement: Cement Stocks 2026
Pioneer Cement and Power Cement compared on P/E, P/B, ROE, debt and Q1 FY27 profit growth. Which of these two cement stocks is better value?
Updated 6 Nov 2026 · 4 min read
Cherat vs Bestway vs Kohat Cement: Cement Stocks 2026
Cherat, Bestway and Kohat Cement compared on P/E, P/B, ROE, dividend yield, debt and Q1 FY27 profit growth. Which cement stock is better value?
Updated 3 Nov 2026 · 5 min read
LUCK vs FCCL vs MLCF vs DGKC: Best Cement Stock 2026
Lucky, Fauji, Maple Leaf and DG Khan Cement compared on P/E, P/B, dividends, debt and dispatches after Q1 FY27 results. Which is best value now?
Updated 30 Oct 2026 · 9 min read
Earnings Drivers
Public sector development spending (PSDP), construction activity, retail housing demand, export prices, and energy costs.
Key Metrics to Watch
Capacity utilization, retention prices, coal costs, debt-to-equity ratio, and export volumes.
Investment Risks
Industry overcapacity, rising coal prices, regulatory changes in export policy, and sensitivity to economic cycles.
How to Value Companies in the Cement Sector
Asset-heavy. Plant-intensive businesses whose book value is mostly tangible assets. The Graham Number (earnings and book value together) and P/E against the sector median suit them; cyclical earnings make long DCF projections unreliable.
Graham Number
√(22.5 × EPS × book value per share): a quick ceiling price for steady, profitable companies.
P/E-relative
EPS × the sector's typical P/E: what the company would be worth if the market priced it like its peers.
SeekhKar's own models assume a 19% required return for this sector. Use them as a starting point in the calculators and test higher and lower values. These are editorial assumptions, explained on the Methodology page.
Frequently Asked Questions
Calculators for This Sector
Run the methods that suit Cement companies with figures from their latest reports: