Refinery & Chemical Sector — PSX Analysis
The refinery and chemical sector processes crude oil into petroleum products and manufactures industrial chemicals. Companies are exposed to refinery margins and global crude price movements.
At a Glance
- Companies tracked
- 4
- Valuation approach
- Asset-heavy
- Reference P/E
- 5-10x
- Reference P/B
- 0.8-1.5x
- Reference dividend yield
- 4-7%
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.
Refinery & Chemical Stocks Compared
The listed companies side by side on their latest results: P/E, P/B, dividends, growth and debt.
Attock Refinery vs Cnergyico: Refinery Stocks 2026
Attock Refinery and Cnergyico compared on P/E, P/B, ROE, dividends and debt after a huge jump in Q1 FY27 profits. Can the windfall last?
Updated 3 Nov 2026 · 5 min read
Lucky Core vs Lotte Chemical (Noventra): Stocks 2026
Lucky Core Industries and Noventra (formerly Lotte Chemical Pakistan) compared on P/E, P/B, ROE, dividends and growth, plus Noventra's Engro Polymer deal.
Updated 3 Nov 2026 · 5 min read
Earnings Drivers
Refinery margins (crack spreads), crude oil throughput, product mix, chemical demand, and government pricing policies.
Key Metrics to Watch
Refinery throughput, crack spreads, gross refining margin, chemical margins, and inventory holding gains.
Investment Risks
Margin volatility tied to crude prices, regulatory pricing mechanisms, environmental compliance costs, and plant turnaround risks.
How to Value Companies in the Refinery & Chemical 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 20% 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 Refinery & Chemical companies with figures from their latest reports: