Pakistan's top 10 listed companies: FY26 market cap leaders on the PSX

Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index rose more than 40% in FY2025–26, ending the fiscal year on a strong note as macroeconomic stability under an IMF-backed programme bolstered investor confidence and extended the stock market rally.

The rally significantly reshaped market valuations, with several blue-chip companies adding billions of rupees to their market capitalisation. Financial institutions, energy firms and large industrial groups continued to dominate the PSX, reflecting their outsized role in the country’s listed corporate sector.

The following is a list of the 10 most valuable companies on the PSX by market capitalisation at the close of FY2025–26.

• Oil and Gas Development Company Limited (OGDC)

Oil and Gas Development Company Limited (PSX:OGDC) is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support.

The company has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net hydrocarbons of oil and gas.

With over 67%, the Government of Pakistan is the largest shareholder in OGDC, followed by the OGDC Employee Empowerment Trust and Privatisation Commission of Pakistan.

Its profile on the PSX says the company was incorporated on October 23, 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017).

The company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.

In November 2025, the company reported significant progress in receivables recovery and outlined a strategic shift toward enhanced gas exploration.

In February 2026, it enhanced oil production from its Kal-03 well by 1,400%. The well is located in Chakwal district, Punjab. OGDC said that the enhancement was achieved by successfully carrying out a workover.

In June 2026, OGDC announced the commencement of production from its exploratory well, Bobi Deep-1, located in Bobi and Dhamraki Mining Lease, District Sanghar, Sindh.

By the end of FY26, the market capitalisation of OGDC at the PSX stood at $5.18 billion, up by 52% from $3.41 billion at the end of FY25.

• United Bank Limited (UBL)

Founded in 1959, United Bank Limited (PSX:UBL) is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The bank is a subsidiary of Bestway International Holdings Limited which is a wholly owned subsidiary of Bestway Group Limited.

UBL operates one of the largest branch networks in Pakistan with over 1,933+ branches and 1750+ ATMs along with the bank’s branchless banking proposition, UBL Omni spread all over the country, according to the information available on its website.

In January 2026, UBL emerged briefly as the largest listed company in Pakistan, with its market capitalisation reaching then $4.6 billion, overtaking OGDC with a market cap then at $4.53 billion.

Later in February, the bank executed a Rs20 billion Interest Rate Swap (IRS) transaction with a subsidiary of Engro, one of Pakistan’s leading conglomerates.

By the end of FY26, the market capitalisation of UBL at the PSX stood at $4.03 billion, up by 62% from $2.49 billion at the end of FY25.

• Meezan Bank Limited (MEBL)

Meezan Bank Limited (PSX:MEBL), Pakistan’s first and largest Islamic bank, is a public limited company incorporated in the country in 1997.

The bank formally commenced its operations in 2002 after being issued the first-ever Islamic commercial banking licence by the State Bank of Pakistan. Currently, the bank is engaged in corporate, commercial, consumer, investment and retail banking activities.

As per data available on the MEBL’s website, it has a retail banking network of more than 1,000 branches across the country. MEBL’s branch network is supported by banking services that include over 950 ATMs, VISA and MasterCard Debit cards, a call center, internet banking, mobile application and SMS banking facility.

In January 2026, Meezan Bank appointed Dr Syed Amir Ali as its new President and Chief Executive Officer.

Later during the same month, Dr Syed Amir Ali announced that the bank would initially allocate a seed fund of Rs10 million to provide venture-capital-style financing for startups recommended by the Korangi Association of Trade and Industry (KATI).

In February 2026, Meezan Bank and Bank CenterCredit (BCC), one of Kazakhstan’s prominent financial institutions, signed a memorandum of understanding to strengthen correspondent banking relations and support the growing volume of bilateral trade between Pakistan and Kazakhstan.

The MoU outlined a framework for collaboration in areas including trade finance, cross-border payments, and facilitation of financial services for corporate and commercial clients operating between the two markets.

In June 2026, the bank’s easy home finance achieved a significant milestone under the Prime Minister’s Apna Ghar Housing Finance Programme ‘Ghar Ho Tu Apna’, surpassing Rs1 billion in housing finance disbursements since the launch of the initiative.

By the end of FY26, the market capitalisation of MEBL at the PSX stood at $3.35 billion, up by 56% from $2.14 billion at the end of FY25.

• Fauji Fertilizer Company Limited (FFC)

Fauji Fertilizer Company Limited (PSX:FFC) is incorporated in Pakistan as a public limited company. The company is engaged in the manufacturing, purchasing and marketing of fertilisers and chemicals. The company also undertakes investment in other fertiliser, chemicals, cement, food processing, energy generation and banking operations.

In October 2025, FFC revealed it was exploring a coal gasification project as a potential substitute for natural gas, aiming to leverage Pakistan’s substantial coal reserves and reduce dependency on imported energy sources.

In November 2025, the company announced plans to acquire the remaining 25% shareholding in its associated company, FFBL Power Company Limited (FPCL), from its parent entity, Fauji Foundation, via a share-swap arrangement.

In April 2026, the Arif Habib Consortium formed a Special Purpose Vehicle (SPV), PIA Equity Limited (PIAEL), with Fauji Fertilizer joining as a shareholder, which led to the Consortium acquiring the Pakistan International Airlines (PIA).

In May 2026, FFC signed Front-End Engineering Design (FEED) agreement with a Chinese company, for what it termed as Pakistan’s first coal-to-fertilizer project under the China-Pakistan Economic Corridor (CPEC) 2.0 framework.

By the end of FY26, the market capitalisation of FFC at the PSX stood at $2.97 billion, up by 48% from $2.01 billion at the end of FY25.

• Mari Energies Limited (MARI)

Mari Energies Limited (formerly, Mari Petroleum Company Limited) is a public limited company incorporated in Pakistan on December 4, 1984, under the Companies Ordinance, 1984 (now superseded by the Companies Act, 2017).

The company is principally engaged in the exploration, production, and sale of hydrocarbons. It also provides exploration and production-related services and is involved in ventures related to mineral mining and technology businesses.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.

Mari’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries.

In July 2025, MARI signed agreements with Orient Petroleum Inc. (OPI) to acquire stakes in three oil and gas exploration and production blocks in Pakistan.

In March 2026, Mari Energies announced discovery of hydrocarbon from its exploratory well located in Sindh.

By the end of FY26, the market capitalisation of MARI at the PSX stood at $2.91 billion, up by 8% from $2.71 billion at the end of FY25.

• Lucky Cement Limited (LUCK)

Lucky Cement Limited (PSX: LUCK) was incorporated in Pakistan on September 18, 1993 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The principal activity of the Company is manufacturing and marketing of cement.

In August 2025, the company announced plans to invest up to Rs1.2 billion in its associated company, National Resources (Private) Limited (NRL), following significant copper and gold discovery in Chagai, Balochistan.

In July 2026, LUCK announced that it had increased its annual cement production capacity to 15.6 million tons after commissioning a process optimisation and capacity enhancement project at its Karachi plant.

By the end of FY26, the market capitalisation of LUCK at the PSX stood at $2.47 billion, up by 32% from $1.87 billion at the end of FY25.

• Pakistan Petroleum Limited (PPL)

Pakistan Petroleum Limited (PSX: PPL) was incorporated in Pakistan in 1950 with the main objectives of conducting exploration, prospecting, development and production of oil and natural gas resources.

As one of the largest exploration and production companies in Pakistan, PPL plays a pivotal role in exploring, prospecting, developing, and producing oil and natural gas resources.

The company contributes over 20% of the nation’s total natural gas supply while also producing crude oil, natural gas liquids (NGL), and liquefied petroleum gas (LPG), solidifying its position as a key player in meeting Pakistan’s energy needs.

In November 2025, Bloomberg reported that PPL was reclaiming land from the sea to create a launch pad, which would allow the company to accelerate oil and gas exploration.

After remaining undeveloped for over a decade, PPL successfully commissioned the Faiz X-1 Deep (Basal Sand) well located in Sanghar district, Sindh in May 2026. The well was drilled in 2014. However, due to the absence of nearby pipeline infrastructure, the development of the discovery could not be undertaken, leaving the project uneconomical.

In the same month, PPL signed Production Sharing Agreements and exploration licences for eight offshore exploration blocks awarded under the Pakistan Offshore Bid Round 2025.

In July 2026, PPL announced that the relevant regulatory authority had granted a Development and Production Lease for the Adhi Field to the Adhi Joint Venture.

By the end of FY26, the market capitalisation of PPL at the PSX stood at $2.37 billion, up by 43% from $1.67 billion at the end of FY25.

• MCB Bank Limited (MCB)

MCB Bank Limited (PSX: MCB) is one of the pioneers of the banking sector of Pakistan. The bank was incorporated in the private sector in 1947, however, in 1974, it was nationalised. The bank was later privatized in 1991. MCB is the first Pakistani bank that got its global deposit receipts (GDRs) listed on London Stock Exchange in 2006. It is also the first Pakistan bank to incorporate a wholly owned Islamic subsidiary.

In February 2026, MCB appointed Hammad Khalid as its President and Chief Executive Officer.

By the end of FY26, the market capitalisation of MCB at the PSX stood at $1.73 billion, up by 41% from $1.23 billion at the end of FY25.

• Habib Bank Limited (HBL)

Habib Bank Limited (PSX: HBL) is incorporated in Pakistan and is engaged in commercial banking related services in Pakistan and overseas. The Aga Khan Fund for Economic Development (AKFED), S.A. is the parent company of the Bank and its registered office is in Geneva, Switzerland.

In February 2026, HBL Board of Directors approved the reappointment of its president and chief executive officer (CEO) Muhammad Nassir Salim for a further two-year term.

The HBL Manufacturing PMI edged down to 50.8 in June 2026 from 50.9 in May, marking a second straight month of modest expansion in manufacturing activity.

In July this year, the bank celebrated the fifth anniversary of its Beijing Branch. Established in 2021, HBL became the first, and remains the only, Pakistani bank to open a branch in Beijing.

HBL has been nominated as the Chair of the Council of the Interbank Consortium of the SCO (SCO IBC) for the forthcoming year 2026 – 2027.

By the end of FY26, the market capitalisation of HBL at the PSX stood at $1.54 billion, up by 63% from $0.95 billion at the end of FY25.

• National Bank of Pakistan (NBP)

National Bank of Pakistan (NBP) was incorporated in Pakistan under the National Bank of Pakistan Ordinance, 1949. The bank is engaged in providing commercial banking and related services in Pakistan and Overseas. It also handles treasury transactions for the Government of Pakistan (GoP) as an agent to the State Bank of Pakistan.

In January 2026, Balochistan government and the NBP signed a formal agreement to provide electric scooters on subsidised installments to students, working women, and the general public, aiming to improve mobility and promote sustainable transportation.

In February 2026, Hascol Petroleum Limited in a stock notice said it had received an offer letter from the NBP regarding the restructuring/rescheduling of Hascol’s existing financing facilities.

By the end of FY26, the market capitalisation of NBP at the PSX stood at $1.52 billion, up by 83% from $0.83 billion at the end of FY25.

With assistance from Junaid Sanawar (Data) and Hussain Afzal (Graphics).

For the purpose of calculation, the exchange rate was used at Rs278 to 1 US dollar.