MTL
Millat TractorsLAST · PKR
52W RANGE
Source: PSX, First Capital Research. Data as of 11 Jun 2026, EOD.
- Market cap
- 84bn
- P/E (ttm)
- 10.8×
- EPS (ttm)
- 69.68
- Dividend yield
- 7.6%
- Return on equity
- 44.9%
- Beta
- 0.80
- Free float
- 55%
- 52W high
- 798.17
- 52W low
- 644.34
- 1D change
- −0.87%
- YTD return
- +16.8%
Dominant tractor assembler with ~60% market share, levered to farm economics and agri credit.
SIGNA DESK · FIRST CAPITAL RESEARCH · 11 JUN 2026 · EOD
Millat Tractors: earnings power still under-priced at 10.8× despite the re-rating
Millat Tractors (MTL) trades at 10.8× trailing earnings with a 7.6% dividend yield, sitting 70% of the way up its 52-week range. Return on equity of 44.9% comfortably clears the market's cost of equity, and the 55% free float keeps the name liquid enough for institutional sizing.
Within the automobiles space, the setup is favourable: the stock has outperformed year-to-date and consensus has been chasing, not leading, the upgrades. At 0.80 beta the name damps index swings, which suits income-led mandates in a falling-rate tape. The payout is the anchor of the thesis; any cut would force a full re-underwrite.
AT A GLANCE
- Stance
- CONSTRUCTIVE
- P/E (ttm)
- 10.8×
- Dividend yield
- 7.6%
- Beta
- 0.80
- 52W position
- 70%
- YTD return
- +16.8%
— GENERATED BY SIGNA · NOT INVESTMENT ADVICE
| Symbol | Last | Chg % | P/E | M. Cap | 1Y |
|---|---|---|---|---|---|
| INDUIndus Motor Company | 2,204.00 | +0.41% | 9.2× | 173bn | |
| MTLMillat Tractors— THIS PAGE | 752.50 | −0.87% | 10.8× | 84bn |
Source: PSX, First Capital Research. Data as of 11 Jun 2026, EOD.