ENGROH towers ambition anchors multi-year growth story

Engro Holdings (ENGROH) used its analyst briefing on April 30, 2026 to present a broadly upbeat long-term view, centred on digital infrastructure and agriculture, while acknowledging near-term earnings strain in several segments. The towers business, now its main growth engine according to management, follows the completion of the Deodar integration, lifting the portfolio to about 15,000 sites. Management argued that local tower ownership remains a sound proposition given rising data use and a thin base of domestically held towers.

Management called telecom consolidation a possible drag on tenancy ratios but a temporary pressure rather than a lasting problem. Demand from denser networks, wider 4G coverage and eventual 5G rollout should build gradually, with roughly 3,000 new 5G sites a year across operators. Connectivity earnings reached Rs2.1bn in the first quarter against Rs0.6bn a year earlier, though figures after Deodar cannot be compared directly with earlier periods.

Engro Fertilizers (EFERT) lifted first-quarter earnings 14% year on year to Rs3.3bn on higher urea and DAP offtakes. Engro Polymer and Chemicals (EPCL) returned to a Rs371m profit from a Rs825m loss, though management said margins remain volatile, and talks with LOTCHEM on a possible EPCL divestment continue without a final decision. EPQL profit fell after the hybrid take-and-pay mechanism began, and no further stake sale is currently planned.