The chemical industry plays an important role in Pakistan’s industrial landscape, serving as a backbone for various sectors including agriculture, textiles, pharmaceuticals, construction, and consumer goods.
At the heart of this dynamic sector are the publicly listed chemical companies at the Pakistan Stock Exchange (PSX), which not only contribute to the country’s gross domestic product (GDP) but also drive innovation, exports, and employment.
The chemical sector at the PSX holds a market capitalisation of $1.33 billion, representing approximately 2.02% of the total market capitalisation of $65 billion.
The sector’s contribution to the index performance from July 2023 to date has remained relatively modest at around 0.48%.
In terms of financial performance, the chemical sector listed on the KSE-100 Index reported a profitability of $40 million for the period ending June 2025, as per data provided by Arif Habib Limited.
This article highlights the top 10 chemical companies on the PSX, evaluating them based on market capitalisation.
Lucky Core Industries Limited (LCI) ($532 million)
Lucky Core Industries Limited (PSX: LCI) was incorporated in Pakistan as a public limited company as Khewra Soda Ash Company in 1953. In 1966, after a year of acquisition of Fuller Paints Limited, the company changed its name to ICI Pakistan Manufacturers Limited. Later Imperial Chemicals (Private) Limited was also merged into the company. In 2012, Lucky Holdings Limited acquired the majority shareholding of the company from AkzoNobel and became the holding company of LCI. The company changed its name from ICI Pakistan Limited to Lucky Core Industries Limited in December 2022.
The company undertook other major acquisitions of Cirin Pharmaceuticals Limited, Wyeth Pakistan Limited, and Pfizer Pakistan Limited in the subsequent years.
It is engaged in five diverse businesses i.e. soda ash, polyester, chemicals & agri sciences, pharmaceuticals, and animal health.
On a consolidated basis, the profit after tax (PAT) of the company for the year ended June 30, 2025 stood at Rs11.75 billion and earning per share (EPS) attributable to the owners of the holding company was reported at Rs25.46.
In May this year, LCI informed the PSX that its Board of Directors (BoD) had proposed the sub-division of equity shares subject to shareholder approval.
“It is hereby informed that in order to improve investor accessibility and participation, the BoD of Lucky Core Industries Limited has approved a sub-division of the face value of the shares of the company, subject to the approval of the members,” read the notice then.
In 2024, Lucky Core completed the acquisition of a manufacturing facility owned by Pfizer Pakistan Limited in Karachi alongside certain assets.
The market capitalisation of Lucky Core Industries at the PSX currently stands at $532 million.
Lotte Chemical Pakistan Limited (PSX: LOTCHEM) ($141 million)
Lotte Chemical Pakistan Limited (PSX: LOTCHEM) is a manufacturer and supplier of Purified Terephthalic Acid (PTA). The company was incorporated in Pakistan in 1998. LOTCHEM is the core supplier of the domestic Polyester and PTA industries besides exporting to Asia and the Middle East region. Its parent company LOTTE is Korea’s one of the largest conglomerates with over 20 businesses in 30 countries across the globe.
In July this year, PTA Global Holding Limited, along with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited, announced a public offer to acquire up to 189.17 million ordinary shares, representing 12.49% stake, of Lotte Chemical Pakistan Limited.
In February, the Board of Directors of Lotte Chemical Corporation (LCC Korea), the majority shareholder of Lotte Chemical Pakistan, entered into a Share Purchase Agreement to sell the entire stake in the Pakistani subsidiary to AsiaPak Investments Limited and Montage Oil DMCC.
The market capitalisation of Lotte Chemical at the PSX currently stands at $141 million.
Engro Polymer & Chemicals Limited (PSX: EPCL) ($104 million)
Engro Polymer and Chemicals Limited (PSX: EPCL) was incorporated in Pakistan in 1997 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The company is a subsidiary of Engro Corporation Limited, which is a subsidiary of Dawood Hercules Corporation Limited.
EPCL’s principal activity is to manufacture, market and sell Poly Vinyl Chloride (PVC), Vinyl Chloride Monomer (VCM), Caustic soda and other related chemicals. The company is also engaged in the supply of surplus power generated from its power plants to Engro Fertilizers Limited.
As of December 31, 2024, EPCL has 908.92 million shares outstanding which are held by 34,310 shareholders. Associated companies, undertakings, and associated companies are the major shareholders of EPCL holding around 77.35% shares. Within this category, Engro Corporation Limited takes the lead, followed by Mitsubishi Corporation. Local general public accounts for 15.51% of the company’s shares followed by Insurance companies holding 4.9% shares. The remaining shares are held by other categories of shareholders.
The market capitalisation of Engro Polymer at the PSX currently stands at $104 million.
Nimir Industrial Chemicals Limited (PSX: NICL) ($74 million)
Nimir Industrial Chemicals Limited (PSX: NICL) was incorporated in Pakistan in 1994 as Ravi Alkalis Limited and was listed at the PSX in 1996. The company changed its name in 1998 after its ownership was taken over by a Saudi Group.
In 2004, the ownership was sold to an American Group; Knightsbridge which was later bought back by the company in 2011 under management buyout scheme. The principal activity of the company is the manufacturing and sale of chemical products including wide range of oleo chemicals, aerosols, and chlor alkali as well as personal and home care products.
Last year, NICL completed its acquisition of the soap manufacturing facility from Procter & Gamble Pakistan (Pvt.) Limited.
The market capitalisation of Nimir Industrial Chemicals at the PSX currently stands at $74 million.
Pakistan Oxygen Limited (PSX: PAKOXY) ($74 million)
Pakistan Oxygen Limited (PSX: PAKOXY) was incorporated in Pakistan as a private limited company in 1949 and was converted into a public limited company in 1958. The principal activity of the company is the manufacturing of industrial and medical gases and welding electrodes besides marketing of medical equipment.
In April this year, the company announced the signing of a 15-year long-term Hydrogen supply agreement with Archroma Pakistan Limited, a global leader in specialty chemicals.
To facilitate the supply arrangement, PAKOXY would invest approximately Rs1.3 billion in developing a state-of-the-art Hydrogen production facility at Port Qasim, it was informed then.
In September 2023, the company announced to raise Rs749.8 million through a rights issue of 13.86 million shares at a price of Rs54 per share.
Pakistan Oxygen said then that the funds would be utilised to meet the increased working capital requirements of the company and maintenance of plant and machinery in order to enhance the profitability of the company and, consequently, returns to the shareholders.
The market capitalisation of PAKOXY at the PSX currently stands at $74 million.
Sitara Chemical Industries Limited (PSX: SITC) ($72 million)
Sitara Chemical Industries Limited (PSX: SITC) was incorporated in Pakistan on September 08, 1981 as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017). The principal activities of the company are operating Chlor Alkali plant, Oleo chehmical plant, and yarn spinning unit.
As of June 30, 2024, SITC has a total of 21.429 million shares outstanding which were held by diverse shareholders. Directors, CEO, their spouses, and minor children have the majority stake of around 65.2% in the company followed by banks, DFIs, and NBFIs accounting for 10.27% shares of SITC.
The local general public holds 9.66% shares of the company while associated companies, undertakings, and related parties hold 3.56% shares. Around 3.5% of SITC’s shares are held by mutual funds and 3.04% by joint stock companies. Insurance companies account for 1.47% of shares of SITC. The remaining ownership is distributed among other categories of shareholders.
In August this year, the company announced the appointment of Ahmad Hassan as its chairman for a term of three years.
The market capitalisation of SITC at the PSX currently stands at $72 million.
Ghani Chemical Industries Limited (PSX: GCIL) ($68 million)
Ghani Chemical Industries Limited (PSX: GCIL) was incorporated in Pakistan as a private limited company in 2015 and was converted into a public limited company in 2017. The principal activity of the company is the manufacturing, trading & sale of medical and industrial gases and chemicals.
As of June 30, 2024, GCIL has a total of 500.188 million shares. Associated companies have the majority stake of 74.34% in the company followed by individuals holding 19.31% shares. Joint stock companies account for 3.89% shares of GCIL. The remaining shares are held by other categories of shareholders.
In July this year, the company announced it had formally commenced the commissioning after the setup of the import substitute calcium carbide (and its related products) project under the supervision of Chinese and European experts.
The development had come after the Lahore High Court (LHC) sanctioned a demerger/merger scheme for the transfer of the whole of the business and undertaking of the “calcium carbide project” of Ghani Chemical to its wholly-owned subsidiary, Ghani ChemWorld Limited (GCWL).
The market capitalisation of GCIL at the PSX currently stands at $68 million.
Archroma Pakistan Limited (PSX: ARPL) ($57 million)
Archroma Pakistan Limited (PSX: ARPL) is a limited liability company which was previously known as Sandoz (1963-1995) and Clariant (1996–2013). The principal activity of the company is the manufacturing, import and sale of chemicals, dyestuffs, coating, adhesives and sealants. It is also engaged in the indent business for textile, paper, adhesives, sealants, coating and construction industries.
ARPL is a subsidiary of Archroma Textiles Gmbh having its headquarters in Reinach, Switzerland.
Earlier this year, Archroma Pakistan was among the four Pakistani stocks added in the Small Cap Index of the Morgan Stanley Capital International (MSCI).
The market capitalisation of ARPL at the PSX currently stands at $57 million.
Ittehad Chemicals Limited (PSX: ICL) ($39 million)
Ittehad Chemicals Limited (PSX: ICL) was incorporated in Pakistan in September 1991 to purchase the assets of Ittehad Chemicals and Ittehad Pesticides under a scheme of arrangement. The company was privatised in 1995. The company manufactures and sells caustic soda and other chemicals e.g. liquid chlorine, hydrochloric acid, calcium chloride etc.
As of June 30, 2024, ICL has 100 million shares outstanding which are held by 1090 shareholders. The local general public has a majority stake of 65.82% in the company followed by Directors, CEO, their spouses, and minor children holding 21.4% shares. Joint stock companies account for 11.02% of ICL’s shares while Modarabas & Mutual funds hold 1.05% of shares. The remaining shares are held by other categories of shareholders.
The market capitalisation of ICL at the PSX currently stands at $39 million.
Ghani Global Glass Limited (PSX: GGGL) ($34 million)
Ghani Global Glass Limited (PSX: GGGL) was incorporated in Pakistan as a private limited company in 2007. Initially, the company was known as Ghani Tableware (Private) Limited. The principal activity of the company is the manufacturing and sale of glassware, glass tubes, vials, ampoules, and chemicals.
As of June 30, 2024, GGGL has a total of 240 million shares outstanding which are held by 6,227 shareholders. Ghani Global Holdings Limited, the parent company of GGGL holds 50.098% of its shares followed by individuals holding 47.098% shares of GGGL. Joint stock companies account for 1.978% of shares of the company. The remaining shares are held by other categories of shareholders.
The market capitalisation of GGGL at the PSX currently stands at $34 million.
Market capitalisation for each company was calculated on Monday, September 22, 2025.
For the purpose of this calculation, the exchange rate was used at Rs282 to 1 US dollar.
The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).
