Ghandhara Group H1FY26: Automobiles Profit Up 173% on JAC Hunter Boom, Industries Doubles

The Ghandhara group, which assembles and sells Chinese JAC commercial vehicles in Pakistan, had a breakout first half of FY26. Ghandhara Automobiles nearly tripled its profit as revenue more than doubled, riding a wave of demand for its JAC T9 Hunter pickup. Sister company Ghandhara Industries also more than doubled its half-year profit, making the group one of the standout stories in the commercial vehicle space.

What the Ghandhara results showed

Ghandhara Automobiles reported net profit of Rs2.92 billion for the half year ended 31 December 2025, up 173 percent from Rs1.07 billion a year earlier. Revenue surged 175.6 percent to Rs21.19 billion from Rs7.69 billion, and gross profit rose more than 200 percent, pointing to both higher volumes and improved efficiency. The driver was the JAC T9 Hunter pickup, which sold around 1,600 units in the quarter, alongside other JAC trucks. Earlier in the year the company had also announced its first ever dividend, a sign of management's confidence in the turnaround.

Ghandhara Industries, the related company, more than doubled its profit over the same half, benefiting from the same commercial vehicle demand and from its links to the wider group.

Why the JAC demand matters for these stocks

Commercial vehicle makers are highly geared to volume. A popular new model can transform earnings, because the fixed costs of assembly are spread over many more units and each sale adds to profit. The JAC T9 Hunter has clearly found a market, taking Ghandhara Automobiles from a modest profit to billions in half-year earnings. The risk in such a concentrated story is that it leans on one or two models, so the durability of that demand, and competition in the pickup and light truck segment, are what matter most.

Which stocks, and why

Ghandhara Automobiles is a clear positive, with profit up 173 percent on a near tripling of revenue, driven by real product demand. Ghandhara Industries is also positive, more than doubling its half-year profit on the same theme, though it is the smaller part of the story here. Both reflect a genuine demand led recovery in commercial vehicles rather than one off accounting gains.

What to watch

The signals to track are monthly sales of the JAC range, especially the T9 Hunter pickup, competition in the pickup and light commercial vehicle segment, and the cost of imported kits and the rupee. Financing rates matter for commercial buyers too. Watch whether the group can broaden beyond its hit models and sustain the volumes that powered this half.