Pakistan’s equity market is increasingly dominated by a group of heavyweight stocks, with the top 10 listed companies by market capitalisation now all valued at over $1 billion by the end of 2025. The development comes as the benchmark KSE-100 Index delivered its third consecutive year of double-digit gains, with CY23 posting 54.5%, CY24 recording 84.3%, and CY25TD adding another 48.6%, said Arif Habib Limited (AHL), in its report titled Pakistan Strategy 2026: The Equity Edge Continues , released today. “This strong performance was underpinned by robust corporate earnings, ample domestic liquidity, a central bank maintaining a pro-growth stance, and a revival in M&A [merger and acquisition] and IPO [initial public offering] activity, trends expected to continue shaping the market in 2026,” read the report. With the growth of the KSE-100 – widely seen as a benchmark for market performance – Business Recorder is listing companies with the highest market capitalisation. PSX record rally: more Pakistani companies join billion-dollar club Here is the list of the top 10 most valuable companies on the PSX. Oil and Gas Development Company Limited (OGDC) ($4.15 billion) 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 the 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 the exploration and development of oil and gas resources, including the production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. OGDC reported a 7% decline in 1QFY26 earning s, driven by a 9% fall in revenue amid lower oil realisations, a modest drop in oil output, and steeper gas curtailments. Arab Light prices averaged in the low $70s per barrel, down from above $80 a year earlier. Despite this, gross margins remained resilient at around 59%. The market capitalisation of OGDC at the PSX stands at $4.15 billion. United Bank Limited (UBL) ($3.69 billion) United Bank Limited (PSX: UBL) is one of Pakistan’s largest commercial banks. The bank is a subsidiary of Bestway (Holdings) Limited, which is a wholly owned subsidiary of Bestway Group Limited. As per the bank’s latest financial results, UBL reported a profit after tax of Rs34.7 billion for 9MCY25, up 36% year-on-year, with earnings per share rising to Rs13.86. The bank declared another interim cash dividend of Rs8 per share, taking total payouts for the year to Rs27.5 per share — among the highest in the banking industry. The market capitalisation of UBL at the PSX stands at $3.69 billion. Mari Energies Limited (MARI) ($3.01 billion) By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, Mari Energies (PSX: MARI) is the second largest producer of natural gas. A public limited company incorporated in Pakistan in 1984, Mari Petroleum is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international. Mari’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies, and refineries. Mari Energies Limited posted a profit-after-tax (PAT) of Rs65.38 billion in FY25, a decline of over 15% year-on-year (YoY) compared to PAT of Rs77.29 billion in the last fiscal year. The market capitalisation of MARI at the PSX stands at $3.01 billion. Fauji Fertilizer Company (FFC) ($2.97 billion) Fauji Fertilizer Company (PSX: FFC) is one of Pakistan’s largest fertiliser producers. FFC is a public company incorporated in Pakistan under the Companies Act, 1913 (now the Companies Act, 2017). The principal activity of the company is manufacturing, purchasing and marketing fertilisers and chemicals, including investment in other fertilisers, chemicals, cement, energy generation, food processing and banking operations. During the period ending September 30, 2025, FFC’s net earnings clocked in at Rs57.6 billion , compared to Rs50.6 billion in the same period last year, translating into earnings per share of Rs40.5. The BOD declared a third interim dividend of Rs9.5 per share, in addition to the dividend already paid of Rs19 per share. The market capitalisation of FFC at the PSX stands at $2.97 billion. Meezan Bank Limited (MEBL) ($2.84 billion) 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 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 centre, internet banking, mobile application and SMS banking facility. Meezan posted consolidated profit after tax (PAT) of Rs23.38 billion for the quarter that ended September 30, 2025, down by 11% from Rs26.21 billion in the same period of the preceding year. The market capitalisation of Meezan Bank at the PSX stands at $2.84 billion. Lucky Cement (LUCK) ($2.54 billion) Lucky Cement is one of Pakistan’s largest cement manufacturers. The company 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 the manufacturing and marketing of cement. Lucky Cement’s profit-after-tax amounted to Rs23.56 billion, an increase of 19% during the first quarter of FY2025-26, compared with Rs19.8 billion in the same quarter previous year on account of higher revenue. The market capitalisation of LUCK at the PSX stands at $2.54 billion. Pakistan Petroleum Limited (PPL) ($2.21 billion) Pakistan Petroleum Limited (PSX: PPL) is a key supplier of natural gas in the country. The company is one of the largest and leading exploration and production companies engaged in conducting exploration, prospecting, development and production of oil and natural gas resources. The company contributes over 20% of the country’s total natural gas supplies, besides producing crude oil, Natural Gas Liquid and Liquefied Petroleum Gas. PPL saw its profit-after-tax (PAT) lowered over 22% to clock in at Rs89.95 billion for the fiscal year ended June 30, 2025. The market capitalisation of PPL at the PSX stands at $2.21 billion. National Bank of Pakistan (NBP) ($1.87 billion) The National Bank of Pakistan (NBP) is one of the country’s largest commercial banks. 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. The bank also handles treasury transactions for the Government of Pakistan (GoP) as an agent of the State Bank of Pakistan. According to the latest financial results , NBP registered a profit-after-tax (PAT) of Rs23.26 billion during the quarter ended September 30, 2025, a whopping increase of over 650% year-on-year. The market capitalisation of NBP at the PSX stands at $1.87 billion. Habib Bank Limited ($1.68 billion) Habib Bank Limited (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. According to the latest financial results , HBL declared a record profit before tax of Rs112.2 billion for the first nine months of 2025, 31% higher than in the same period last year. Pakistani companies with market cap of over $2bn at PSX Despite higher tax rates burdening the banking sector, profit after tax increased 19% to Rs51.4 billion. Its share was priced at Rs321.33 as of closing on December 26, 2025. The market capitalisation of HBL at the PSX stands at $1.68 billion. MCB Bank Limited (MCB) ($1.58 billion) MCB is one of Pakistan’s largest commercial banks. MCB Bank reported a profit before tax (PBT) of Rs29.42 billion for the third quarter of 2025, taking cumulative PBT for the nine months ended September 30, 2025, to Rs87.48 billion. Profit after tax (PAT) stood at Rs41.10 billion, translating into earnings per share (EPS) of Rs34.68 compared to Rs40.88 in the corresponding period last year. The market capitalisation of MCB at the PSX stands at $1.58 billion. Market capitalisation for each company was calculated on Saturday, December 27, 2025. For the purpose of this calculation, the exchange rate was used at Rs281.1 to 1 US dollar.