Pakistan National Shipping (KAR:PNSC) Operating Income: ₨8,705 Mil (TTM As of Mar. 2026)

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KAR:PNSC Pakistan National Shipping Corp Ltd KAR:PNSC
81 GF Score
Price ₨532.41
GF Value ₨302.84
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is Pakistan National Shipping Operating Income?

Pakistan National Shipping KAR:PNSC -0.76% 81 Operating Income is ₨8,705 Mil as of Mar. 2026. GuruFocus rates KAR:PNSC with a GF Score™ of 81/100 and a GF Value™ of ₨302.84 (Significantly Overvalued). The stock has 3 warning signs investors should review.

Pakistan National Shipping's Operating Income for the three months ended in Mar. 2026 was ₨1,497 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was ₨8,705 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pakistan National Shipping's Operating Income for the three months ended in Mar. 2026 was ₨1,497 Mil. Pakistan National Shipping's Revenue for the three months ended in Mar. 2026 was ₨15,740 Mil. Therefore, Pakistan National Shipping's Operating Margin % for the quarter that ended in Mar. 2026 was 9.51%.

Good Sign:

Pakistan National Shipping Corp Ltd operating margin is expanding. Margin expansion is usually a good sign.

Pakistan National Shipping's 5-Year average Growth Rate for Operating Margin % was 15.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Pakistan National Shipping's annualized ROC % for the quarter that ended in Mar. 2026 was 6.82%. Pakistan National Shipping's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 13.76%.

Pakistan National Shipping  (KAR:PNSC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Pakistan National Shipping's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=5989.52 * ( 1 - 0% )/( (54501.303 + 121269.114)/ 2 )
=5989.52/87885.2085
=6.82 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=115174.942 - 3183.321 - ( 57490.318 - max(0, 9454.656 - 75110.605+57490.318))
=54501.303

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=174519.728 - 5803.536 - ( 51871.116 - max(0, 26129.771 - 73576.849+51871.116))
=121269.114

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Pakistan National Shipping's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=9428.592/( ( (35126.947 + max(5907.866, 0)) + (96044.859 + max(-5876.776, 0)) )/ 2 )
=9428.592/( ( 41034.813 + 96044.859 )/ 2 )
=9428.592/68539.836
=13.76 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4390.729 + 2299.86 + 7800.651) - (3183.321 + 0 + 5400.053)
=5907.866

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(5395.902 + 3833.132 + 8460.039) - (5803.536 + 0 + 17762.313)
=-5876.776

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Pakistan National Shipping's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=1497.38/15740.275
=9.51 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Pakistan National Shipping Operating Income Related Terms

Pakistan National Shipping Operating Income Historical Data

* Premium members only.

The historical data trend for Pakistan National Shipping's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Pakistan National Shipping Operating Income Chart

Pakistan National Shipping Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,728.33 6,470.99 23,579.46 16,087.46 10,551.13

Pakistan National Shipping Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,594.44 3,470.32 2,669.58 1,067.50 1,497.38
KAR:PNSC
81GF Score
Pakistan National Shipping Corp Ltd KAR:PNSC
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Pakistan National Shipping Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₨8,705 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₨8,705 Mil mean?
Pakistan National Shipping (KAR:PNSC) has a Operating Income of ₨8,705 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Pakistan National Shipping and its competitors.
Is Pakistan National Shipping's Operating Income too high?
Pakistan National Shipping's current Operating Income is ₨8,705 Mil. Overall, Pakistan National Shipping has a GF Score™ of 81/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pakistan National Shipping's Operating Income compare to KEX?
Pakistan National Shipping's Operating Income of ₨8,705 Mil can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Transportation company?
A good Operating Income depends on the Transportation industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Pakistan National Shipping and its competitors. Pakistan National Shipping's current Operating Income is ₨8,705 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pakistan National Shipping stock overvalued right now?
Based on GuruFocus' analysis, Pakistan National Shipping (KAR:PNSC) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨302.84, compared to a current price of ₨532.41 — trading 75.8% above its estimated fair value. The current Operating Income is ₨8,705 Mil. Pakistan National Shipping's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Pakistan National Shipping (KAR:PNSC), the current Operating Income is ₨8,705 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Pakistan National Shipping (KAR:PNSC) Overvalued in 2026?

Based on GuruFocus' analysis, Pakistan National Shipping stock appears to be overvalued. The current stock price of ₨532.41 is trading 75.8% above its estimated GF Value™ of ₨302.84. GuruFocus considers Pakistan National Shipping to be Significantly Overvalued.

Key valuation signals for KAR:PNSC:

  • Operating Income: ₨8,705 Mil
  • GF Value™: ₨302.84 vs. price of ₨532.41 (75.8% above fair value)
  • GF Score™: 81/100 with 3 warning signs

No single metric tells the full story. See the KAR:PNSC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Pakistan National Shipping Business Description

Address PNSC Building, Moulvi Tamizuddin Khan Road, P.O. BOX No. 5350, Karachi, SD, PAK, 74000
Pakistan National Shipping Corp Ltd, the Holding Company, its subsidiary, and an associate operate in Pakistan's maritime industry. The Group focuses on shipping, vessel chartering, cargo transportation, and property leasing. As the national flag carrier, the company operates a varied fleet, including tankers for energy transport and bulk carriers for transporting a wide range of dry commodities such as iron, fertilizers, coal, and grain. The company also provides comprehensive services such as ocean freight, container shipping, marine and port services, technical support, and leasing solutions. Its key business segments include dry cargo, liquid cargo, and slot charter/break bulk.
81GF Score

Get the complete analysis for KAR:PNSC

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₨532.41
Price
₨302.84
GF Value