Top 5 automobile assemblers at Pakistan Stock Exchange as of July 2025
Car sales in Pakistan jumped by 43% in the fiscal year 2024-25, according to the Pakistan Automotive Manufacturers Association (PAMA) data, an increase that analysts attributed to stable macroeconomic environment, introduction of more variants, lower interest rates, and improving consumer sentiment.
In FY25, car sales (including jeeps and pick-ups) stood at 148,023 units, against 103,829 units reported in FY24.
This story takes a closer look at the top five automobile assemblers currently listed on the PSX, ranked based on market capitalisation as of July 28, 2025.
Indus Motor Company Limited (INDU) ($587mn)
Indus Motor Company Limited (PSX: INDU) was incorporated in Pakistan in 1989 as a joint venture between some companies of House of Habib, Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation of Japan. The company is engaged in the assembling, progressive manufacturing and marketing of Toyota and Daihatsu brand vehicles in Pakistan. INDU also acts as the sole distributor of these brands.
Last year, INDU announced an additional investment of Rs1.1 billion to enhance what it called localisation of production.
The company said the investment was part of its overall plan to increase localisation of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry, generating employment and contributing to the economy.
In the first nine months of the financial year 2024-25, Indus Motor posted a profit-after-tax (PAT) of Rs16.55 billion, significantly up by 75% as compared to the same period last year.
The market capitalisation of Indus Motor at the PSX stands at $587 million.
Atlas Honda Limited (ATLH) ($540 million)
Atlas Honda Limited (PSX: ATLH) was incorporated as a public limited company on October 16, 1962 under the Companies Act, 1913 (now the Companies Act, 2017). The company is principally engaged in progressive manufacturing and marketing of motorcycles and spare parts.
In June this year, Atlas Honda announced launching an electric scooter tailored for Pakistani consumers. The announcement had come after Pakistan government officially launched the National Electric Vehicle (NEV) Policy 2025-30, with a target to increase share of EVs in auto sales to 30% by 2030.
Atlas Honda increased the prices of its bikes by Rs2,000 to Rs6,000 per unit, effective July 1, 2025, mainly due to the imposition of a new tax in the federal budget for FY25-26, according to industry sources.
The market capitalisation of Atlas Honda at the PSX stands at $540 million.
Millat Tractors Limited (MTL)
Millat Tractors Limited (PSX: MTL) is a public limited company incorporated in Pakistan in 1964. MTL is engaged in the manufacturing and sale of internationally acclaimed tractors, diesel-generating sets and prime movers, diesel engines, and forklift trucks.MTL is also involved in the sale, implementation, and support of Industrial and Financial System (IFS) applications locally and abroad. As of June 30, 2024, the company has an annual capacity of 30,000 tractors per annum on a double-shift basis.
In November last year, the Competition Commission of Pakistan (CCP) granted approval for the merger of Millat Equipment Limited (MEL) with Millat Tractors Limited (MTL) under a Scheme of Arrangement sanctioned by the Lahore High Court.
The market capitalisation of Millat Tractors at the PSX stands at $399 million.
Sazgar Engineering Works Limited
Sazgar Engineering Works Limited (PSX: SAZEW) was incorporated in Pakistan as a private limited company in 1991 and was converted into a public limited company in 1994. The principal activity of the company is the manufacturing and sale of automobiles, automotive parts and accessories and household electronic appliances.
As of June 30, 2024, SAZEW has a total of 60.446 million shares outstanding which are held by 5009 shareholders. Directors, CEO, their spouse and minor children have the majority shareholding of around 66.68% shares of the company followed by local general public having 16.87% shares of the company.
SAZEW rolled out its first four-wheeler in August 2022 in Pakistan under a joint venture with Great Wall Motor (GWM) of China.
In November last year, Sazgar a Pakistani announced plans to purchase land valued at approximately Rs1.54 billion 'to meet future business requirements'.
The company sold 1,349 units of its 4-wheelers in June 2025, a number that a local research house said was the company's second highest in a month.
In a step towards hybrid adoption, Sazgar officially begun pre-bookings for its first locally assembled plug-in hybrid electric vehicle (PHEV) — the HAVAL H6 Hi4 1.5L AT AWD Turbo — with the initial rollout of its CKD model expected in August 2025.
The market capitalisation of Sazgar at the PSX stands at $279 million.
Honda Atlas Cars (Pakistan) Limited
Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) was incorporated in Pakistan as a public limited company in 1992 and commenced its commercial operations in 1994. HCAR is formed as a result of a joint venture between Honda Motor Co., Ltd., Japan and Atlas Group of Companies, Pakistan. The company is engaged in the assembly and progressive manufacturing and sale of Honda vehicles and spare parts.
In April this year, the company revealed that it was planning to introduce Hybrid Electric Vehicle (HEV) models in Pakistan.
The market capitalisation of Honda Atlas at the PSX stands at $150 million.
Market capitalisation for each company was calculated on Thursday, July 28, 2025.
For the purpose of this calculation, the exchange rate was used at Rs284 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).
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