Fauji Fertilizer Company (FFC) announced its 2025 financial results today, wherein profit after tax (PAT) surged to Rs. 73.5 billion (EPS: Rs. 48 Billion Profit for First Half of FY26Gross margins clocked in at 25.2 percent in 4Q2025 compared to 25.9 percent in 4Q2024 and 30.8 percent in 3Q2025, below industry expectations. 8–9 billion impairment booked on sales tax receivables, as per our channel checks. The quarterly decline in other income is attributed to the absence of dividend income from energy businesses.