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Gas contracts
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Inventory cycles
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Policy continuity
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Cash-flow durability
That gap explains persistent valuation dispersion within the sector.
Final Verdict
Fertilizer stocks on PSX are not demand stories.
They are policy-conditioned margin stories.
At present, Engro Fertilizers sits at the most favorable intersection of gas certainty, cost control, and survivability, while FATIMA offers tactical leverage and FFC provides stability without torque.
One-Line Conclusion
In Pakistan, fertilizer stocks don’t grow on demand — they survive on policy.
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