Bestway Cement's AA- long-term entity rating maintained by PACRA

PACRA has affirmed the entity ratings of Bestway Cement Limited at AA- for the long term and A1+ for the short term, with a stable outlook, according to Mettis Global. The agency's latest review, dated September 2, 2026, left both ratings unchanged from the assessment made on September 3, 2025, and neither carries a rating watch.

The ratings are backed by solid operations and finances, steady volumes, a competitive cost base and an expanding renewable energy portfolio. That portfolio consists of 114.3MW of solar capacity and 67.5MW of waste heat recovery plants, which lessen the reliance on grid power. Across the industry, FY26 dispatches climbed 7.2% to 50.6mn tons, with domestic deliveries up by almost 9.5% as borrowing costs eased and construction activity improved.

Net turnover was broadly flat at Rs108.3bn against Rs107.8bn a year earlier, but the gross margin slipped to 30.0% from 34.6% as imported coal prices pushed up costs. Operating profit fell 16.72% to Rs26.5bn, yet lower finance charges lifted profit after tax by 7.9% to Rs25.8bn and widened the net margin to 23.8%. PACRA also cited the roughly 9.6% stake in United Bank Limited as a source of recurring dividend income, while it flagged overcapacity, cost swings, pricing pressure and export limits as ongoing rating watchpoints.