PACRA retains AGP’s long-term rating at A+

Mettis Global reported on October 27 that PACRA kept AGP Limited’s long-term rating at A+ and its short-term rating at A1, with a stable outlook. The assessment was dated October 22 and reflects AGP’s position in Pakistan’s pharmaceutical market and its place in the OBS Group, while continued revenue growth and profitability remain important to the rating.

AGP recorded consolidated revenue of Rs11.53 billion in 1HCY26, around 20% lower on an annualized basis than Rs28.89 billion in CY25. PACRA linked the decline chiefly to reduced exports following the Afghanistan border closure, a shorter winter and weaker demand; gross and net margins were 59% and 14%. The company’s financial coverage and cash generation remained adequate, although its working-capital cycle lengthened and borrowings left its capital structure leveraged.