PACRA Maintains Entity Ratings of Warble (Pvt.) Limited

Warble (Pvt.) Limited (“Warble” or “the Company”) operates under its parent, the AllahDin Group of Companies (AGC), a diversified business house comprising 11 companies across multiple sectors. Leveraging the Group’s expertise and synergies, Warble plays a key role in the agrochemical segment, producing and selling pesticides, fertilizers, and seeds. Pesticide raw materials are sourced primarily from China and Europe, while fertilizer inputs are procured locally. The Company maintains a well-integrated network of over 750 franchises nationwide and has further strengthened its market presence through “Agro Mart,” one of the country’s largest franchise network offering all agricultural inputs under one roof. Agro Mart not only provides quality products but also offers services including proper application guidance, model farm demonstrations across crops such as cotton, wheat, rice, vegetables, and orchards, and transfer of modern farming techniques to improve crop yields. In addition, Warble has expanded its portfolio to include locally produced biofertilizers as cost-effective alternatives to urea and DAP-based fertilizers. During FY25, the Company’s topline stood at PKR 2.9bln (FY24: PKR 2.88bln), reflecting modest growth of around 1% compared to a historical average of 7–8%. Revenue in 1HFY26 reached PKR 1.3bln as compared to PKR 1.2bln during the SPLY, reflecting 3% YoY growth. Gross and net margins improved from 20% and 2.4% in FY25 to 23.6% and 3.9% in 1HFY26. The Company manages working capital through internal cash generation and short-term borrowings, maintains a modest equity base, and a gearing ratio of around 35%, supporting a stable and balanced capital structure. Going forward, the Group’s associated company, Lyallpur Chemicals & Fertilizers Pvt. Ltd., is undertaking the development of a new SOP (sulfate of potash) plant on land already owned by the Group, for which a request has been submitted to have the site declared as part of a Special Economic Zone. The site currently hosts an operational sulphuric acid facility with a production capacity of approximately 300 metric tons, which is being upgraded in parallel with the SOP plant development. Given that sulphuric acid is a key input in SOP manufacturing, the Group’s in-house production capability provides a significant degree of vertical integration, translating into a structural cost advantage and enhanced supply chain reliability, a positioning that remains relatively uncommon among peers in Pakistan’s agrochemical sector. The planned SOP output is expected to be supplied to Warble, enabling a shift towards locally sourced inputs and strengthening operational support. Recent developments further strengthen the Group’s operational and financial profile. In addition, Warble is diversifying its revenue base through its group-owned construction business, Warble Constructions, further strengthening its business portfolio.
The assigned ratings remain supported by the Company’s established market position, operational track record, and the strategic support it receives from its parent, the AllahDin Group of Companies (AGC), which provides synergies across its diversified businesses. The timely completion of the planned SOP plant by the group company and the realization of the expected operational synergies remain important factors in supporting the Company’s business and financial profile. Sustained improvement, along with continued enhancement in corporate governance, internal controls, and risk management, could support a positive rating revision in the future.

About the Entity
Warble (Pvt.) Ltd. ('Warble' or 'the Company') was incorporated in 1995 as a Private Limited Company, offering a variety of agri-based productions ranging from urea and DAP-based fertilizers to pesticides and seed varieties. The Company’s plant is located at Industrial Estate Multan. The Company is majority-owned by Mr. Masood Ur Rehman (~46.85%) and Mr. Zain Iftikhar (~43.83%); the rest of the shares vest between Mr. Atta ur Rehman (~7.69%), Ms. Ghazala Asmat Ghazal (~1.63%) (w/o Ch. Iftekhar Niaz– Group Chairman). Mr. Masood ur Rehman, the BoD's Chairman and the CEO of the Company, is assisted by a team of professionals.