Rating Details	Rating Type	BFR
	Dissemination Date	Current (08-May-26 )	Previous (09-May-25)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Positive	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	KTrade Securities Limited ("KSL" or "The Company") is majority-owned (~60%) by Oxford Frontier Capital. The remaining shares are held by Ms. Mubashira Bukhari Khwaja (~20%), CEO Mr. Mahmood Ali Shah Bukhari (~15%), and the rest by minor shareholders.
	Governance	The Board comprises five members, the CEO and four independent directors, with three of them being female, ensuring strong gender-diverse oversight. All directors are seasoned professionals. To further strengthen governance, the Board has constituted four board‑level committees.
	Management and Client Services	KTrade lean 12 department structure spans seven branches, led by experienced professionals. Full system integration and digital‑first client servicing via KASB app, JazzCash, and RAAST ensure real‑time execution and seamless support.
	Internal Controls and Regulatory Compilance	An effective internal control framework is supported by an outsourced internal audit function. The Company has also established requisite policies and procedures to maintain a strong control environment and ensure compliance.
	Business Sustainability	KTrade topline is primarily driven by equity brokerage, supplemented by advisory services. During 1HFY26, the Company earned PKR 462 million in brokerage revenue (SPLY: PKR 211 million) and PKR 39 million from advisory services, reporting a net profit of PKR 303 million (SPLY: PKR 170 million).
	Financial Sustainability	As of 1HFY26, KTrade equity rose to PKR 1,391 million (SPLY: PKR 597 million), reflecting stronger capitalization, with a Liquid Capital Balance of PKR 935 million.

Key Rating Drivers

The assignment of a Positive Outlook reflects meaningful progress across governance, financial strength, and operational scale. Four independent directors, three female, alongside a dedicated research function, strengthen governance depth and board-level oversight. Digital-first onboarding and seamless integrations with JazzCash and RAAST reinforce KTrade's technology, led retail positioning. The Company's financial profile has strengthened, driven by strong growth in brokerage revenue and a significant improvement in equity base. Moving forward, sustained revenue diversification and continued strengthening of fiduciary and risk management standards will remain key to maintaining this positive momentum.

About the Entity
	Legal Structure	Public Limited
	Year of Establishment	25-Apr-13
	Type of License	Trading and Self-clearing
	Majority Ownership	Oxford Frontier Capital Limited | ~60%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-26	Sector Study | Brokerage Firms | Feb-26

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