Rating Details	Rating Type	BFR
	Dissemination Date	Current (12-Jun-26 )	Previous (13-Jun-25)
	Action	Maintain	Maintain
	Rating	BFR 3	BFR 3
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	The rating incorporates the long-standing experience of the primary sponsor Mr. Adam Haji Muhammad who owns the majority shareholding of ~99.6%.
	Governance	The governance framework is anchored in a family-led board structure; however, the absence of independent oversight and committee leadership suggests room for enhanced governance framework.
	Management and Client Services	AHM operates with a compact yet experienced management team, while its modest digital access channels support client servicing; the establishment of a dedicated research function could further enhance service quality.
	Internal Controls and Regulatory Compilance	AHM's control environment is proportionate to its operational scale; however, a clearer segregation between compliance and secretarial functions may further strengthen overall governance.
	Business Sustainability	AHM's performance trajectory has improved on the back of favorable market dynamics, with stable profitability supported by equity market momentum and ancillary gains; however, revenue concentration and cyclical exposure highlight the need for greater diversification and strategic agility.
	Financial Sustainability	AHM reported a net profit of ~PKR 42mln (SPLY: ~PKR 14mln), with revenues primarily driven by brokerage income of ~PKR 70mln, while the remainder comprised dividend income, as well as returns from deposits, T-Bills, and unrealized gains.

Key Rating Drivers

AHM Securities (Pvt.) Limited ("AHM" or "the Company") operates with a concentrated business model anchored in equity brokerage. Supported by improving macroeconomic conditions and strong equity market performance during 9MFY26, the Company benefitted from higher investor activity, generating realized/unrealized gains of ~PKR 45mln on its proprietary book alongside improved brokerage income, supporting profitability. Capitalization strengthened through internal accruals, with equity rising to ~PKR 283mln (SPLY: ~PKR 229mln) and LCB reaching ~PKR 142mln (SPLY: ~PKR 103mln) by end-9MFY26. Fiduciary practices across client servicing, compliance, and risk oversight remain central to the control framework and underpin its rating. However, governance remains sponsor-driven and revenue diversification limited. Going forward, strengthening governance, internal controls and client protection, formalizing proprietary risk oversight, and improving operational depth and revenue diversification will remain important to sustaining fiduciary standards and the control environment.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	06-Jan-05
	Type of License	Trading and Self-clearing
	Majority Ownership	Mr. Adam Haji Muhammad (~99%)

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 Methodology | Rating Modifiers | Apr-26	Sector Study | Brokerage Firms | Feb-26

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