PACRA Maintains Entity Ratings of Ghani Global Glass Limited

Ghani Global Glass Limited ("GGGL" or "the Company") is engaged in the manufacturing and sale of pharmaceutical neutral glass tubing, ampoules, vials, and related glass products catering primarily to Pakistan's pharmaceutical industry. The Company remains an important participant in the local pharmaceutical packaging value chain and continues to serve a diversified customer base comprising pharmaceutical manufacturers including GSK, Hilton Pharma, Martin Dow, AGP, Barrett Hodgson, Lucky Core Industries and several other domestic players. During FY26, the Company maintained its focus on operational enhancement through capacity expansion, technology upgrades, and quality assurance initiatives. GGGL's parent Company, Ghani Global Holdings Limited, continues to hold ~50.1% shareholding in the Company. The Company also maintains an export footprint spanning Bangladesh, Egypt, Argentina, Mexico, Italy, Iran, Colombia, Paraguay, and Uruguay. Pakistan's pharmaceutical industry continues to exhibit long term growth potential driven by population growth, increasing healthcare expenditure, and rising demand for injectable medicines. The demand for pharmaceutical packaging materials remains linked to domestic drug manufacturing activity. During the period under review, pharmaceutical manufacturers continued to face challenges arising from cost pressures, regulatory pricing constraints, and disruptions in global supply chains. Despite these challenges, local demand for pharmaceutical grade glass tubing remained supportive. GGGL benefits from its position as the only local producer of pharmaceutical neutral glass tubing, reducing reliance on imports and supporting indigenous supply chain development. Increased emphasis on import substitution and localization of pharmaceutical inputs remains favorable for domestic manufacturers. Industry participants continue to monitor energy costs, exchange rate movements, and raw material prices, which remain key determinants of profitability. The governance framework of the Company is supported by a seven-member Board comprising executive, non-executive, and independent directors. During FY26, the Company recorded net sales at PKR ~2.90bln versus PKR ~2.93bln in the preceding year. Local sales improved to PKR ~2.83bln; however, export sales declined to PKR ~73mln from PKR ~204mln due to challenging international market conditions. Profit after tax declined to PKR ~135mln from PKR ~301mln as margins remained under pressure owing to furnace commissioning costs, higher administrative expenses, increased selling expenses, and lower other income. The financial risk profile of the Company is considered adequate with comfortable coverages, cashflows, and working capital cycle. Capital structure is leveraged comprising a mix of short-term and long-term for capacity expansion projects. Going forward, GGGL aims to benefit from recent capacity enhancements, including a 1.5 MW solar power system and additional Italian machinery for ampoule and vial production. The Company is also exploring new opportunities in Saudi Arabia and Africa to support future growth and profitability.
The ratings reflect GGGL's established position in Pakistan's pharmaceutical glass packaging segment, its integrated manufacturing platform, and continued investment in capacity enhancement and operational efficiency. Going forward, the ratings remain dependent upon the Company's ability to sustain revenue growth, improve profitability following recent capacity additions, maintain adequate cash flow generation, and preserve prudent leverage metrics. Continued expansion in domestic and export markets, along with the translation of recent capital investments into improved earnings, would be supportive of the rating profile.

About the Entity
Ghani Global Glass Limited (GGGL) was incorporated in 2007 and commenced commercial operations in 2016. Headquartered in Lahore, the Company operates a manufacturing facility in Phool Nagar, Kasur, producing pharmaceutical glass tubing, vials, ampoules, and related glass products for the healthcare sector. The Company's seven-member Board is chaired by Mr. Hafiz Farooq, while Mr. Atique Ahmad serves as CEO.