Rating Details	Rating Type	BFR
	Dissemination Date	Current (19-Jun-26 )	Previous (21-Jun-25)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	Abbasi & Company (Pvt.) Limited ("ACPL" or " the Company") maintains strong family stewardship, with 90.85% ownership concentrated among the Abbasi family, led by Mr. Syed Muhammad Ismail Abbasi (52.59% controlling stake), Syed M. Umar Abbasi (25.31%), Ms. Yasmeen Ismail (12.90%), and Syed Awais Ali Abbasi (0.05%).
	Governance	ACPL's board currently consists of three directors, all affiliated with the sponsoring family. To enhance governance rigor and align with best practices, the appointment of an independent director is recommended. This initiative aligns with the Company's plan to strengthen its governance framework.
	Management and Client Services	The Company operates with a well-defined organizational structure and an experienced management team. Client services are supported by dedicated research reports and an upgraded digital platform, 'Trade In,' enhancing client engagement.
	Internal Controls and Regulatory Compilance	The internal control framework is strengthened through an outsourced internal audit function. Separate risk and compliance departments ensure effective risk management and adherence to regulatory requirements.
	Business Sustainability	ACPL's net operating revenue rose ~16% YoY to PKR 60.2M in 1HFY26, with PAT reaching PKR 53.5M (1HFY25: PKR 14.3M), a 274% YoY improvement. Short-term investments stood at PKR 59.9M (Jun-25: PKR 71.5M), primarily equity instruments at FVTPL.
	Financial Sustainability	The Company maintains a zero-leveraged capital structure. ACPL's liquid capital balance (LCB) stood at PKR 150M as of December 2025, providing adequate liquidity cushion. ACPL's equity base strengthened to PKR 447.7M as at December 2025 (June 2025: PKR 344.1M), supported by retained earnings.

Key Rating Drivers

Fiduciary practices across client servicing, compliance, and core risk oversight remain integral to the control architecture, with incremental enhancements expected to further strengthen the overall governance and risk-management environment. Going forward, deepening management capacity, refining internal control mechanisms, incrementally strengthening client-protection, improving grievances mechanisms and conflict-management frameworks will remain important for sustaining and improving the fiduciary profile.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	13-Feb-99
	Type of License	Trading and Self-clearing
	Majority Ownership	Mr. Syed Muhammad Ismail Abbasi | ~52.59%

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Amna Akmal amna.akmal@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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