PACRA Maintains Entity Ratings of Jahangir Siddiqui & Co. Ltd.

The ratings of Jahangir Siddiqui & Co. Ltd. (“JSCL” or “the Company”) reflect its prominent standing as a well-diversified investment holding company with a strong presence in Pakistan’s financial services sector. JSCL serves as the flagship holding company of the JS Group, overseeing a diversified investment structure through both direct and indirect ownership. JSCL maintains a well-diversified and strategically structured investment portfolio encompasses significant positions across the financial services spectrum including Conventional and Islamic Banking, Asset Management, Securities Brokerage, Investment Banking, and Insurance. In addition, JSCL retains full ownership of subsidiaries operating in the petroleum, infrastructure development, and telecommunications sectors. This extensive sectoral exposure underpins JSCL’s long-term growth trajectory and reinforces its risk-mitigation framework. JSCL maintains 100% ownership of Energy Infrastructure Holding (Private) Limited (EIHPL) and JS Infocom Limited. Besides this, JSCL has a core 71% equity stake in JS Bank Limited. This integrated and multi-tiered corporate structure reflects JSCL's strategic focus on sectoral diversification and operational synergy across both domestic and international fronts.
JSCL’s long-term asset allocation strategy enables it to navigate macroeconomic challenges while generating sustainable value. As of 3MCY26, the Company’s consolidated asset base stood at ~PKR 1.455 trillion, reinforcing its financial cushion, investment capacity, and risk-absorption capability. Standalone total investment income for CY25 increased to ~PKR 1,119 million (CY24: ~PKR 1,090 million). Dividend income remains the primary and recurring revenue stream, contributing ~81% (~PKR 906 million) of total investment income, which reflects a stable reliance on equity returns from an established investee base. JSCL continues to uphold strong corporate governance standards and risk management practices. This is supported by an experienced Board, dedicated committees, and independent oversight, which collectively strengthen the Company’s capacity to manage market-related exposures. JSCL also actively pursues Environmental, Social, and Governance goals, including initiatives promoting diversity, financial inclusion, and community impact.
The ratings remain sensitive to management's ability to execute its envisaged growth and expansion strategies amidst prevailing geopolitical environment. The continued strong operational performance of core subsidiaries, the stability and timeliness of dividend inflows from key investees, and the effective management of the standalone liquidity and leverage profile remain important rating considerations.

About the Entity
Jahangir Siddiqui & Co. Ltd. ('JSCL' or 'the Company'), a successor to the brokerage business started in the early seventies by Mr. Jahangir Siddiqui, was incorporated in 1991 and is listed on the Pakistan Stock Exchange (PSX). JSCL, JS Group’s flagship holding company, has a portfolio of investments categorized into a) core investments, b) strategic investments and c) trading investments. Investments in the financial segment dominate the portfolio with a significant concentration in the banking and insurance sectors. Other investments are in the energy, petroleum, and infrastructure sectors. Justice (R) Agha Rafiq Ahmed Khan is Chairman of the BoD, while, Mr. Asad Nasir heads the Company as CEO.