PACRA Maintains the Entity Ratings of Jazaa Global (Pvt.) Limited

The ratings assigned to Jazaa Global (Private) Limited (‘Jazaa’ or ‘The Company’) reflect its emerging position within Pakistan's branded ethnic food products market. This is underpinned by a broad portfolio of over 200 stock-keeping units (SKUs) across rice, spices, kitchen essentials, pastes, and allied categories. Jazaa’s market presence is strengthened by a footprint spanning over 55 export destinations and more than 100 domestic cities. The Company benefits from a robust quality and food safety framework, supported by recognized certifications including PSQCA, HACCP, Halal, FDA, BRCGS, ISO 9001, ISO 22000, GMP, and Kosher. This compliance ensures continued access to regulated international markets while providing a clear competitive advantage over unbranded commodity exporters. The sponsors bring extensive sector experience spanning decades in Pakistan’s rice milling and trading landscape, reinforcing operational framework and strategic execution. Key-person risk remains elevated due to the centralization of commercial relationships and strategic decision-making at the chief executive level, though this is partially mitigated by experienced depth across the senior leadership team.
On the financial profile side, the Company has sustained its growth momentum, with total revenue rising to ~PKR 3,138 million in FY25 from ~PKR 2,693 million in FY24, and reaching ~PKR 1,804 million during 6MFY26. Revenue concentration remains high, with rice accounting for ~58% (6MFY26: 59%) of total sales and export markets contributing around 51%. Net profitability stayed constrained at thin levels, reflecting persistent raw material cost pressures and elevated operating expenses, despite minor gross margin improvements and moderating average borrowing rates. Financial leverage increased to ~71.2% in FY25 (FY24: ~61.5%) due to working capital borrowings funding expanding inventory and receivables, and escalated further to ~78.7% in 6MFY26 as additional long-term debt was mobilized to expand in-house production capabilities.
The ratings remain dependent upon management's ability to sustain margins while preserving self-sufficiency and generating adequate surplus to support the Company's expansionary measures. Sound financial discipline, prudent management of working capital, and the maintenance of adequate cash flows and coverage metrics remain critical to the ratings going forward.

About the Entity
Jazaa Global (Pvt.) Limited was incorporated in 2015 under the Companies Act, 2017, with commercial operations commencing in March 2016. The founding concept was inspired by the late Mr. Junaid Jamshed, whose vision centered on building a globally recognized ethnic food brand. Mr. Shahid Tawawalla, with over three decades of experience in Pakistan's rice milling and commodities trade, chairs the Board, while Mr. Ali Jabbar, with over two decades of experience in rice trading, serves as CEO, supported by a seasoned senior management team.