Rating Details	Rating Type	BFR
	Dissemination Date	Current (25-Sep-25 )	Previous (25-Sep-24)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	Optimus Holdings, the parent company, owns Optimus Capital Management ('OCM' or the 'Company'). Mr. Jawad Ahmad and Mr. Yasin Iqbal Kodvani sponsor Optimus Holdings with shareholdings of 74% and 26%, respectively.
	Governance	The board of directors (BOD) of OCM comprises two executive directors, Mr. Syed Ayaz Ahmed and Mr. Yasin Iqbal Kodvani. Compared to peers, the BOD composition is limited and may benefit from adding independent directors to strengthen oversight.
	Management and Client Services	The company has a lean structure led by a two-member board, supported by Audit, Risk, and Compliance committees. Client servicing is aided by sales and research teams, strengthened by affiliation with Zakheera (Pvt.) Limited, while the IT department provides technological backing.
	Internal Controls and Regulatory Compilance	The rating incorporates an adequate internal control framework, supported by compliance and internal audit functions. The company has policies to ensure effective control and regulatory compliance.
	Business Sustainability	During FY25 the main source of revenue stemmed from equity brokerage, so Equity brokerage revenue stood at ~PKR 170mln. At the end of Jun'25, the net income stood at ~PKR 227mln.
	Financial Sustainability	OCM does not engage in proprietary investments, limiting exposure to market risk. The Company's short-term investments were ~PKR 24mln in PIBs at end-Jun'25. At end-Jun'25, current assets stood at ~PKR 141mln against current liabilities of ~PKR 11mln, reflecting strong liquidity.

Key Rating Drivers

Optimus Capital Management (Pvt.) Limited has performed in line with the market during FY25. OCM mainly earned commission on brokerage income, amounting to ~PKR 170mln for FY25 (FY24: ~PKR 98mln). Going forward, it is imperative to maintain topline growth, revenue diversification, and profitability. Maintenance and improvement in market share remain important, while realization of synergies from OCM’s acquisition of Alfalah Securities is a key factor. The inclusion of independent representation may be considered to strengthen governance. Moreover, retention of key management personnel and further separation of management roles remain critical.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	18-Mar-04
	Type of License	Trading and Self-clearing
	Majority Ownership	Optimus Holdings (Pvt.) Limited

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Muhammad Azmat Shaheen azmat.shaheen@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-25 Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25 Methodology | Rating Modifiers | Apr-25	Sector Study | Brokerage Firms | Feb-25

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