PACRA Maintains Entity Ratings of CCL Pharmaceuticals (Pvt.) Limited

CCL Pharmaceuticals (Private) Limited (Hereinafter referred to as “CCL” or “the Company”) is a leading name in the Pharmaceutical sector, specializing in the manufacturing and marketing of high-quality branded generic medicines. The assigned ratings takes comfort with a six decade legacy of the Company in which CCL has cemented its reputation both within Pakistan and across international markets, operating in over 20 countries, spanning Central Asia, the Middle East, South Asia, Africa, and South-East Asia. CCL remains committed to maintaining the highest standards of quality, regulatory compliance, and corporate governance. A key driver of its success is a robust portfolio of high-demand and flagship products supported by state-of-the-art, GMP-compliant manufacturing facilities in Pakistan and Vietnam, including two PIC/S-certified (Pharmaceutical Inspection Co-operation Scheme) plants. Guided by its mission of enabling Healthy, Happy Lives, CCL creates shared value for its stakeholders and the communities it serves through focused environmental and social initiatives. The Pharmaceutical sector in Pakistan is experiencing substantial growth, primarily driven by price inflation and sustained demand, alongside heightened competition among domestic and multinational enterprises. Nonetheless, the industry continues to face challenges stemming from regulatory changes and currency fluctuations, which impact overall market stability. In FY25, Pharmaceutical exports registered a notable increase of ~34%, reaching USD 457mln—the highest growth observed in over two decades. Moreover, exports of therapeutic products, including medical devices and supplements, rose to USD 909mln, approaching the USD 1bn threshold. The Company operates under a robust corporate governance framework with oversight from its board and management-level committees. Following the implementation of a formal group structure, CCL now functions under the umbrella of CCL Holding (Private) Limited. In FY25, the Company reported revenue growth of ~20%, accompanied by improved margins at levels. This strong performance was driven by a combination of favorable pricing dynamics, increased sales volumes, sustained demand for CCL’s product portfolio, and a well-established market presence in core therapeutic segments, including Anti-Diabetics, Antidepressants, and Expectorants. The Company’s financial risk profile remains stable, supported by adequate coverage ratios, consistent cash flows, and an efficiently managed working capital cycle. While the capital structure remains leveraged, it reflects a balanced mix of long-term and short-term borrowings.
The ratings are contingent on the Company’s ability to sustain profitability and enhance its market share, while maintaining strong cash flows and coverage metrics. Additionally, preserving debt levels within acceptable parameters remains a critical prerequisite.

About the Entity
CCL Pharmaceuticals (Pvt.) Limited was incorporated on April 28, 1985, under the Companies Ordinance, 1984 (Now Companies Act, 2017) as a private limited concern. It is engaged in the manufacturing, importing, marketing, and sale of a broad range of medicines and allied products. CCL is a third-generation family-owned enterprise, with 100% shareholding held through CCL Holding (Private) Limited, a subsidiary of the parent entity Dilsons (Private) Limited. Ownership is equally distributed among members of the sponsoring family. Mr. Kashif Sajjad serves as the Chairman, while Mr. Ali Masood holds the position of Chief Executive Officer.