The Pakistan Credit Rating Agency Limited
07-May-26
Analyst
Ahmed Wadi Ullah
ahmed.wadiullah@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
Related Research
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PACRA Withdraws the Ratings of Ismail Industries Limited - PPSTS-5 - PKR 8bln - Feb-25
| Issuer | Ismail Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 8000 mln |
| Issuance Date | 12-Aug-25 |
| Tenor | 0.5 Years |
| Redemption Date | 12-Feb-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (07-May-26 ) |
Previous (05-Dec-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA- |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Ismail Industries Limited, incorporated in 1988, is a public listed Company. Principal activities of the Company are manufacturing and trading of sugar confectionery items, biscuits, nutritional products, flour, cast polypropylene films under the brands of 'CandyLand', 'Bisconni', 'SnackCity', 'Ismail Nutrition', Ghiza', 'Super Cereal' and 'Astro Films' respectively. The Company’s operations are divided into two main segments: Food and Plastics. For FY25, ISIL reported a production capacity of 316,416 MT (FY24: 298,356 MT) in the Food division, reflecting an enhancement of 18,060 MT, while the Plastics division maintained a capacity of 63,000 MT (FY23: 63,000 MT). Actual production stood at 201,769 MT (FY24: 192,644 MT) for Food and 36,435 MT (FY24: 35,580 MT) for Plastics. This translates into capacity utilization rates of approximately 63% (FY24: 65%) for Food and 57% (FY24: 56%) for Plastics, indicating potential for further production optimization in both segments.
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About
the Entity
Founded in 1988, Ismail Industries Limited ('ISIL' or 'the Company') was incorporated as a public listed Company in 1989. The majority ownership of the Company is held by the Ismail family, with the shares distributed among three brothers and their families. The ownership breakdown is as follows: Mr. Maqsood Ismail owns ~0.8%, his wife, Ms. Almas Maqsood, holds ~29.8%, and their son, Mr. Hamid Maqsood Ismail, owns ~2.2%. Mr. Muhammad M. Ismail holds ~15.7%, his wife, Ms. Farzana Muhammad, owns ~2.0%, and their son, Mr. Ahmed Muhammad, has ~15.2% stake. Mr. Miftah Ismail owns ~31.0%, with his wife, Ms. Reema Ismail Ahmed, holding ~1.9%. The remaining minority ownership is held by associated entities, including Uniron Industries Private Limited ~0.6% and other stakeholders ~0.4% and free float.
About
the Instrument
In August 2025, the Company has issued its 5th rated, privately placed, unsecured short-term Sukuk amounting to PKR 8,000 million inclusive of a PKR 3 billion green-shoe option, to finance its working capital requirements. The instrument carried a tenor of six months and offers a profit rate of 3MK minus 5 basis points, with both profit and principal payable in full at maturity. Following the completion of redemption process, PACRA has withdrawn the ratings of Ismail Industries Limited - PPSTS-5 - PKR 8bln - Feb-25 in line with its standard rating practice.