PACRA Maintains the Entity Ratings of Jhulay Lal Parboiled Rice Mill

The rice industry in Pakistan continues to play a pivotal role in the country’s agricultural and export economy, contributing approximately 10.5% of total export earnings in FY25. During the year, total rice exports reached an estimated 5.8 million metric tons, with non-basmati varieties accounting for over 85% of export volumes, while basmati exports remained stable at around 0.8 million metric tons. The sector continues to benefit from sustained international demand and Pakistan’s established position in key global rice markets.
Jhulay Lal Parboiled Rice Mill reported total revenues of ~PKR 24.05 billion in FY25, with exports contributing PKR 20.57 billion, representing nearly 86% of total revenues and underscoring the company’s strong export orientation. While revenues moderated from FY24 levels of approximately PKR 35.02 billion, largely attributable to exceptional market conditions prevailing in that year, the FY25 performance reflects the company’s ability to adjust to normalizing demand conditions while maintaining a solid revenue base. The revenue mix highlights limited diversification beyond rice, with soya bean products contributing approximately PKR 3.03 billion, around 13% of total revenues, and local byproducts accounting for about 2%, indicating gradual steps toward broadening the product portfolio.
Operationally, Jhulay Lal Parboiled Rice Mill has sustained efficiency across its processing facilities by optimizing capacity utilization and leveraging strategically located infrastructure to cater to both domestic and international demand. During FY2025, the company has utilized approximately PKR 2.4 billion of its available credit lines totaling around PKR 7.3 billion from various banks, providing adequate liquidity headroom and financial flexibility to manage working capital requirements and market volatility. The company’s strong export focus, prudent leverage profile, and measured diversification efforts collectively position it well to navigate input cost pressures while supporting sustainable growth and revenue stability.
The ratings are dependent upon the sustenance of business volumes under the current challenging environment. As global economy undergoes distress, business sustainability emerges as the key challenge for the exporters. Meanwhile, keeping up with a stable financial risk profile, with an increased emphasis on working capital management, remains imperative for ratings.

About the Entity
Jhulay Lal Parboiled Rice Mills is a partnership firm run by Mr. Gurmukh Das and Mr. Ramesh Kumar. The two partners share an equal stake in the Company. Mr. Gurmukh Das, is an experienced entrepreneur. He is an MBA in Marketing from SZABIST University. Mr. Das was formerly working in Faysal Bank before being involved in the Rice Business and now is the main face of Jhulay Lal.