The Pakistan Credit Rating Agency Limited
23-Jul-26
Analyst
Tasveeb Idrees
Tasveeb.Idrees@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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PACRA Withdraws the Instrument Ratings of Nishat Mills Limited | PPSTS | PKR 5.0bln | Nov-25
| Issuer | Nishat Mills Limited |
| Instrument | PPSTS-2 |
| Amount | PKR 5000 mln |
| Issuance Date | 06-Nov-25 |
| Tenor | 0.5 Years |
| Redemption Date | 06-May-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (23-Jul-26 ) |
Previous (06-Mar-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Nishat Mills Limited (“NML” or “the Company”) issued a privately placed, unsecured, non-convertible shariah-compliant short-term sukuk or Islamic commercial paper of PKR 5.0bln in November 2025. The tenor of the instrument was six months from the date of issue. It carried a profit rate of 3M–Kibor only. The Company has paid in full, all markup and outstanding principal amount, and hence redeemed. The Sukuk was redeemed in May 2026.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Nishat Mills Limited | PPSTS | PKR 5.0bln | Nov-25.
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About
the Entity
Nishat Mills Limited (“NML” or “the Company”) operates as a publicly listed Company. NML serves as the flagship entity of the renowned Nishat Group. The sponsoring group carries a strong legacy of operational excellence and a well-established market presence. Its extensive footprint spans multiple sectors, including cement, power, insurance, trading, automobile, textile, agriculture & dairy, real estate, hospitality, and financial services. The Company’s majority stake (~51%) is owned by the Mansha family through individuals and group companies. The board comprises seven members with two directors representing the sponsoring family, including the Chairman, Mr. Hassan Mansha and the CEO, Mr. Umer Mansha.