PACRA Maintains the Entity Ratings of Maaksons Engineering Corporation Limited.

Maaksons Engineering Corporation Limited (“Maaksons” or “the Company”) has been a prominent player in Pakistan’s construction industry for over seven decades. Now led by the third generation of the sponsoring family, the Company operates through established offices in Lahore and Islamabad and benefits from management’s extensive experience in construction and real estate. Holding a no-limit contract license, Maaksons has a strong track record of executing turnkey projects and maintains a sizeable portfolio of investment properties across key locations. Originally established as a pure contractor, the Company has gradually expanded into developing and holding its own project portfolio. With economic activity showing signs of improvement, Maaksons continues to adopt a prudent approach to project selection, prioritizing contracts offering relatively quicker cash conversion and predictable execution timelines, while limiting exposure to projects susceptible to prolonged delays. In parallel, the Company is expanding its own project portfolio. The Lake City Meadows Project, a 50:50 joint venture near DHA Phase 4, is expected to contribute to the Company’s medium-term own portfolio outlook. In hand contracted projects include infrastructure development for Nawaz Sharif IT City and the Enertech Building, while a pipeline of new projects in Lahore and Islamabad provides further growth potential as legacy contracts approach completion. During 10MFY26, Maaksons posted revenue of PKR 5.27mln, while net profit increased sharply to PKR 1.31bln, supported by improved margins from a selective, higher-margin project mix. The financial profile remains conservative, characterized by low leverage, an equity base of PKR 6.9bln, and comfortable liquidity. This financial discipline, alongside the sponsors’ substantial property holdings, provides a meaningful buffer against sector volatility. The ratings reflect Maaksons’ experienced leadership, prudent project selection, sizeable land bank, and sustained profitability. These strengths are moderated by the inherent variability of revenue generation, occasional project execution delays, and delayed payment risk.
Going forward, the ratings will remain dependent on the timely completion of ongoing contracts, effective execution of newly undertaken projects, and continued development of the Company’s own project portfolio alongside a healthy pipeline of contracting projects. Maintaining sound corporate governance and the Company’s prudent financial profile will also remain important rating considerations.

About the Entity
Originally established as M. A. Aleem Khan & Sons, Maaksons Engineering Corporation Limited has been operating since 1951 and was formally incorporated as a private company in 1984. The Company’s expertise spans roads and highways, bridges, residential and commercial buildings, and canals and tunnels. Its portfolio includes landmark projects such as 9th Avenue and Jinnah Avenue in Islamabad, the Islamabad Highway Signal-Free Corridor, Metro Lahore, the 29-storey Telecom Tower in Islamabad, Gulberg Green, the 3x210 MW Thermal Power Station at Muzaffargarh, and the Chashma Canal. The Board comprises six members, all from the sponsoring family, which also retains full ownership of the Company.