PACRA Maintains the Entity Ratings of Puma Energy Pakistan (Pvt.) Limited

The assigned ratings of Puma Energy Pakistan (Pvt.) Limited (PUMA or the Company) reflect its adequate operating presence in the downstream petroleum market, underpinned by a retail network of ~563 fuel outlets across Pakistan, concentrated in Punjab and Sindh. The Company's product portfolio remains focused on PMG and HSD, which together account for the bulk of sales, while Lubricants and Avgas contribute marginally and HSFO sales are negligible. PUMA continues to strengthen its brand visibility through a rebranding initiative under a Trademark License Agreement with Puma Energy International S.A., with additional outlets planned to transition to the Puma brand. The Company's market share rose to ~1.42% in FY26 from ~1.26% in 6MCY26. The ratings also draw comfort from the sponsors' financial strength and demonstrated willingness to support the Company, evidenced by the conversion of subordinated director's funding into equity during CY25, which strengthened capitalization and enhanced financial flexibility. The sponsors' diversified business interests lend further strength to the ownership profile. The operating environment of the OMC sector remained challenging during FY26, with total OMC sales broadly stable at 16.19mln tons against 16.32mln tons in FY25. MS volumes rose 1% to 7.68mln tons, while HSD volumes declined 1% to 6.85mln tons and FO volumes contracted sharply by 26% to 0.60mln tons. Elevated domestic fuel prices, along with broader economic and geopolitical pressures, weighed on demand. Documented petroleum demand, however, recovered strongly in July 2026, with total OMC sales rising 23% YoY and 20% MoM, supported by stronger agricultural activity and improving automotive demand. This provides a positive start to FY27, though the sustainability of the recovery will depend on overall economic activity. PUMA’s performance remained resilient despite the subdued industry environment, with net sales rising 10.8% YoY during CY25. Gross and net margins improved to 2.9% and 0.8%, respectively, and strengthened further to 6.3% and 2.8% in 3MCY26. The improvement builds on the Company’s investments and gradual margin recovery over the preceding years, indicating a strengthening earnings trajectory. Nevertheless, CY25 sales and net profit remained below management projections, highlighting the need to sustain the recent momentum and deliver the expected volumetric growth. The financial risk profile has strengthened, supported by lower borrowings and the gradually strengthening of equity base as accumulated losses are being reduced through retained profitability. Working capital cycle is increasing though remains in comfortable level.
Going forward, sustaining the improvement in profitability, capitalization and coverage, while maintaining disciplined working capital management, will remain important. Achievement of projected volumetric growth, together with continued progress on the rebranding initiative and retail network, should support further strengthening of the Company’s market position and earnings profile. The ability to translate higher volumes into sustained earnings growth and continue rebuilding the equity base will remain key to the Company’s credit profile.

About the Entity
Puma Energy Pakistan (Private) Limited was incorporated in Pakistan under the Companies Act on December 26, 2002 as Admore Gas (Private) Limited, adopting its present name in November 2017 following its affiliation with the Puma Energy brand. Registered as an Oil Marketing Company (OMC) with the Ministry of Petroleum & Natural Resources, the Company is engaged in the procurement, storage, distribution, and marketing of petroleum products, operating from its head office in Karachi, a storage depot in Daulatpur, Sindh, and a petroleum terminal in Machike, Punjab. Mr. Amir Waliuddin Chishti holds ~99.99% of the Company's shareholding and serves as Chairman of the Board, with nominal shareholding also held by Mr. Kamal Haider Jafri and Mr. Muhammad Afzal. Mr. Fayaz Ahmad Khan has served as Chief Executive Officer since September 2022, supported by an experienced team.