Rating Details	Rating Type	BFR
	Dissemination Date	Current (25-Sep-26 )	Previous (25-Sep-25)
	Action	Maintain	Maintain
	Rating	BFR 2	BFR 2
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	Optimus Holdings, the parent company, owns Optimus Capital Management ('OCM' or the 'Company'). Mr. Jawad Ahmad and Mr. Yasin Iqbal Kodvani sponsor Optimus Holdings with shareholdings of 74% and 26%, respectively.
	Governance	The board of directors (BOD) of OCM comprises two executive directors, Mr. Jawad Amjad and Mr. Yasin Iqbal Kodvani. Compared to peers, the BOD composition is limited and may benefit from adding independent directors to strengthen oversight.
	Management and Client Services	The company has a lean structure led by a two-member board, supported by Audit, Risk, and Compliance committees. Client servicing is aided by sales and research teams, strengthened by affiliation with Zakheera (Pvt.) Limited, while the IT department provides technological backing.
	Internal Controls and Regulatory Compilance	The rating incorporates an adequate internal control framework, supported by compliance and internal audit functions. The company has policies to ensure effective control and regulatory compliance.
	Business Sustainability	During FY26 the main source of revenue stemmed from equity brokerage, so Equity brokerage revenue stood at ~PKR 401mln. At the end of Jun'26, the net income stood at ~PKR 439mln.
	Financial Sustainability	OCM does not engage in proprietary investments, limiting exposure to market risk. The Company's equity was reported at ~PKR 345mln as at end-Jun'26. The LCB was reported at ~PKR 335mln.

Key Rating Drivers

Fiduciary discipline spanning business growth, revenue diversification, and profitability remains integral to the company’s financial profile, with realization of synergies from OCM’s acquisition of Alfalah Securities poised to further support business performance. Prospectively, maintaining market share, strengthening governance through independent representation, retaining key management personnel, and further separating management roles will remain material to sustaining and enhancing the overall fiduciary profile.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	18-Mar-04
	Type of License	Trading and Self-clearing
	Majority Ownership	Optimus Holdings (Pvt.) Limited

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-26 Methodology | Rating Modifiers | Apr-26	Sector Study | Brokerage Firms | Feb-26

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