PACRA Maintains the Broker Management Rating of Optimus Capital Management (Pvt.) Limited

Optimus Capital Management (Pvt.) Limited ('OCM' or the 'Company') primarily focuses on equity brokerage services, with advisory services also forming part of its business profile. OCM continues to operate under an evolving management structure, with management relying on internal resources to address key functional positions. Following the departure of the Head of Research, Mr. Yasin Kodvavi has been provisionally assigned to oversee research functions alongside his responsibilities as a Board Member, while day-to-day research activities remain under the CEO's oversight. While the arrangement provides continuity, the dual-role structure increases reliance on existing resources, with further strengthening of dedicated senior-level research capacity remaining important to enhance the Company's analytical capabilities. The CFO hiring process remains on hold, with the Head of Accounts continuing to oversee the function, while management has indicated a preference for an internal appointment. Mr. Sarfaraz Khan has been appointed as Head of Compliance, providing dedicated oversight of the Company's compliance function. Management has also initiated implementation of HR policies and practices covering employee performance evaluation, leave, travel, job reassignment, office timings, and personal development, while financial controls, bookkeeping processes, and payment approval workflows are being formalized. The two-member Board remains an area for further development, with the planned induction of independent oversight expected to strengthen governance, enhance checks and balances, and align the Company's governance architecture with its strategic agenda of obtaining an SMA licence. The planned formation of Board Committees and implementation of a risk assessment framework covering ageing and provisioning are expected to further strengthen the Company's governance and control architecture. Pakistan's brokerage industry remained supported by favorable market conditions during FY26, although heightened geopolitical tensions and increased market volatility in the latter part of the period highlight the importance of management's ability to sustain business volumes while strengthening operating capabilities. Against this backdrop, OCM's principal revenue source remained equity brokerage, with brokerage revenue rising significantly to ~PKR 401mln in FY26 from ~PKR 170mln in FY25. Net income increased to ~PKR 439mln from ~PKR 227mln, while profit rose to ~PKR 146mln from ~PKR 56mln, reflecting a material improvement in earnings generation. OCM does not engage in proprietary investments, thereby limiting direct exposure to market risk from proprietary positions. Capitalization also strengthened, with equity increasing to ~PKR 345mln as at Jun'26 from ~PKR 318mln, while the liquid capital balance (LCB) stood at ~PKR 335mln compared with ~PKR 83mln previously, providing enhanced financial capacity.
Going forward, management's ability to convert the improvement in business volumes into sustainable earnings, while concurrently strengthening dedicated senior management resources, institutionalizing governance structures, and enhancing risk and control frameworks, will remain important to the Company's management profile.

About the Entity
Optimus Capital Management (Pvt.) Limited ('OCM') is a PSX-licensed brokerage firm regulated by the Securities & Exchange Commission of Pakistan (SECP). Originally incorporated in 2004 as Millennium Capital Management (Pvt.) Limited, the Company was rebranded to OCM in 2011. It operates as a wholly-owned subsidiary of Optimus Holdings (Pvt.) Limited, with ownership split between Mr. Jawad Amjad (74%) and Mr. Yasin Iqbal Kodvani (26%). OCM’s board comprises two executive directors: Mr. Jawad Amjad and Mr. Yasin Iqbal Kodvani, who bring 28 and 7 years of financial markets expertise, respectively. The firm is well-positioned as a trusted player in Pakistan’s capital markets, leveraging its regulatory compliance, experienced leadership, and strong governance framework.