The Pakistan Credit Rating Agency Limited
19-Aug-26
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Corporate Rating | Jul-26
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Withdraws the Ratings of Mughal Iron & Steel Industries Limited | PPSTS | PKR 1.5bln | Nov-25 | Redeemed
| Issuer | Mughal Iron & Steel Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 1500 mln |
| Issuance Date | 15-Nov-25 |
| Tenor | 0.75 Years |
| Redemption Date | 17-Aug-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (19-Aug-26 ) |
Previous (27-Feb-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
About
the Entity
Mughal Iron & Steel Industries Limited, a public limited company incorporated in 2010, is primarily engaged in the manufacturing and sale of mild steel products related to ferrous segments. Mr. Khurram Javaid serves as the CEO and is the driving force behind the Company.
About
the Instrument
The Company issued a Rated, Secured, Privately Placed Short-Term Sukuk, amounting to PKR 1,500 million (inclusive of a green option of PKR 500 million) in November 2025. The instrument had a tenor of nine months and carried a profit rate of 3MK + 130 bps, with principal and profit repayable on a quarterly basis through three instalments. The proceeds were utilized by the Company to meet its working capital requirements. The Sukuk has been fully redeemed, with the final principal and profit instalment paid by the company on August 17, 2026. As a result, Pakistan Credit Rating Agency
(PACRA) has withdrawn the ratings of Mughal Iron & Steel Industries Limited | PPSTS | PKR 1.5bln | Nov-25.