Press Release

VIS Maintains Entity Rating of Lucky Core Industries Limited

Karachi, April 28, 2026: VIS Credit Rating Company Limited (VIS) has maintained the entity ratings of Lucky Core Industries Limited (‘LCI’ or the ‘Company’) at ‘AA/A1+’ (Double A / A one plus). Medium to long term rating of 'AA' indicates High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of 'A1+' indicates Strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. The rating outlook has been revised to ‘Stable’. Previous Rating action was announced on March 05, 2025.

LCI is a diversified conglomerate which operates across multiple sectors, offering products such as soda ash, polyester staple fiber (PSF), chemicals, pharmaceuticals, animal health products, and agricultural inputs. LCI is listed on the Pakistan Stock Exchange Limited (PSX) and also has stakes in nutrition and energy sectors through its associate and subsidiary respectively, with facilities spread across Karachi, Jhelum, Sheikhupura and other cities.

LCI benefits from its association with the Yunus Brothers Group, diversified business profile, and experienced management team, supporting overall credit strength. The Company maintains a balanced presence across multiple segments which provides resilience against cyclical downturns in any single segment. While core segments such as Soda Ash and Polyester remain susceptible to macroeconomic pressures, demand cyclicality, and import competition, the growing contribution from higher-margin and relatively stable segment, particularly Pharmaceuticals and Animal Health, has strengthened earnings quality and business stability. Profitability has remained robust, supported by favorable product mix and operational efficiencies, while the balance sheet remains sound with adequate coverage and liquidity indicators. Going forward, the Company’s focus on expanding its pharmaceutical and animal health footprint, alongside expected stabilization in core industrial segments will remain important for ratings.

For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.








Applicable Rating Criteria:

VIS Rating Criteria: Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright April 28, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.