Press Release
VIS Reaffirms Entity Ratings of Next Capital Limited
Karachi, January 21, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Next Capital Limited at ‘A-/A2’ (Single A-Minus/A Two). The long-term rating of ‘A-’ signifies good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A2’ signifies good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on November 28, 2024.
Next Capital Limited (‘NCL’ or ‘the Company’) was incorporated in December, 2009. NCL caters primarily to equity broking services to domestic retail and high net worth (HNWI) clients, local institutions, and foreign broker dealers. Alongside, the company has a reputable presence in investment banking & corporate financial advisory business in Pakistan. NCL, besides a head office based in Karachi, runs its retail operations through a branch in Lahore. The Company holds a Trading Right Entitlement Certificate (TREC) issued by the Pakistan Stock Exchange Limited (PSX) for Trading and Self-Clearing Services. External auditors of the company are Grant Thornton Anjum Rahman Chartered Accountants and belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assessment of the financial profile reflects improvement in the Company’s operating revenue, supported by higher brokerage income amid strong trading activity in the market along with contribution from advisory segment. While the revenue mix remains dominated by equity brokerage, the presence of advisory segment supports revenue diversification. The company registered profits after two years of losses. The company has also set up Finqalab, a wholly owned subsidiary, which is a digital and investment platform. The Company has phased out its proprietary investments, thereby limiting the exposure to market risk. Liquidity and capitalization profile of the Company is considered adequate. The business risk of the Company remains high, given its presence in the brokerage industry, which is characterized by inherent volatility, intense competition, and strong regulatory environment. Going forward, enhancement in the revenue base, along with improvement in operational efficiency, capitalization and liquidity profile will remain important for ratings.
For further information on this rating, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Entity Rating:
https://docs.vis.com.pk/Methodologies-2025/BrokerEntityRating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf