Press Release

VIS Maintains Entity Ratings of Topline Securities Limited

Karachi, December 22, 2025: VIS Credit Rating Company Ltd. (VIS) has maintained entity ratings of Topline Securities Limited at ‘A/A1’ (Single A/A One). Long-term rating of ‘A’ signifies good credit quality, with adequate protection factors. Risk factors may vary with possible changes in the economy. Short-term rating of A1 denotes Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings has been changed to ‘Positive’ from ‘Stable’. Previous rating action was announced on November 25, 2024.

Topline Securities Limited (‘TSL’ or ‘the Company’), holding a Trading and Self-clearing license, is engaged in the business of stock brokerage, commodity brokerage, underwriting, consultancy, book bidding, and investment advisory services. Shareholding of the Company is primarily vested with Mr. Mohammad Sohail, who also serves as the CEO of the Company. The Company provides both online and assisted trading services to local and foreign clients. External auditors of the Company are “A” rated on the SBP’s panel of auditors.

The revision in the outlook, to Positive from Stable, is based on the consistent improvement in profitability and a sizeable equity base, supported by an increase in the Company’s operating revenue. While the revenue mix remains mostly from equity brokerage, the presence of advisory segment supports revenue diversification. Market risk remains minimal, given that the investments are primarily deployed in the ready/future markets. The liquidity profile is assessed as sound, while capitalization profile is supported by large equity contribution and low reliance on debt.

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 oversight. Going forward, sustained growth in revenue and profitability, along with the maintenance of liquidity and capitalization metrics, will remain important rating considerations.

For further information on this ratings announcement, 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 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 December 22, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.