Press Release
VIS Reaffirms Entity Ratings of Saakh Pharma Limited
Karachi, November 12, 2026, 2026: VIS Credit Rating Company Limited (‘VIS’) reaffirms Entity Ratings of Saakh Pharma Limited (‘SPL’ or the ‘Company’) at 'A-/A2' (‘Single A Minus/’A Two’). Medium to long term rating of ‘A-’ indicates Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of 'A2' indicates 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 August 29, 2025.
Saakh Pharma Limited (‘SPL’ or the ‘Company’) was incorporated on June 9, 2014, in Pakistan under the Companies Ordinance 1984 (repealed by Companies Act, 2017). The Company’s registered office is situated in Karachi, and the manufacturing facility of the Company is in North West Industrial Zone, Port Qasim, Karachi. The Company is engaged in manufacturing and sale of Active Pharmaceutical Ingredients (APIs). The Company operates across three segments: Antibiotics APIs, General APIs, and Pelletization & Taste Masking. The Antibiotics segment comprises two subclasses — Penicillin and Cephalosporins. Within the General segment, the product portfolio includes APIs for Paracetamol, Ciprofloxacin, and Sitagliptin. The Pelletization & Taste Masking segment covers products such as Esomeprazole, Omeprazole, Lansoprazole, Itraconazole, and Diclofenac Sodium.
The assigned ratings reflect strong sponsor commitment in an industry which is characterized by high volume and low margin business. The volatility in profitability has steadily improved over the last two years with focus on product mix as well as improved procurement. The ratings have also taken into account the change in scale and scope of operations, along with induction of a new sponsor group, DM United Group, to hold 20.0% shareholding in the Company. The Company invested in Ranipur Sugar Mills, leading to diversification in operations in FY26. Capitalization indicators of the Company have improved. Going forward, the Company plans to undertake capital expenditure of PKR 2.45 bn in next two years to increase capacity in core pharma business. VIS will continue to closely monitor the new sponsor dynamics in the Company as well as timely execution of expansion plans and performance of the Company’s Long-Term investments.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf