Press Release
VIS Reaffirms Entity Ratings of Fast Cables Limited
Karachi, February 13, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Fast Cables Limited (‘FCL’ or ‘the Company’) at ‘A/A2’ (Single A/A Two). The medium- to long-term rating of ‘A’ indicates good credit quality; protection factors are adequate. Risk factors may vary with changes in economic conditions. The short-term rating of ‘A2’ indicates a good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating remains ‘Stable’. Previous rating action was announced on November 21, 2024.
Incorporated in 2008, FCL is a public listed company engaged in the manufacturing and sale of electric wires, cables, and conductors. The Company caters to residential, commercial, industrial, and institutional customers through a nationwide distribution network. The ratings reflect its established position in Pakistan’s organized wires and cables industry, underpinned by a diversified product portfolio, a nationwide distribution network, and proven execution capability, as evidenced by the successful commissioning of recent capacity expansion projects. The completion of key capex initiatives, primarily funded through equity, with all incremental capacities now fully operational, provides meaningful headroom for volume growth once demand conditions improve. The operating environment for Pakistan’s wires and cables industry remained challenging during FY25, characterized by volatility in global copper and aluminum prices, persistent domestic cost pressures, elevated energy tariffs, and subdued construction activity. These factors collectively weighed on industry margins and demand dynamics.
FCL’s performance in FY25 was impacted by weaker demand and higher input prices, however debt coverage metrics remained sound. Liquidity was impacted due to increased working capital pressures. In 1QFY26, topline, profitability and debt coverage showed improvement. Going forward, performance will remain closely linked to the pace of recovery in large-scale manufacturing and construction activity, while sustained improvement in financial metrics will be a key consideration for the ratings.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk
Applicable 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