Press Release
VIS Maintains Entity Ratings of Engro Enfrashare (Pvt) Limited
Karachi, Sept 15, 2025: VIS Credit Rating Company Limited (VIS) maintains entity ratings of Engro Enfrashare (Pvt) Limited 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 changed to ‘Positive’ from ‘Stable’. Previous rating action was announced on October 21, 2024.
Engro Enfrashare (Private) Limited (‘Enfrashare’ or ‘the Company’) incorporated as a private limited Company in November, 2018, is a wholly owned subsidiary of Engro Connect (Pvt) Limited - the telecom infrastructure arm of Engro Holdings Limited, a major Pakistani conglomerate and the Ultimate parent company of Enfrashare. The Company is engaged in buying, building, maintaining and operating telecommunication infrastructure and any products, by products and activities relating to or ancillary thereto.
The assigned ratings to Engro Enfrashare (Private) Limited (Enfrashare) reflect its strong sponsor support from the Engro Group, established market leadership in the TowerCo sector following the landmark acquisition of Deodar (Private) Limited, and a growing revenue base underpinned by portfolio expansion and rising tenancy ratios.
The Company has demonstrated operational traction, turning profitable in HY25 after sustained losses since inception, supported by higher gross margins, cost efficiencies through solarization, and easing finance costs. The positive outlook is based on improving profitability profile, cash flows, and consequent strengthening of debt coverages. The TowerCo sector’s medium-to-low business risk profile, characterized by long-term lease contracts, stable demand fundamentals, and positive growth prospects from broadband penetration and upcoming 5G rollout, lends further support to the ratings. Nonetheless, the ratings remain constrained by the sector’s capital-intensive nature, elevated leverage, and exposure to energy and fuel cost volatility. Going forward, sustainability in profitability indicators, continued improvement in cash flows, stable tenancy growth, and prudent financial management will remain important from ratings’ perspective.
For further information on this ratings announcement, please contact on 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