Press Release

VIS Upgrades Entity Rating of Engro Enfrashare (Pvt) Limited

Karachi, October 06 2026: VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Engro Enfrashare (Pvt) Limited (‘Enfrashare’ or ‘the Company’) to ‘A/A2’ (Single A/ 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 assigned ratings is ‘Stable’. Previous Rating action was announced on September 15, 2025.

Engro Enfrashare (Private) Limited 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 rating reflects Engro Enfrashare (Private) Limited’s established position in Pakistan’s telecom infrastructure sector, supported by its sizeable tower portfolio, strong market presence and strategic association with Engro Holdings Limited. Rating also incorporates Company’s improving operating performance, with continued tower additions and improving colocation supporting revenue growth, margins and operating leverage. Profitability turned positive in CY25 and remained resilient in HY26, supported by operating efficiencies, integration synergies and lower finance costs. Ratings also draw comfort from demonstrated support of the Engro Group, alongside an experienced management team and sound governance framework. Going forward, sustained improvement in profitability and coverages will remain important.

For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.









Applicable Rating Criteria:

VIS 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

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 October 06, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.