Press Release

VIS Reaffirms Entity Ratings of Lucky Renewables (Pvt.) Limited

Karachi, January 14, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Lucky Renewables (Pvt.) Limited (“LRPL” or “the Company”) at 'A/A2' (Single A/A Two) with a “Stable” outlook. 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 a good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Previous rating action was announced on January 02, 2025.

LRPL was incorporated as a Special Purpose Vehicle (SPV), with a corporate structure of a private limited company, to exclusively develop a 50 MW Wind Power Project (‘the Project’) in Deh Kohistan, Jhimpir, District Thatta. The Project is supplying electricity to the national grid on a regular basis post-commencing commercial operations in September 2021. The Company is a subsidiary of Lucky Textile Mills Limited (‘the Parent Company’) which owns 51% shareholding. Y.B. Holdings (Private) Limited is the ultimate parent company. The principal activity of the Company is to sell electricity by whatever means, including wind-mill. The registered office of the Company is situated at LuckyOne Mall, Main Rashid Minhas Road, Karachi.

The assigned ratings reflect LRPL’s stable business profile under a long-term Energy Purchase Agreement with CPPA-G, supported by sovereign guarantees, which provides predictable cash flows and limits exposure to market risk. The ratings also incorporate the Company’s association with the Yunus Brother Group, supporting governance standards and financial flexibility. While profitability and coverage metrics weakened in FY25 due to lower tariffs, reduced generation, and load curtailments, as well as the absence of one-off true-up tariff adjustments recognized in the preceding year, these pressures were partly offset by declining finance costs and improving leverage through scheduled debt amortization. The recovery in operational performance and liquidity indicators observed in 1QFY26 underpins the assigned ratings.

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







Applicable Rating Criteria:
Corporate Rating
https://docs.vis.com.pk/docs/CorporateMethodology.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 January 14, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.