GEMPACRA The Pakistan Credit Rating Agency Ltd

The Pakistan Credit Rating Agency Ltd (GEMPACRA) balance sheet

At the end of FY2026 (Jul 2025 – Jun 2026) The Pakistan Credit Rating Agency Ltd had total assets of Rs 449.9 mn, up 24.9% on FY2025. Current assets of Rs 347.6 mn covered current liabilities of Rs 145.8 mn 2.38 times. Total debt was Rs 19.1 mn, leaving net cash of Rs 198.4 mn. Shareholders' equity was Rs 293.8 mn (Rs 3.94 per share), 65.3% of total assets.

GEMPACRA balance sheet (annual) (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024
Assets
Cash & short-term investments	217.5	128.3	93.9
Trade receivables	124.7	117.9	100.2
Total current assets	347.6	258.7	199.9
Property, plant & equipment	28.5	39.2	25.6
Intangible assets	0.0	1.3	3.7
Other non-current assets	9.4	7.1	7.3
Total non-current assets	102.4	101.7	96.0
Total assets	449.9	360.4	296.0
Liabilities
Trade payables	50.3	82.3	59.2
Short-term borrowings & current portion of debt	8.7	9.0	8.2
Total current liabilities	145.8	182.6	150.5
Long-term debt	10.4	17.2	0.0
Other non-current liabilities	(0.0)	—	—
Total non-current liabilities	10.4	17.2	0.0
Total liabilities	156.2	199.8	150.5
Equity
Share capital	74.5	74.5	74.5
Reserves & retained earnings	219.2	86.1	70.9
Equity attributable to shareholders	293.8	160.6	145.5
Non-controlling interest	0.0	0.0	0.0
Total equity	293.8	160.6	145.5
Total liabilities & equity	449.9	360.4	296.0
Key figures
Total debt	19.1	26.2	8.2
Net debt / (net cash)	(198.4)	(102.1)	(85.7)
Shares outstanding mn	74.5	74.5	74.5
Common equity	293.8	160.6	145.5
Book value per share (Rs) Rs	3.94	2.16	1.95

GEMPACRA balance sheet — year-on-year change (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024
Assets
Cash & short-term investments	+69.4%	+36.6%	—
Trade receivables	+5.8%	+17.7%	—
Total current assets	+34.3%	+29.4%	—
Property, plant & equipment	-27.4%	+53.4%	—
Intangible assets	-100.0%	-65.9%	—
Other non-current assets	+32.6%	-3.0%	—
Total non-current assets	+0.7%	+5.8%	—
Total assets	+24.9%	+21.8%	—
Liabilities
Trade payables	-38.9%	+39.0%	—
Short-term borrowings & current portion of debt	-3.5%	+10.1%	—
Total current liabilities	-20.2%	+21.3%	—
Long-term debt	-39.5%	—	—
Other non-current liabilities	—	—	—
Total non-current liabilities	-39.5%	—	—
Total liabilities	-21.8%	+32.7%	—
Equity
Share capital	0.0%	0.0%	—
Reserves & retained earnings	+154.6%	+21.4%	—
Equity attributable to shareholders	+82.9%	+10.4%	—
Non-controlling interest	—	—	—
Total equity	+82.9%	+10.4%	—
Total liabilities & equity	+24.9%	+21.8%	—
Key figures
Total debt	-27.1%	+218.8%	—
Net debt / (net cash)	—	—	—
Shares outstanding	—	—	—
Common equity	+82.9%	+10.4%	—
Book value per share (Rs)	+82.9%	+10.4%	—

Change against the previous fiscal year; shown when the earlier figure is positive.

GEMPACRA balance sheet — common size (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024
Assets
Cash & short-term investments	48.3%	35.6%	31.7%
Trade receivables	27.7%	32.7%	33.8%
Total current assets	77.3%	71.8%	67.6%
Property, plant & equipment	6.3%	10.9%	8.6%
Intangible assets	0.0%	0.4%	1.3%
Other non-current assets	2.1%	2.0%	2.5%
Total non-current assets	22.7%	28.2%	32.4%
Total assets	100.0%	100.0%	100.0%
Liabilities
Trade payables	11.2%	22.8%	20.0%
Short-term borrowings & current portion of debt	1.9%	2.5%	2.8%
Total current liabilities	32.4%	50.7%	50.9%
Long-term debt	2.3%	4.8%	0.0%
Other non-current liabilities	(0.0%)	—	—
Total non-current liabilities	2.3%	4.8%	0.0%
Total liabilities	34.7%	55.4%	50.9%
Equity
Share capital	16.6%	20.7%	25.2%
Reserves & retained earnings	48.7%	23.9%	24.0%
Equity attributable to shareholders	65.3%	44.6%	49.1%
Non-controlling interest	0.0%	0.0%	0.0%
Total equity	65.3%	44.6%	49.1%
Total liabilities & equity	100.0%	100.0%	100.0%
Key figures
Total debt	4.2%	7.3%	2.8%
Net debt / (net cash)	(44.1%)	(28.3%)	(29.0%)
Common equity	65.3%	44.6%	49.1%

Each line as a percentage of total assets.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. Updated 16 Oct 2026.

All reported line items 102

GEMPACRA balance sheet — all reported line items (Rs mn)
Rs mn	FY2026 Jul 2025 – Jun 2026	FY2025 Jul 2024 – Jun 2025	FY2024 Jul 2023 – Jun 2024
Cash & Cash Equivalents	120.1	128.3	54.9
Cash & Short Term Investments	217.5	128.3	93.9
Short-Term Investments - Total	97.3	0.0	39.0
Loans & Receivables - Net - Short-Term	124.7	125.6	100.8
Loans & Receivables - Total	124.7	125.6	100.8
Trade Accounts & Trade Notes Receivable - Net	124.7	117.9	100.2
Receivables - Other - Total	0.0	7.7	0.7
Prepaid Expenses - Short-Term	5.4	4.8	5.2
Investments - Total	97.3	0.0	39.0
Property, Plant & Equipment - Net - Total	28.5	39.2	25.6
Other Assets - Total	9.4	7.1	7.3
Investments in Associates, Joint Ventures and Unconsolidated Subsidiaries	64.4	54.0	59.4
Intangible Assets - Total - Net	0.0	1.3	3.7
Total Current Assets	347.6	258.7	199.9
Intangible Assets - excluding Goodwill - Net - Total	0.0	1.3	3.7
Property, Plant & Equipment - excluding Assets Leased Out - Net - Total	28.5	39.2	25.6
Right of Use Tangible Assets - Total - Net	17.5	26.2	6.3
Right of Use Tangible Assets - Capital/Finance Lease - Net	17.5	26.2	6.3
Property, Plant & Equipment - Other - Net	11.0	13.0	19.3
Total Assets	449.9	360.4	296.0
Debt - Total	19.1	26.2	8.2
Short-Term Debt & Current Portion of Long-Term Debt	8.7	9.0	8.2
Current Portion of Long-Term Debt including Capitalized Leases	8.7	9.0	8.2
Capitalized Leases - Current Portion	8.7	9.0	8.2
Debt - Long-Term - Total	10.4	17.2	0.0
Current Portion of Long-Term Debt excluding Capitalized Leases	0.0	—	—
Capitalized Lease Obligations - Long-Term	10.4	17.2	0.0
Other Non-Current Assets - Total	9.4	7.1	7.3
Deferred Tax - Asset - Long-Term	8.1	5.8	6.0
Payables & Accrued Expenses	50.3	82.3	59.2
Trade Account Payables - Total	50.3	82.3	59.2
Other Non-Current Assets	1.3	1.3	1.3
Total Liabilities	156.2	199.8	150.5
Shareholders' Equity - Attributable to Parent Shareholders - Total	293.8	160.6	145.5
Total Non-Current Assets	102.4	101.7	96.0
Common Equity Attributable to Parent Shareholders	293.8	160.6	145.5
Common Equity - Contributed	74.5	74.5	74.5
Common Stock - Issued & Paid	74.5	74.5	74.5
Equity - Non-Contributed - Reserves & Retained Earnings	219.2	86.1	70.9
Retained Earnings - Total	219.2	86.1	70.9
Trade Accounts Payable & Accruals - Short-Term	50.3	82.3	59.2
Trade Accounts & Trade Notes Payable - Short-Term	50.3	82.3	59.2
Income Taxes - Payable - Short-Term	0.3	0.9	3.1
Other Current Liabilities - Total	86.5	90.3	80.0
Common Equity - Total	293.8	160.6	145.5
Deferred Income - Short-Term	86.5	90.3	80.0
Total Shareholders' Equity - including Minority Interest & Hybrid Debt	293.8	160.6	145.5
Total Liabilities & Equity	449.9	360.4	296.0
Other Current Liabilities	—	0.0	0.0
Total Current Liabilities	145.8	182.6	150.5
Other Non-Current Liabilities - Total	(0.0)	—	—
Other Non-Current Liabilities	(0.0)	—	—
Total Non-Current Liabilities	10.4	17.2	0.0
Common Shares - Issued - Total mn	74.5	74.5	74.5
Common Shares - Outstanding - Total mn	74.5	74.5	74.5
Common Shares - Treasury - Total mn	0.0	0.0	0.0
Common Shares - Authorized - Issue Specific mn	125.0	125.0	125.0
Common Shares - Issued - Issue Specific mn	74.5	74.5	74.5
Common Shares - Outstanding - Issue Specific mn	74.5	74.5	74.5
Common Shares - Treasury - Issue Specific mn	0.0	0.0	0.0
Asset Allocation Factor - Issue Specific	1.00×	1.00×	1.00×
Right of Use Tangible Assets - Total - Net - Supplemental	17.5	26.2	6.3
Right of Use Tangible Assets - Capital/Finance Lease - Net - Supplemental	17.5	26.2	6.3
Property, Plant & Equipment - excluding Right of Use Tangible Assets & Capital Leases - Net - Supplemental	11.0	13.0	19.3
Finance and Operating Lease Liabilities - Total - Supplemental	19.1	26.2	8.2
Debt including Finance and Operating Lease Liabilities - Supplemental	19.1	26.2	8.2
Net Debt	(198.4)	(102.1)	(85.7)
Asset Accruals	329.8	232.0	241.1
Cash & Cash Equivalents - Total	120.1	128.3	54.9
Cash & Short Term Investments - Total	217.5	128.3	93.9
Debt - including Preferred Equity & Minority Interest - Total	19.1	26.2	8.2
Investments - Permanent	64.4	54.0	59.4
Net Book Capital	95.4	58.5	59.7
Net Operating Assets	95.4	58.5	59.7
Shareholders Equity - Common	293.8	160.6	145.5
Tangible Total Equity	293.8	159.4	141.7
Tangible Book Value	293.8	159.4	141.7
Total Book Capital	312.9	186.8	153.7
Total Capital	312.9	186.8	153.7
Total Long Term Capital	304.2	177.8	145.5
Unearned Revenue - Total	86.5	90.3	80.0
Book Value excluding Other Equity	293.8	160.6	145.5
Income Taxes - Payable - Long-Term & Short-Term	0.3	0.9	3.1
Contract Liabilities - Short-Term - Advance Consideration & Progress Billings in Excess of Unbilled Revenue	86.5	90.3	80.0
Accruals - Short-Term	81.7	(52.2)	(5.5)
Cash & Short Term Investments - Net of Debt	198.4	102.1	85.7
Current Portion of Long-Term Debt including Capitalized Leases & Hybrid Financial Instruments	8.7	9.0	8.2
Total Fixed Assets - Net	102.4	101.7	96.0
Working Capital	201.8	76.1	49.4
Interest Bearing Liabilities - Total	19.1	26.2	8.2
Working Capital - Non-Cash	(15.7)	(52.2)	(44.5)
Working Capital excluding Other Current Assets & Liabilities	288.3	166.4	129.4
Net Debt Including Preferred Equity & Minority Interest	(198.4)	(102.1)	(85.7)
Other Short-Term & Long-Term Assets - Total	9.4	7.1	7.3
Other Short-Term & Long-Term Liabilities - Total	86.5	90.3	80.0
Tangible Book Value excluding Other Equity	293.8	159.4	141.7
Total Debt Excluding Islamic	19.1	26.2	8.2
Trade Accounts & Trade Notes Receivable - Net - Total	124.7	117.9	100.2
Current Liabilities excluding Current Debt - Total	137.1	173.6	142.3
Cash in Hand & with Banks - Total	120.1	128.3	54.9
Current Assets excluding Cash & Short Term Investments - Total	130.1	130.4	106.0
Cash, Short Term Investments & Accounts Receivable - Total	342.2	246.2	194.1

Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 3 periods; the table above goes back further.