February 18, 2026 (MLN): VIS Credit Rating Company Limited (VIS) has reaffirmed the medium and short-term entity ratings of Fast Cables Limited (PSX: FCL) at ‘A/A2’ with a Stable outlook.

The long-term ‘A’ rating shows good credit quality supported by adequate protection factors, while the short-term ‘A2’ rating signals a strong capacity for timely repayment of obligations and sound liquidity.

The company’s previous rating action was declared on November 21, 2024.

Established in 2008, Fast Cables is a publicly listed manufacturer and distributor of electric wires, cables, and conductors across Pakistan.

The company serves residential, commercial, industrial, and institutional clients through a comprehensive nationwide distribution network.

The reaffirmed ratings emphasize FCL’s strong market position in Pakistan’s organized wires and cables sector, supported by a diversified product portfolio, robust distribution channels, and proven execution capabilities.

Recent capacity expansion projects, fully funded through equity, are now operational, providing significant room for volume growth as demand conditions improve.

Despite these strengths, the operating environment during FY25 remained challenging. Global copper and aluminum price volatility, rising domestic costs, higher energy tariffs, and subdued construction activity collectively impacted industry margins and demand.

As a result, FCL experienced weaker demand and elevated input costs during FY25. Nevertheless, debt coverage metrics remained strong, although liquidity was affected by increased working capital requirements.

Early indicators from 1QFY26 show improvements in topline, profitability, and debt coverage, reflecting a positive start to the new fiscal year.

VIS notes that FCL’s future performance will largely depend on the recovery pace in large-scale manufacturing and construction activity, with continued financial stability being critical for maintaining its credit ratings.

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