FORM-25
Ref: ILP/PSX/28/2026
Date: 12/08/2026
The General Manager Pakistan Exchange Limited Stock Exchange Building Stock Exchange Road Karachi.
Subject: VIS Reaffirms Entity Ratings of Interloop Limited
Dear Sir,
In accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, we hereby convey the following information:
The VIS Credit Rating Company Ltd. (VIS), a 'Full Service' rating agency providing independent rating services in Pakistan in its Press Release of August 11, 2026 has reaffirmed the entity ratings of 'AA-/A1' (Double A minus/A one) assigned to Interloop Limited (ILP). The copy of the above-mentioned Press Release is attached. Please use below link to see the complete report.
https://docs.vis.com.pk/RatingReports/OP_01053101006_00010531.pdf
You may please inform the TRE Certificate Holders of the Exchange accordingly. Yours Sincerely,
For INTERLOOP LIMITED
(Rana Ali Raza)
Company Secretary
Cc: Executive Director / HOD -for information Offsite-II Department, Supervision Department
Securities & Exchange Commission of Pakistan 63, NIC Building, Jinnah Avenue, Blue Area, Islamabad
VG S Credit Rating Company Limited
Press Release
VIS Reaffirms Entity Ratings of Interloop Limited
Karachi, August 11, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Interloop Limited at 'AA-/A1' (Double A minus/A one). Medium- to long-term rating of 'AA-' indicates High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of eoonomic oonditions. Short term rating of'A1' indicates Strong likelihood of timely repayment of short-term obligations with exoellent liquidity factors. Outlook on the assigned ratings remains 'Stable'. Previous rating action was announoed on August 04, 2025.
Interloop Limited ('ILP' or 'the Company') is a vertically integrated textile oomposite specializing in hosiery, denim, knitted apparel, seamless activewear, and yarns, supported by a well-diversified export base and long-standing relationships with major international retailers. The Company employs approximately 40,000 individuals from 15 nationalities and operates across six countries. The ILP has an extensive industrial infrastructure includes manufacturing facilities in Pakistan and Sri Lanka, a manufacturing facility and sourcing offioe in China, and marketing services offices in the USA, Europe, and Japan. The Company's registered ofñce is located at 15-A Peoples Colony No. 1, Faisalabad. Moreover, ILP has a subsidiary, Top Circle Hosiery Mills Co., Inc. ('Top Circle'), located at 329 Franklin St., Weissport, PA, USA, with its manufacturing facility located at 800 Quyang Road, Shanghai, China.
The assigned ratings reflect ILP's strong market position, vertically integrated operations, and sustained revenue growth. The Company oontinues to pursue capacity expansion and product diversification, particularly across the denim and apparel segments. While the hosiery business remains the principal earnings oontributor, oonsolidated profitability came under pressure during FY25 owing to margin oompression in the apparel segment during its scale-up phase, although profitability has shown signs of reoovery during 9MFY26. Elevated capital expenditure associated with expansionary initiatives resulted in higher leverage during FY25; however, capitalization indicators improved during 9MFY26 as major projects neared oompletion and debt levels moderated. Liquidity remains adequate, while debt and cash flow ooverage metrics remain strong.
The ratings are further underpinned by management's oontinued focus on enhancing operational efficiencies, maintaining a disciplined approach towards debt levels, and achieving long-term cost optimization through sustainability initiatives. Nevertheless, exposure to fluctuations in global cotton prioes and evolving U.S. tariP policies will oontinue to pose key external risks going forward.
For further information on this ratings announoement, please contact on 021-35311861-64 or email at info@vis.oom.pk. Applicable Rating Criteria:
Industrial Corporates https://docs.vis.com.pk/docs/CorporateMethodoIogy.pdf
VIS Issue/Issuer Rating Scale https://docs.vis.com.pk/docs/VISRatingScaIes.pdf
Information herein wsa obtained from 8ource8 believed to be accurate and reliable; however VIS Credit Rsting Company Limited (VIS) doeb not guarantee tke accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the lesuks obtained from the sae of such information. VU, the anslyda involved in the tgting process and members of ita rating commiaee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report VIS ia paid a fee for mo8t rating assignments. Thi6 rating/ranking ia an opinion and ia not a recommendation to buy or sell any securities. Copyright August 11, 2026 VIS Ctedit Rating Company Limited. All righB reserved. Contents may be uBed by news media with credit to VIS.