Master Wind Energy Limited (MWEL) has fully repaid the debt on its 52.8MW wind power project in Jhimpir, Sindh. The company cleared its last loans in August 2026.
The Pakistan Credit Rating Agency (PACRA) reported the payoff on September 25, 2026. It also upgraded the company’s long-term rating from A+ to AA-.
PACRA moved MWEL’s long-term entity rating up one step, from A+ to AA-. The short-term rating stays at A1. The outlook is stable.
The agency named the debt payoff as the main reason. With the project loans gone, the company no longer carries long-term borrowing.
PACRA had kept the rating at A+ in each annual review since September 2022.
How FY26 Compares
The year ended June 2026 was stronger than the year before.
| Item | FY26 | FY25 |
|---|---|---|
| Revenue (PKR million) | 4,738 | 4,023 |
| Net profit (PKR million) | 2,421 | 712 |
| Free cash flow from operations (PKR million) | 3,734 | 3,102 |
| Finance cost (PKR million) | 281 | 619 |
| Electricity delivered (GWh) | 105.14 | 95.37 |
| Debt share of capital | 7.1% | 23.3% |
Net profit more than tripled. Finance cost fell by more than half.
Plant availability was 98.90%. The contract asks for 95%.
The plant delivered 105.14 GWh against a contract benchmark of 142 GWh. Its capacity factor, which shows how much of its full output it produced, was 22.73%. The benchmark is 31%.
PACRA says the company carries wind risk itself. Output is usually higher between March and September.
