First Capital Holdings and First Capital Treasuries retain ‘A+’ rating with Stable Outlook

First Capital Holdings PLC and its subsidiary First Capital Treasuries PLC reaffirm their strong standing in Sri Lanka’s financial services sector, with Lanka Rating Agency (LRA) maintaining their A+ Entity Rating with a Stable Outlook.

Together, the two entities continue to play a significant role in Sri Lanka’s capital markets and financial intermediation landscape as part of JXG (Janashakthi Group).

The rating affirmation reflects the Group’s strong relative position within Sri Lanka’s financial services industry, underpinned by consistent financial discipline, robust governance, and a well-diversified business model spanning primary dealership, corporate finance, wealth management and stockbroking.

First Capital Holdings PLC continued to demonstrate resilient performance for FY 2025-26, recording a consolidated profit after tax of Rs. 2.1 billion compared to Rs. 5.0 billion in the previous year. The Group maintained a strong balance sheet position with total assets of approximately Rs. 74.2 billion and equity of Rs. 8.7 billion.

Performance was supported by the continued contribution of key subsidiaries. First Capital Treasuries, the Group’s primary dealer arm, remained the majority contributor to the Group’s business profile, reflecting its strength in government securities expertise, earnings resilience across interest rate cycles, and prudent duration management. Dealing securities division also appeared as a key contributor during the period, while the wealth management, corporate finance advisory and stockbroking businesses delivered positive results, further strengthening the Group’s diversified earnings base.

First Capital Holdings PLC continues to maintain a well-structured funding profile across debentures, commercial papers and bank borrowings, supported by strong capitalization, managed leverage, controlled related-party exposure and sustained debt repayment capacity.

Commenting on the rating affirmation, Dilshan Wirasekara, Managing Director/CEO of First Capital Holdings PLC, stated, “The reaffirmation of our A+ rating with a Stable Outlook is a strong endorsement of the Group’s financial resilience, disciplined execution and consistency across market cycles. It reflects the strength of our diversified business model and the continued contribution of our subsidiaries, particularly First Capital Treasuries, which has demonstrated leadership in government securities through changing interest rate environments. We remain committed to strengthening Sri Lanka’s capital markets while delivering sustainable value to our stakeholders.”

The A+ rating further reinforces First Capital’s position as one of Sri Lanka’s leading investment institutions, recognised for financial discipline, strong governance and sustained leadership in the capital markets.