First Capital Holdings PLC and First Capital Treasuries PLC 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 LKR 2.1 billion compared to LKR 5.0 billion in the previous year. The Group maintained a strong balance sheet position with total assets of approximately LKR 74.2 billion and equity of LKR 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.

Commenting on the rating affirmation, Dr. Kenneth De Zilwa, CEO of Lanka Rating Agency (LRA), stated, "The reaffirmation of the A+ Entity Ratings with a Stable Outlook for First Capital Holdings PLC and First Capital Treasuries PLC reflects the Group's strong financial profile, sound governance framework, disciplined risk management practices, and its demonstrated resilience across varying market conditions. The Group continues to maintain a well-diversified business model, supported by prudent capital management and sustainable earnings generation. First Capital Treasuries remains a key participant in Sri Lanka's government securities market, while the broader Group continues to strengthen its position across multiple financial services segments. The Stable Outlook reflects our expectation that the Group will continue to maintain its financial strength, capitalization levels, and market position over the medium term."

About First Capital Holdings PLC

First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage and providing an exceptional customer experience, together with the support of JXG (Janashakthi Group), First Capital focuses on staying true to its ‘Performance First’ ethos. With over four decades of expertise in delivering capital market solutions, the credit ratings of First Capital Holdings PLC and its subsidiary First Capital Treasuries PLC have been reaffirmed by Lanka Rating Agency (LRA) at A+ Entity Rating with a Stable Outlook.

About First Capital Treasuries PLC

Incorporated in 1982, First Capital Treasuries PLC is a pioneering leader in Sri Lanka’s financial markets, and the first company in the country a Non-Bank Primary Dealer license was granted. As a leading primary dealer in government securities, FCT leverages decades of expertise to provide a comprehensive range of investment solutions in treasury bills and bonds. The Company serves both institutional and individual investors, combining market insight, trusted execution, and innovative strategies to help clients achieve their financial goals.

First Capital Holdings PLC - https://firstcapital.lk/ 

About Lanka Rating Agency Limited

Lanka Rating Agency Ltd (LRA) is a credit rating agency regulated by the Securities and Exchange Commission of Sri Lanka (SEC) under the SEC Act No. 19 of 2021. LRA provides independent, objective, and transparent credit risk and stability assessments, supporting informed decision-making across Sri Lanka’s financial markets.