Bajeko Sekuwa Gets ‘BBB’ Rating Ahead of Proposed IPO

CARE Ratings Nepal has reaffirmed the ‘CARE-NP BBB (Is)’ issuer rating of Bajeko Sekuwa Limited (BSL), indicating a moderate level of credit risk and a moderate degree of safety in meeting debt obligations on time. The rating agency has highlighted the company’s four-decade operating track record, established brand presence and expanding franchise network as key strengths. Bajeko Sekuwa currently operates 26 outlets in Nepal, including 20 franchise and 6 company-owned outlets, along with 6 international franchise outlets. In FY26 (unaudited), the company recorded operating income of NRS 45.5 crore, with a PBILDT margin of 17.95%, gearing of 0.22x and interest coverage ratio of 7.09x. CARE Ratings has identified profitable expansion, working-capital management and maintaining disciplined debt levels as key factors to monitor. The company is also preparing for a proposed IPO, with the proceeds expected to support its future expansion plans.