Burj Clean Energy Modaraba
By PSX Investors Zone · Updated October 24, 2026
Burj Clean Energy Modaraba (PSX: GEMBCEM) is a perpetual Modaraba listed on the Pakistan Stock Exchange's Growth Enterprise Market Board in October 2024. Managed by Burj Investment Management Limited, it focuses on Shariah-compliant financing and leasing of renewable-energy equipment, clean-energy projects, energy storage, and related solutions. The Modaraba's activities include solar and wind projects, renewable-energy equipment leasing, energy-efficiency advisory, and clean-energy financing. Its model is designed to generate income through asset-based financing and lease rentals rather than relying solely on electricity generation or equipment sales. For FY2026, standalone profit after tax increased to Rs 91.29 million from Rs 43.03 million in FY2025. Consolidated revenue rose to Rs 362.52 million, while consolidated profit after tax reached Rs 93.54 million. The board recommended a final cash dividend of Rs 0.60 per certificate, equivalent to 6% of face value, subject to the applicable approval process. VIS maintains entity ratings of A for the medium- to long-term and A1 for the short-term, with a Stable outlook. On October 22, 2026, VIS finalized an A1 rating for the Modaraba's Rs 1.5 billion Short-Term Sukuk III. Investors should evaluate lease income, project performance, financing costs, Sukuk obligations, customer concentration, liquidity, and the latest Shariah disclosures before assessing the certificates.
Burj Clean Energy Modaraba (PSX: GEMBCEM) is a perpetual Modaraba listed on the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange. It was listed in October 2024 and is managed by Burj Investment Management Limited.
The Modaraba positions itself as a Shariah-compliant clean-energy investment vehicle. Its business activities include leasing renewable-energy equipment, investing in clean-energy projects, providing energy-storage solutions, trading alternative-energy products, and offering consultancy and research services related to energy efficiency.
Its objective is to connect investment capital with renewable-energy assets and solutions for households and businesses. Revenue may be generated through lease rentals, financing arrangements, and related clean-energy activities.
Business Model and Operations
Burj Clean Energy Modaraba operates through asset-based financing and leasing arrangements. Rather than functioning solely as a conventional power producer, it can finance or own renewable-energy equipment and earn income through the associated contractual arrangements.
The company's reported activities include:
- Solar energy solutions for residential and commercial customers.
- Renewable-energy equipment leasing.
- Wind-energy projects and related infrastructure.
- Energy-storage solutions and clean-energy financing.
- Advisory services related to energy efficiency, capital raising, and energy-transition projects.
- Eco-financing solutions, including products intended to support adoption of electric mobility and solar energy.
In August 2026, the company announced an Ijarah agreement with Pakistan Cables Limited for a 7.5 MW wind-turbine project at the customer's facility in Nooriabad, Sindh. The arrangement illustrates the Modaraba's focus on structured clean-energy assets and commercial customers.
Investors should distinguish between operational assets, signed contracts, projects under development, and pipeline opportunities. A project described as planned or in a pipeline should not automatically be treated as generating revenue.
Sources:
FY2026 Financial Performance
The Modaraba announced audited financial results for the year ended June 30, 2026. The figures below distinguish standalone results from consolidated group results.
| Financial metric | Standalone FY2026 | Standalone FY2025 | Consolidated FY2026 | Consolidated FY2025 |
|---|---|---|---|---|
| Income from operations | Rs 249.58m | Rs 50.00m | Rs 362.52m | Rs 144.55m |
| Profit before taxation | Rs 140.70m | Rs 54.96m | Rs 167.66m | Rs 71.44m |
| Profit after taxation | Rs 91.29m | Rs 43.03m | Rs 93.54m | Rs 59.37m |
| Earnings per certificate | Rs 0.91 | Rs 0.43 | Rs 0.94 | Rs 0.59 |
Source: FY2026 results announcement. Refer to the audited annual report for the complete financial statements and accounting notes.
Standalone profit after tax more than doubled in FY2026. Consolidated revenue increased by approximately 151%, and consolidated profit after tax rose by approximately 57.5%. Earnings per certificate increased from Rs 0.59 to Rs 0.94 on a consolidated basis.
The company reported that Ijarah rentals from clean-energy assets grew 52% to Rs 220.2 million. This indicates that lease rentals are an important source of operating income.
Investors should examine the composition and duration of lease contracts, collection performance, asset utilization, customer credit quality, and whether new projects contribute income as expected. Rapid revenue growth can be positive, but the sustainability of earnings depends on the performance of the underlying assets and financing arrangements.
Dividend History and FY2026 Recommendation
For FY2026, the board recommended a final cash dividend of Rs 0.60 per certificate, equivalent to 6% of the certificate's Rs 10 face value.
The company reported that it distributed Rs 39 million to certificate holders during the previous financial year, at a 3.9% payout relative to face value. The FY2026 recommended final dividend represents a higher stated payout rate.
The Rs 0.60 dividend should be described as recommended, not automatically as paid. Investors should verify the outcome of the Annual Review Meeting, the final entitlement, book-closure details, and the payment announcement before treating it as an approved or received distribution.
Source: Official FY2026 results announcement.
Sukuk Financing and Credit Rating
On October 21, 2026, Burj Clean Energy Modaraba announced the successful closing of Rs 1.5 billion Sukuk III. On October 22, VIS Credit Rating Company Limited finalized an A1 short-term rating for the Sukuk issue.
VIS also reported entity ratings of A for the medium- to long-term and A1 for the short-term, with a Stable outlook. The short-term A1 rating indicates a strong likelihood of timely repayment under VIS's rating framework.
Sukuk financing can support asset acquisition and project development, but it also creates contractual payment obligations. Investors should review the issue's terms, maturity, repayment structure, security arrangements, and use of proceeds rather than interpreting the rating as a guarantee of repayment or investment performance.
Sources:
Shariah Compliance
Burj Clean Energy Modaraba describes itself as a Shariah-compliant green-energy investment vehicle. PSX's listing announcement also described it as the first Shariah-compliant green-energy fund listed on the exchange.
The company publishes mandatory Shariah disclosures, including the consolidated and unconsolidated disclosures for the half year ended December 31, 2025.
Investors should read the latest Shariah disclosures and any relevant Shariah adviser or supervisory-board reports. A company's stated Shariah-compliant status should not be treated as permanently fixed: screening depends on business activities, financial arrangements, income sources, and the applicable standards and review period.
Sources:
- PSX listing announcement
- Mandatory Shariah disclosures for the half year ended December 31, 2025
- Official investor relations
Share Price and Valuation
GEMBCEM is traded on the PSX Growth Enterprise Market Board. Market data available from the PSX profile in the reviewed sources showed a quote of Rs 11.30 on September 7, 2026, with a reported 52-week range of Rs 9.64–14.50 and a trailing P/E ratio of 14.36.
This is a historical snapshot, not a current quote. Because a more recent, independently verified market price was not available in the sources reviewed for this profile, it is preferable not to present the September quote as the current market price.
A meaningful valuation assessment should consider earnings per certificate, the sustainability of lease rentals, the value and useful life of financed assets, the cost of funding, the Modaraba's Sukuk obligations, certificate liquidity, and the reliability of customer payments.
A trailing P/E ratio alone cannot establish whether the certificates are undervalued or overvalued. GEM Board securities can also have different trading liquidity and disclosure characteristics from securities listed on the PSX Main Board.
Source: PSX official profile.
Key Risks to Monitor
1. Customer and collection risk: Lease income depends on counterparties meeting contractual payment obligations. Delayed payments can affect liquidity.
2. Financing and Sukuk obligations: Borrowings and Sukuk create repayment commitments. Funding costs, maturity schedules, and cash reserves should be monitored.
3. Project execution risk: A signed agreement or project pipeline does not guarantee timely installation, commissioning, or revenue generation.
4. Renewable-energy policy risk: Regulatory changes, import restrictions, taxes, tariffs, and net-metering rules may affect customer economics and project demand.
5. Technology and asset risk: Solar, wind, storage, and related equipment require maintenance and may experience performance degradation or unexpected repair costs.
6. Interest-rate and funding conditions: Changes in market rates and access to capital can affect financing costs and the attractiveness of project structures.
7. Certificate liquidity: As a GEM Board security, trading activity and the ability to transact at a desired price may be limited at times.
8. Shariah compliance: Investors should review current Shariah disclosures and confirm that the latest business and financial activities meet the applicable screening standards.
9. Dividend uncertainty: A recommended dividend is not the same as a completed payment. Future distributions depend on earnings, liquidity, financing needs, and formal decisions.
Frequently Asked Questions
1. What is Burj Clean Energy Modaraba's PSX symbol?
Its PSX symbol is GEMBCEM.
2. When was it listed on the PSX?
It was listed on the Growth Enterprise Market Board in October 2024.
3. What does the Modaraba do?
It finances and leases renewable-energy equipment and invests in clean-energy projects, including solar and wind solutions, alongside energy-storage and advisory activities.
4. How much profit did it report in FY2026?
Standalone profit after tax was Rs 91.29 million, while consolidated profit after tax was Rs 93.54 million.
5. What dividend was recommended for FY2026?
The board recommended a final cash dividend of Rs 0.60 per certificate, equivalent to 6% of face value. Investors should verify the approval and payment status.
6. What is its credit rating?
VIS reports entity ratings of A/A1 with a Stable outlook. VIS finalized an A1 rating for Sukuk III of Rs 1.5 billion on October 22, 2026.
7. Is Burj Clean Energy Modaraba Shariah-compliant?
The company identifies itself as Shariah-compliant, and PSX described it as such at listing. Investors should review the latest mandatory Shariah disclosures and relevant screening information.
8. Where can investors find financial statements?
Use the official investor relations page and the PSX company profile.
Related Resources
- All company profiles
- Shariah-compliant stock directory
- PSX market updates
- Official PSX profile — GEMBCEM
- Burj Clean Energy Modaraba — Investor Relations
- VIS Sukuk III rating announcement
Research note: Financial results are for the year ended June 30, 2026. The Rs 0.60 dividend was reported as recommended, so confirm its approval and payment status before publication. Verify the latest share price and Shariah disclosures before updating this profile.
This profile is for educational purposes and is not a recommendation to buy or sell any security.