Challenging Year of Modernisation for Pakistan's Security Papers

Security Papers Limited (SPL), Pakistan's principal domestic producer of banknote and security paper, reported a challenging financial year ending 30 June 2026, with lower sales and profitability during preparations for a major manufacturing investment.

The PKR 3.4 billion modernisation of the PM-2 paper machine was a key strategic initiative to enhance SPL's capacity to produce banknote paper with advanced security features for Pakistan's upcoming new banknote series. By the end of the financial year, the upgrade was nearly complete, and production was set to resume by the end of September 2026 after a temporary shutdown for equipment installation and integration.

The investment forms part of the company's Balancing, Modernisation and Replacement (BMR) programme. SPL awarded the upgrade contract to Giesecke+Devrient (G+D) Currency Technology in Germany in March 2025.