ACI (Advanced Chemical Industries) financial analysis: group finance costs 84.2% of operating profit, consolidated EPS (8.59) (Oct 2026)

Investment considerations: revenue up every year since FY2017; finance costs 84.2% of operating profit and an owners' loss in 5 of 9 years

Advanced Chemical Industries PLC (DSE: ACI) is the listed parent of a group that sells pharmaceuticals, animal-health products, consumer brands, crop-care chemicals, Yamaha motorcycles and farm machinery, flour, salt, foods, packaging and plastics, and runs the Shwapno supermarket chain [1 p.121]. The company was incorporated on 24 January 1973 as ICI Bangladesh Manufacturers Limited [1 p.107]. This note presents the consolidated (group) figures as the group view, each labelled 'consolidated', and gives the separate (company) figures beside them, labelled 'company'.

The latest audited annual report in the corpus covers the year to 30-Jun-2025. The FY2026 accounts were adopted by the board on 28-Oct-2026 and DSE posted the per-share results and the dividend on 29-Oct-2026: consolidated EPS of BDT (8.59), consolidated NAV per share of BDT 82.67 and consolidated NOCFPS of BDT (58.53) [15]. The FY2026 annual report is not in the corpus at 1-Nov-2026. The nine months to 31-Mar-2026 are the latest statements read [9 p.8].

Business: twelve reportable segments and seventeen subsidiaries; Motors is the largest segment at BDT 36,935.0m of FY2025 revenue

Note 7 names twelve reportable segments: Pharmaceuticals, Animal Health, Consumer Brands, Crop Care and Public Health, Motors, Pure Flour, Retail Chain, Salt, Foods, Premiaflex Packaging, Premio Plastics and HealthCare, the last described as "Buying, manufacturing, processing, marketing and selling of pharmaceutical products for regulated markets, especially for USA." [1 p.121] Edible oil, media, pesticide formulation, fertiliser, seeds, livestock, fisheries, paints and herbal products are in other operations: "None of these segments met the quantitative thresholds for reportable segments for the year ended on 30 June 2025." [1 p.121] The segment table labels the two plastics businesses 'Flexible Packaging' and 'Consumer Plastics' [1 p.122].

The parent itself makes pharmaceuticals, consumer brands, animal-health products and flexible packaging and markets fertiliser, seeds and other agricultural items [1 p.107]. Note 1.3 lists seventeen subsidiaries. ACI holds 53.48% of ACI Formulations PLC, the one listed subsidiary, 48.10% of ACI Motors Limited, 76.00% of ACI Logistics Limited (Shwapno) and 92.94% of ACI HealthCare Limited, whose Narayanganj factory received US FDA approval on 27 April 2022 [1 p.107] [1 p.108]. ACI Motors also distributes YAMAHA motorcycles under an agreement with India Yamaha Motors Private Ltd. and assembles them at Rajabari, Gazipur [1 p.108].

Equity-accounted investees at 30-Jun-2025 were ACI Godrej Agrovet (Pvt.) Limited (BDT 1,762.2m), ACI CO-RO Bangladesh Ltd (BDT 351.4m), Colgate-Palmolive ACI Bangladesh Pvt. Limited (BDT 343.4m), pladis ACI Bangladesh Limited (BDT 302.6m) and Stochastic Logic Limited (BDT 1.1m) [1 p.129]. The chairman's message states: "We managed to get a top tier Japanese conglomerate Mitsui Corporation to invest in ACI Motors, with a vision to create a world class mobility organization in the years to come." [1 p.29]

The retail business report states that by June 2025 Shwapno "had reached 64 districts with 683 stores" and that the year "concluded with revenue growth of 16%, turnover of BDT 26.5 billion, EBIT of BDT 214 million" [1 p.60]. The Retail Chain segment line for the same year shows revenue of BDT 26,503.4m, finance costs of BDT 2,925.9m and a loss before tax of BDT 2,712.1m [1 p.122].

Between January 2025 and October 2026 the board approved new subsidiaries and joint ventures in DSE posts: ACI Herbal and Nutraceuticals Limited (85%), ACI Biosciences Limited (90%), ACI Properties Limited (85%), ACI Semiconductor Limited (85%), ACI Global Scientific Standards Limited (85%), ACI Renewable Energy Limited (85%), Deli ACI Bangladesh Limited (50%, a joint venture) and ACI-ICHINEN BANGLADESH LTD. (60%, a joint venture), plus an institution named ACI Institution of Artificial Intelligence with an initial BDT 5 crore [15] [10] [11] [12]. On 28-Sep-2026 the board approved an additional BDT 600 million equity investment in ACI CO-RO BANGLADESH LTD. [15]

Segments: 8 profitable segments earned BDT 6,533.1m in FY2025; Retail Chain and HealthCare lost BDT 5,611.2m

Segment profit before tax is the measure the group uses: note 7 says it is used "because management believes that this information is the most relevant in evaluating the results of the respective segments" [1 p.122]. In FY2025 the 8 profitable segments earned BDT 6,533.1m in total and the four loss-making segments lost BDT 5,959.8m. The unallocated/elimination column added BDT 1,130.9m and the group profit before tax was BDT 1,704.2m [1 p.122].

Motors earned BDT 2,468.9m before tax on revenue of BDT 36,935.0m and Pharmaceuticals BDT 2,163.7m on BDT 18,543.4m. Crop Care and Public Health earned BDT 582.8m, Salt BDT 409.5m and Animal Health BDT 387.0m [1 p.122]. Retail Chain lost BDT 2,712.1m (FY2024: BDT 1,822.4m) and HealthCare BDT 2,899.0m (FY2024: BDT 3,681.0m). Foods lost BDT 202.3m and Consumer Plastics BDT 146.4m [1 p.122].

Finance costs are charged to segments. Retail Chain carried BDT 2,925.9m and HealthCare BDT 2,566.0m of the BDT 8,935.1m group total in FY2025 (which includes BDT (80.5)m unallocated/elimination), together 61.5% (derived) [1 p.122]. Before finance costs, Retail Chain showed BDT 213.8m and HealthCare BDT (333.0)m (PBT plus finance costs, derived) [21]. Segment liabilities exceeded segment assets by BDT 20,937.3m in Retail Chain and BDT 14,319.3m in HealthCare at 30-Jun-2025 (derived) [21].

HealthCare's segment revenue was BDT 2,469.9m in FY2024 and BDT 1,126.7m in FY2025; its external revenue was BDT 2,032.6m and BDT 568.5m [1 p.122]. In the nine months to 31-Mar-2026 the segment shows external revenue of nil ('-') and segment revenue of BDT 661.4m, all of it inter-segment [9 p.19].

In the nine months to 31-Mar-2026, the four loss-making segments were the same four: Retail Chain lost BDT 1,867.6m (nine months to 31-Mar-2025: BDT 1,962.0m), HealthCare BDT 1,977.0m (BDT 2,193.7m), Foods BDT 275.9m and Consumer Plastics BDT 134.7m [9 p.19]. Motors earned BDT 2,038.9m and Pharmaceuticals BDT 1,755.0m in the same period.

Nine-year record: consolidated turnover BDT 47,668m (FY2017, as printed) to BDT 137,903.6m; company EPS 45.52 and consolidated EPS (7.40) in FY2025

The FY2025 report prints a nine-year comparative table for the group and for the company [1 p.27]. In that table (Taka in million) consolidated turnover was 47,668 in FY2017 and 69,475 in FY2020, and consolidated profit before tax 2,189 in FY2017 and (99) in FY2020. From the statements, consolidated revenue was BDT 80,748.4m in FY2021 and BDT 137,903.6m in FY2025, and profit before tax BDT 2,627.7m in FY2022 and BDT 1,704.2m in FY2025 [1 p.27] [21].

Profit after tax attributable to equity holders was negative in FY2019, FY2020, FY2023, FY2024, FY2025; consolidated EPS was printed as 22.10, 10.36, (13.51), (16.78), 4.78, 4.98, (6.47), (15.88) and (7.40) for FY2017 to FY2025 [1 p.27]. Consolidated NAV per share was BDT 219.36 in FY2017 and BDT 91.64 in FY2025; the FY2026 announcement gives BDT 82.67 [1 p.27] [15]. The FY2024 report printed FY2024 consolidated EPS as (18.25) and NAV per share as 91.17; this table prints (15.88) and 79.31 [2 p.96] [2 p.97].

On the company (separate) basis the table prints turnover of 18,306 in FY2017 and profit after tax of 1,244; the FY2025 company statements show revenue of BDT 46,152.2m and profit after tax of BDT 3,998.4m. Company EPS was 25.80 in FY2017 and 45.52 in FY2025 [1 p.27] [1 p.98]. The FY2024 company statements carry the footnote "*Financial statements of 30 June 2024 include effect of the Scheme of Arrangement for merger & demerger as referred in Note 44.3 (b)." [2 p.92]

Line items: net finance costs rose in each of 4 years to BDT 8,935.1m; tax was 124.6% of FY2025 profit before tax

Consolidated revenue grew 19.6%, 19.5%, 7.8% and 10.9% in FY2022 to FY2025 (derived) [21]. For FY2025 the company's DSE disclosure said: "During the year, the Company achieved a 10.93% growth in consolidated revenue and a 15.42% increase in consolidated gross profit." [15] Gross margin was 26.9% in FY2021, 22.4% in FY2023 and 24.9% in FY2025 (derived) [21].

Administrative, selling and distribution expenses were BDT 24,192.3m in FY2025, 17.5% of revenue; they were 20.4% in FY2021 [21]. Operating profit was BDT 5,559.0m in FY2021 and BDT 10,609.0m in FY2025 [4 p.87] [1 p.103].

Net finance costs were BDT 3,552.6m in FY2021, BDT 3,913.3m in FY2022, BDT 5,053.6m in FY2023, BDT 6,582.9m in FY2024 and BDT 8,935.1m in FY2025 [21]. Bank loan interest was BDT 8,441.3m of the FY2025 figure and interest on lease liabilities BDT 306.9m [1 p.149]. Net finance costs over average bank borrowings were 8.4% in FY2022 and 13.5% in FY2025 (derived) [21]. The company's own explanation in its FY2025 DSE disclosure reads: "cost of borrowings increased due to the increase of the interest rate along with additional funding for working capital and strategic investments for supporting business growth." [15]

Net finance costs were 63.9% of operating profit in FY2021, 92.4% in FY2024 and 84.2% in FY2025; operating profit covered them 1.19 times in FY2025 (derived) [21]. Share of profit of equity-accounted investees was BDT 490.7m and WPPF BDT 460.3m in FY2025 [1 p.103].

Income tax expense was BDT 2,123.4m in FY2025 on profit before tax of BDT 1,704.2m, 124.6% (derived); in FY2024 it was BDT 2,105.0m on BDT 820.3m, 256.6% [21]. Current tax was BDT 3,000.4m and deferred tax income BDT 877.0m in FY2025 [1 p.149]. Non-controlling interests took BDT 231.1m of profit in FY2025, and owners' share was a loss of BDT 650.3m [1 p.103].

Balance sheet: bank borrowings BDT 77,895.8m at 31-Mar-2026; revaluation reserve 97.6% of owners' equity at 30-Jun-2025

Consolidated bank borrowings (long-term bank loans, current loans and borrowings, and bank overdraft) were BDT 45,904.1m at 30-Jun-2021, BDT 63,661.8m at 30-Jun-2024, BDT 69,057.1m at 30-Jun-2025 and BDT 77,895.8m at 31-Mar-2026 [21]. The auditor's key audit matter gives "Tk. 69,057 million" for the group and "Tk. 37,807 million" for the company at 30-Jun-2025 [1 p.93]. Lease liabilities of BDT 2,976.4m are excluded from these totals [1 p.102].

Net bank borrowings after cash and short-term investments were BDT 65,604.4m at 30-Jun-2025 and BDT 73,846.8m at 31-Mar-2026 (derived) [21]. Bank borrowings were 7.07x total equity (owners plus non-controlling interests) at 30-Jun-2025 and 8.59x at 31-Mar-2026; owners' equity was 7.7% of total assets at 30-Jun-2025 (derived) [21]. The printed current ratio was 0.87 in FY2017 and 0.68 in FY2025 [1 p.27].

Land and buildings were revalued in 2025: the consolidated statement of comprehensive income shows a revaluation surplus of BDT 2,476.3m, BDT 2,121.8m after tax [1 p.104]. The consolidated revaluation reserve was BDT 6,630.0m at 30-Jun-2022, BDT 5,852.1m at 30-Jun-2024 and BDT 7,853.8m at 30-Jun-2025, 97.6% of owners' equity (derived) [2 p.99] [1 p.136] [21]. At 31-Mar-2026 the reserve was BDT 7,853.8m and owners' equity BDT 7,533.8m [9 p.7] [9 p.10].

The parent lends to its subsidiaries. Company inter-company receivables were BDT 34,127.5m at 30-Jun-2024, BDT 41,055.9m at 30-Jun-2025 and BDT 39,065.1m at 31-Mar-2026 [1 p.97] [9 p.2]. ACI Logistics Limited owed BDT 15,401.8m and ACI HealthCare Limited BDT 16,025.6m at 30-Jun-2025 [1 p.158]. At 31-Mar-2026 the balances were BDT 10,814.7m and BDT 18,479.5m [9 p.13]. Over the same nine months the company's investment in subsidiaries rose from BDT 1,962.6m to BDT 8,362.6m; the note states it "Includes subscription to 6,400,000 convertible preference shares of BDT 1,000 each in ACI Logistics Limited." [9 p.12]

Note 40 states: "In addition, ACI PLC and its subsidiaries issued Corporate Guarantee in Favor of each other to meet the funding procedures of different Banks. However, management believes that the possibility of any outflow in settlement of these Corporate Guarantee is remote." [1 p.157] No amount is printed for these guarantees in the note. Bank, bond and shipping guarantees were BDT 25.9m at 30-Jun-2025 and capital expenditure commitments BDT 1,322.5m [1 p.157].

Cash: consolidated operating cash flow negative in 3 of 5 years; FY2026 dividend 15% cash and 5% stock

Consolidated net cash from operating activities was BDT (1,884.3)m in FY2021, BDT 307.7m in FY2022, BDT (1,867.0)m in FY2023, BDT 62.4m in FY2024 and BDT (4,535.1)m in FY2025 [21]. Cash generated from operations before interest, tax and WPPF was positive in all five years; interest paid took 67.1% of it in FY2024 and 115.3% in FY2025 (derived) [21].

Over FY2021-FY2025 operating cash flow summed to BDT (7,916.4)m, capital spending (PPE and capital work in progress) to BDT 15,523.7m and interest paid to BDT 24,551.7m (derived) [21]. Short-term borrowing received was BDT 8,019.5m in FY2025 [1 p.106]. In the nine months to 31-Mar-2026 consolidated operating cash flow was BDT (5,974.6)m and interest paid BDT 6,759.4m [9 p.17].

The company (separate) cash flow differs in sign. Company operating cash flow was BDT 3,139.8m in FY2024 and BDT 4,902.6m in FY2025, and the company received dividends of BDT 1,192.2m in FY2025 [1 p.101]. Its financing section shows inter-company debts paid of BDT 6,301.9m in FY2025 and inter-company debts received of BDT 2,278.3m in the nine months to 31-Mar-2026 [1 p.101] [9 p.6].

Company dividends per share were BDT 11.82 for FY2017 and BDT 2.50 for FY2025; the dividend was 41.6% of company profit after tax in FY2017 and 5.5% in FY2025 (derived) [1 p.27] [21]. The DSE page lists cash dividends of 25% for 2025 and 20% for 2024 and stock dividends of 15% for 2024 [16]. For FY2026 the board recommended 15% cash and 5% stock "from its retained earnings", and the disclosure states the dividend "has not been recommended from capital reserve or revaluation reserve or any unrealized gain" [15]. The FY2026 cash dividend is a yield of 0.84% on the 2-Nov-2026 close (derived) [21].

Company vs group: company EPS 45.52 and consolidated EPS (7.40) in FY2025; BDT 41,055.9m lent within the group

The company (separate) and the group report different results. In FY2025 company profit before tax was BDT 5,186.2m and consolidated profit before tax BDT 1,704.2m; company EPS was 45.52 and consolidated EPS (7.40) [1 p.98] [1 p.103]. Company other income was BDT 1,405.1m in FY2025, 27.1% of company profit before tax (derived) [1 p.98] [21].

In the nine months to 31-Mar-2026 company profit after tax was BDT 3,681.3m and EPS 41.91; the consolidated loss attributable to owners was BDT 367.5m and EPS (4.18) [9 p.3] [9 p.8]. Company inter-company receivables were 48.0% of company total assets at 30-Jun-2025 and 40.9% at 31-Mar-2026 (derived) [21].

The investments key audit matter names "ACI Logistics Limited, ACI Foods Limited, Infolytx Bangladesh Limited, ACI Trade Services Limited, ACI HealthCare Limited and ACI Agrolink Limited" as subsidiaries that "have been incurring continuous losses", and states "The Company has completed a Strategic Review and as a result, has decided not to charge impairment on investment." [1 p.92]

FY2026: consolidated EPS of BDT 0.39, 0.34 and (4.91) by quarter and (8.59) for the year

Consolidated EPS was BDT 0.39 in Q1 FY2026, BDT 0.34 in Q2 and BDT (4.91) in Q3, as posted on DSE [15]. The full-year figure announced on 29-Oct-2026 is BDT (8.59), which leaves BDT (4.41) for the fourth quarter (derived) [21]. In FY2025 the quarterly figures were (4.82), (3.17) and (1.12), and the derived fourth quarter BDT 1.71 [21].

In the nine months to 31-Mar-2026 consolidated revenue was BDT 117,560.1m (nine months to 31-Mar-2025: BDT 101,932.5m), gross margin 26.3%, net finance costs BDT 7,422.9m and profit before tax BDT 2,054.8m [9 p.8]. Income tax was BDT 2,126.1m, 103.5% of profit before tax (derived) [21]. The company's explanation for the period reads: "cost of borrowing increased due to additional funding for working capital and strategic investments for supporting business growth." [15]

Ratios: consolidated owners' return -8.7% in FY2025; price 2.16x announced consolidated NAV

Owners' profit over average owners' equity, consolidated, was 3.8% in FY2021, -17.9% in FY2024 and -8.7% in FY2025 (derived) [21]. Company profit after tax over average company equity was 13.3% in FY2021 and 14.6% in FY2025 (derived) [21]. Consolidated trade receivables were BDT 22,370.7m at 30-Jun-2025 and BDT 28,743.8m at 31-Mar-2026; inventories BDT 24,549.9m and BDT 27,375.7m [21].

At the 2-Nov-2026 close of BDT 178.3, the shares traded at 2.16x the announced consolidated NAV per share at 30-Jun-2026, 3.92x FY2025 company EPS and 0.53x company NAV per share at 30-Jun-2025 [20] [21]. Consolidated P/E is n/a: FY2026 consolidated EPS is negative.

The peer table uses the one conglomerate peer with a published AnalystBro note, Beximco Ltd, on the company (separate) basis for the year to 30-Jun-2024, the latest year Beximco has filed [17]. BEXIMCO printed revenue of BDT 26,016.1m and a finance cost of BDT 5,462.1m [14 p.63]. ACI printed company revenue of BDT 40,491.2m and net finance costs of BDT 659.9m in its FY2024 report [2 p.92].

Audit: an unmodified FY2025 opinion with six key audit matters, including Tk. 41,056 million of inter-company receivables

Hoda Vasi Chowdhury & Co (partner Sk Md Tarikul Islam, FCA) audited the FY2025 consolidated and separate statements, signed in Dhaka on 28 October 2025 [1 p.96]. The opinion reads: "In our opinion, the accompanying consolidated and separate financial statements give true and fair view of the consolidated financial position of the Group and the separate financial position of the Company as at 30 June 2025, and of its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)." [1 p.90] There is no emphasis-of-matter paragraph. The same firm gave an unmodified opinion on FY2024 [2 p.84].

The report sets out six key audit matters. The 'key areas' text of each is quoted in full below, with the page [1 p.90] [1 p.91] [1 p.92] [1 p.93] [1 p.94].

Carrying value (CV) of Property, plant and equipment (PPE) and its impairment: "PPE includes the Group's and the Company's long term assets, which flow economic benefits to the entities more than one year. PPE is measured at cost or revaluation less accumulated depreciation and accumulated impairment losses, if any." [1 p.90] "The items of PPE excluding leased assets and under-construction assets were revalued by the professional valuer in 2025 on the basis of applicable methods. The carrying value of PPE represents significant portion of total assets, which is approximately amounting to Tk. 20,384 million and Tk. 37,761 million respectively for the Company and the Group at the reporting date. In other words, for both the Company and the Group, approximately 24% and 36% of total assets are represented by PPE. The carrying value of PPE is the function of depreciation charges on cost/ revaluated amount that involved estimation. It is a matter of consideration that the carrying value of PPE may be higher than the recoverable amount and the impairment charges thereon may not have been recognized. Therefore, it has been considered as a significant area of auditor's judgment and requires special attention." [1 p.91]

Inter-company receivables: "The carrying value of the inter-company receivables of the Company was approximately Tk. 41,056 million as at 30 June 2025 representing 48% of total assets of the Company. At the time of conducting our audit of the separate financial statements of the Company, we have identified the recoverable value of the Company's inter-company receivable stated at amortized cost." [1 p.91] "Management has conducted impairment assessment and calculated recoverable value of these inter-company receivables in accordance with IFRS 9: Financial Instruments. Therefore, it is a matter to consider whether those receivables might have been misstated due to non-recognition of impairment." [1 p.92] Among the auditor's procedures: "Obtained letter issued by BSEC on withdrawal of restriction on intercompany loans. The BSEC has decided to consider inter-company loan of ACI PLC for vertical extension of the Group subject to compliance of all the securities related laws" [1 p.92].

Investments in subsidiaries, associates and JVs of the Company and its impairment: "The Company had investments amounting to Tk. 4,038 million (approximately) on 30 June 2025 held at cost less impairment that represents 4.7% of the Company's total assets. Specifically, subsidiaries namely, ACI Logistics Limited, ACI Foods Limited, Infolytx Bangladesh Limited, ACI Trade Services Limited, ACI HealthCare Limited and ACI Agrolink Limited have been incurring continuous losses and few key ratios were also negative at the reporting date. The Company has completed a Strategic Review and as a result, has decided not to charge impairment on investment. It is, therefore a matter of consideration whether the judgment of the management with regards to impairment is reasonable or not." [1 p.92]

Loans and borrowings and Bank overdraft ("Loans"): "At reporting date, the position of Loans remained approximately amounting to Tk. 37,807 million and Tk. 69,057 million respectively for the Company and the Group. In other words, approximately 68% and 73% of total liabilities respectively for the Company and the Group are represented by Loans. Evidently, the Company is using Loans to operate the business and also, to acquire non-current assets. These Loans might have been misstated due to non-recognition of loans as well as accrued interest as per Loan schedule. Therefore, it has been considered as key audit area." [1 p.93]

Revenue Recognition: "At year end, the Company reported total revenue of Tk. 46,152 million and the Group, as a whole, reported total revenue of Tk. 137,904 million. Revenue is recognized when the performance obligation is satisfied by transferring goods or services to a customer, either at a point in time or over time. Goods or services are "transferred" when the customer obtains control of it. It is a matter of consideration whether revenue may be misstated due to recognition of sales transaction before performance obligation being satisfied." [1 p.93] "Furthermore, revenue is measured at net of trade discounts, returns and allowances. Within a number of the Group's business categories, the estimation of discount recognized based on sales made during the year is material and considered to be complex and judgmental. Therefore, it is a matter of concern that revenue may be misstated as a result of faulty estimations over discounts." [1 p.94]

Losses in ACI Logistics Limited and ACI Foods Limited: "ACI Logistics Limited and ACI Foods Limited have incurred losses from continuing operations, net of tax of Tk. 2,733 million and Tk. 180 million respectively during the reporting year ended 30 June 2025 and as of the reporting date, the total accumulated losses stood at Tk. 21,299 million and Tk. 2,490 million respectively. It is, therefore a matter of consideration as the performance of those two subsidiaries are adversely affecting the overall performance of the Group at consolidation." [1 p.94] The auditor's procedures include "Obtaining comfort letters (undertaking) for the entities from the Parent, ACI PLC on their consent, ability and willingness to extend financial support to both the loss making subsidiaries" [1 p.94].

Other Matter: "The financial statements of seventeen subsidiaries, one joint venture and five associates as disclosed in the note 45 to these financial statements were audited by other auditors who expressed unmodified opinions on those financial statements on 30 June 2025. The Group has a wholly owned subsidiary namely, ACI HealthCare USA, Inc. in USA which was audited by Parks & Company, LLC (USA) and in addition, we being the Group auditor, reviewed independently and accepted those financial information." [1 p.94]

Governance: one 'Partially Complied' condition; sponsors/directors 47.27% at 30-Sep-2026 after 9,712,000 shares bought

Annexure-I lists ten directors and four board meetings in 2024-25. Attendance as printed: Mr. M Anis Ud Dowla (Chairman) 2 of 4; Ms. Shusmita Anis 4; Mr. Sultan Hafeez Rahman (Independent Director) 1, "Appointed on 25-03-2025"; Ms. Nasreen Sattar (Independent Director) 1, "Appointed on 25-03-2025"; Mr. Golam Mainuddin 4; Mr. Abdul-Muyeed Chowdhury 3; Mr. Anisuddin Ahmed Khan 4; Mr. Juned Ahmed Choudhury 4; Mr. Ashraf Bin Taj 3; Dr. Arif Dowla (Managing Director) 4 [1 p.77].

Director profiles print group positions. The chairman is a director and chairman across the ACI Group companies listed, including ACI Formulations PLC, ACI Logistics Limited and ACI Motors Limited [1 p.12]. Ms. Shusmita Anis is Managing Director of ACI Formulations PLC and a director of ACI Logistics Limited and other group companies [1 p.13]. Dr. Arif Dowla holds directorships in ACI Formulations PLC, ACI HealthCare Limited, ACI Logistics Limited and other group companies [1 p.21]. Ms. Nasreen Sattar is an independent director of ACI PLC, ACI Formulations PLC and Robi Axiata PLC [1 p.15]. The profiles read (p.12-p.22) do not print family relationships between directors.

The audit committee is chaired by Mr. Sultan Hafeez Rahman, Independent Director, with Mr. Golam Mainuddin and Ms. Shusmita Anis as members and the company secretary as secretary; "A total of 4 (four) meetings were held during the year" [1 p.34]. The NRC is chaired by Ms. Nasreen Sattar with Mr. Golam Mainuddin and Mr. Juned Ahmed Choudhury; two meetings were held, with attendance of 1, 2 and 2 [1 p.36]. The chief financial officer is Mr. Md. Monir Hossain Khan, the company secretary Mr. Mohammad Mostafizur Rahman and the head of internal audit & compliance Mr. Amitava Saha [1 p.77]. Key management personnel compensation was BDT 86.5m in FY2025, and "no loan was given to the directors of the Company/Group" [1 p.157].

The compliance annexure marks condition 3(1)(c), "The MD or CEO and HIAC of a listed company shall not hold any executive position in any other company at the same time", as "Partially Complied", with the remark "Separate HIAC to be Appointed soon" [1 p.83]. No condition is ticked 'Not Complied' on pages 80-87 [1 p.80] [1 p.87]. The compliance certificate from Al-Muqtadir Associates, dated November 16, 2025, states the company complied "with the exception of code 3(1)(c) where separate HIAC for subsidiary company was still to be appointed" [1 p.88].

At 30-Jun-2025 Mr. M Anis Ud Dowla held 21.87%, Dr. Arif Dowla 10.10%, ACI Foundation 9.26% and Ms. Shusmita Anis 4.54% [1 p.77]. The DSE page shows sponsors/directors at 45.77% at 30-Jun-2025 and 47.27% at 30-Sep-2026, institutions 34.33% and the public 18.40% [16]. DSE posts record ten buy confirmations between 20-Jan-2025 and 21-Apr-2026 totalling 9,712,000 shares: by the chairman (1,600,000, 500,000 and 360,000), the managing director (600,000, 2,500,000, 1,400,000 and 302,000) and Ms. Shusmita Anis (1,515,000, 775,000 and 160,000) [15]. CRISL rated the company "AA-" long term and "ST-2" short term with a Stable outlook, as posted on 25-Jan-2026 [15].

The DSE archive for 31-Oct-2024 to 2-Nov-2026 holds 85 ACI posts and no correction notices [15]. On 17-Jun-2025 the record date for the Premiaflex amalgamation issued 195,374 shares to Mr. M Anis Ud Dowla (194,989), Dr. Arif Dowla (195) and Ms. Shusmita Anis (190), taking the share count from 87,636,469 to 87,831,843 [15]. DSE approved the name change to Advanced Chemical Industries PLC from June 26, 2025 [15].

Reprinted figures: FY2024 EPS 43.98 then 38.25; consolidated NAV at 30-Jun-2024 91.17 then 79.31

Several per-share figures are printed differently in later documents. The FY2024 report printed company EPS of 43.98 and consolidated EPS of (18.25) for FY2024 [2 p.92] [2 p.97]; the FY2025 report prints 38.25 and (15.88) for the same year [1 p.98] [1 p.103]. Consolidated NAV per share at 30-Jun-2024 was printed as 91.17 in the FY2024 report and as 79.31 in the FY2025 report [2 p.96] [1 p.102]; the 2-Feb-2025 and 30-Apr-2025 DSE posts give 79.28 [15]. The FY2024 bonus issue of 15% took the share count from 76,205,626 to 87,636,469 before the merger shares [1 p.150] [15].

Q1 FY2025 consolidated EPS was posted as (5.54) on 17-Nov-2024 and shown as (4.82) in the Q1 FY2026 post [15]. Consolidated NOCFPS for the nine months to 31-Mar-2025 was posted as (83.11) on 30-Apr-2025 and as (83.14) in the Q3 FY2026 statements and post [15] [9 p.18]. FY2022 consolidated EPS was printed as 5.23 in the FY2022 report and 4.98 in the FY2025 table [4 p.87] [1 p.27].

What's next: record date 19-Nov-2026, Q1 FY2027 accounts 9-Nov-2026 to 15-Nov-2026 (inferred) and the AGM on 28-Dec-2026

The record date for the FY2026 dividend is 19.11.2026 and the AGM is on 28.12.2026, as posted by DSE on 29-Oct-2026 [15]. No board date for the Q1 FY2027 accounts (quarter to 30-Sep-2026) had been notified on DSE at 2-Nov-2026 [15]. The board adopted Q1 accounts on 12-Nov-2017, 11-Nov-2018, 11-Nov-2019, 09-Nov-2020, 11-Nov-2021, 13-Nov-2022, 13-Nov-2023, 14-Nov-2024 and 12-Nov-2025 (board dates from the financial calendars and DSE posts) [8 p.15] [7 p.15] [6 p.15] [5 p.16] [4 p.16] [3 p.16] [2 p.22] [1 p.24] [15] [15]. The inferred range covering all nine is 9-Nov-2026 to 15-Nov-2026 (inferred, 9 years); 09-Nov-2020 is the outlier, and without it the range is 11-Nov-2026 to 15-Nov-2026. 14-Nov-2026 is a Saturday; the range ends on Sunday 15-Nov-2026. Fridays and Saturdays are excluded from all ranges. No precedent date has passed at 2-Nov-2026.

Q2 accounts were adopted on 29-Jan-2018, 28-Jan-2019, 29-Jan-2020, 28-Jan-2021, 30-Jan-2022, 30-Jan-2023, 30-Jan-2024, 30-Jan-2025 and 29-Jan-2026 [8 p.15] [7 p.15] [6 p.15] [5 p.16] [4 p.16] [3 p.16] [2 p.22] [1 p.24] [15]; the inferred Q2 FY2027 range is 28-Jan-2027 to 31-Jan-2027 (inferred, 9 years); 30-Jan-2027 is a Saturday. Q3 accounts were adopted on 26-Apr-2018, 25-Apr-2019, 09-Jun-2020, 24-May-2021, 28-Apr-2022, 30-Apr-2023, 29-Apr-2024, 29-Apr-2025 and 29-Apr-2026; the inferred Q3 FY2027 range is 25-Apr-2027 to 9-Jun-2027 (inferred, 9 years), with 09-Jun-2020 and 24-May-2021 the outliers and 25-Apr-2027 to 2-May-2027 without them.

On 14-Jul-2026 the board approved a BDT 700 crore investment in ACI Logistics Limited through 7,000,000 convertible preference shares, "The investment will be made on or before 15 October 2026, subject to the approval of the concerned authorities." [15]. Due on or before 15-Oct-2026 (passed), outcome unknown; not in the corpus at 1-Nov-2026. The BDT 640 crore subscription approved on 29-Jan-2026 appears in the 31-Mar-2026 investment note [13] [9 p.12].

Bangladesh's LDC graduation date is 24-Nov-2029 [18] [19]. The FY2026 annual report, with the segment note, directors' report and governance annexures for 2025-26, is not in the corpus at 1-Nov-2026.

Risks: Tk. 69,057 million of group loans, subsidiary losses and Tk. 41,056 million lent inside the group

The risk table lists each item with the filing that prints it. The "line it moves" column reads "None disclosed" unless a filing quote links the item to a line.

Key questions: FY2026 segment results, the ACI Logistics investment and the next audit report

At 30-Jun-2025 consolidated owners' equity was BDT 8,048.9m, bank borrowings BDT 69,057.1m and cash BDT 3,245.9m [1 p.102] [21]. Company equity was BDT 29,802.2m [1 p.97].

FAQ

What does ACI do?

It runs twelve reportable segments, from pharmaceuticals and Yamaha motorcycles to the Shwapno retail chain, through the parent and seventeen subsidiaries [1 p.121] [1 p.107].

Why do company and consolidated EPS differ?

FY2025 company EPS was BDT 45.52 and consolidated EPS BDT (7.40). The auditor states the losses of ACI Logistics and ACI Foods "are adversely affecting the overall performance of the Group at consolidation" [1 p.98] [1 p.103] [1 p.94].

What was the FY2026 result?

DSE posted consolidated EPS of BDT (8.59), consolidated NAV per share of BDT 82.67 and NOCFPS of BDT (58.53), with a 15% cash and 5% stock dividend [15].

How much does the group borrow?

Bank borrowings were BDT 69,057.1m at 30-Jun-2025 and BDT 77,895.8m at 31-Mar-2026 [21].

What did the auditor say?

An unmodified FY2025 opinion with six key audit matters, including inter-company receivables of Tk. 41,056 million and losses in ACI Logistics and ACI Foods [1 p.90] [1 p.91] [1 p.94].

Who owns ACI?

Sponsors/directors 47.27%, institutions 34.33% and the public 18.40% at 30-Sep-2026 [16].

What is the 52-week range?

BDT 174.5 (23-Nov-2025) to BDT 227.9 (26-Feb-2026) on unadjusted DSE trading-day closes, 3-Nov-2025 to 2-Nov-2026 [20].

Sources

1. Advanced Chemical Industries PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
2. Advanced Chemical Industries Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-02
3. Advanced Chemical Industries Limited Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-02
4. Advanced Chemical Industries Limited Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-11-02
5. Advanced Chemical Industries Limited Annual Report 2020-2021 (year to 30-Jun-2021) · link · accessed 2026-11-02
6. Advanced Chemical Industries Limited Annual Report 2019-2020 (year to 30-Jun-2020) · link · accessed 2026-11-02
7. Advanced Chemical Industries Limited Annual Report 2018-2019 (year to 30-Jun-2019) · link · accessed 2026-11-02
8. Advanced Chemical Industries Limited Annual Report 2017-2018 (year to 30-Jun-2018) · link · accessed 2026-11-02
9. Advanced Chemical Industries PLC condensed interim financial statements, nine months to 31-Mar-2026 (Q3 FY2026, unaudited) · link · accessed 2026-11-02
10. Advanced Chemical Industries PLC price sensitive information, 15-Jan-2026 (ACI Properties Limited) · link · accessed 2026-11-02
11. Advanced Chemical Industries PLC price sensitive information, 15-Jan-2026 (ACI Semiconductor Limited) · link · accessed 2026-11-02
12. Advanced Chemical Industries PLC price sensitive information, 29-Jan-2026 (ACI Institution of Artificial Intelligence) · link · accessed 2026-11-02
13. Advanced Chemical Industries PLC price sensitive information, 29-Jan-2026 (BDT 640 crore in ACI Logistics Limited) · link · accessed 2026-11-02
14. Bangladesh Export Import Company Limited annual report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-11-02
15. DSE news archive, ACI, all news 31-Oct-2024 to 2-Nov-2026 (85 posts dated 10-Nov-2024 to 29-Oct-2026) · link · accessed 2026-11-02
16. DSE company page, ACI (shareholding to 30-Sep-2026, dividend history; read 2-Nov-2026) · link · accessed 2026-11-02
17. AnalystBro, Beximco Ltd financial analysis (published note) · link · accessed 2026-11-02
18. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
19. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
20. AnalystBro price data (TradingView DSE daily feed): DSE:ACI daily bars 29-Oct-2025 to 2-Nov-2026 · link · accessed 2026-11-02
21. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02