ACI Formulations financial analysis: crop care profits, BDT 2.4bn lent to the ACI group, FY2026 EPS 7.96 (Oct 2026)

Investment considerations: a profitable agro franchise, loss-making paint and aerosol, and a balance sheet that lends to the parent

ACI Formulations PLC (ACI FL) formulates and sells agrochemicals (insecticides, fungicides, herbicides and plant-growth products) under the ACI Crop Care name, makes household aerosols and toilet cleaner for S. C. Johnson, and manufactures decorative and marine paints for AkzoNobel (Dulux, International Paint) [1 p.37] [1 p.38] [1 p.105]. It is a subsidiary of Advanced Chemical Industries PLC (ACI PLC), which holds 53.48% of the shares [1 p.119]; sponsors and directors together hold 66.02% [9]. Revenue was BDT 5,170m in FY2025 (year to June), and BDT 3,927m of that, 76.0%, came from crop care and public health [1 p.105].

The company announced its FY2026 results on 29-Oct-2026: consolidated EPS BDT 7.96 (FY2025: 7.85), NAV per share BDT 81.02 (75.51), NOCFPS BDT -4.11 (0.66), and a cash dividend of 20%, or BDT 2.00 a share [8]. The audited FY2026 annual report is not yet in our corpus, so the line items in this note run to FY2025 and Q1 FY2026, with the FY2026 headline figures taken from the DSE disclosure and labelled as such. The model will be updated in place when the annual report is filed.

For an investor, the picture has three parts. The agro business is profitable and has grown: crop care revenue rose from BDT 3,043m in FY2021 to BDT 3,927m in FY2025, and its segment profit before tax was BDT 583m in FY2025, a 14.8% margin [4 p.101] [1 p.88]. The consumer and paint lines are not: in FY2025 paint lost BDT 67m, mosquito coil BDT 27m and aerosol BDT 19m at segment level [1 p.88]. And the balance sheet carries a large and growing loan to the group: inter-company receivables of BDT 2,051m at June 2025, of which BDT 1,990m was due from ACI PLC, recorded as 'working capital financing' [1 p.96] [1 p.119], funded alongside BDT 3,888m of short-term bank debt [1 p.68].

Business model: an agro formulator with contract manufacturing for S. C. Johnson and AkzoNobel

ACI FL was listed on the DSE in 2008 and is in the A category [9]. Its factory is at Rajabari, Sreepur, Gazipur [9], where it formulates agrochemicals and fills aerosols and paint; the directors describe the Gazipur plant as supporting agrochemical operations 'while serving global clients such as SC Johnson and AkzoNobel', with an effluent treatment plant and a high-temperature incinerator for hazardous waste [1 p.38] [1 p.39]. It has two subsidiaries: ACI AgroChem Limited (90%), incorporated in June 2022 to make and market agri-inputs, which 'is yet to start its operation', and Neem Laboratories (Pvt.) Ltd (98%), which earns a royalty from ACI PLC on the Neem brand under an agreement renewed from 1-Jul-2024 for five years [1 p.94] [5 p.10]. Both are small; consolidated revenue in FY2025 was BDT 5,174m against BDT 5,170m for the company alone [1 p.105].

How it makes money. Crop care buys technical-grade active ingredients and packing materials, formulates and packs them in Gazipur, and sells them through channel partners to farmers; the team works through field visits and demonstrations, and with the Department of Agricultural Extension [1 p.37]. 'Customer & field demonstration' cost BDT 48.7m in FY2025, up from BDT 21.2m [1 p.108]. The consumer side is mostly contract manufacturing. In 2015 ACI sold the aerosol, coil and Vanish brands to S. C. Johnson & Son; ACI FL makes the products for S. C. Johnson and ACI PLC markets them through its own channel, under an agreement that has been renewed since the first five-year term [1 p.105]. Paint is made under AkzoNobel's brands in two segments, decorative (Dulux, Duwel) and marine and protective coatings (International Paint) [1 p.37] [1 p.38].

What changed over the decade. Revenue was BDT 3,629m in FY2017 and BDT 5,170m in FY2025, a 4.5% compound rate, with a dip to BDT 3,422m in FY2020 [4 p.48] [1 p.52]. Profit was more volatile: PAT fell from BDT 261m (FY2017) to BDT 92m (FY2020), then recovered to BDT 367m (FY2025) [4 p.48] [1 p.52]. Three things moved over these years. First, the mix shifted toward paint and aerosol, whose combined revenue rose from BDT 770m in FY2021 to BDT 1,226m in FY2025 [4 p.101] [1 p.105]. Second, mosquito coil all but stopped: revenue fell from BDT 22.3m to BDT 1.6m and the plant produced nothing in FY2025 [4 p.101] [1 p.118]. Third, from FY2022 the company began to finance ACI PLC: inter-company receivables went from BDT 9m (June 2021) to BDT 827m (June 2022) and BDT 2,051m (June 2025) [4 p.64] [1 p.68].

Revenue: crop care is 76% of sales and grew 3% in a market the directors say fell 10%

Crop care and public health. Revenue grew 9.6% in FY2022, 14.5% in FY2023, was flat in FY2024 (-0.1%) and grew 2.9% in FY2025 [13]. Volume did little of the work: production was 8,938 tonnes in FY2024 and 9,020 tonnes in FY2025, against a capacity of 27,300 tonnes [1 p.118]. The FY2025 growth came in a weak year. The directors list political turmoil in the first quarter, port congestion, foreign-exchange volatility, banking stress and floods in the south, and put the industry decline at 10% [1 p.37]. Within the portfolio, granular insecticides fell 5% after the ban on Carbofuran, a product with 'a significant market share'; liquid insecticides grew 12%, fungicides 25%, the plant energiser Flora 25% and biopesticides 108% [1 p.37]. Exports are small: BDT 39.6m in FY2025 after BDT 99.6m in FY2024 [1 p.105].

What drives this line: the cropping seasons (the Boro and Aman rice crops), pest and disease pressure, farmers' purchasing power, and product registration. The directors say 'rising living costs have reduced the purchasing power, making farmers opt for lower-cost solutions', and that bringing in new molecules with global partners 'has slowed due to regulatory administrative changes' [1 p.37]. The directors say ACI AgroChem has 'several new molecules and formulations ... in advanced stages of regulatory approval' [1 p.39], although the subsidiary had not started operations at September 2025 [5 p.10]. Product bans cut the other way, as Carbofuran showed. The quarterly pattern reflects the season: Q2 (October-December) is the strongest quarter and Q4 (April-June) has been a loss in FY2025 and FY2026 [8] [13].

Paint. Revenue rose from BDT 261m (FY2021) to BDT 459m (FY2023), fell 17.7% to BDT 378m in FY2024, and rose 32.3% to BDT 500m in FY2025 [4 p.101] [1 p.105]. Production rose 9.2%, from 1,497 to 1,635 tonnes, so most of the FY2025 growth was price and mix: revenue per tonne produced went from BDT 252 thousand to BDT 306 thousand [1 p.118] [13]. The directors say decorative paint (Dulux, Duwel) 'grew significantly, expanding market share', while marine and protective coatings 'was hit hard by political unrest and stalled mega-projects' [1 p.38]. Paint demand follows construction and real-estate activity; the company's REHAB partnership is aimed at that channel [1 p.38].

Aerosol. Revenue was flat at BDT 508m in FY2021-FY2022, rose 28.1% to BDT 650m in FY2023 and reached BDT 726m in FY2025 [4 p.101] [1 p.105]. Can output was 5.10m in FY2024 and 5.02m in FY2025 against capacity of 11.4m [1 p.118]. Because ACI FL produces for S. C. Johnson and ACI PLC sells the goods, this line depends on the contract terms and on ACI PLC's distribution, not on ACI FL's own marketing [1 p.105]. Mosquito coil and Vanish together were BDT 16.7m in FY2025 [1 p.105].

Costs: raw materials set the gross margin; finance costs took 5.1% of revenue in FY2025

Cost of sales. Materials dominate: cost of materials consumed was BDT 2,841m in FY2025, 81% of the BDT 3,505m cost of sales, and manufacturing overhead only BDT 219m [1 p.106]. Finished goods bought in for resale rose to BDT 463m from BDT 269m [1 p.106]. Gross margin therefore moves with the price of imported technicals and packing materials and with the taka. It was 26.5% in FY2023, when the directors cited 'rising price in international market coupled with strengthening of US Dollar' [3 p.37], 28.9% in FY2024, and 32.2% in FY2025 on 'favorable material cost variance in international market' [1 p.41]. The cycle turned in FY2026: Q1 gross profit was flat at BDT 428m on 10.1% higher revenue, so gross margin fell from 35.2% to 32.0% [5 p.7], and for the nine months gross profit rose 3.64% against revenue growth of 9.78%, 'impacted by the higher price of raw material and packing material in the international market' [8].

History gives a scale for this sensitivity. Between FY2023 and FY2025 gross margin moved 5.7pp, from 26.5% to 32.2%; on FY2025 revenue of BDT 5,170m, each 1pp of gross margin equalled BDT 51.7m of gross profit, about 11% of FY2025 profit before tax of BDT 486m [1 p.69] [13]. Margins differ by line. On the cost-of-sales note, crop care and public health earned a gross margin of 39.8% in FY2025 and paint 21.5% [1 p.106] [13]; aerosol cost of sales of BDT 692m against revenue of BDT 726m left a margin below 5% [1 p.105] [1 p.106].

Administrative, selling and distribution expenses were BDT 932m in FY2025, 18.0% of revenue, against 16.4% in FY2023 [13]. Salaries and wages are the main item: BDT 676m across manufacturing, administration, distribution and selling [1 p.108]. The FY2025 increase came from selling expenses (BDT 557m against BDT 484m consolidated), field demonstrations (BDT 48.7m against 21.2m) and the doubtful-debt charge (BDT 54.3m against 32.0m) [1 p.108] [1 p.109]. Cost growth has continued: operating expenses rose 20% in Q1 FY2026 and 18.17% in the nine months, which the company attributes to inflation, the cost of exports and 'demand-generating activities' [8].

Finance costs are the line that separates ACI FL from a debt-free formulator. Net finance costs rose from BDT 127m in FY2021 to BDT 266m in FY2025, 5.1% of revenue [13]. They are shown net of interest income [1 p.109], and the company charges interest on its inter-company receivables under a group policy 'to optimize effective borrowing cost at group level' [1 p.96]; the rate and the income are not shown separately in the pages read. Interest paid in cash was BDT 259m in FY2025 against BDT 172m in FY2024 [1 p.71]. Operating profit covered net finance costs 2.9 times in FY2025, against 3.4 times in FY2021 [13]. Q1 FY2026 net finance costs fell 22% to BDT 56m, which the company attributes to an exchange 'fluctuation gain resulted from trade financing' [5 p.7] [8].

Other income and tax. Other income fell to BDT 43m from BDT 74m in FY2025, mainly lower dividend income (BDT 20.8m against 33.2m) and smaller gains on asset disposals [1 p.107]. The effective tax rate was 24.16% against a regular rate of 22.5% [1 p.109]. Deferred tax on land is charged at 15% from FY2025, up from 6% [1 p.101]; the earlier change in rate cut equity by BDT 178m through OCI in FY2023 [2 p.69].

FY2026: EPS up 1.4% to BDT 7.96, a smaller Q4 loss, and negative operating cash flow

The FY2026 annual results were announced on 29-Oct-2026 and are covered here as reported to the DSE, since the annual report itself is not yet in our corpus: consolidated EPS BDT 7.96 against 7.85, consolidated NAV per share BDT 81.02 against 75.51, and consolidated NOCFPS of BDT -4.11 against 0.66 [8]. On 47.25m shares, EPS of BDT 7.96 is about BDT 376m of profit attributable to owners, up 1.4%; NOCFPS of BDT -4.11 is an operating cash outflow of about BDT 194m [13]. The board recommended a 20% cash dividend (BDT 2.00 a share) against 25% for FY2025 [8].

The quarters show how the year was earned. Q1 (July-September 2025) EPS was BDT 1.85 against 2.35; Q2 (October-December) BDT 4.64 against 4.40; Q3 (January-March) BDT 1.76 against 1.89 [8]. Nine-month consolidated profit after tax was BDT 390.55m against BDT 408.66m [8]. Subtracting the reported nine-month EPS from the full-year figure gives the fourth quarter: BDT -0.30 in FY2026 and BDT -0.80 in FY2025, so April-June was a loss-making quarter in both years, smaller in FY2026 [13]. In FY2024 the same calculation gives BDT +0.50 [13]. The three reported quarters add to within BDT 0.01 of the reported nine-month figure in each year, a rounding difference [13].

The company's stated reasons for the year match the cost analysis above: revenue up about 10% in nine months, gross profit up 3.64% because raw and packing materials cost more, operating expenses up 18.17%, financing costs down and other income up [8]. Cash flow was weak throughout: NOCFPS was BDT -6.48 at Q1, -4.01 at H1 and -6.79 at nine months, which the company put down to building inventory for the season, 'lower collections' and supplier payments [8]. The September 2025 balance sheet shows where the cash went: inventories up BDT 196m and trade receivables up BDT 175m in three months, inter-company receivables up BDT 330m, and loans and borrowings up BDT 541m [5 p.6].

Ratios: ROE 10.8% and the highest gross margin of FY2017-FY2025, but cash conversion of 0.07x

Growth. Revenue grew at 4.5% a year from FY2017 to FY2025, with three down years (FY2019, FY2020, FY2024) [13]. Profit after tax grew faster from the FY2020 low, BDT 92m to BDT 367m, but FY2025 PAT was 41% above FY2017's BDT 261m over eight years [4 p.48] [1 p.52].

Margins. Gross margin ranged from 24.9% (FY2018) to 32.2% (FY2025) over FY2017-FY2025, with a median of 29.1%; net margin ranged from 2.7% to 7.2% [13]. The reported EBITDA margin was 16.0% in FY2025, against 9.9-15.2% in earlier years [1 p.52] [13]. Net margin is held down by finance costs: in FY2025 they took 5.1% of revenue, more than half of the 15.0% operating margin's gap to net margin [13].

Returns. ROE on average equity was 3.8%-5.1% in FY2018-FY2020 and rose to 10.8% in FY2025 [13]. The denominator includes a revaluation reserve of BDT 1,476m, 41% of FY2025 equity, created by revaluing land and other PPE [1 p.68] [1 p.63]; on equity excluding that reserve (BDT 2,091m at June 2025) FY2025 profit is 17.6% of closing equity [13]. Operating profit of BDT 777m in FY2025 against equity plus net bank debt of BDT 7,212m is a pre-tax return on capital of about 10.8% [13].

Cash conversion is the weakest ratio. NOCFPS divided by EPS was 2.8x in FY2021, 1.4x in FY2022, 0.05x in FY2023, 2.2x in FY2024 and 0.07x in FY2025, and negative in FY2026 [13] [8]. Over FY2017-FY2019 it was negative in every year [4 p.48]. The swings come from working capital: the cash conversion cycle (receivable days plus inventory days less payable days) was 276 days in FY2021, 197 in FY2024, 229 in FY2025 and 257 on Q1 FY2026 run-rate figures [13]. Supplier credit is short (payable days of 17 in FY2025), so inventory bought for the season is funded by bank debt [13]. Imports are made largely on letters of credit: unfunded LC facilities in use were BDT 615m at June 2025, and goods in transit were BDT 311m against BDT 127m a year earlier [1 p.118] [1 p.95].

Payout. Cash dividends were BDT 3.50 a share in FY2017-FY2019, BDT 2.00 in FY2020, BDT 3.00 plus a 5% stock dividend in FY2021, BDT 2.50 in FY2022-FY2023 and FY2025, and BDT 2.00 in FY2024 and FY2026 [9] [8]. Payout on reported EPS was above 100% in FY2018-FY2019 and has been 29%, 32% and 25% in the last three years; the FY2026 figure uses consolidated EPS, earlier years company EPS [13]. Dividends paid (BDT 94m in FY2025) have been small next to the BDT 434m lent to group companies in the same year [1 p.71].

Balance sheet: BDT 2.05bn lent to group companies, funded by short-term bank debt of BDT 3.89bn

The inter-company loan. ACI FL's receivables from group companies were BDT 2,051m at June 2025: BDT 1,990m from ACI PLC, BDT 53m from ACI HealthCare and BDT 7m from its subsidiary Neem Laboratories [1 p.96]. The related-party note describes the ACI PLC and ACI HealthCare balances as 'working capital financing' [1 p.119]. The company says the balances run 'under normal course of business maintaining a common policy of charging interest to ensure efficient fund management and optimize effective borrowing cost at group level' [1 p.96]. The auditor, Hoda Vasi Chowdhury & Co, made the receivables a key audit matter at 24% of total assets, reviewed board minutes approving loans to group entities and 'the financial capabilities of subsidiaries', recalculated the interest, and found no major issues or impairment indicators [1 p.64]. The balance was BDT 2,376m in September 2025 [5 p.6].

How it was funded. From FY2022 to FY2025 the cash flow statement shows BDT 2,359m paid out net to group companies and BDT 2,092m of new loans and borrowings [4 p.67] [2 p.71] [1 p.71] [13]. Net bank debt rose from BDT 1,467m (June 2021) to BDT 3,646m (June 2025); netting the inter-company balances out, it was BDT 1,799m in 2021 and BDT 1,617m in 2025 [13]. In other words, the rise in bank debt over these four years roughly equals the money lent to the group. The bank loans are short term (DSE lists BDT 3,643m short-term and no long-term loan at June 2025) [9], are secured on stock and book debts, and carry a corporate guarantee from ACI PLC and cross-guarantees among ACI PLC, ACI FL and four other group companies for Prime Bank [1 p.102]. The auditor's third key audit matter was these loans, BDT 3,888m and about 77% of total liabilities [1 p.64].

Why it matters for shareholders. Interest charged on the group balance offsets part of the bank interest, since finance costs are reported net of interest income [1 p.96] [1 p.109]. What the pages read do not show is the rate charged to ACI PLC against the rate paid to the banks, a repayment schedule, or any security for the receivable. Minority shareholders therefore carry three exposures through this line: the credit standing of the parent, the refinancing of short-term bank lines that are partly guaranteed by that same parent [1 p.102], and any gap between the two interest rates. The parent's own filings are the place to judge its capacity to repay; ACI PLC's accounts are not analysed in this note.

Trade receivables were BDT 1,318m net at June 2025 after a provision of BDT 255m; BDT 516m of the gross BDT 1,573m was more than six months overdue [1 p.95]. The provision is 16.2% of gross receivables and the FY2025 charge rose to BDT 54.3m [1 p.95] [1 p.108]. Inventories were BDT 1,470m, with BDT 32m of allowance [1 p.95]. Cash was BDT 243m against overdrafts of BDT 245m [1 p.68].

Other items. Property, plant and equipment of BDT 2,662m is about 31% of assets and includes land carried at a revalued BDT 2,105m; land was revalued again in 2025 [1 p.63] [1 p.101]. Contingent liabilities (bank and performance guarantees) were BDT 36.7m, and capital expenditure approved and contracted was BDT 189m at June 2025 against BDT 72m a year earlier [1 p.118]; the pages read do not say what the capex is for. Our sweep of 24 months of DSE disclosures (November 2024 to October 2026) found no board decision on a new plant, expansion or investment [8]. The audit opinion on FY2025 is unmodified, with key audit matters on PPE, inter-company receivables and loans and no emphasis of matter [1 p.63] [1 p.64].

Peers: profitable where ACME Pesticides is not; ACI FL pays net finance costs where Berger earns net finance income

There is no listed company with the same mix. The closest listed agrochemical formulator is ACME Pesticides; for paint, Berger Paints Bangladesh. The table compares each company's own standalone statement under its own printed labels: ACI FL's 'Revenue', 'Gross profit', 'Profit after tax' and 'Finance costs, net' for the year to June 2025 [1 p.69]; ACME's 'Net Revenue', 'Gross Profit/(Loss)', 'Net Profit/(Loss) After Income Tax' and 'Financial Expenses' plus 'Interest on Lease' for the year to June 2025 [6 p.101]; and Berger's 'Revenue-net', 'Gross profit', 'Net profit for the year' and 'Finance costs' for the year to March 2026 [7 p.43]. Berger's year ends nine months later than the other two.

Of the two agro formulators, ACI FL is profitable and ACME is not: ACME's cost of goods sold exceeded its net revenue of BDT 482m, a gross margin of -8.4%, and it lost BDT 154m [6 p.101]. ACI FL's company-wide gross margin of 32.2% is close to Berger's 32.7%, but ACI FL's paint line alone earned 21.5% on its cost-of-sales note [1 p.106] [13], 11.2pp below Berger's company figure. Finance costs are not reported on the same definition: ACI FL's 'Finance costs, net' (5.1% of revenue) is net of interest income, while Berger's 'Finance costs' (0.5%) and ACME's two lines (5.8%) are gross. On a net basis Berger reports 'Net finance income' of BDT 346.1m after 'Investment income' of BDT 489.0m, a net income of about 1.2% of revenue against ACI FL's net cost of 5.1% [7 p.43] [1 p.69] [13]. ACI FL's paint revenue of BDT 500m was 1.7% of Berger's BDT 28,739m [1 p.105] [7 p.43].

Governance: ACI PLC controls the board and the cash; DSE disclosures show no capital actions in two years

Ownership. ACI PLC holds 53.48% [1 p.119]; sponsors and directors hold 66.02%, institutions 20.23% and the general public 13.75% at 30-Sep-2026, with no foreign holding [9]. Five holders own 74.96% of the shares and there were 5,006 shareholders at June 2025, down from 5,782 [1 p.100]. The free float is therefore small; DSE puts the free-float market capitalisation at BDT 1,814m [9].

Board. The chairman is M Anis Ud Dowla, appointed on 29-Oct-1995 [1 p.9]. The managing director, Shusmita Anis, joined the board in 2003, became managing director in 2012, and is also a director of ACI PLC and chairs or sits on the boards of several ACI group companies [1 p.15]. Independent directors include Golam Mainuddin, who chairs the nomination and remuneration committee, and Nasreen Sattar, appointed on 30-Jan-2025, who is also an independent director of ACI PLC [1 p.30] [1 p.13]. Key management compensation was BDT 24.2m in FY2025 [1 p.119]. The auditor for FY2024 and FY2025 is Hoda Vasi Chowdhury & Co; FY2022 was audited by A. Wahab & Co [1 p.68] [2 p.68] [4 p.64].

Related-party flows go beyond the loan. ACI FL bought BDT 12.7m of products from ACI PLC in FY2025, sold BDT 1.5m to ACI Foods, and its aerosol and Vanish output is sold by ACI PLC's channel under the S. C. Johnson arrangement [1 p.119] [1 p.105]. The company states that related-party transactions are at arm's length [1 p.41].

DSE disclosures over 24 months (1-Nov-2024 to 31-Oct-2026) are routine: quarterly results, dividend declarations and record dates, two CRISL ratings (AA- long term, ST-3 short term, stable outlook, on 9-Jan-2025 and 25-Jan-2026), the name change to ACI Formulations PLC from 8-Jul-2025, and the FY2026 results and AGM notice [8]. There is no disclosure of a capital raise, an expansion approval, a related-party transaction for shareholder approval, or a regulatory action in that period [8]. The FY2025 AGM was held on 28-Dec-2025 [9].

What's next: dividend record date 19-Nov-2026 and the AGM on 28-Dec-2026

Dated events with a source, and the line each moves (direction only, no forecast):

Risks: the group loan, short-term debt and imported input prices matter most

The risks below are each tied to the line they move. The size that matters is FY2025 profit before tax of BDT 486m [1 p.69].

Two of these are large relative to the balance sheet. The group exposure is large next to equity: inter-company receivables were 57% of total equity at June 2025 (company basis) and 65% in September 2025 (consolidated basis) [13]. And the agro season interacts with debt: the company buys and stocks inventory ahead of the season, as it said of both Q1 FY2025 and Q1 FY2026 [8], so bank debt peaks when collections are slowest. In Q1 FY2026 loans and borrowings rose BDT 541m and cash fell to BDT 51m [5 p.6].

Key questions: the size of the group loan, its interest, and cash conversion

At BDT 137.0 on 1-Nov-2026, ACIFORMULA trades at 17.2x FY2026 consolidated EPS of BDT 7.96, 1.69x the June 2026 NAV of BDT 81.02, and a dividend yield of 1.5% on the BDT 2.00 dividend [12] [8] [13]. In the past year the share traded between BDT 115.0 and BDT 189.2, with the high on 20-Jul-2026; daily volume was above 1m shares on five days in July and August 2026 [12] [9]. These are facts about the price, not a view on it.

FAQ

What does ACI Formulations make?

Agrochemicals under ACI Crop Care (76% of FY2025 revenue), aerosols and Vanish for S. C. Johnson, and paint for AkzoNobel [1 p.105] [1 p.37].

What were ACI Formulations' FY2026 results?

Consolidated EPS BDT 7.96 (FY2025: 7.85), NAV per share BDT 81.02 and NOCFPS BDT -4.11; the board recommended a 20% cash dividend [8].

What is the ACI Formulations dividend for FY2026?

BDT 2.00 a share (20% of face value), record date 19-Nov-2026, AGM 28-Dec-2026 [8].

Who owns ACI Formulations?

ACI PLC holds 53.48%; sponsors and directors 66.02%, institutions 20.23% and the public 13.75% at 30-Sep-2026 [1 p.119] [9].

How much does ACI Formulations lend to the ACI group?

Inter-company receivables were BDT 2,051m at June 2025, BDT 1,990m of it from ACI PLC, and BDT 2,376m at September 2025 [1 p.96] [5 p.6].

How much debt does ACI Formulations have?

Loans and borrowings of BDT 3,643m plus overdrafts of BDT 245m at June 2025, all short term; BDT 4,364m in total at September 2025 [1 p.68] [5 p.6].

Is the paint business profitable?

No. Paint revenue was BDT 500m in FY2025 and the segment lost BDT 67m before tax [1 p.88].

Sources

1. ACI Formulations PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. ACI Formulations Limited Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-11-01
3. ACI Formulations Limited Annual Report 2022-23 (year to 30-Jun-2023) · link · accessed 2026-11-01
4. ACI Formulations Limited Annual Report 2021-22 (year to 30-Jun-2022; six-year table FY2017-FY2022) · link · accessed 2026-11-01
5. ACI Formulations PLC unaudited financial statements, Q1 FY2026 (three months to 30-Sep-2025) · link · accessed 2026-11-01
6. ACME Pesticides Limited Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
7. Berger Paints Bangladesh Limited Annual Report 2025-26 (year to 31-Mar-2026) · link · accessed 2026-11-01
8. Dhaka Stock Exchange, ACIFORMULA news archive 1-Nov-2024 to 31-Oct-2026 (company disclosures; FY2026 results posted 29-Oct-2026) · link · accessed 2026-11-01
9. Dhaka Stock Exchange, ACIFORMULA company page (shareholding to 30-Sep-2026, dividend history, 52-week range) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:ACIFORMULA daily bars to 1-Nov-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01