ACME Pesticides financial analysis: revenue down 71%, gross loss, 441-day receivables, qualified audit (Oct 2026)

Investment considerations: a shrinking, loss-making formulator with slow collections, unpaid lenders and frozen deposits

ACME Pesticides Limited (APL) was incorporated on 13 April 2009 as a private company and became a public limited company on 28 November 2019 [1 p.51]. It raised BDT 300m in an initial public offering of 30m shares at BDT 10, with consent from the Bangladesh Securities and Exchange Commission dated 7 September 2021 [1 p.124], and its shares first traded on the DSE on 14 November 2021 [9]. The factory is at Doyarampur, Tarakanda, Mymensingh and the corporate office is in Shyamoli, Dhaka [6 p.5]. The company describes its business as manufacturing and marketing agro products (fertilizer, pesticides and certified seeds) and household and toiletry products, sold mainly in the local market [6 p.5], and it reports one segment [1 p.52]. All figures in this note are on the company basis; APL has no subsidiaries in the statements read.

For an investor, the filings describe a company that has been shrinking for four years and is now loss-making at the gross level. Revenue was BDT 1,683m in FY2021 (year to June) and BDT 482m in FY2025 [1 p.61]. Gross profit went from BDT 459m to a gross loss of BDT 40m over the same years [1 p.61]. Net profit after tax went from BDT 222m to a loss of BDT 154m [1 p.61]. The nine months to 31 March 2026 show revenue of BDT 317m against BDT 406m a year earlier, a gross loss of BDT 24m and a net loss of BDT 101m, or BDT -0.75 a share [6 p.2]. The audited FY2026 annual report (year to 30 June 2026) has not been filed and no FY2026 results had been posted on the DSE by 31 October 2026 [8], so this note runs to March 2026.

The balance sheet is the second part of the story. Total assets were BDT 2,790m at June 2025, and BDT 1,404m of that was freehold property, plant and equipment, with another BDT 258m of capital work-in-progress that had not moved for three years [1 p.100] [1 p.122] [2 p.72]. Trade receivables were BDT 582m, against revenue of BDT 482m for the whole year [1 p.122]. Interest-bearing obligations are small next to equity (loan and lease liabilities of BDT 323m against equity of BDT 2,215m) [1 p.100], but the company has not paid either lender: its auditor reports that no payments were made on the BDT 62m Mutual Trust Bank loan or the BDT 261m National Finance lease, and that both lenders have sent legal notices [1 p.93] [1 p.94].

Business model: fertilizer, seeds and a little household product, from one plant in Mymensingh

How the company makes money. APL buys raw and packing materials, makes and packs fertilizer, pesticide and seed products at its Mymensingh factory, and sells them through the local market; it also sells a small range of household products (coil, toilet cleaner, detergent powder, soap and dish-wash liquid) [1 p.128] [6 p.5]. The revenue note groups the agro lines under a single heading, 'Agro products (Fertilizer & Seeds)', with two lines, 'Fertilizer' and 'Seeds'; there is no separate pesticide line in the note even though the company's name and its description of its business include pesticides [1 p.128] [1 p.52]. We quote the printed labels and do not split pesticides out. The directors say the industry 'remained heavily reliant on imports of technical-grade pesticides and formulation materials, mainly from China and India', with volatile lead times and import costs [1 p.64].

Tax treatment is part of the model. The quarterly notes state that income from consumer brand products is taxed at 22.5%, while agricultural income from fertilizers and seeds is taxed on a slab scale (1% on the first BDT 1m, 3% on the next BDT 2m, 10% and then 15% on the rest) under an SRO [6 p.20]. In FY2025 the company paid tax although it made a loss: current tax of BDT 4.8m was the minimum tax of 1% on gross receipts of BDT 481.9m [1 p.126]. That makes the tax line a function of revenue, not of profit, while the company is loss-making.

What changed. Through FY2021 APL looked like a steady mid-sized formulator: revenue of BDT 1,313m in FY2019, BDT 1,539m in FY2020 and BDT 1,683m in FY2021, with gross margins of about 27% and net margins of 12.7-13.2% [2 p.41] [13]. The company spent heavily on the plant in these years: cash used in investing activities was BDT 373m in FY2020 and BDT 268m in FY2021, most of it capital work-in-progress [3 p.11]. The IPO money arrived in FY2022 [2 p.75]. From FY2022 revenue fell every year, and in FY2024 gross margin collapsed to 1.6% [1 p.101] [13]. Employees fell from 657 at June 2024 to 253 at June 2025, and production from 545,214 to 249,390 units (MT, cartons and bags combined) [1 p.131]. The directors attribute FY2025 to the political change in Bangladesh, which they say disrupted distribution and supply chains and cut retail sales, as well as to farmer affordability and weather [1 p.64], and they describe the pesticide and agro sector as 'passing through hard time' [1 p.51].

Capacity. The capacity note gives installed capacity of 382,694 units in FY2025 against 631,594 in FY2024, with utilisation of 65.17% and 86.32% [1 p.131]. The note does not say why installed capacity fell by 39%; read against a 54% fall in production, the reported utilisation figure is lower but not by as much as the output fall alone would suggest. Capital work-in-progress has carried BDT 123m of building and civil works, BDT 114m of plant and machinery and BDT 20m of electrical installation since June 2023 with no additions or transfers in FY2024 or FY2025 [1 p.121] [1 p.122]. The IPO note says that construction is 'still in progress' after the contractor was paid in full [1 p.124]. In the nine months to March 2026 capital work-in-progress fell to BDT 154m and freehold property, plant and equipment rose to BDT 1,464m from BDT 1,404m [6 p.1]; the quarterly pages read do not explain the movement.

Revenue: fertilizer and seeds fell every year from FY2022 to FY2025, and collections fell faster than sales

Revenue by product. The revenue note splits sales into fertilizer, seeds and consumer products [2 p.103] [1 p.128] [6 p.31]. Fertilizer revenue fell from BDT 994m in FY2022 to BDT 375m in FY2025, seeds from BDT 574m to BDT 100m, and consumer products from BDT 23m to BDT 7m. Fertilizer and seeds fell in every year from FY2022 to FY2025; consumer products were flat in FY2023 and fell after. Fertilizer rose from 62% of revenue in FY2022 to 78% in FY2025 because seeds fell faster, and in the nine months to March 2026 seeds were 30% [13]. Consumer products almost stopped: BDT 0.9m in the nine months to March 2026, and nothing in January-March 2026 [6 p.31].

Volume and price. The note prints a quantity and a unit price for each line. For FY2025 they reconcile: 280,023 units of fertilizer at BDT 1,338.30 is BDT 374.8m, and 66,450 units of seed at BDT 1,500 is BDT 99.7m [1 p.128]. The FY2023 note shows fertilizer as 7,971.77 units at BDT 107,347.70 [2 p.103], so the unit changed between years and volume cannot be compared across them. In the nine-month note to March 2026 the printed quantities and prices do not multiply to the amounts (103,883 fertilizer units at BDT 785.57 would be BDT 81.6m, against BDT 221.9m shown) [6 p.31]. Volume against value, the F19 sector question, therefore cannot be answered from these notes; the production figures in the capacity note (down 54% in FY2025) are the only volume series [1 p.131].

What drives the line. For an agro formulator, revenue depends on crop area, weather and pest pressure in the Boro and Aman seasons, on what farmers can afford, on dealer credit, and on product registrations. The FY2025 directors' discussion names farmer affordability ('rising input costs ... leading to selective use of crop protection products'), erratic rainfall and flooding, and the political disruption of FY2025 [1 p.64]. The filings also show a company-specific driver: sales are made on credit and collected slowly. Cash received from customers was 97% of revenue in FY2021, 72% in FY2024, 81% in FY2025 and 58% in the nine months to March 2026 [3 p.11] [1 p.103] [6 p.4] [13].

Costs: cost of goods sold was 108% of revenue in FY2025 as fixed overhead met falling volume

Cost of goods sold. In FY2025 cost of goods sold was BDT 522m against revenue of BDT 482m [1 p.101]. It consisted of raw and packing materials consumed of BDT 341m, manufacturing overhead of BDT 74m, and a BDT 92m draw-down of finished goods from BDT 286m to BDT 194m [1 p.128]. Overhead included BDT 44.3m of depreciation on freehold assets and BDT 5.4m on right-of-use assets [1 p.129], costs that do not fall when volume falls. Depreciation of roughly BDT 50m in overhead is about 10% of FY2025 revenue, while the same BDT 50m would have been about 3% of FY2021 revenue [13]. Each 1pp of gross margin equalled BDT 4.8m of gross profit in FY2025 [13].

The quarters show large swings. Gross margin was 9.3% in July-September 2024, -55.5% in January-March 2025, 14.5% in April-June 2025 (derived as the year less the nine months), 13.5% in July-September 2025 and -47.6% in January-March 2026 [4 p.2] [5 p.2] [6 p.2] [13]. In both January-March quarters cost of goods sold was well above revenue: BDT 188m against BDT 121m in 2025 and BDT 127m against BDT 86m in 2026 [6 p.2]. The nine-month note shows that finished goods fell from BDT 116m to BDT 83m within January-March 2026, so stock was sold or written down in that quarter at well below its carrying cost [6 p.31]; the filing does not separate a write-down from ordinary sales.

Inputs and currency. The directors name raw-material costs and currency volatility as the margin pressures [1 p.64]. The statements do not split purchases by import and local, or give a price index, so the input-cost driver cannot be measured from the filings. What can be measured is volume: purchases of raw and packing materials were BDT 1,114m in FY2023 [2 p.103] and BDT 254m in FY2025 [1 p.129], a 77% fall.

Operating expenses. Operating expenses were BDT 162m in FY2022, BDT 100m in FY2023 and BDT 88-89m in FY2024 and FY2025 [2 p.73] [1 p.101]. Even after the cut they rose from 10.2% of revenue in FY2022 to 18.5% in FY2025 [13]. In FY2025 BDT 20m was administrative and BDT 69m marketing, selling and distribution, including BDT 33.6m of sales salaries and BDT 13.2m of advertisement and publicity [1 p.129] [1 p.130]. Directors' remuneration was BDT 0.72m [1 p.129].

Finance cost. The income statement shows two lines: 'Financial Expenses' (BDT 6.3m in FY2025, of which interest on the Mutual Trust Bank loan BDT 6.1m and bank charges BDT 0.2m) and 'Interest on Lease' (BDT 21.5m) [1 p.101] [1 p.130]. Both are estimates: the auditor says the loan interest was accrued at an assumed 11% because the bank did not confirm the rate, and lease interest at an assumed 9% [1 p.94]. Neither was paid in cash in FY2025; the loan note shows the balance rising by exactly the interest with no payments [1 p.125]. Interest was 5.8% of revenue in FY2025 against 1.8% in FY2021 [13]. Other income of BDT 9.2m was almost all interest on the frozen fixed deposits [1 p.130].

Nine months to March 2026: revenue down 22%, net loss BDT 101m, receivables up to BDT 716m

The latest filed period is the nine months to 31 March 2026. Revenue was BDT 317.1m against BDT 406.2m, gross loss BDT 24.2m against BDT 51.4m, operating expenses BDT 56.6m against BDT 70.1m, and the net loss BDT 100.7m against BDT 138.0m; EPS was BDT -0.75 against BDT -1.02 [6 p.2]. The DSE posted the same EPS figures on 3 May 2026, with NOCFPS of BDT 0.04 and NAV per share of BDT 15.66 [8]. The loss narrowed because the gross loss halved and costs were cut, not because sales grew.

By quarter, revenue was BDT 112.7m in July-September 2025, BDT 118.3m in October-December and BDT 86.1m in January-March 2026, and the net loss BDT 13.7m, BDT 21.3m and BDT 66.6m [4 p.2] [5 p.2] [6 p.2]. The quarterly revenue figures add up to the nine-month total. The net-loss figures do not quite: the three reported quarters add to BDT -101.6m against the reported nine-month BDT -100.7m, and the first two quarters add to BDT -35.0m against the reported half-year BDT -34.5m; the difference sits in the tax line (half-year tax BDT 3.28m against quarterly tax of BDT 2.21m and BDT 1.55m) [4 p.2] [5 p.2] [13]. We show the reported quarter columns and the reconciliation in the workbook. Reported EPS (-0.10, -0.16, -0.49) adds to the nine-month -0.75.

The balance sheet moved in the same direction as in FY2025. Between June 2025 and March 2026 inventories fell from BDT 291m to BDT 124m and trade and other receivables rose from BDT 583m to BDT 716m [6 p.1]. Cash received from customers in the nine months was BDT 183.5m against BDT 300.9m a year earlier [6 p.4]. Equity fell to BDT 2,115m and NAV per share to BDT 15.66 [6 p.1]. The current portion of lease liabilities fell to BDT 15.6m from BDT 51.3m while the non-current portion rose to BDT 262.9m from BDT 209.6m [6 p.1]; total lease liabilities rose by BDT 17.6m, the accrued interest [6 p.4].

Ratios: gross margin from 27% to -8%, receivable days from 59 to 441, ROE from 12% to -7%

Growth. Revenue grew 17.2% in FY2020 and 9.4% in FY2021, then fell 5.5%, 24.3%, 40.9% and 32.3% in FY2022-FY2025 [13]. Over FY2019-FY2025 the median revenue growth is negative, and FY2025 revenue was 37% of the FY2019 level [2 p.41] [1 p.61] [13].

Margins and returns. Gross margin was in a 26.9-27.3% band in FY2019-FY2022, 24.2% in FY2023, 1.6% in FY2024 and -8.4% in FY2025 [13]. Net margin was 10.8-13.2% through FY2023 and -31.9% in FY2025. ROE on average equity fell from 12.1% (FY2021) to 8.6% (FY2022), when the IPO raised equity, 5.3% (FY2023), -4.2% (FY2024) and -6.7% (FY2025) [13].

Working capital. Receivable days rose from 59 (June 2021) to 88 (June 2023), 252 (June 2024) and 441 (June 2025); on nine-month revenue annualised they were about 618 at March 2026 [13]. Inventory days on cost of goods sold peaked at 301 at June 2023 and fell to 203 at June 2025 and about 99 at March 2026 [13]. Inventory was converted into receivables, not into cash.

Cash conversion. Operating cash flow was 1.14x net profit in FY2020, 1.10x in FY2021, 0.97x in FY2022 and 0.54x in FY2023 [13]; in FY2024 and FY2025 profit was negative and operating cash flow positive but small, BDT 32m and BDT 9m [1 p.103]. Free cash flow (operating cash flow plus investing) was negative in each of FY2020-FY2023 while the plant was being built, and positive only because investment stopped in FY2024-FY2025 [13].

Leverage and coverage. Loan and lease liabilities were 0.10-0.16x equity across June 2021-March 2026 [13]. Operating profit covered loan and lease interest 10.2x in FY2020 and 5.7x in FY2023; since FY2024 the operating result has been a loss, so cover is negative [13]. Payout was 33% of EPS in FY2022 (5% dividend on EPS of BDT 1.51) and 1% in FY2023 (0.10% on BDT 0.96); in FY2024 and FY2025 small dividends were paid out of retained earnings despite losses [9] [1 p.125] [13].

Balance sheet: receivables of BDT 582m unprovided, BDT 95m frozen at Southeast Bank, lenders unpaid

Receivables. At June 2025 trade receivables were BDT 581.9m; the movement note shows the opening BDT 489.8m plus sales of BDT 481.7m less collections of BDT 389.6m [1 p.122]. BDT 216.6m was more than six months old and BDT 365.3m less than six months; no receivable was classified as doubtful and no provision is shown [1 p.122]. The receivables schedule classifies the BDT 216.6m older balance as 'considered good and in respect of which the company is fully secured' without saying what the security is [1 p.122]. The auditor made recoverability a key audit matter and wrote that 'a significant portion of these balances has been outstanding for an extended period, and management has not performed a detailed assessment of recoverability or made adequate provisions for doubtful debts' [1 p.95]. Receivables were 20.9% of total assets at June 2025 and 26.4% at March 2026 [13].

Cash and the frozen deposits. Cash and cash equivalents of BDT 98.1m at June 2025 were BDT 1.1m in hand, BDT 1.6m at banks and BDT 95.4m in two fixed deposits at Southeast Bank [1 p.123]. The auditor's emphasis of matter says these FDR accounts 'remain frozen' and that the company still recognised interest on them [1 p.94]. The IPO note says the residual BDT 5.5 crore (BDT 55m) of IPO money held as an FDR at Southeast Bank 'is now frozen by the order of the Honorable High Court Division' [1 p.124]. Of BDT 98m of reported cash, BDT 2.7m was outside the FDRs.

The lender disputes. The lease from National Finance Ltd was sanctioned at BDT 59.18m in December 2018 to buy machinery, secured on the leased assets and a mortgage of 150 decimals of land; the balance including accrued interest was BDT 260.8m at June 2025 [1 p.125]. The Mutual Trust Bank loan was sanctioned at BDT 55.16m in December 2019 for 'loan adjustment', secured on 653.50 decimals of land and a flat valued at BDT 170.42m; the balance was BDT 61.7m [1 p.125]. The auditor reports a legal notice from National Finance dated 3 September 2024 and from Mutual Trust Bank dated 12 September 2024, and that no payments were made on either [1 p.93] [1 p.94]. The company's account is that National Finance did not provide loan statements and instead claimed 50 lakh shares from the sponsors, which the company calls unlawful [1 p.124]. A further BDT 32.4m of interest charged by National Finance for 2022-2024 is carried as a 'Suspense Account' asset pending a court-directed recalculation; the auditor describes it as the 'liability for interest charged by NFL', while the note says it will be expensed if the court does not accept the waiver [1 p.124] [1 p.94]. These are past events (passed); their outcome is not shown in the filings read.

Tax and statutory dues. The provision for income tax was BDT 112.2m at June 2025, against a tax claim of BDT 113.5m for 2014-2019 that the company is appealing [1 p.93]. Dividend tax of BDT 7.1m deducted in earlier years has not been paid to the exchequer, and the WPPF provision of BDT 10.7m from FY2023 has not been paid to the funds; both are bases for the qualified opinion [1 p.93]. Advance income tax was BDT 56.6m [1 p.123].

Fixed assets. Freehold property, plant and equipment was BDT 1,404m at June 2025, 50.32% of total assets, at cost of BDT 1,888m less depreciation [1 p.95] [1 p.121]. The auditor notes that no revaluation or impairment review has been carried out and that the carrying value 'may not represent the assets' fair value' [1 p.94]. With production down 54% in FY2025, that carrying value is the main asset behind the BDT 16.41 NAV per share [1 p.100] [1 p.131].

Peers: against ACI Formulations, APL has the lower margins and the longer receivable period of the two

The F19 sector spec pairs APL with ACI Formulations PLC (ACI FL), the other listed agro formulator. ACI FL's own revenue note shows agrochemical products of BDT 3,927m and consumer products (aerosol, paint, coil, Vanish) of BDT 1,243m in FY2025, with the aerosol and Vanish lines made for S. C. Johnson [7 p.105]. Both companies have June year ends and the table uses each company's own audited FY2025 statements on the company basis [1 p.101] [7 p.69].

Like for like on finance cost. ACI FL reports one line, 'Finance costs, net', whose note shows 'Bank loan interest (net of interest income)' of BDT 262.3m and 'Interest on lease liabilities' of BDT 2.6m (plus BDT 1.0m of WPPF interest) [7 p.109]. APL reports interest gross in 'Financial Expenses' and 'Interest on Lease' and books its FDR interest in other income [1 p.101] [1 p.130]. To compare on the same basis we net APL's FDR and bank interest (BDT 9.0m) against its loan and lease interest (BDT 27.6m), giving BDT 18.6m, and use ACI FL's loan plus lease interest net of interest income, BDT 264.9m [13]. On that basis interest was 3.9% of revenue at APL and 5.1% at ACI FL, a gap of 1.3pp; APL's figure is accrued, not paid [1 p.94].

Of the two, APL had the lower gross margin (-8.4% against 32.2%), the lower net margin (-31.9% against 7.1%), and the longer receivable period (441 days against 93) [13]. ACI FL's revenue was 10.7x APL's. APL's loan and lease liabilities were 0.15x its equity; ACI FL carried BDT 3,888m of overdrafts and loans against BDT 3,567m of equity [7 p.68] [13].

Governance: qualified audits two years running, a Z-category day in 2025 and an IPO deadline moved to December 2027

Ownership. Sponsors and directors held 31.80% at 30 September 2026, institutions 17.47% and the general public 50.73%, with no foreign or government holding [9]. The share register in the FY2025 report names the chairman, Mrs Shanta Sinha (7.30%), the managing director, Mr Reza-Ur-Rahman Sinha (17.02%), and director Mr Ahasan Habib Sinha (4.05%); independent director Mr K. M. Nasir Uddin holds none [1 p.125]. The board has five members including one independent director [1 p.53]. Key management compensation disclosed under IAS 24 was BDT 0.72m [1 p.133].

Audit history. The FY2021 and FY2023 statements were audited by Islam Quazi Shafique & Co; the FY2023 report was signed on 3 April 2024, more than nine months after the year end [3 p.8] [2 p.72]. The FY2025 statements were audited by Basu Banerjee Nath & Co and signed on 26 November 2025 [1 p.100]. The DSE posted a qualified opinion with emphasis of matter for FY2024 on 9 January 2025 and for FY2025 on 11 December 2025 [8].

Regulatory and DSE record, 24 months. Sweeping the DSE news archive from November 2024 to October 2026 [8]: on 10 February 2025 the DSE moved the share to the 'Z' category for not disbursing the approved FY2024 dividend on time, and back to 'B' from 11 February 2025 once disbursement was reported. On 23 June 2025 the board decided to hold an EGM on 30 July 2025 to extend the time to use the IPO proceeds from 1 July 2025 to 31 December 2027; the FY2025 report says the extension was approved [1 p.66]. In January 2026 the company answered a DSE query about a news report on a letter to the ACC and FRC, saying a BSEC press release had alleged irregularities, financial fraud and unpaid placement shares, that BSEC had not written to the company, and that its board attended a BSEC hearing on 24 December 2024 [8]; the outcome of that hearing is not in the disclosures read (passed, outcome unknown). On 8 April 2026 the DSE queried an unusual price rise and volume; on 12 April it noted no reply, and on 13 April the company said there was no undisclosed price-sensitive information [8]. The sweep found no board decision on new capex, expansion or borrowing, and the FY2025 notes show no capital expenditure commitment and none authorised [1 p.131].

Use of IPO money. The company raised BDT 300m and says it spent a 'significant portion' on electrical installation and plant and machinery and paid a contractor for the factory building, which is still under construction [1 p.124]. Its IPO note also says that, because the IPO fund was frozen, it was 'compelled to pay a significant amount to Supplier in cash' [1 p.124]. Unused IPO-expense money of BDT 4.08m was reallocated to working capital with EGM approval [1 p.66]. The company files monthly auditor's reports on IPO-proceeds use with the DSE; the latest posted in the sweep, on 14 October 2026, covered April 2026 [8].

Dividends. Cash dividends were 5% for FY2022, 0.10% for FY2023, 0.25% for FY2024 and 0.01% for FY2025 [9]. The FY2025 dividend of 0.01% is BDT 0.001 a share, about BDT 13,500 in total; the directors recommended it 'keeping in view of loss of the period and retained earnings' [1 p.53], and its disbursement was reported on 10 February 2026 [8]. The FY2025 AGM was held on 29 December 2025 [9].

What's next: FY2026 audited results, inferred for November 2026, and the IPO deadline of 31-Dec-2027

Dated events after 31 October 2026, each with a source and the line it moves (direction only, no forecast):

Risks: receivable recovery and the unpaid lenders matter most

Each risk below is tied to the line it moves. For scale, FY2025 revenue was BDT 482m and the net loss BDT 154m [1 p.101].

Two of these are large next to the balance sheet. Receivables of BDT 716m at March 2026 were 34% of equity [6 p.1] [13]; any provision would go through the income statement. And the unpaid lease and loan are secured on land and the leased machinery [1 p.125], so enforcement would act on the assets that carry most of the NAV.

Key questions: receivable recovery, the lender disputes and whether volume returns

At BDT 22.9 on 1 November 2026 the market value of APL was BDT 3,092m, 1.46x the March 2026 NAV of BDT 15.66 a share [12] [6 p.1] [13]. P/E is not meaningful because the company is loss-making, and the FY2025 dividend yield rounds to zero. The 52-week range was BDT 12.5-27.8, with the low on 16 November 2025 and the high in April 2026 [12] [9]. In March and April 2026 the share rose from BDT 16.6 (26 February) to a close of BDT 27.4 (15 April) [12]. On 8 April 2026 the DSE queried an unusual price rise and volume, and on 13 April the company said there was no undisclosed price-sensitive information [8]. These are facts about the price, not a view on it.

FAQ

What does ACME Pesticides make?

Fertilizer, pesticide and seed products and a small range of household products, from a factory in Tarakanda, Mymensingh; FY2025 revenue was BDT 375m fertilizer, BDT 100m seeds and BDT 7m consumer products [6 p.5] [1 p.128].

Is ACME Pesticides profitable?

No. It lost BDT 103m in FY2024, BDT 154m in FY2025 and BDT 101m in the nine months to March 2026, and had a gross loss in FY2025 [1 p.101] [6 p.2].

Why did ACME Pesticides' auditor qualify its opinion?

For unpaid dividend tax of BDT 7.1m, an unpaid WPPF provision of BDT 10.7m and tax not deducted at source; eight emphasis-of-matter paragraphs cover unpaid lenders, frozen FDRs and estimated interest [1 p.93] [1 p.94].

What dividend did ACME Pesticides pay for FY2025?

0.01% cash, BDT 0.001 a share; disbursement was reported on 10-Feb-2026 [9] [8].

Who owns ACME Pesticides?

Sponsors and directors 31.80%, institutions 17.47% and the public 50.73% at 30-Sep-2026; the managing director holds 17.02% [9] [1 p.125].

When are ACME Pesticides' FY2026 results due?

Not announced by 31-Oct-2026; November 2026 is inferred from the 14-Nov-2024 and 30-Oct-2025 board meetings [8].

How does ACME Pesticides compare with ACI Formulations?

In FY2025 APL's gross margin was -8.4% against 32.2% at ACI FL, and receivables were 441 days of revenue against 93 [13].

Sources

1. ACME Pesticides Limited Annual Report 2024-2025 (year to 30-Jun-2025; audited, qualified opinion) · link · accessed 2026-11-01
2. ACME Pesticides Limited annual report for the year to 30-Jun-2023 (running header misprinted '2023-2024'; five-year table FY2019-FY2023) · link · accessed 2026-11-01
3. ACME Pesticides Limited audited financial statements, year to 30-Jun-2021 · link · accessed 2026-11-01
4. ACME Pesticides Limited un-audited financial statements, Q1 FY2026 (three months to 30-Sep-2025) · link · accessed 2026-11-01
5. ACME Pesticides Limited un-audited financial statements, half year to 31-Dec-2025 · link · accessed 2026-11-01
6. ACME Pesticides Limited un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
7. ACI Formulations PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
8. Dhaka Stock Exchange, ACMEPL news archive 1-Nov-2024 to 31-Oct-2026 (company disclosures and DSE notices) · link · accessed 2026-11-01
9. Dhaka Stock Exchange, ACMEPL company page (shareholding to 30-Sep-2026, dividend history, category, 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:ACMEPL 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