ADN Telecom financial analysis: 19% revenue growth, margin squeeze, BDT 1bn preference share plan (Oct 2026)

Investment considerations: revenue grows every year, but margins and returns have fallen since the IPO

ADN Telecom Limited sells connectivity and IT services in Bangladesh. Its separate revenue has three lines that the company reports: local services (retail and business internet, IP telephony, telehouse and hosting, and project sales), IT support and services (the data service known as IPVPN), and export services (MPLS and IPLC circuits) [1 p.41] [2 p.27]. It also consolidates four subsidiaries, the largest by revenue being ADN International Gateway Ltd, an international internet gateway in which the company raised its stake to 95% during FY2025 [1 p.41] [1 p.42]. Consolidated revenue was BDT 1,799m in FY2025 [1 p.109], and the company listed on the Dhaka Stock Exchange in 2019 [1 p.13].

In the filings, revenue has risen faster than profit. Revenue has grown every year for a decade, from BDT 757m in FY2016 to BDT 1,629m in FY2025 on the separate basis [4 p.22] [1 p.21], and nine-month consolidated revenue to March 2026 rose another 18.9% [2 p.3]. Profit has not kept pace: separate net profit was BDT 163m in FY2025, about the same as the BDT 161m of FY2020 [1 p.21] [4 p.22], and the FY2026 consolidated EPS announced on 28-Oct-2026 was BDT 2.29 against BDT 2.55 [7]. The company names the reasons itself: the retail internet business (B2C) 'continued to operate in a pre-break-even stage', and borrowing costs rose [1 p.41]; for the first half of FY2026 it cited inflation across expense categories, higher people costs, depreciation-rate changes and 'price erosion in certain services' [7].

FY2026: EPS BDT 2.29 (-10%) on the DSE release; 9M revenue +18.9% with lower margins

The board met on 27-Oct-2026 to approve the audited accounts for the year to 30-Jun-2026 [7]. The DSE release of 28-Oct-2026 gives consolidated EPS of BDT 2.29, consolidated NAV per share of BDT 34.11 and consolidated net operating cash flow per share of BDT 5.14, against BDT 2.55, BDT 32.82 and BDT 5.75 for FY2025, and a 10% cash dividend with a record date of 17-Nov-2026 and an AGM on 17-Dec-2026 [7]. The annual report itself (income statement, notes and segment detail for the full year) is not yet in our corpus, so the line-item analysis below uses the nine months to March 2026, the latest filed statements [2 p.3].

Profit attributable to shareholders implied by the announced EPS is about BDT 148m (BDT 2.29 x 64.65m shares), down 10.2% from BDT 165m in FY2025 [7] [1 p.109]. The fourth quarter (April-June 2026) therefore earned about BDT 0.43 a share against BDT 0.47 a year earlier, derived from the DSE nine-month and full-year EPS figures [7]. The third quarter was stronger than the first half: Q3 FY2026 EPS was BDT 0.62 against BDT 0.55, after BDT 1.26 against BDT 1.58 for July-December [7].

Cash flow in the nine months was better than profit. Collections from customers were BDT 1,584.9m against BDT 1,368.9m a year earlier, and net operating cash flow BDT 198.6m against BDT 179.2m [2 p.5]. Investing outflows were BDT 130.8m, of which BDT 76.5m went on property, plant and equipment and BDT 43.6m into equity-accounted investees; financing used BDT 97.2m, mainly the BDT 63.8m dividend and BDT 30.5m of net loan repayment [2 p.5]. Cash and cash equivalents fell from BDT 97.0m to BDT 67.7m [2 p.5]. Interest paid in the cash flow statement (BDT 28.2m) equals the net finance expense in the income statement [2 p.3] [2 p.5].

Business model: managed data links and export circuits, plus a loss-making push into retail broadband

ADN Telecom was incorporated on 22 September 2003 and its shares have traded through the CDS since 6 January 2020 [1 p.13]. The IPO raised BDT 570m at the end of 2019 through book-building, according to The Financial Express, which reported that the money was allocated to network expansion (BMRE), loan repayment, a data centre and IPO costs, and that part of the BMRE allocation was later moved to land lease and development and to an investment in the Hi-Tech Park [8]. Equity in the five-year table jumped from BDT 943m (FY2019) to BDT 1,634m (FY2020) as the proceeds came in [4 p.22].

The FY2025 auditor's report lists the revenue units as 'Internet Services, Data Connectivity-IPVPN, Internet Protocol, and Telephony Services. Telehouse & Hosting Project Sales' [1 p.102], and treats revenue as a key audit matter partly because 'long-term contracts make it more difficult for customers to switch vendors suddenly' [1 p.103]. Export services are MPLS and IPLC circuits sold in foreign currency; the directors' report says 'the export service contribute foreign currency earnings' [1 p.41].

The big change of the last three years is retail broadband. The directors' report describes the ISP retail business (B2C) as in a 'pre-break-even stage, incurring substantial costs due to economies of scale and aggressive marketing efforts amid intense competition' [1 p.41]. The FY2025 revenue growth was 'primarily driven by strong performance in Internet Services, which grew from BDT 378 million to BDT 551 million' [1 p.42], and the company invested BDT 107m in land and in 'expanding its network in rural areas' [1 p.42]. The company cites BTRC data showing broadband (ISP and PSTN) users rising from 10.07m in September 2021 to 14.46m in September 2025 [1 p.40].

Around the core, the group holds four subsidiaries [1 p.42]: SOS Development Limited (60%, safety and security products, set up in 2021); My Tel Limited (95%, a telecom investment holding company with investments in Bangla Tel Limited, an IGW licensee, and Jibondhara Solutions Limited, an ICX licensee); ADN International Gateway Limited (95%, 'provides connectivity between various networks'); and ADN Eduservices Limited (89%, education). In 9M FY2026 the gateway subsidiary contributed BDT 127.6m of the BDT 1,579.3m consolidated revenue, Eduservices BDT 4.9m and SOS BDT 0.05m [2 p.27]. Associates accounted for by the equity method include ADN Diginet Ltd., ADN Media Ltd. and Senior Citizen Hospital limited [2 p.32]; in February 2025 the company announced on DSE a BDT 99.82m investment for 37% of Senior Citizen Healthcare Limited (SCHL), described as an entry into a 'USD 3B digital healthcare market' [7].

The company's value-added statement shows where its money goes. Of BDT 787m of value added in FY2025 (separate revenue less cost of networks and services), 46.0% went to employees, 17.9% to government, 8.2% to shareholders, 6.8% to financial institutions, 21.1% to depreciation and amortisation and 12.5% was retained [1 p.22]. A year earlier the shares were 44.3% to employees, 12.5% to shareholders and 3.6% to financial institutions [1 p.22].

Revenue drivers: retail internet led FY2025, IT support and projects led 9M FY2026

Revenue by line shows where growth has come from. In FY2025 local services rose 63% to BDT 693m, with internet services up from BDT 378m to BDT 551m and project sales from BDT 6m to BDT 90m, while IT support and services fell from BDT 487m to BDT 440m and export services from BDT 517m to BDT 496m [1 p.41] [1 p.42]. In the nine months to March 2026 the mix swung back: IT support and services (data service-IPVPN) rose 61.8% to BDT 470m, internet services rose 6.1% to BDT 466m, project sales rose to BDT 52m and export services rose 5.0% to BDT 414m [2 p.27].

Internet services growth slowed sharply after the FY2025 jump: +45.8% in FY2025 against +6.1% in the nine months to March 2026, and +1.9% in the March quarter alone (BDT 198.2m against BDT 194.5m) [1 p.41] [2 p.27] [12]. The company's own explanation for the first half of FY2026 was that revenue growth of about 13% 'was primarily driven by effective sales execution, especially some projects revenue' [7]. In the March quarter IT support and services tripled from BDT 60.8m to BDT 181.4m [2 p.27]; the filing does not name the customers behind that increase.

Project sales are the least recurring line. They were BDT 6m in FY2024, BDT 90m in FY2025 and BDT 52m in 9M FY2026 [1 p.41] [2 p.27]. The directors also said FY2024 EPS was 'favorably impacted by one-time sales (OTC) under various projects' [1 p.41]. Export services, sold in foreign currency, are the most stable line: BDT 517m, 496m and (nine months) 414m [1 p.41] [2 p.27]. MPLS is the larger part (BDT 339.6m in 9M FY2026) and IPLC the smaller (BDT 74.3m, up from BDT 63.1m) [2 p.27].

The gateway subsidiary's revenue was BDT 127.6m in 9M FY2026 against BDT 124.6m [2 p.27]. Its cost of services was BDT 128.9m against BDT 182.5m [2 p.27], slightly above its revenue in the period. The company attributed lower subsidiary and associate contributions in Q1 and H1 FY2026 to performance that 'fell short of the levels recorded during the same period last year' [7].

Cost drivers: network expenses took 9M gross margin down 7.7pp; opex and finance cost fell as a share

Cost of services is where the margin went. On the separate basis, cost of goods sold and services rose from BDT 723m to BDT 984m in the nine months (+36%), against revenue +21% [2 p.27]. The single largest change was 'Infrastructure, equipments and network expenses', up from BDT 147.6m to BDT 348.3m, from 12.4% to 24.1% of separate revenue [2 p.27] [12]. Bandwidth and transmission (NTTN) was flat at BDT 295m, so as a share of revenue it fell from 24.7% to 20.4% [2 p.27] [12]. The filing does not split the infrastructure line between project hardware and network running costs.

People costs and depreciation also rose. Salaries in cost of services went from BDT 98.9m to BDT 117.1m (+18%), depreciation in cost of services from BDT 79.8m to BDT 92.3m, and last-mile lease rent from BDT 33.4m to BDT 40.0m [2 p.27]. The H1 FY2026 DSE release named 'an increase in people costs, adjustments in depreciation rates, and price erosion in certain services' among the pressures [7]. The depreciation-rate table in the Q3 notes shows the same rates in both years for each asset class (for example optical fibre 30%, data centre 5%) [2 p.14].

Operating expenses were held: consolidated administrative plus distribution and marketing expenses were BDT 302.7m in 9M FY2026 against BDT 299.9m, falling from 22.6% to 19.2% of revenue [2 p.3] [12]. So the whole margin fall happened at the gross line: consolidated gross margin dropped 7.7pp and operating margin 4.3pp [12].

Finance cost moved the other way. Net finance expense was BDT 27.1m in FY2024 and BDT 44.0m in FY2025, when the directors said finance costs 'rose significantly due to higher market interest rates and increased utilization of credit to finance the growth of B2C segment' [1 p.40] [1 p.109]. In 9M FY2026 it was BDT 28.2m against BDT 36.7m; over the same nine months loans and borrowings went from BDT 409m to BDT 378m [2 p.3] [2 p.2]. Operating profit covered net finance expense 6.8 times in 9M FY2026 [12].

Tax is lower than the headline rate because part of the income is exempt. The 9M FY2026 tax computation applies a 0.00% rate to 'IT Support & Services' income and 22.50% to other income [2 p.36], and the effective-rate reconciliation deducts 'Exempted Income-IT Support & Services' of BDT 10.5m [2 p.29]. The consolidated effective tax rate was 31.5% (FY2024), 25.0% (FY2025) and 17.2% (9M FY2026), helped in the latest period by a deferred tax income of BDT 11.3m [2 p.29] [12]. The filings read do not give an end date for the exemption.

Ratios: revenue CAGR 8.9% over nine years, ROE down to 7.9%, cash conversion above 2x

The ten-year table is on the separate (company) basis, the only basis the company prints for that span [4 p.22] [1 p.21]. Revenue grew at a compound 8.9% a year from FY2016 to FY2025, while net profit grew 7.1% a year [12]. Gross margin ranged between 36.5% and 44.0%; FY2025's 36.5% is the lowest of the ten years [12]. FY2023 stands out: net profit of BDT 259m and a 19.2% net margin [1 p.21], and the filings read do not break that year down by line.

Returns fell after the IPO. ROE on average equity was 16.1%, 15.3% and 14.2% in FY2017-FY2019, and 9.7%-13.8% in FY2021-FY2023, then 7.2% and 7.9% in FY2024 and FY2025 [12]. The equity base nearly doubled with the IPO in FY2020 while profit grew more slowly; assets over equity fell from 1.80x in FY2016 to 1.37x in FY2020 and was 1.56x in FY2025 [12].

Cash conversion has varied from year to year. Operating cash flow over net profit was 1.26x in FY2022 and 0.61x in FY2023, then 2.31x and 2.17x in FY2024 and FY2025 [12]; separate depreciation and amortisation was BDT 166m in FY2025 [1 p.22]. On the consolidated basis, collections from customers were 1.04x revenue in FY2025 and 1.00x in 9M FY2026 [1 p.111] [2 p.5] [12]. Free cash flow after PPE and right-of-use additions was negative BDT 86m in FY2024, when PPE purchases were BDT 401m, and positive BDT 165m in FY2025 [12].

Payout has been 37-52% of reported EPS since FY2020: a 15% cash dividend for FY2020 and FY2023 and 10% for the other years [1 p.42] [12], and 10% for FY2026 [7]. The FY2025 tax rate of 22.5% on the separate basis compares with 30.7% in FY2024 and 12.6% in FY2021-FY2022 [12]. FY2020 shows net profit above profit before tax (BDT 161.5m against BDT 156.6m) as printed in the five-year table [4 p.22].

Peers: largest revenue of the three, lowest gross margin, operating margin between BDCOM and ITC

The closest listed comparators with filings for the same half-year (July-December 2025) are BDCOM Online Ltd. and IT Consultants PLC (ITC) [5 p.3] [6 p.3]. Both report on a company basis; ADNTEL's figures are consolidated. Each finance-cost figure is the line as printed: ADNTEL's 'Finance (expense)/income' is a net figure, BDCOM's 'Financial Charges' and ITC's 'Finance costs' are gross (ITC also prints finance income of BDT 13.9m separately; BDCOM prints non-operating income of BDT 23.7m separately). WPPF is shown below each company's operating profit [3 p.3] [5 p.3] [6 p.3].

Within this set of three, ADNTEL has the largest revenue (BDT 1,007m) and the lowest gross margin (36.4%, against 54.8% for BDCOM and 50.2% for ITC) [12]. Its operating margin of 13.1% is above BDCOM's 7.9% (BDCOM's operating profit is after a separate depreciation line) and below ITC's 32.3% [12]. All three reported lower net profit than a year earlier: ADNTEL BDT 81.0m against 102.7m [3 p.3], BDCOM BDT 27.1m against 32.8m [5 p.3], ITC BDT 229.3m against 247.9m [6 p.3].

Balance sheet: borrowings down to BDT 378m, receivable days 139, BDT 403m of related-party balances

The consolidated balance sheet at 31-Mar-2026 totals BDT 3,496m, of which property, plant and equipment is BDT 1,627m [2 p.2]. Loans and borrowings were BDT 378m (BDT 142.8m non-current, BDT 235.6m current) against BDT 409m at June 2025, and lease liabilities a further BDT 131m [2 p.2]. The FY2025 auditor lists seven lenders: The City Bank, Eastern Bank, Community Bank, Dhaka Bank, NRBC Bank, IDLC Finance and IIDFC [1 p.103]. Cash was BDT 67.7m and other financial assets (fixed deposits) BDT 195.0m [2 p.2].

Receivables are large but falling relative to sales. Trade and other receivables were BDT 822m at June 2024 (199 days of revenue), BDT 751m at June 2025 (152 days) and BDT 801m at March 2026 (139 days on annualised nine-month revenue) [1 p.108] [2 p.2] [12]. Advances, deposits and prepayments rose from BDT 331m to BDT 421m in the nine months, 19.4% of equity [2 p.2] [12]. The Q3 FY2026 DSE release said 'NOCFPS improved due to an increase in collection of receivables from the customers' [7].

The Q3 FY2026 note lists balances of BDT 402.9m at 31-Mar-2026, up from BDT 347.0m at 1-Jul-2025 [2 p.32]. Three affiliates described as 'Concern under common management' owed BDT 102.0m: Tech Valley Networks Ltd. BDT 18.3m (advance for land BDT 7.3m, working capital BDT 9.9m, interest receivable BDT 1.2m); ADN Technologies Ltd BDT 33.0m (advance for land BDT 10.4m, working capital BDT 16.0m, interest receivable BDT 6.6m); InGen Technology Ltd. BDT 50.7m (working capital BDT 34.6m, interest receivable BDT 16.1m) [2 p.32]. InGen received a further BDT 8.5m of working capital in the nine months [2 p.32]. Associates accounted for BDT 202.7m: ADN Diginet Ltd. BDT 62.2m, ADN Media Ltd. BDT 49.7m and Senior Citizen Hospital limited BDT 90.8m [2 p.32]. ADN Technologies Limited also holds 200,000 shares (0.31%) of the company [1 p.49].

The FY2025 audit opinion is unmodified. Ahsan Manzur & Co. wrote that the consolidated and separate financial statements 'give a true and fair view' [1 p.102], and reported key audit matters on revenue, the acquisition of property, plant and equipment (BDT 107,131,223 of acquisitions; 'There is a risk that the assets being overvalued, either by inflating cost or valuation'), loans and borrowings of BDT 383,871,882, the deferred tax liability of BDT 131,068,244 and the provision for current income tax [1 p.103] [1 p.104]. The auditor's report pages we read (corpus pages 102-104 and 107) contain no emphasis-of-matter paragraph. Employee benefit liabilities rose from BDT 99.7m (June 2024) to BDT 147.0m (June 2025) and BDT 162.0m (March 2026) [1 p.108] [2 p.2].

Governance and capital actions: 42.8% sponsor stake, a BDT 1bn preference-share proposal and an IPO-fund probe

Sponsors and directors held 42.81% at 30-Jun-2025, financial institutions and other companies 24.22%, the general public 30.98% and one foreign investor 1.99% [1 p.78]. The chairman, Asif Mahmood, held 19.95%, and directors Md. Moinul Islam and Md. Mahfuz Ali Sohel 10.07% each; Vanguard AML BD Finance Mutual Fund One held 2.06% with a nominee director; managing director Henry Hilton held 0.19% [1 p.49]. Independent director Major General Golam Mohammad (Retd) resigned on 10-Nov-2024 and Deedarul Huq Khan was appointed on 10-Aug-2025 and made chairman of the audit committee [1 p.47].

We swept the DSE news archive for the 24 months to October 2026 [7]. The board-level items were: the lease of about 4,100 square metres in the Kaliakoir Hi-Tech Park for 40 years under an agreement dated 20-Oct-2024, 'for Set Up Manufacturing IT/ITES Devices, Software, IOT and Al Based Electronics Service Components' (disclosed 7-Nov-2024); approval on 6-Feb-2025 of a BDT 99.82m investment for 37% of Senior Citizen Healthcare Limited; MoUs signed with PBS Co. Ltd and CND Motors Co. Ltd of South Korea for electric three-wheeler assembly, AI-based traffic signals and solar streetlights (14-Sep-2025); and, on 28-Oct-2026, a resolution to raise authorised capital from BDT 200 crore to BDT 300 crore and to issue 'Cumulative, Non-Participative, 50% Convertible and 50% Redeemable Preference Shares up to BDT 100 crore for growing business and operations of the Company', subject to shareholder and BSEC approval [7]. The preference-share notice gives no coupon, conversion price or use-of-proceeds breakdown [7].

For scale, BDT 100 crore (BDT 1,000m) compares with paid-up share capital of BDT 646.5m and equity of BDT 2,177m at 31-Mar-2026 [2 p.2]. The Financial Express reported on 23-Apr-2025 that BSEC had formed a three-member panel on 13 April to examine the use of IPO proceeds, focusing on land development and the Hi-Tech Park investment, with 60 working days to report [8]. That deadline has passed; we found no outcome in the filings or DSE news read. The FY2025 annual report's five-year table prints paid-up capital as BDT 2,000m and shares outstanding as 646.52 million [1 p.21]; the corporate directory shows BDT 2,000m is the authorised capital and paid-up capital is BDT 646,516,660 [1 p.13], that is 64.65m shares of BDT 10 [1 p.78].

Dividends have been cash only since listing: 15% for FY2020 and FY2023, 10% for FY2021, FY2022, FY2024 and FY2025 [1 p.42], and 10% for FY2026 [7]. The dividend policy allows retained earnings to be used for 'growth/expansion and strategic plans' [1 p.94]. The credit rating was AA- in November 2024 and AA in November 2025, both from Emerging Credit Rating Limited [7].

What's next: dividend record date 17-Nov-2026, AGM 17-Dec-2026, preference-share approvals

Already-announced items that move the lines (direction only, no forecast). FY2026's results were released on 28-Oct-2026 and are covered above [7]. The Q1 FY2026 accounts were considered at the same board meeting as the annual accounts in 2025 (27-Oct-2025) [7]; the 2026 notice for 27-Oct-2026 covered only the annual accounts and no board date for Q1 FY2027 had been notified in the DSE news read [7]. Dates marked '(inferred)' come from the board-meeting or posting dates of the previous two years only, so they rest on two precedents.

The preference-share issue would change the funding mix: cumulative preference dividends would sit ahead of ordinary dividends, and the 50% convertible portion would add ordinary shares on conversion; terms are not yet published [7]. The UN General Assembly adopted the move of Bangladesh's LDC graduation from 24-Nov-2026 to 24-Nov-2029 [9] [10]; the company's filings read do not discuss what graduation means for its export services, which were 28.6% of separate revenue in 9M FY2026 [2 p.27].

Risks: network costs, retail price competition and related-party balances

Each risk below is tied to the line it moves, with the evidence in the filings. For scale, consolidated profit before tax was BDT 219m in FY2025 and BDT 144m in 9M FY2026 [1 p.109] [2 p.3].

Key questions: network costs, broadband breakeven and the preference-share terms

ADNTEL at BDT 54.5 on 29-Oct-2026 trades at 23.8x FY2026 consolidated EPS of BDT 2.29, 1.60x NAV of BDT 34.11 and a 1.8% dividend yield [11] [7]. At the June closes of FY2021-FY2026 the P/E was between 19.3x and 44.4x and the P/B between 1.91x and 4.31x (separate EPS and NAV for FY2021-FY2025, consolidated for FY2026) [12]. These are facts about the price, not a view on it.

FAQ

What does ADN Telecom do?

It sells internet and IP telephony services, managed data links (IPVPN), MPLS and IPLC export circuits, telehouse and hosting, and project sales, and owns 95% of ADN International Gateway Ltd [2 p.27] [1 p.42].

What was ADN Telecom's FY2026 EPS and dividend?

Consolidated EPS of BDT 2.29 against BDT 2.55, and a 10% cash dividend with a record date of 17-Nov-2026 [7].

Why did ADN Telecom's margin fall in FY2026?

In the nine months to March 2026 'Infrastructure, equipments and network expenses' rose from BDT 147.6m to BDT 348.3m while revenue rose 21% (separate) [2 p.27]; the company also cited people costs, depreciation-rate changes and price erosion [7].

How much debt does ADN Telecom have?

Loans and borrowings of BDT 378m at 31-Mar-2026, plus BDT 131m of lease liabilities [2 p.2].

What is the preference-share proposal?

Up to BDT 100 crore of cumulative, non-participating, 50% convertible and 50% redeemable preference shares, with authorised capital raised to BDT 300 crore, subject to shareholder and BSEC approval [7].

Who owns ADN Telecom?

Sponsors and directors 42.81% (chairman Asif Mahmood 19.95%), institutions 24.22%, general public 30.98%, foreign 1.99% at 30-Jun-2025 [1 p.78] [1 p.49].

Which accounts does this note use?

Annual reports FY2016-FY2025, the un-audited H1 and 9M FY2026 statements, and the DSE-announced FY2026 EPS, NAV and NOCFPS; the FY2026 annual report is not yet in our corpus and the model will be updated when it is.

Sources

1. ADN Telecom Limited Annual Report 2025 (year to 30-Jun-2025; consolidated and separate) · link · accessed 2026-10-31
2. ADN Telecom Limited condensed interim financial statements, nine months to 31-Mar-2026 (un-audited) · link · accessed 2026-10-31
3. ADN Telecom Limited condensed interim financial statements, six months to 31-Dec-2025 (un-audited) · link · accessed 2026-10-31
4. ADN Telecom Limited Annual Report 2020 (five-year data FY2016-FY2020) · link · accessed 2026-10-31
5. BDCOM Online Ltd. un-audited financial statements, six months to 31-Dec-2025 · link · accessed 2026-10-31
6. IT Consultants PLC un-audited financial statements, six months to 31-Dec-2025 · link · accessed 2026-10-31
7. Dhaka Stock Exchange news archive for ADNTEL, Nov-2024 to Oct-2026 (company disclosures) · link · accessed 2026-10-31
8. The Financial Express, 'Regulator to probe ADN Telecom's IPO fund utilisation' (23-Apr-2025) · link · accessed 2026-10-31
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
11. AnalystBro price data (TradingView feed): DSE:ADNTEL daily and monthly bars to 29-Oct-2026 · link · accessed 2026-10-31
12. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31