Agni Systems financial analysis: ISP unit 78.5% of revenue, FY2026 EPS BDT 0.96 (Oct 2026)

Investment considerations: ROE 2.1%-7.2% (FY2017-FY2025), loans BDT 20.4m, receivables 217 days (30-Jun-2025)

Agni Systems PLC. was incorporated on 4 November 1995, became a public company on 28 August 2002 and is listed on the Dhaka and Chittagong stock exchanges [1 p.81]. It has no subsidiaries and reports four business units: Unit-1 ISP (internet access and accessories), Unit-2 ICX (an interconnection exchange licence for domestic voice traffic, which shares revenue with the regulator BTRC), Unit-3 IPTSP (internet protocol telephony) and Unit-4 ITES (IT-enabled services) [1 p.78] [1 p.93]. Its registered office is in Navana Tower, Gulshan, Dhaka [1 p.81]. The company changed its name from Agni Systems Limited to Agni Systems PLC. with effect from 27 March 2025 [5].

In the audited FY2025 accounts, revenue was BDT 711.2m, gross profit BDT 272.1m and net profit after tax BDT 58.5m; EPS was BDT 0.81 against BDT 1.15 in FY2024 [1 p.78]. The company's own explanation for the lower EPS is the 'charge of income tax expenses of 2.88 crore of the previous year to comply with the provision of IAS 12 and IAS 8' [1 p.98]. For the year to 30 June 2026 the board approved accounts on 28 October 2026 and the company announced EPS of BDT 0.96, NAV per share of BDT 17.66 and NOCFPS of BDT 1.64 [5]. The FY2026 annual report is not yet in our corpus, so the FY2026 figures in this note are only those three DSE-announced numbers and the 2.50% cash dividend.

Results: FY2025 net profit BDT 58.5m with BDT 28.9m of prior-year tax; FY2026 EPS BDT 0.96

FY2025 profit before income tax was BDT 124.0m, up from BDT 91.4m in FY2024, but net profit after tax fell from BDT 83.3m to BDT 58.5m [1 p.78]. Current tax was BDT 65.7m in FY2025 against BDT 6.8m in FY2024. Note 26.01 builds the FY2025 charge as the higher of the tax at 20% (BDT 22.8m), turnover tax at 1% (BDT 7.4m) and minimum tax (BDT 36.5m), plus BDT 28.9m labelled 'Tax expense for previous year' and BDT 0.3m of tax on non-operating income [1 p.95]. The effective rate (current plus deferred tax over profit before tax) was 52.8% in FY2025 and 8.9% in FY2024; excluding the previous-year amount it was 29.6% (derived) [10].

Note 26.01 deducts 'Tax exempted profit' of BDT 57.3m in FY2024; in FY2025 the exempt amount was BDT 10.0m, equal to the ITES unit's pre-tax profit [1 p.95]. The FY2024 comparatives were not restated for the previous-year tax: retained earnings at 30-Jun-2024 are BDT 248.0m in both the FY2024 closing balance and the FY2025 opening balance, and NAV per share at 30-Jun-2024 is BDT 16.62 in both reports [1 p.79] [1 p.77]. The company's DSE release of 28-Oct-2025 describes the charge as 'income tax expenses of Tk. 2.88 crore of the previous year to comply with the provision of IAS 12 and IAS 8' [5].

For FY2025 the DSE releases give EPS of BDT 0.32, 0.60 and 0.16 for the first three quarters of FY2025, a nine-month total of BDT 1.08 [5]. Full-year EPS of BDT 0.81 implies a fourth-quarter loss per share of BDT 0.27 (derived: 0.81 less 1.08; no quarterly figure was published for it). In FY2026 the quarters were BDT 0.34, 0.23 and 0.25, and the derived fourth quarter BDT 0.14 (0.96 less 0.82) [5] [10]. For the second quarter of FY2025 the company said revenue included an item that 'is primarily one-time, and is non-recurring'; it did not give the amount [5].

Revenue: the ISP unit was 78.5% of FY2025 revenue; ICX fell to BDT 93.1m

Revenue is reported by unit, net of VAT, and since FY2025 net of the revenue share paid to BTRC on ICX and IPTSP. Note 21 states: 'In the previous financial year 2023–24, revenue from ICX and IPTSP were presented on gross receipt including the revenue sharing amount and revenue sharing amount was shown under cost of goods sold. But in this FS we have shown net revenue instead of showing gross revenue. Also related COGS for revenue sharing with BTRC is eleminated. There is no impact on the gross profit.' [1 p.93] The change moved FY2024 revenue from BDT 678.3m as printed in the FY2024 report to BDT 583.3m in the FY2025 report [3 p.13] [1 p.18]. No filing read states the revenue basis for FY2016-FY2023. The FY2020 report labels FY2020 'Net Operating Revenue' of BDT 355.3m [4 p.10], while the FY2024 report reprints FY2020 as BDT 474.4m [3 p.13]. Revenue and gross margin before FY2024 are therefore shown as printed, with the basis not stated; gross profit is the same in both FY2024 prints.

Unit-1 ISP revenue rose from BDT 415.5m to BDT 558.5m in FY2025 (+34.4%) and was 78.5% of the total [1 p.93] [10]. Within it, 'Revenue from Internet' was BDT 573.5m before VAT and accessories BDT 10.0m. ICX revenue after VAT and the BTRC share fell from BDT 123.3m to BDT 93.1m; the BTRC share deducted from ICX was BDT 77.2m in FY2025 and BDT 94.7m in FY2024 [1 p.93]. IPTSP revenue was BDT 11.6m and ITES BDT 48.0m [1 p.93]. The filings do not give subscriber, link or traffic numbers, so revenue cannot be split into volume and price.

In the nine months to March 2026, Unit-1 revenue rose 13.2% to BDT 469.6m, while ICX fell to BDT 67.0m from BDT 70.1m, IPTSP to BDT 6.0m from BDT 8.6m, and ITES to BDT 30.8m from BDT 41.8m [2 p.19]. Total revenue was BDT 573.3m against BDT 535.2m (+7.1%) [2 p.2]. The interim note repeats that the prior-period ICX and IPTSP revenue had been shown gross and is now shown net [2 p.19]. The company's DSE release for the first quarter said EPS 'slightly increased during the current period mainly due to increase in revenue' [5].

Costs: bandwidth purchase doubled in FY2025; 9M FY2026 employment expense rose to BDT 88.5m

Cost of Sales & Services was BDT 439.1m in FY2025 against BDT 367.6m [1 p.94]. The three largest of the fourteen lines in the note were 'Fiber lease - NTTN' (BDT 121.3m), employment expenses (BDT 113.6m) and 'Bandwidth Purchase' (BDT 100.3m, from BDT 51.5m). Bandwidth plus NTTN fibre lease was 31.2% of revenue in FY2025 and 28.7% in FY2024 [10]. Colocation expense rose from BDT 7.5m to BDT 18.0m and cost of IT support from BDT 6.2m to BDT 11.5m; licence renewal fees fell from BDT 16.3m to BDT 13.6m [1 p.94]. Payables at 30-Jun-2025 name three suppliers: Skytel Communications Ltd. (BDT 27.3m), Fiber @ Home Ltd. (BDT 5.6m) and 'Revenue sharing to BTRC' (BDT 12.9m) [1 p.92].

Operating expenses were BDT 135.0m in FY2025 against BDT 113.2m. Employment expenses in operating expenses rose from BDT 46.1m to BDT 70.4m, and the year included a BDT 3,375,500 'Impairment loss on Wimax equipment'. Separately, the inventory note lists 'WiMAX modem' of BDT 3,375,500 at 30-Jun-2024 and nil at 30-Jun-2025; the filings do not link the two lines [1 p.94] [1 p.89]. Total employment expenses across both lines were 25.9% of revenue, and total depreciation 8.0% [10]. The note on impairment says 'no facts and circumstances indicate that the company's assets may be impaired. Hence, no evaluation of recoverability of assets was performed' [1 p.88]; the same accounts carry the WiMAX impairment charge [1 p.94].

In 9M FY2026 operating expenses rose to BDT 132.8m from BDT 91.9m, and employment expenses within them to BDT 88.5m from BDT 46.6m, almost all in Unit-1 ISP (BDT 86.0m) [2 p.2] [2 p.19]. Gross margin was 39.2% against 39.0%, and net margin 10.4% against 14.7% [10]. The company's explanations on DSE were, for the half year, 'elevated operating expenses linked to the launch of a new business segment', and for nine months, 'a significant increase in operating expenses' [5]. The interim statements do not name the new segment, and the four reported units are unchanged [2 p.2].

Financial expenses were BDT 8.5m in FY2025, of which interest BDT 4.5m and bank charges BDT 4.0m [1 p.95]; lease interest of BDT 2.5m is shown inside operating expenses, not in financial expenses [1 p.94]. Workers' profit participation was BDT 6.2m, 5% of profit before it [1 p.78].

Ratios: ROE between 2.1% and 7.2% over nine years; operating cash flow above profit since FY2019

Over ten years, net profit after tax has stayed between BDT 22.2m (FY2020) and BDT 83.3m (FY2024) [4 p.10] [1 p.18]. Equity was BDT 952.6m at 30-Jun-2016 and BDT 1,229.8m at 30-Jun-2025. ROE on average equity was between 2.1% (FY2020) and 7.2% (FY2023) across FY2017-FY2025 [10]. The FY2025 figure was 4.8%. The company prints its own ROE on closing equity: 4.76% for FY2025 and 6.91% for FY2024 [1 p.18].

The EPS sequence as printed, FY2016 to FY2025, is BDT 1.08, 1.02, 1.01, 0.75, 0.31, 0.77, 1.01, 1.13, 1.15 and 0.81, and FY2026 is BDT 0.96 per the DSE release [4 p.10] [1 p.18] [5]. The FY2016-FY2018 figures are as printed in the FY2020 report, on paid-up capital of BDT 626.8m, 658.1m and 691.0m in those years against BDT 725.6m from FY2019 [4 p.10]. NAV per share, in order, was BDT 15.20, 15.07, 14.88, 14.44, 14.05, 14.62, 15.27, 15.95, 16.62 and 16.95, and BDT 17.66 at 30-Jun-2026 [4 p.10] [1 p.18] [5]. Over FY2016-FY2026 the lowest EPS was BDT 0.31 (FY2020) and the highest BDT 1.15 (FY2024); the lowest NAV per share was BDT 14.05 (30-Jun-2020) and the highest BDT 17.66 (30-Jun-2026).

NOCFPS was BDT (0.43), 0.74, 0.91, 1.56, 0.76, 1.25, 1.33, 1.38, 1.31 and 1.70 for FY2016-FY2025, and BDT 1.64 for FY2026 [4 p.10] [1 p.18] [5]. Divided by EPS, it was above 1.0x in every year from FY2019 to FY2025 [10]. Cash dividends per share were BDT 0.50 for FY2016-FY2018 (each with 5% bonus shares), 0.70, 0.20, 0.35, 0.45, 0.475, 0.48, 0.25 for FY2025 and 0.25 for FY2026; the FY2025 cash payout was 30.9% of EPS [4 p.10] [1 p.18] [5] [10].

The current ratio was 3.52x at 30-Jun-2025 and between 3.52x and 5.03x over FY2016-FY2025 [10]. Of current assets of BDT 842.3m at 30-Jun-2025, BDT 421.9m was receivables and BDT 289.4m advance income tax; cash was BDT 20.9m [1 p.77] [1 p.90].

Peers: no like-for-like listed peer; ADN Telecom shown for reference only

No listed peer with a published AnalystBro note is truly like-for-like. Agni Systems combines an ISP with an ICX licence, IP telephony and IT-enabled services [1 p.93]. ADN Telecom Limited reports its separate revenue as 'Local Services, IT Support and Service, and Export Services', and names its revenue units as 'Internet Services, Data Connectivity-IPVPN, Internet Protocol, and Telephony Services. Telehouse & Hosting Project Sales' [7 p.102]. The two companies' revenue mixes differ, so the margins below are shown side by side for reference and are not ranked. Both are FY2025 (year to 30 June 2025) figures from each company's own annual report; ADN Telecom's are its separate (company-only) figures.

ADN Telecom's auditor, Ahsan Manzur & Co., wrote: 'In our opinion, the accompanying consolidated and separate financial statements give a 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 cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994 (amended up to 2020), the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [7 p.102] On that page the basis-for-opinion paragraph is followed directly by the key audit matters, with no emphasis-of-matter paragraph. Agni Systems' auditor also gave an unmodified opinion [1 p.73].

Balance sheet: receivables 217 days of revenue, advance tax BDT 289.4m, loans BDT 20.4m (30-Jun-2025)

At 30-Jun-2025 total assets were BDT 1,492.8m: Property, Plant and Equipment BDT 611.8m, Capital Work-In-Progress BDT 20.9m, intangible assets BDT 15.8m, receivables BDT 421.9m, advances, deposits and prepayments BDT 391.2m and cash BDT 20.9m [1 p.77]. At 31-Mar-2026 total assets were BDT 1,555.0m, with receivables of BDT 419.8m, advances of BDT 422.7m and cash of BDT 40.9m; no Capital Work-In-Progress balance is shown at that date [2 p.1]. Land and land development was BDT 171.8m at cost at 30-Jun-2025, after a BDT 23.7m addition in FY2025, and internet equipment had a written-down value of BDT 218.7m [1 p.99].

Receivables at 30-Jun-2025 were BDT 421.9m, equal to 217 days of FY2025 revenue, against 269 days at 30-Jun-2024 and 200 days on annualised nine-month revenue at 31-Mar-2026 [10]. The ageing at 30-Jun-2025 was BDT 90.7m up to 1 month, 85.7m at 1 to 3 months, 88.0m at 3 to 6 months, 85.7m at 6 to 12 months and 71.8m above 1 year [1 p.89]. The note says receivables 'have been stated at their nominal value & considered good by the management', and the balance is shown with no allowance [1 p.89]. Note 36 lists the whole balance as domestic [1 p.97]. The notes state that balance confirmation letters were sent and 'partial respones has been received' [1 p.98].

Advance income tax was BDT 289.4m at 30-Jun-2025 (BDT 311.0m at 31-Mar-2026), built from tax deducted at source of BDT 37.4m in FY2025 with BDT 6.8m adjusted [1 p.90] [2 p.15]. The provision for income tax was BDT 127.1m at 30-Jun-2025 and BDT 148.9m at 31-Mar-2026 [1 p.77] [2 p.1]. Both balances are shown gross; the filings read do not show assessment years.

Loans were BDT 36.96m at 30-Jun-2024, BDT 20.40m at 30-Jun-2025 (all from IDLC Finance) and BDT 25.96m at 31-Mar-2026, when a loan from IPDC Finance PLC. of BDT 13.4m (non-current part) appeared [1 p.91] [1 p.92] [2 p.16] [2 p.17]. Lease liabilities were BDT 26.3m at 30-Jun-2025 after BDT 29.7m of additions in FY2025, and BDT 20.7m at 31-Mar-2026 [1 p.91] [2 p.16]. Note 36.03 says the company 'has no floating interest rate bearing financial liabilities' [1 p.97]. Net of cash, loans plus leases were BDT 25.8m at 30-Jun-2025 and BDT 5.7m at 31-Mar-2026 (derived) [10].

FY2025 operating cash flow was BDT 123.4m; capital spending was BDT 83.9m on property, plant and equipment and BDT 6.25m on intangible assets, and dividends paid were BDT 35.0m [1 p.80]. Operating cash flow less those two capital items was BDT 33.3m in FY2025 and BDT 11.4m in FY2024 (derived) [10]. The FY2025 intangible addition was 'OTT App-Base Calling Software' of BDT 6.25m [1 p.100]. Note 39 states: 'There has been significant capital expenditure commitment of the company as per prospectus which is not yet completed.' No amount is given [1 p.98]. The 24-month DSE news sweep (31-Oct-2024 to 31-Oct-2026) shows no board approval of a capital project [5].

Several printed figures disagree, and we state both sides. First, note 3.04 says Agni owns 25% of Songbird Telecom Limited and 50% of Skytel Communications Limited and that the investment 'is accounted for in the financial statements using the Equity Method' [1 p.84]; note 6 carries the investment at BDT 2,000,001 (an opening Tk 1 for 20,02,500 shares plus BDT 2,000,000 for 200,000 Skytel shares), and the income statement shows no share of associates' profit or loss [1 p.88] [1 p.78]. Second, the related-party table shows 'Bandwidth Expense' with Skytel of BDT 112,740,380 for the year [1 p.85]; the payables note shows BDT 112,740,380 as 'Payment during the year' to Skytel and BDT 98,973,000 as 'Addition during the year' [1 p.92]. Third, the cash-flow line 'Repayment against long term borrowings' is printed as an inflow of BDT 983,817 for FY2025 [1 p.80], while loans on the balance sheet fell from BDT 36.96m to BDT 20.40m [1 p.77]. Fourth, the auditor's key audit matter says Property, Plant and Equipment of BDT 611,833,717 is '42% of total assets' [1 p.74]; on the balance sheet it is 41.0% of total assets of BDT 1,492,798,381 [1 p.77]. The same key audit matter is headed 'Valuation of consolidated Property, Plant & Equipment's', although the company presents no consolidated statements [1 p.74] [1 p.77].

Audit: unmodified FY2025 opinion with six key audit matters and no emphasis of matter

Khan Wahab Shafique Rahman & Co., Chartered Accountants (signed by Md. Abu Sina FCA, Senior Partner), dated the report 27 October 2025, the same day the board approved the accounts [1 p.76] [1 p.87]. The opinion paragraph reads, word for word from the page image: 'In our opinion, the accompanying financial statements present fairly, in all material respects of the financial position of Agni Systems PLC. as at 30 June 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.73]

The Basis for Opinion paragraph reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the 'International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in jurisdictions, and we have fulfilled our other ethical responsibilities in accordance these requirements and with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.73] The report (pages 73 to 76 of the corpus file) contains no emphasis-of-matter paragraph and no other-matter paragraph. It lists six key audit matters, quoted in full in the exhibit below with the printed spelling, including 'Please se', 'whether he items', 'on a taste basis', 'disclosers' and 'cost to cost to the the'. The receivables response ends one bullet with the word 'and' before the next bullet, as printed. No word on these pages was illegible.

Governance: seven directors, two nominated by LR Global and one by ICB; two associates are the named related parties

The annual report lists seven directors at 30-Jun-2025, as printed: Mr. Reaz Islam (Chairman- Nominated by LR Global Bangladesh Asset Management Company Ltd.); Barrister Muhammad Omar Soeb Chowdhury (Director- Nominated by LR Global Bangladesh Asset Management Company Ltd.); Mr. Mohammed Abdus Salam (Managing Director; 5,321,070 shares); Mr. Zia Shamsi (Director, reappointed 31-12-2024; 1,452,931 shares); Mr. Md. Mofizur Rahman (Director- Nominated by Investment Corporation of Bangladesh (ICB), reappointed 31-12-2024; 8,516,865 shares); Ms. Marufa Ismat (Independent Director, appointed 18-11-2024; Nil) and Mr. Mohammad Rafiqul Islam (Independent Director, appointed 24-12-2024; Nil). The two LR Global nominees are shown against a combined 64,97,495 shares [1 p.85]. On 12-Mar-2026 the company told DSE that the board had appointed Ms. Marufa Ismat as Chairman [5], and the 31-Mar-2026 statements are signed by her as Chairman [2 p.2].

Directors' other interests, as printed: Mr. Reaz Islam, Chief Investment Officer of LR Global Bangladesh Asset Management Company Limited; Mr. Mohammed Abdus Salam, Chairman of Songbird Telecom Ltd; Mr. Zia Shamsi, 'Director- Representative of Agni Systems PLC.' at Songbird Telecom Ltd; Mr. Md. Mofizur Rahman, General Manager of ICB; Barrister Muhammad Omar Soeb Chowdhury, Deputy Head (Legal & Compliance) of LR Global; Ms. Marufa Ismat, Consultant at Infrastructure Investment Facilitation Company (IIFC); Mr. Mohammad Rafiqul Islam, Managing Director of CSL Software Resources Ltd. [1 p.85]

The audit committee at 30-Jun-2025, as printed: Ms. Marufa Ismat (Independent Director; Chairman), Mr. Reaz Islam (Chairman; Member), Mr. Md. Mofizur Rahman (Director; Member) and Barrister Muhammad Omar Soeb Chowdhury (Director; Member) [1 p.86]. Key management personnel and their FY2025 short-term employee benefits, as printed: Mr. Mohammed Abdus Salam, Managing Director, BDT 5,304,000; Mr. Zia Shamsi, Director, BDT 5,708,625; Mr. Al Helal Md. Moudud Ahammed FCS, Company Secretary, BDT 1,072,500; Mr. Md. Shaiful Islam FCA, Chief Financial Officer, BDT 2,990,000; Mr. Md. Sumon Sawdagar, Head of Internal Audit (Acting), BDT 875,277; Mr. Mohammad Hasanuz Zaman, CTO., BDT 2,717,000 [1 p.86]. Board meeting fees were BDT 572,000 in FY2025 [1 p.94].

Related-party transactions for FY2025, as printed per named party: Songbird Telecom Limited (Associate), 12 transactions, 'Administrative Expenses' BDT 3,644,943; Skytel Communications Limited (Associate), 16 transactions, 'Bandwidth Expense' BDT 112,740,380 [1 p.85]. Note 43 says the company 'has no other related party transaction except IIG operation with Skytel Communications Ltd. and IGW operation with Songbird Telecom Ltd.' [1 p.98]. The Skytel payable was BDT 27,306,496 at 30-Jun-2025 and BDT 14,123,532 at 31-Mar-2026 [1 p.92] [2 p.17].

At 30-Jun-2025 Promoters held 30.03% (32.34% a year earlier), Institution (Local) 12.01% (9.52%), General Public 57.55% (57.91%) and Non-Resident 0.41% (0.23%) [1 p.90]. The directors' holdings listed above sum to 21,788,361 shares, 30.03% of 72,556,192 shares (derived) [1 p.85]. Bangladesh Rating Agency Limited rated the company A+ long term with a Stable outlook in both posts read: short term ST-3 (DSE post 1-Dec-2024) and ST-2 (DSE post 27-Nov-2025) [5]. The 24-month DSE sweep contains no post titled as a correction; one post changed the time, not the date, of the 25-Nov-2024 board meeting [5].

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

The FY2026 accounts were approved by the board on 28-Oct-2026 and the results posted on 29-Oct-2026; the FY2025 accounts were approved on 27-Oct-2025 and the FY2024 accounts on 25-Nov-2024 [5]. They are not overdue. The FY2026 annual report itself is not yet in our corpus. Already-announced items are in the results section; the table below lists only dated items after 31-Oct-2026. The first-quarter FY2027 board meeting has not been notified on DSE as of 31-Oct-2026. The range given is inferred from the two first-quarter board-meeting dates in the sweep, 25-Nov-2024 and 10-Nov-2025 [5]; it rests on two years.

Bangladesh's graduation from least-developed-country status was moved from 24-Nov-2026 to 24-Nov-2029 by the UN General Assembly on 29-Oct-2026 in New York (30-Oct-2026 in Dhaka), as reported by The Daily Star and The Business Standard [8] [9]. The filings read do not link any Agni Systems line item to it.

Risks: receivables, tax balances, operating costs and related-party supply

The risks below are tied to the line items they appear in, using figures already in the filings. They are not forecasts [1 p.78].

Key questions: the new segment, receivables, tax and associates

At the 29-Oct-2026 close of BDT 26.0, AGNISYSL trades at 27.1x FY2026 EPS of BDT 0.96, 1.47x NAV per share of BDT 17.66 and a 1.0% dividend yield on the FY2026 cash dividend [6] [5]. Market capitalisation was BDT 1.89bn. These are facts about the price, not a view on it.

FAQ

What does Agni Systems do?

It runs four units: an internet service provider (78.5% of FY2025 revenue), an ICX interconnection exchange, IP telephony (IPTSP) and IT-enabled services [1 p.93].

What were Agni Systems' FY2026 results?

The company announced EPS of BDT 0.96, NAV per share of BDT 17.66 and NOCFPS of BDT 1.64 for the year to 30-Jun-2026, with a 2.50% cash dividend [5].

Why did FY2025 EPS fall to BDT 0.81?

The company attributes it to 'charge of income tax expenses of 2.88 crore of the previous year to comply with the provision of IAS 12 and IAS 8' [1 p.98]; profit before tax rose to BDT 124.0m from BDT 91.4m [1 p.78].

How much debt does Agni Systems have?

Loans of BDT 26.0m and lease liabilities of BDT 20.7m at 31-Mar-2026, against cash of BDT 40.9m [2 p.1] [2 p.16].

Who are the related parties?

Skytel Communications Limited (bandwidth, BDT 112.7m in FY2025) and Songbird Telecom Limited (administrative expenses, BDT 3.6m), both named as associates [1 p.85].

What did the auditor say?

Khan Wahab Shafique Rahman & Co. gave an unmodified opinion on FY2025 with six key audit matters and no emphasis of matter [1 p.73] [1 p.76].

When is the next AGM?

28-Dec-2026, with a record date of 19-Nov-2026 [5].

Sources

1. Agni Systems PLC. Annual Report 2024-25 (year to 30-Jun-2025, audited; company has no subsidiaries) · link · accessed 2026-10-31
2. Agni Systems PLC. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. Agni Systems Limited Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-10-31
4. Agni Systems Limited Annual Report 2019-20 (five-year data FY2016-FY2020) · link · accessed 2026-10-31
5. Dhaka Stock Exchange news archive for AGNISYSL, 31-Oct-2024 to 31-Oct-2026 (company disclosures) · link · accessed 2026-10-31
6. AnalystBro chart_bars, DSE:AGNISYSL daily closes to 1-Nov-2026 · link · accessed 2026-10-31
7. ADN Telecom Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
8. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
9. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
10. AnalystBro model for this note (model.xlsx; ratios recalculated from the filings above) · link · accessed 2026-10-31