Alltex Industries financial analysis: qualified audit, rescheduled bank loans and 1% plant use (Oct 2026)

Investment considerations: a qualified audit, BDT 3,075m of rescheduled bank loans and a plant used at about 1%

Alltex Industries Limited dyes, prints and finishes gray fabric for home-textile products at a factory at Alltex Industrial Park, Ariabo, Barpa, Rupganj, Narayanganj. The notes describe it as "an export oriented industry of dyeing, finishing and printing of gray fabrics towards making of Home Textile products and selling theirof" [1 p.15]. It was incorporated on 24-Jan-1985, became a public company on 25-Oct-1994 and listed on the Dhaka Stock Exchange on 31-Aug-1996 [1 p.15]. It sits in the DSE's Z category [18]. The company holds 19.499% of an unlisted gray-fabric maker, Alltex Fabrics Limited, which it accounts for as an associate; all figures in this note are the company's own statements [1 p.22].

Five facts from the filings frame the company. First, turnover was BDT 379.5m in FY2025 and ranged from BDT 165.0m to BDT 770.8m in FY2019-FY2025 [1 p.12] [25]. Second, FY2025 production of 668,314 sq m was 1.11% of a stated capacity of 60,000,000 sq m [1 p.37]. Third, bank loans of BDT 3,075.2m at 30-Jun-2025 were 2.22 times equity, and 93.4% of them sat in current liabilities as overdue or current instalments [1 p.11] [1 p.30] [25]. Fourth, the auditor, Islam Quazi Shafique & Co., gave a qualified opinion with a going-concern basis paragraph [1 p.3]. Fifth, FY2026 EPS was BDT 0.27, NAV per share BDT 25.00 and NOCFPS BDT 1.66, as announced on the DSE on 29-Oct-2026; the FY2026 annual report is not in the corpus at 1-Nov-2026 [17].

Business model: a local-market dyeing and printing mill that produced 1.11% of its stated capacity in FY2025

The company processes gray fabric, its "main raw material", into dyed and printed fabric and home-textile items [1 p.5] [1 p.22]. The FY2024 annual report lists its products as printed and dyed bed sheets, duvet covers, flat and fitted sheets, valances, curtains, pelmets, comforter shells and pillow cases, and says the company operates one segment of household textile items from a single unit [2 p.12]. Turnover has two lines: sale of dyed finished fabrics and dyeing and printing charges, the latter being work done on fabric owned by others [1 p.33]. Dyeing and printing charges were 26.3% of FY2025 turnover against 17.8% in FY2024 [25].

There were no export sales in FY2025. The auditor's second emphasis of matter reads: "We observed that the company has no Export sales during the financial year and Local sales Taka 379,519,651 and Total sales Taka 379,519,651 for the year ended June 30, 2025" [1 p.5]. The FY2024 emphasis of matter made the same observation for FY2024 [2 p.63]. The directors' FY2024 report describes the US, European and Australian markets as existing markets and names Canada, Japan and Brazil as targets [2 p.10].

Capacity and use. The capacity note gives a production capacity of 60,000,000 sq m and actual production of 668,314 sq m in FY2025 (641,366 sq m in FY2024), "1.11%" and "1.07%" of capacity [1 p.37]. Turnover per sq m produced was BDT 568 in FY2025 against BDT 582 in FY2024 (derived; turnover includes processing charges and is not split by sq m) [25]. The FY2024 board described the cause in its own words: "Due to lack of sufficient and uninterrupted gas supply and the nationwide severe gas crisis, company's production as well sales had seriously been affected. Company management was compelled to run the factory at a substantially reduced capacity" [2 p.15]. Employees numbered 130 at the end of FY2025 against 91 a year earlier [1 p.37].

Gray fabric and the associate. The note on the associate says Alltex Fabrics Limited's production facility "was established to facilitate and ensure uninterrupted gray fabric supply to Alltex Industries Limited" [1 p.22]. Alltex Fabrics reported no revenue in FY2025 or FY2024 and a loss of BDT 5.56m in FY2025; Alltex's share of the loss was BDT 2.40m [1 p.22]. The related-party note states that the company "did not carry out transactions with related parties in the normal course of business during the year" [1 p.36]. Gray fabric bought in FY2025 was BDT 100.6m, and closing gray fabric stock rose from BDT 3.7m to BDT 23.0m [1 p.33].

Diversification plans in the filings. The notes say the company has High Court permission to manufacture and export footwear, has registered with BIDA, and "hope to obtain bond license very soon"; they also say it "is in the process of establishing a footwear project as well as a knit undergarment manufacturing project" [1 p.15]. The FY2024 directors' report says the footwear decision was suspended "for the moment" [2 p.11]. The board's October 2024 business plan lists six items: overhaul the gas line, set up an economizer, acquire the rest of the dyeing and finishing machinery for knit fabric ("12 MT per day (3,600 MT annually) with a potential increase of annual turnover by BDT 190 Crore approximately"), a non-gas production unit, fresh funds through an investment company, and a consultant to find a buyer or investment partner [2 p.15]. Capital work-in-progress rose from BDT 0.1m at June 2025 to BDT 99.3m at March 2026 [5 p.1]. Our sweep of DSE news from 6-Nov-2024 to 29-Oct-2026 found no board-approval disclosure for capital expenditure or expansion [17].

History: losses in 6 of 7 years, a profit in FY2022 and financial expenses that fell in FY2024

The seven-year record has two phases. FY2019 to FY2021 were years of gross losses: gross margin was -61.6%, -63.2% and -30.8%, and the net loss was BDT 361.3m, BDT 306.4m and BDT 284.3m [4 p.64] [3 p.64] [25]. In FY2022 turnover rose 285.4% to BDT 770.8m and gross margin was 42.7%; the company reported profit after tax of BDT 11.1m and paid a 1% interim cash dividend to shareholders other than sponsors and directors (ICB included) [3 p.64] [5 p.8]. Turnover then fell to BDT 400.0m in FY2023 and BDT 373.1m in FY2024 and was BDT 379.5m in FY2025 [2 p.69] [1 p.12].

Financial expenses. From FY2019 to FY2023 they were BDT 219.6m to BDT 271.9m a year, between 33.7% and 133.0% of turnover [25]. In FY2024 they were BDT 60.7m. The FY2024 directors' report gives the company's explanation: "as a matter of understanding with Sonali Bank PLC, the bank has suspended charging interest on its loan and negotiation is going on for One Time Exit facility" [2 p.19]. The FY2025 auditor states that Sonali Bank "did not charge interest on loan from 01 July 2024 to 30 June 2025 as per bank statements" and that interest at the sanctioned 10% would have been about BDT 227.5m [1 p.4].

Recomputed across FY2019-FY2025: the lowest turnover was FY2020 (BDT 165.0m) and the highest FY2022 (BDT 770.8m); the lowest gross margin was FY2020 (-63.2%) and the highest FY2022 (42.7%); FY2022 reported a profit after tax of BDT 11.1m; FY2019-FY2021 and FY2023-FY2025 reported losses [25]. EPS as printed moved from BDT -6.45 (FY2019, restated) to BDT -0.18 (FY2025) [4 p.64] [1 p.12]. The FY2020 report restated FY2019 to apply the equity method to the associate [4 p.65].

Line items: processing charges up, gas down, and financial expenses set by the 2025 rescheduling

Turnover. Fabric sales fell from BDT 306.5m to BDT 279.6m in FY2025 and dyeing and printing charges rose from BDT 66.5m to BDT 99.9m, for a total of BDT 379.5m, 1.7% above FY2024 [1 p.33] [25]. The filings give no price per metre, no customer list and no split between home-textile items and fabric. In the nine months to March 2026 turnover was BDT 523.2m against BDT 252.7m; the company's explanation is that "Company management's relentless efforts increased turnover and decreased percentage of cost of goods sold" [5 p.2] [5 p.5].

Cost of goods sold. FY2025 cost of production of BDT 257.3m comprised raw material consumed of BDT 120.5m (gray fabric 81.4m, dyes and chemicals 28.6m), factory wages of BDT 16.2m and manufacturing overhead of BDT 120.6m [1 p.33]. Depreciation of BDT 70.5m inside manufacturing overhead was 27.4% of cost of production [25]. The auditor's first emphasis of matter notes that gray fabric consumed "is 21% on sales value" [1 p.5]. Total depreciation charged was BDT 72.3m in FY2025 [1 p.20]; the plant is carried at BDT 3,525.2m, of which land and land development is BDT 2,188.2m at its June 2024 revalued amount [1 p.20].

Energy. The gas bill was BDT 36.7m in FY2025 against BDT 54.6m in FY2024, and the electricity bill BDT 11.0m against BDT 4.8m [1 p.33]. Gas plus electricity was 12.6% of turnover against 15.9%, or BDT 71 per sq m produced against BDT 93 (derived) [25]. The company's explanation for the half-year and nine-month FY2025 results on the DSE was that it "installed gas economizer and consequently company's power cost has been decreased significantly" [17]. A Titas Gas bill of BDT 69.294m is shown as a contingent liability; the High Court has stayed the demand until the hearing ends [1 p.37].

Administrative expenses rose from BDT 26.8m to BDT 50.9m in FY2025. The note shows a write-off of advances, deposits and prepayments of BDT 20.4m, an allowance for bad debts of BDT 5.1m and legal and professional fees of BDT 2.2m [1 p.34]. The company says EPS "has been decreased significantly comparing to last year due to write off of advances, deposits & pre-payments" [1 p.35]; the write-off note says that sufficient evidence "is not available to the company" in support of those balances [1 p.39]. The bad-debt allowance follows a stated policy of 1% of the receivable balance "irrespective of its ageing" [1 p.23].

Financial expenses and the 2025 rescheduling. FY2025 financial expenses of BDT 73.8m were almost all interest on the ONE Bank term loan (BDT 74.6m); the Sonali demand loan and LTR carried no interest charge and the Prime Bank loan BDT 470 [1 p.35]. The notes describe a Bangladesh Bank decision of 25-Aug-2025 and a letter of 24-Sep-2025 that re-fixed the loans at BDT 229.43 crore at Sonali Bank, BDT 17.00 crore at Prime Bank and BDT 55.00 crore at ONE Bank "after waiver of interest" [1 p.39] [1 p.40]. In the nine months to March 2026 financial expenses were BDT 152.5m against BDT 66.0m; the company states the rise followed "rescheduling and regularization of bank loans" and that in the earlier period Sonali Bank and Prime Bank "did not charge interest in loan account statements" [5 p.2] [5 p.5].

Tax. Current tax is the higher of 12% of taxable income, 1% of gross receipts, or tax deducted at source; in FY2025 the 1% minimum on gross receipts applied, at BDT 1.73m [1 p.35]. Prior-year tax under-provision of BDT 48.4m was charged to retained earnings after assessments up to AY 2021-2022 [1 p.39]. Deferred tax nets BDT 181.6m of unused tax losses against the liability on the revaluation surplus [1 p.29].

Ratios: coverage of 0.91x, receivables at 468 days and interest mostly unpaid in cash

Margins. Operating margin was 17.7% in FY2025 and 16.6% in FY2024, against 37.8% in FY2022 [25]. Administrative expenses were 13.4% of FY2025 turnover against 7.2% [25]. Net margin was -2.7% in FY2025 [25].

Coverage and leverage. Operating profit covered financial expenses 0.91 times in FY2025, 1.02 times in FY2024 and 1.12 times in FY2022; it was below zero in FY2019-FY2021 [25]. Bank loans were 2.22 times equity at June 2025 against 11.10 times at June 2023. Equity rose by BDT 1,078.3m and loans fell by BDT 340.9m between June 2023 and June 2025 [25]. Bank loans were 66.4% of total assets [25]. The auditor's third emphasis of matter puts the "loan fund" at 69% of "total fund" [1 p.5].

Cash conversion. Operating cash flow was 24.1% of turnover in FY2025 and 17.8% in FY2024 [25]. Interest paid in cash was a small share of the interest charged: 0.1% in FY2025, 8.4% in FY2024 and 14.1% in FY2023 (payment of financial expenses / financial expenses charged) [25]. In the nine months of FY2026 the company paid BDT 28.1m of financial expenses against BDT 152.5m charged [5 p.4] [5 p.2].

Working capital. Receivables were 468 days of turnover at June 2025 against 428 at June 2024 and 185 at June 2022 (derived on year-end balances) [25]. Inventory was BDT 25.4m at June 2025 and BDT 85.3m at March 2026, against BDT 558.5m at June 2019 [1 p.11] [5 p.1] [4 p.63].

Balance sheet and audit: BDT 3,075.2m of loans, eleven qualification paragraphs and equity built from revaluation and interest adjustments

Bank loans by lender. At 30-Jun-2025 the books showed BDT 2,275.2m owed to Sonali Bank (demand loan, ETP project loan and LTR, all overdue), BDT 172.0m to Prime Bank and BDT 628.0m to ONE Bank, a total of BDT 3,075.2m [1 p.30] [25]. Sonali Bank was 74.0% of the total. The amounts re-fixed by Bangladesh Bank add to BDT 3,014.3m [1 p.39] [25]. At 31-Mar-2026 the unaudited balance sheet shows BDT 2,949.2m non-current and BDT 132.9m current [5 p.1]. At 30-Sep-2025, the Q1 FY2026 balance sheet showed BDT 170.5m non-current and BDT 2,956.8m current [16 p.1].

The audit opinion. The opinion paragraph reads: "In our opinion, except for the effect of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements present fairly, in all material respects, the financial position of the company as of June 30, 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.3]. The report is signed by Md. Abdur Rahman, FCA, partner, and dated 07 December 2025 [1 p.10]. The first basis paragraph reads in full: "The company has negative Retained earnings of Taka (862,379,941) as on June 30, 2025. And the company has failed to pay the loan installment in due time and also the loan amount Taka 3,075,249,747 was treated as bad and loss and this loan was unpaid till long times. The company could not arrange any funds to repay the loan. These events or conditions, along with other matters indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern." [1 p.3]

The management position differs. Note 02.01.1 (Going concern assumption) states: "As per management assessment there is no material uncertainties related to events or conditions which may cast significant doubt upon the Company's ability to continue as a going concern though there is some adverse results reflected in various indications of financial position and performance of the company" [1 p.15]. The FY2024 directors' report included the statement "There was no significant doubt upon the company's ability to continue as a going concern" in the same report in which it reproduced the auditor's FY2024 going-concern qualification [2 p.19] [2 p.15].

Scale of the quantified items. Paragraphs 2 to 5 put figures on four items: BDT 332.8m (interest waiver not confirmed), BDT 682.7m (Prime Bank difference), BDT 15.6m (ONE Bank difference) and about BDT 227.5m (Sonali interest not charged). Their sum is BDT 1,258.7m (derived; the auditor does not add them up), against reported equity of BDT 1,386.1m at June 2025 [1 p.3] [1 p.4] [25]. The three emphasis-of-matter paragraphs are quoted in full in the next exhibit [1 p.5]. The key audit matters are revenue recognition, the carrying value of property, plant and equipment (BDT 3,525,223,214) and long-term loans from Sonali Bank, Prime Bank and One Bank [1 p.6] [1 p.7].

The FY2024 report, signed on 29-Oct-2024, was also qualified, on eleven grounds [2 p.61] [2 p.62]. Its Sonali Bank paragraph puts the loan at Taka 2,617,878,759 in the books and Taka 2,285,057,711 in the bank statement; the difference is Taka 332,821,048 (arithmetic), the same figure as the FY2025 interest waiver of Taka 332,821,048 [2 p.62] [1 p.3]. The FY2024 third emphasis of matter put the loan fund at 76% of total fund [2 p.63].

Equity and NAV. Equity rose from BDT 307.8m at June 2023 to BDT 1,386.1m at June 2025 and BDT 1,494.7m at March 2026 [2 p.68] [1 p.11] [5 p.1]. Profit and loss contributed BDT -0.8m, BDT -10.2m and BDT 1.6m over the three periods; the rest came from a BDT 716.6m net revaluation of land as of 30-Jun-2024 by A. Qasem & Co. and prior-year interest adjustments of BDT 91.2m, BDT 332.8m and BDT 107.0m [1 p.13] [1 p.20] [5 p.3] [25]. The company's NAV note says NAV "has been significantly increased comparing to last year due to prior years' adjustments of bank loans" [1 p.35]. NAV per share excluding the revaluation surplus was BDT -5.41 at June 2025 and BDT -3.47 at March 2026 (derived) [25].

Receivables and cash. Gross receivables of BDT 508.2m at June 2025 were BDT 214.9m below six months and BDT 293.2m above six months [1 p.23]. Management states the balance "is considered good" and "there is no uncertainty about realization" [1 p.23]. Two bank accounts at Sonali Bank with BDT 3.2m are dormant and "not readily usable" [1 p.24]. A bank-guarantee contingent liability of BDT 28.25m sits beside the Titas Gas claim [1 p.37].

Latest results: nine-month turnover of BDT 523.2m and FY2026 EPS of BDT 0.27

Nine months to March 2026 (un-audited). Turnover was BDT 523.2m, gross margin 35.2% against 33.1%, financial expenses BDT 152.5m and profit after tax BDT 1.6m; EPS was BDT 0.03 against BDT -0.14 [5 p.2]. The third quarter alone showed turnover of BDT 161.2m, gross margin 22.0% and a loss of BDT 0.67m [5 p.2]. Current tax was BDT 2.76m for nine months (read from the page image) [5 p.2].

FY2026 as announced. On 29-Oct-2026 the DSE published the board's recommendation of a 1.00% cash dividend for FY2026 with EPS of BDT 0.27, NAV per share of BDT 25.00 and NOCFPS of BDT 1.66, against BDT (0.18), BDT 24.77 and BDT 1.63 for FY2025 [17]. Fourth-quarter EPS implied by the annual and nine-month figures is BDT 0.24 (0.27 less 0.03; derived). NAV per share at June 2026 (BDT 25.00) is below the BDT 26.71 printed at March 2026; neither the DSE post nor any filing in the corpus at 1-Nov-2026 explains the difference [17] [5 p.1]. The FY2026 audited statements, including the audit opinion, are not in the corpus at 1-Nov-2026.

Peers: financial expenses at 19.4% of turnover against 0.3%-7.4% at three listed textile companies

The comparison uses three listed textile companies with published AnalystBro notes, each on its own FY2025 company statements (year to 30 June 2025). Argon Denims describes its fabric as "sold to different export oriented RMG factories through the nomination of ultimate foreign buyers" [19 p.12]; Envoy Textiles calls itself "a manufacturer of 100% export-oriented denim fabric" with its own spinning unit [20 p.10]; Hwa Well Textiles is "a 100% export-oriented, backward-linkage textile manufacturer specializing in a wide range of knitted fabrics" [21 p.24]. They are different businesses from a home-textile dyeing and printing mill, and the table places their printed figures side by side without ranking them. Turnover was BDT 379.5m at Alltex, BDT 1,507.4m at Hwa Well, BDT 5,621.6m at Argon and BDT 18,624.8m at Envoy [25].

Financial expenses were 19.4% of turnover at Alltex, 1.9% at Argon, 7.4% at Envoy and 0.3% at Hwa Well [25]. Bank loans were 2.22x equity at Alltex, 0.86x at Argon and 1.18x at Envoy; Hwa Well had no bank loans [25]. Alltex reported a loss for FY2025 and the three peers reported profits [25].

Governance and dividends: a reconstituted board, no dividend for three years and a 1% cash dividend for FY2026

Ownership. At 30-Jun-2025 sponsors and directors held 38.349% (21,463,226 shares), institutions 8.473% and the general public 53.178% [1 p.25]. The DSE page shows 36.25%, 15.23% and 48.52% at 30-Sep-2026 [18]. The FY2024 pattern of shareholding lists Bangladesh Chemical Complex (Pvt.) Limited with 5,996,448 shares (10.714%), Bastu Shilpi Limited 5,160,606 (9.220%), ICB Unit Fund 2,511,600 (4.488%), Bastu Shilpi Corporation Limited 2,322,672 (4.150%), and Alltex Fabrics Limited and Alltex Dyeing, Finishing & Printing Mills Limited 1,553,112 each (2.775%) [2 p.23]. Individual directors held 1,567,104 (Engr. Afsar Uddin Ahmad), 937,464 (Mrs. Hasna Ahmad), 629,640 (Mr. Fahim Uddin Ahmad Arif) and 567,842 shares (Mr. Imtiaz Uddin Ahmad Asif) [2 p.23].

Board. Under BSEC Order No. SEC/CMRRCD/2009-193/74 (R) of 18-Feb-2024, the board met on 25-Apr-2024 and reconstituted itself with five shareholder directors and three independent directors [2 p.13]. On 29-Oct-2024 the board accepted Mr. Imtiaz Uddin Ahmad Asif's resignation as Managing Director and approved Mr. Fahim Uddin Ahmad Arif as Managing Director for five years, subject to shareholder approval [2 p.14]. The FY2025 notes record eight board meetings, no remuneration to directors, and that "The Chairperson and the Managing Director have foregone their respective remunerations and allowances for the whole year" [1 p.36]. On 3-Jun-2025 the board was reconstituted again "by appointing a female independent director as per direction of the Bangladesh Securities and Exchange Commission (BSEC)", adding Mrs. Jebun Nessa Momtaz; the list printed names Engr. Afsar Uddin Ahmad (Chairperson), Mr. Fahim Uddin Ahmad Arif (Managing Director), Mrs. Hasna Ahmad, Mr. Imtiaz Uddin Ahmad Asif, Mr. Md. Habibur Rahman (ICB nominee), Mr. Shaid Rezaus Sarwer, Mr. Khalilur Rahman and Mrs. Jebun Nessa Momtaz [8 p.13]. The same page states that Investment Corporation of Bangladesh "withdrew their nominated director Mr. Md. Habibur Rahman from the Board of Directors of Alltex Industries Limited on October 14, 2025" [8 p.13]. The FY2025 attendance annexure lists nine directors and eight meetings, and includes Mr. Mizanur Rahman, who is not in the 3-Jun-2025 reconstitution list [8 p.21] [8 p.13].

Corporate-governance compliance reports. Both annexures were read page by page from the images (AR2024 p.36-50; FY2025 report p.37-53). No condition carries a tick in the "Not complied" column alone in either year. In both years conditions 3(3)(c) (CEO/CFO certification disclosed in the annual report) and 5(3)(c) (audit committee chair at the AGM) carry ticks in both the "Complied" and "Not complied" columns, and condition 3(1)(c) carries the remark "Complied except MD or CEO" [2 p.43] [2 p.44] [2 p.45] [8 p.45] [8 p.46] [8 p.47]. Condition 1(5)(xvii), the statement that there is no significant doubt on going concern, is ticked "Complied" with the remark that the statement is given in note 02.01.01 [2 p.40] [8 p.41]. The board-size remark reads "Board size is 8 (Seven) including 3 (Two) independent directors" for FY2024 and "Board size is 7 (Seven) including 3 (Three) independent directors" for FY2025 [2 p.37] [8 p.38]; the FY2025 attendance table lists nine directors [8 p.21]. The compliance auditor, M M Yasin, Chartered Accountants, reported that the company complied "except as stated in the remarks column" and that "The Governance of the company is satisfactory" [2 p.36] [8 p.37].

Dividends. The DSE lists cash dividends of 1% for 2022, 4% for 2015 and 2.5% for 2008, and stock dividends of 6% (2015), 10% (2014) and 20% (1997) [18]. No dividend was declared for FY2023, FY2024 or FY2025 [2 p.13] [17]. For FY2026 the board recommended a 1.00% cash dividend, BDT 0.10 a share, equal to 37.0% of FY2026 EPS [17] [25]; retained earnings were BDT -753.8m at 31-Mar-2026 [5 p.1].

DSE news, 6-Nov-2024 to 29-Oct-2026. The archive contains quarterly results, two auditor-opinion notices ("Qualified Opinion" for FY2024 on 1-Dec-2024; "Qualified Opinion and Emphasis of Matters" for FY2025 on 8-Jan-2026), an ARGUS Credit Rating Services rating of BBB- long term and ST-3 short term with a negative outlook (12-Jan-2026), High Court condonation of the delay in the FY2025 AGM and a 41st AGM date of 18-Jun-2026 (posted 16-Apr-2026), and a 9-Aug-2026 reply to a DSE query that there was "no undisclosed price sensitive information" behind an "unusual price hike and increase in trading volume" [17]. The DSE page records the last AGM as held on 18-06-2026 [18]. We found no disclosure of a capital-expenditure approval, share issue, or sale of the company in the period [17].

What's next: the 22-Nov-2026 record date, the 24-Dec-2026 AGM and Q1 FY2027 accounts

Dated items after 31-Oct-2026. Inferred dates use all precedents found (board-meeting dates from DSE notices and signing dates on older quarterly statements) and are labelled; no board date for the Q1 FY2027 accounts had been notified on the DSE by 29-Oct-2026 [17]. Q1 precedents: statements dated 9-Dec-2020 (Q1 FY2021), 10-Nov-2022 (Q1 FY2023), 8-Nov-2023 (Q1 FY2024), 12-Nov-2024 (Q1 FY2025, also the board date) and 30-Dec-2025 (Q1 FY2026) [9 p.1] [6 p.1] [12 p.1] [14 p.1] [16 p.1] [17]. Q2 precedents: 26-Jan-2021, 31-Jan-2022, 31-Jan-2023, 30-Jan-2024, 30-Jan-2025 and 29-Jan-2026 [10 p.1] [11 p.1] [7 p.1] [13 p.1] [15 p.1] [17]. The FY2026 annual accounts (board 28-Oct-2026) came out earlier in the calendar than the FY2024 accounts (authorised 29-Oct-2024) and the FY2025 accounts (authorised 7-Dec-2025) [2 p.68] [1 p.11] [17].

Items without a date in the filings: the High Court hearing on the Titas Gas demand of BDT 69.294m [1 p.37]; the sanction letters that the notes say "The banks are now in the process of issuing" under the Bangladesh Bank decision [1 p.40]; the footwear bond licence and the knit-fabric machinery [1 p.15] [2 p.15]. The FY2025 report had no export sales [1 p.5], and the filings do not link the LDC date to any line item.

Risks: going concern, disputed interest, gas and receivables

Each risk below is tied to the line it moves, with FY2025 or nine-month FY2026 figures for scale.

Scale against equity: bank loans of BDT 3,082.1m at March 2026 equal 2.06 times equity [5 p.1] [25]; the sum of the auditor-quantified amounts equals 90.8% of June 2025 equity (derived) [25]; and the revaluation surplus of BDT 1,688.8m equals 121.8% of June 2025 equity [1 p.11] [25].

Key questions: the FY2026 opinion, the sanction letters and the NAV change

The shareholder-return question in one line: FY2026 EPS of BDT 0.27 and a BDT 0.10 cash dividend came after a nine-month period in which financial expenses were 29.1% of turnover, with bank loans of BDT 3,082.1m at March 2026 [17] [5 p.2] [25].

FAQ

What does Alltex Industries do?

It dyes, prints and finishes gray fabric for home-textile products at Rupganj, Narayanganj, and also earns dyeing and printing charges [1 p.15] [1 p.33].

When does Alltex Industries' financial year end?

On 30 June [1 p.16].

What was Alltex Industries' FY2026 EPS?

BDT 0.27, as published on the DSE on 29-Oct-2026, against BDT (0.18) for FY2025 [17].

Did Alltex Industries declare a dividend for FY2026?

Yes, a 1.00% cash dividend; record date 22-Nov-2026, AGM 24-Dec-2026 [17].

Was the FY2025 audit opinion qualified?

Yes. Islam Quazi Shafique & Co. gave a qualified opinion with a material uncertainty on going concern and three emphasis-of-matter paragraphs [1 p.3] [1 p.5].

How much does Alltex Industries owe its banks?

BDT 3,075.2m at 30-Jun-2025 in the books and BDT 3,082.1m at 31-Mar-2026 (un-audited) [1 p.11] [5 p.1].

How much of its capacity does Alltex use?

668,314 sq m in FY2025, 1.11% of a stated 60,000,000 sq m [1 p.37].

Which DSE category is Alltex Industries in?

Z [18].

Sources

1. Alltex Industries Limited, auditor's report and financial statements for the year ended 30-Jun-2025 (FY2025) · link · accessed 2026-11-02
2. Alltex Industries Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-02
3. Alltex Industries Limited Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-11-02
4. Alltex Industries Limited Annual Report 2019-2020 (year to 30-Jun-2020) · link · accessed 2026-11-02
5. Alltex Industries Limited un-audited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-11-02
6. Alltex Industries Limited un-audited statements, three months to 30-Sep-2022 (Q1 FY2023; corpus key ALLTEX_QUARTERLY_Q1_2022) · link · accessed 2026-11-02
7. Alltex Industries Limited un-audited statements, six months to 31-Dec-2022 (Q2 FY2023; corpus key ALLTEX_QUARTERLY_Q2_2022) · link · accessed 2026-11-02
8. Alltex Industries Limited Annual Report 2024-2025, full report incl. directors' report and governance annexures (year to 30-Jun-2025; corpus key ALLTEX_ANNUAL_2025_2, read from page images) · link · accessed 2026-11-02
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11. Alltex Industries Limited statements, six months to 31-Dec-2021 (Q2 FY2022; corpus key ALLTEX_QUARTERLY_Q2_2021) · link · accessed 2026-11-02
12. Alltex Industries Limited un-audited statements, three months to 30-Sep-2023 (Q1 FY2024; corpus key ALLTEX_QUARTERLY_Q1_2023) · link · accessed 2026-11-02
13. Alltex Industries Limited un-audited statements, six months to 31-Dec-2023 (Q2 FY2024; corpus key ALLTEX_QUARTERLY_Q2_2023) · link · accessed 2026-11-02
14. Alltex Industries Limited un-audited statements, three months to 30-Sep-2024 (Q1 FY2025; corpus key ALLTEX_QUARTERLY_Q1_2024) · link · accessed 2026-11-02
15. Alltex Industries Limited un-audited statements, six months to 31-Dec-2024 (Q2 FY2025; corpus key ALLTEX_QUARTERLY_Q2_2024) · link · accessed 2026-11-02
16. Alltex Industries Limited un-audited statements, three months to 30-Sep-2025 (Q1 FY2026; corpus key ALLTEX_QUARTERLY_Q1_2025, read from page image) · link · accessed 2026-11-02
17. Dhaka Stock Exchange news archive for ALLTEX (company disclosures 6-Nov-2024 to 29-Oct-2026: results, dividends, board meetings, audit opinions, credit rating, AGM, query response), accessed 2-Nov-2026 · link · accessed 2026-11-02
18. Dhaka Stock Exchange, Alltex Industries Ltd. company page (category, shareholding to 30-Sep-2026, dividend history, last AGM, 52-week range), accessed 2-Nov-2026 · link · accessed 2026-11-02
19. Argon Denims Limited Annual Report 2024-25 (year to 30-Jun-2025, company) · link · accessed 2026-11-02
20. Envoy Textiles Limited Annual Report 2025 (year to 30-Jun-2025, company) · link · accessed 2026-11-02
21. Hwa Well Textiles (BD) PLC Annual Report 2024-2025 (year to 30-Jun-2025, company) · link · accessed 2026-11-02
22. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
23. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
24. AnalystBro price data (TradingView feed): DSE:ALLTEX daily bars to 29-Oct-2026 · link · accessed 2026-11-02
25. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02