Aman Feed financial analysis: 10.8% gross margin, BDT 5.7bn loans, FY2026 EPS BDT 0.24 (Oct 2026)

Investment considerations: BDT 9.6bn of feed sales, a 10.8% gross margin, BDT 5.7bn of bank loans and EPS of BDT 0.24

Aman Feed PLC makes pelleted poultry feed, fish feed and cattle feed at one factory at Singhagati, Ullapara, Sirajganj [3 p.5]. Four individuals, Md. Rafiqul Islam (chairman), Md. Shofiqul Islam (managing director), Md. Toufiqul Islam and Md. Toriqul Islam, hold 61.0% between them, and three companies, Aman Agro Industries Ltd., Aman Cold Storage Ltd. and Milan Cold Storage Ltd., hold the rest of the 63.26% sponsor stake [1 p.85] [13]. The company listed in 2015 after an initial public offering of 20m shares at BDT 36 (BDT 10 par plus a BDT 26 premium) [1 p.85]. It sold 164,502 MT of feed in FY2025 for BDT 9,619m: 90,086 MT of broiler feed, 38,144 MT of layer feed, 19,580 MT of fish feed and 16,693 MT of cattle feed [1 p.87] [1 p.88].

The business is a commodity processor. About 95% of cost of sales is raw materials (BDT 8,108m of BDT 8,581m in FY2025), mainly maize and soyabean meal [1 p.88], so profit depends on the gap between the feed price and the grain price, and on how much of that gap is left after interest on BDT 5.3bn of bank loans [1 p.72]. In FY2025 the company earned a gross profit of BDT 1,038m and an operating profit of BDT 631m; financial expenses (BDT 306m), bad-debt expense (BDT 167m) and income tax (BDT 121m) left a profit after tax of BDT 29.4m, or BDT 0.22 a share [1 p.73]. The FY2026 figures announced on DSE show EPS of BDT 0.24 and NAV per share of BDT 27.71 [12].

Business and story: one Sirajganj plant of 148,200 MT, rented capacity on top, and a bank loan rescheduled in 2019

Aman Feed Limited was incorporated as a private company on 7 February 2005, became a public company in February 2012, and listed on the Chittagong Stock Exchange on 30 July 2015 and the Dhaka Stock Exchange on 18 August 2015 [3 p.5]. The IPO raised paid-up capital from BDT 600m to BDT 800m and added BDT 520m of share premium; stock dividends of 20% (2015), 10% (2016, 2017, 2018) and 2.5% (2020) took the share count to 130,970,400 [1 p.85]. The DSE approved the change of name to Aman Feed PLC with effect from 9 October 2025 [12].

Capacity. The audited statements give installed capacity of 148,200 MT a year for poultry, fish and cattle feed; actual production at the own plant was 128,344 MT in FY2025 (86.60%) against 139,977 MT in FY2024 (94.45%) [2 p.31]. The note heading on the same page says "The actual production increased from the last year", while the table beside it shows a fall [2 p.31]. The directors' report gives total production of 166,344 MT [1 p.56]; the sales note shows rented plants of 27,000 MT for broiler feed and 11,000 MT for layer feed [1 p.88], which together equal the 38,000 MT gap between the two production figures (derived). The rented plant capacity has changed from year to year: FY2023 showed rented plants of 21,100 MT for broiler feed and 41,000 MT for fish feed [5 p.26].

Growth and then contraction. Revenue grew every year from BDT 4,054m in FY2017 to BDT 12,224m in FY2023, the highest in the FY2017-FY2025 series, then fell 9.1% in FY2024 and 13.4% in FY2025 [7 p.70] [1 p.59] [19]. Profit moved the other way much earlier: profit after tax peaked at BDT 537m in FY2018 and has been below BDT 31m since FY2023, with the lowest figure, BDT 24.5m, in FY2024 [7 p.70] [1 p.59]. The Business Standard put the fall in profit for July-December 2022 down to high raw-material costs, citing unnamed company sources [15].

The bank dispute. In August 2020 The Daily Star reported that AB Bank had put Aman Feed's factory in Sirajganj and land in Sirajganj and Gazipur up for auction after the company failed to repay Tk 268.40 crore of loans and interest, that the bank's managing director called the company a wilful defaulter, and that BSEC had fined all directors except the independent director Tk 25 lakh each in January (2020, inferred from the article's August 2020 date) [14]. The audited statements record the same lender: the long-term loan is "loan from AB Bank Ltd. Islami Bank Br., Kakrail Branch, Dhaka for the implementation of the Project" [1 p.86]. The FY2024 note says that after rescheduling the AB Bank loan on 30th June 2019, the bank charged yearly unapplied profit and compensation, which the company booked as an expense while stating "we do not agree this charged" [4 p.23].

Line items: volume fell 21% in two years while price per kg held at BDT 58.5-58.8; interest, credit losses and turnover tax took most of operating profit

Revenue by feed. Revenue is tonnes times price for four feeds. Between FY2022 and FY2025 broiler feed tonnes rose from 77,875 to 90,086 MT, while layer feed fell from 74,737 MT (FY2023) to 38,144 MT and fish feed from 46,377 MT to 19,580 MT [5 p.26] [1 p.88]. Cattle feed jumped from 6,585 MT in FY2023 to 21,068 MT in FY2024 and was 16,693 MT in FY2025. Total tonnes, at 164,502 MT, were the lowest of the FY2022-FY2025 series, and broiler feed rose to 54.8% of tonnes from 39.4% [19]. The filings do not say why layer and fish feed volumes fell.

Price. Average revenue per kg sold rose from BDT 52.20 in FY2022 to BDT 58.64 in FY2023 and has stayed at BDT 58.5-58.8 since (derived) [19]. Fish feed is the highest-priced line (BDT 67.46 a kg in FY2025) and layer feed the lowest (BDT 53.68) [19], so the shift towards broiler feed changes the mix without moving the average much. Revenue in FY2025 fell 13.4% while tonnes fell 12.9%; nearly all of the decline was volume (derived) [19].

Cost of sales. Raw materials consumed were BDT 8,108m in FY2025, packing materials BDT 182m and factory overhead BDT 364m [1 p.88]. The company bought 101,800 MT of maize for BDT 3,169m and 53,205 MT of oilcake, soyabean meal and others for BDT 3,086m [1 p.88]. The purchase cost of maize rose from BDT 27.10 a kg (FY2022) to BDT 31.13 (FY2025); the oilcake and soyabean meal group went from BDT 52.03 to BDT 69.00 in FY2023 and back to BDT 58.00 in FY2025 (derived) [19]. Raw materials consumed per kg sold were BDT 49.29 in FY2025, leaving BDT 9.19 a kg of price over raw materials, up from BDT 8.11 in FY2022 (derived; consumption and sales tonnes differ by stock movements) [19]. Factory overhead includes BDT 13.1m of factory rent, BDT 54.0m of electricity and BDT 28.9m of gas [1 p.89].

Operating expenses. Selling and distribution expenses were BDT 329m in FY2025, of which carriage outward was BDT 134m, salaries BDT 86m and advertisement BDT 34m; administrative expenses were BDT 78m [1 p.89] [1 p.90]. Together they were 4.2% of revenue against 3.6% in FY2019 [19]. In the March 2026 quarter the company told DSE that EPS fell because selling and distribution expenses rose by Tk 7,967,416 or 10.05% [12].

Financial expenses. Gross interest and profit charges were BDT 318.6m in FY2025: BDT 108.3m on the AB Bank HPSM long-term facility, BDT 45.6m on Bai Muajjal and TR, BDT 4.5m on the Standard Bank cash credit and BDT 160.2m on Social Islami Bank UPAS letters of credit; interest of BDT 12.3m on an intercompany loan and BDT 0.6m on FDRs was netted off to give BDT 305.7m [1 p.90]. The UPAS charge rose from BDT 86.9m to BDT 160.2m while the HPSM charge fell from BDT 184.7m to BDT 108.3m [1 p.90]. In the nine months to March 2026 financial expenses were BDT 379.0m against BDT 337.8m a year earlier [3 p.2].

Credit losses. The provision charge was BDT 94m in FY2021, BDT 145m in FY2022, BDT 362m in FY2023, BDT 320m in FY2024 and BDT 167m in FY2025 [6 p.9] [4 p.9] [1 p.73]. The FY2025 note says the provision was charged at 25% on receivables of Taka 648,080,872 outstanding more than six months [1 p.87]. BDT 361.7m was written off in FY2024 [1 p.82].

Tax. The FY2025 current tax computation shows tax on business income of BDT 33.1m and "Tax under Sec 163/(2) (Turnover Tax @ 1%)" of BDT 96.2m; the provision was the turnover-based figure [1 p.90]. Because a turnover tax does not fall with profit, the tax charge was 62%, 67% and 80% of profit before tax in FY2023-FY2025, against 14-15% in FY2017-FY2021 [19]. For Q1 FY2026 the company told DSE that EPS fell because of lower sales and a "sharp increase of income tax expenses" [12].

Ratios: gross margin 10.7-10.8% for three years against 21.5% in FY2017; ROE 0.8% in FY2025

Margins. Gross margin fell from 21.5% in FY2017 to 11.1% in FY2022 and has been 10.7%, 10.8% and 10.8% in FY2023-FY2025; FY2023 is the lowest of the nine years [19]. Net margin fell from 11.8% to 0.22% in FY2024, the lowest in the series, and was 0.31% in FY2025 [19].

Where the gross profit goes. As a share of revenue, financial expenses were 3.2% in FY2025 against a peak of 6.5% in FY2020 and 3.3% in FY2017 [9 p.47] [8 p.89]; credit-loss charges were 1.7% against 3.0% in FY2023 [19]. With a gross margin of about 10.8%, the sum of overheads (4.2%), finance cost and credit losses (4.9%) left a pre-tax margin of 1.6% in FY2025 (derived) [19].

Returns. ROE on average equity was 14.3% in FY2018 and 0.8% in FY2025; return on average assets 0.3% [19]. Equity has barely moved since June 2021 (derived reading) (BDT 3,697m to BDT 3,671m) because profits of BDT 24-110m a year were roughly matched by cash dividends to general shareholders, BDT 48.1m a year for FY2023 and FY2024 [5 p.9] [1 p.72] [1 p.86].

Efficiency. Asset turnover was 1.01x in FY2025 against a high of 1.31x in FY2023 [19]. Receivable days fell from 155 (June 2021) to 68 (June 2025), the lowest in the June-2021 to March-2026 series, and were 87 at March 2026 on annualised nine-month sales; inventory days rose from 68 to 129. Trade payables are almost nil (BDT 32m), so the cash cycle was 196 days at June 2025 and 214 at March 2026 (derived) [19].

Leverage and coverage. Bank loans were 1.04x equity in June 2021 and 1.54x in March 2026 [19]. Operating profit covered financial expenses 2.06x in FY2025 and 1.52x in the nine months to March 2026 [19]; after credit losses, the FY2025 cover was 1.52x (derived: (630.6 - 166.6) / 305.7).

Cash conversion. Operating cash flow was BDT 632m in FY2019 and has been below BDT 330m since; it was minus BDT 54m in FY2025 and BDT 128m in the first nine months of FY2026 [8 p.91] [1 p.75] [3 p.4]. The DSE-announced FY2026 NOCFPS was BDT 0.70, about BDT 92m (derived) [12]. CFO / profit is not a stable ratio here because profit is close to zero: it was 13.2x in FY2024 and -1.8x in FY2025 [19].

Balance sheet: BDT 5.7bn of loans, BDT 3.2bn of advances and a FY2023 qualified opinion

Debt. At 31 March 2026 the company owed BDT 2,450m of long-term loan, BDT 401m of current portion and BDT 2,823m of short-term loans, BDT 5,674m in all, against cash of BDT 150m [3 p.1]. The FY2025 auditor put total bank borrowing at Tk. 5,326,185,506 at June 2025 [1 p.68]. Short-term loans at June 2025 were BDT 1,196m of TR with AB Bank, BDT 1,361m of UPAS letters of credit with Social Islami Bank and BDT 71m of cash credit with Standard Bank [1 p.86]. The DSE page shows the same June 2025 loan split (short-term BDT 2,627.42m, long-term BDT 2,298.25m) [13].

Loan servicing. The FY2023 auditor wrote: "Last three years the company is accruing interest and compensation of those loan only and we did not find any movement through payment of any interest or principal in return, total amount of BDT 4,788,843,703/-" [5 p.2]. That amount equals total bank loans at June 2023 [19]. The FY2024 long-term loan note shows nil principal and interest paid, with BDT 184.7m of profit added to the balance [4 p.23]. In FY2025 the note shows BDT 150.1m paid and BDT 108.3m of profit added [1 p.86], and the FY2025 auditor wrote that "the company had paid for its installments within due time" [2 p.4]. The nine-month FY2026 cash flow shows BDT 100.0m of long-term loan repayment and BDT 39.2m of interest paid [3 p.4]. Interest added to the long-term loan is non-cash, so financial expenses on the income statement are larger than interest paid in cash.

Receivables. Gross trade receivables fell from BDT 3,810m (June 2023) to BDT 2,271m (June 2025); BDT 648m was more than six months old at June 2025 against BDT 1,279m a year earlier [1 p.82]. The provision was BDT 486m, 21.4% of gross receivables [1 p.87] [19]. Net trade and other receivables rose again to BDT 2,239m at March 2026 [3 p.1]. The FY2025 statements describe the debts over six months as "Debts considered doubtful" and show no debts due from directors or group companies [1 p.82].

Advances. Advances, deposits and pre-payments rose from BDT 2,293m to BDT 3,243m in FY2025; BDT 3,123m was "Advance for Store Purchase", which the note says "represents amount paid to various parties for purchase of RM, Spare parts & other consumable and construction materials" [1 p.82] [1 p.83]. The schedule classifies BDT 3,011m as considered good and secured, and BDT 116.3m as due from companies under the same management [1 p.83]. The balance was BDT 3,153m at March 2026 [3 p.1]. Advances are larger than inventories (BDT 2,920m) and receivables (BDT 2,239m) at that date [3 p.1].

Related parties. The intercompany current account of BDT 116.3m at June 2025 was owed by Aman Chicks Limited (BDT 16.8m), Anwara Poultry and Hatchery Limited (BDT 33.9m), MS. R S & T International (BDT 1.5m), Aman Breeders Limited (BDT 22.0m), Aman Trading Corporation (BDT 31.8m) and Juvenile Trade International (BDT 10.2m); Aman Cement Mills Limited owed nil against BDT 32.3m a year earlier [1 p.83]. The related-party note lists these as "Common Director" inter-company balances [1 p.92]. The financial-expenses note deducts BDT 12.3m of "Interest on Intercompany loan" (BDT 34.9m in FY2024) [1 p.90]. The trade-payables note states "There is no related party transaction" [1 p.86].

Audit history. FY2023 (G. Kibria & Co.): "Qualified Opinion", on the basis that the company had made a WPPF provision but "the payment is not made yet"; emphasis of matter on the unpaid loans and on the dividend fund not set aside in a separate bank account, which the auditor called "a violation of the Bangladesh Securities & Exchange Directive" [5 p.2]. The same statements restated earlier years: "Prior period error has been adjusted to reduce the inventory amount with retained earnings by Tk. 524,514,627 which was erroneously overstated previous periods" [5 p.19]. FY2024 (Shafiq Basak & Co.): an unmodified opinion with emphasis of matter on "management's explanation on dividend payable" [4 p.2]; DSE published the emphasis-of-matter notice on 13-Nov-2024 [12]. FY2025 (Shafiq Basak & Co.): an unmodified opinion with key audit matters on revenue, inventory and bank borrowing and no emphasis of matter paragraph [2 p.2] [2 p.4]. The FY2025 notes report no contingent liabilities or capital commitments [2 p.31].

A data note. The five-year table in the 2025 annual report shows retained earnings of BDT 2,303m (2022) and BDT 2,265m (2021), the pre-restatement figures, beside restated inventories for the same years [1 p.59]; the restated equity is BDT 3,735m and BDT 3,697m [5 p.9]. This note uses the restated balance sheets.

Latest results: nine-month EPS BDT 0.58, full-year FY2026 EPS BDT 0.24, so the June quarter was a loss

Nine months to March 2026. Sales were BDT 7,059m, 6.7% below BDT 7,562m a year earlier, but gross profit rose 3.2% to BDT 870m as the gross margin rose to 12.3% [3 p.2] [19]. Bad-debt expense fell to BDT 44.8m from BDT 91.9m, financial expenses rose to BDT 379.0m from BDT 337.8m, and income tax rose to BDT 68.4m from BDT 32.3m, leaving profit after tax of BDT 75.4m (EPS BDT 0.58) against BDT 85.6m (EPS BDT 0.65) [3 p.2]. The March quarter alone had sales of BDT 2,454m (+9.1%) and EPS of BDT 0.11 against BDT 0.12 [3 p.2] [12].

Full year FY2026. On 28-Oct-2026 the company reported EPS of Tk. 0.24, NAV per share of Tk. 27.71 and NOCFPS of Tk. 0.70 for the year ended 30-Jun-2026, against Tk. 0.22, Tk. 28.03 and Tk. (0.41) for FY2025 [12]. With nine-month EPS of BDT 0.58, the June 2026 quarter implies a loss of about BDT 0.34 a share, roughly BDT 44m (derived; DSE did not publish a separate fourth-quarter figure). The same pattern occurred in FY2025: profit after tax was BDT 85.6m for nine months and BDT 29.4m for the year, a fourth-quarter loss of about BDT 56m (derived) [3 p.2] [1 p.73]; in FY2025 the year-end bad-debt charge (BDT 166.6m for the year against BDT 91.9m for nine months) and tax (BDT 121.4m against BDT 32.3m) account for most of that difference. The FY2026 annual report is not yet in our corpus, so the drivers of the FY2026 June quarter are not yet known. NAV per share fell from BDT 28.18 at March 2026 to BDT 27.71 at June 2026 [3 p.1] [12].

Peers: the largest revenue, the lowest gross margin and the highest loans-to-equity of three listed feed makers

Peers. Index Agro Industries and National Feed Mill are the two other DSE-listed feed makers with June year ends; their FY2025 audited statements were opened for this table [10 p.10] [10 p.11] [11 p.61] [11 p.62]. Index Agro also has a poultry and hatchery segment (BDT 1,179m of its BDT 4,410m revenue) [10 p.11]. Labels as printed: Aman Feed "Sales", Index Agro "Revenue", National Feed Mill "Turnover". Among the three, Aman Feed had the largest revenue, the lowest gross margin (10.8% against 20.4% and 18.1%) and the highest loans-to-equity ratio (1.45x) [19]. Its financial expenses were the lowest share of revenue (3.2%) [19]. National Feed Mill's FY2025 auditor gave a qualified opinion: financial expenses understated by Tk 19,593,243, purchases possibly understated by Tk 22,619,966, and no provision against Tk 876,464,088 of accounts receivable [11 p.55]; on the auditor's figure its finance cost would be about BDT 44.1m, 31.2% of turnover (derived), and its net margin, receivable days and profit/equity in the table use the figures as printed.

Multiples as facts. At BDT 29.1 on 29-Oct-2026 Aman Feed's market capitalisation was BDT 3,811m, 121.3x FY2026 EPS and 1.05x June-2026 NAV [18] [12]. The DSE's year-end P/E for Aman Feed was 21.10x for 2021, 41.68x for 2022, 153.84x for 2023, 126.85x for 2024 and 107.25x for 2025 [13]. Market capitalisation was 0.40x FY2025 sales (derived).

Governance: sponsors and directors hold 63.26%; dividends go only to the 36.7% of shares not held by sponsors and directors

Ownership. Sponsors and directors held 63.26% at 30-Sep-2026, institutions 11.07%, foreign investors 0.03% and the public 25.64% [13]. The June 2025 register names Md. Toriqul Islam (19.63%), Md. Shofiqul Islam (15.25%), Md. Toufiqul Islam (15.25%), Md. Rafiqul Islam (10.87%), Aman Agro Industries Ltd. (2.25%), Aman Cold Storage Ltd. (0.01%) and Milan Cold Storage Ltd. (0.01%) [1 p.85]. The number of shareholders fell from 8,472 to 7,503 during FY2025 [1 p.85]. The board includes independent directors, and BSEC issued a no-objection for A.K.M Delwer Hussain, FCMA as independent director on 26 December 2024 [1 p.56]. The related-party table shows remuneration as "-" for the chairman, the managing director and the two other sponsor directors [1 p.92].

Dividends. The FY2026 announcement reads: "The Board of Directors has recommended 10.50% Cash Dividend for General Shareholders other than Sponsor Directors for the year ended June 30, 2026. The Sponsors and Directors hold 82,855,014 shares out of the total 130,970,400 shares of the company and Cash Dividend payable to the General Shareholders is Tk. 50,521,155.30" [12]. That is BDT 1.05 a share on 48,115,386 shares. For FY2025 the wording was the same with 11.50% and Tk. 55,332,694.00 [12]. The FY2025 unclaimed-dividend note says "The unpaid balance represents the dividend payable to the sponsor directors. The board members decided not to receive the dividend to meet the business operational growth" and that it "will be paid as soon as possible in future upon the situation being favorable to the company"; the balance was BDT 73.4m [1 p.87]. The FY2023 auditor noted that the company had not set aside dividend funds in a separate bank account [5 p.2].

DSE news, November 2024 to October 2026. The 24-month sweep of DSE news (old_news.php, criteria 3) contains results announcements, board-meeting schedules, dividend declarations and disbursements, record-date notices, the 13-Nov-2024 emphasis-of-matter notice and the 8-Oct-2025 name change [12]. It contains no board decision on capital expenditure, new capacity, borrowing or a change in the sponsors' holding [12]. Capex in the cash-flow statements was BDT 6.0m, 2.3m and 2.3m in FY2023-FY2025 and BDT 5.5m in the first nine months of FY2026 [4 p.11] [1 p.75] [3 p.4].

What's next: record date 3-Dec-2026, AGM 30-Dec-2026, Q1 FY2027 results in mid-November (inferred)

Dated items after 31-Oct-2026 that will move the lines. Dates marked "inferred" follow board-meeting precedents; no board date had been notified on DSE as of 1-Nov-2026 [12].

The FY2026 annual report. The company announced audited FY2026 figures on 28-Oct-2026 [12]; the full statements, which will show the June quarter's loss drivers, the year-end bad-debt charge and the turnover tax, were not yet in our filings corpus when this note was written.

LDC graduation. The Business Standard reported that the UN General Assembly, at its 81st session, approved "yesterday" (29 October 2026) Bangladesh's request to extend its preparatory period until 24 November 2029, on a proposal introduced by Uruguay [17]. The Daily Star reported that world leaders adopted a draft resolution placed by the Group of 77 and China around 1:00 am Bangladesh time on 30 October 2026, during the 81st UN General Assembly in New York, moving the date from 24 November 2026 to 24 November 2029 [16]. Aman Feed sells in Bangladesh and buys maize and soyabean meal; a search of its FY2024 and FY2025 annual reports found no discussion of LDC graduation.

Risks: loans, customer credit, supplier advances and turnover tax, each sized from the filings

The risks below are those the filings show, each tied to the line it moves, with the FY2025 size where the filings give one.

Sensitivity from history. In FY2025 raw materials consumed were BDT 8,108m [1 p.88]; each 1% change in that cost was BDT 81m, about 54% of FY2025 profit before tax of BDT 151m (derived). Each 1 percentage point on the rate paid on BDT 5,326m of loans was about BDT 53m (derived).

Key questions: the June-quarter loss, loan servicing, supplier advances and feed volumes

Shareholder returns in the filings come from three places: a gross spread of about BDT 9 a kg over raw materials, what is left of it after interest on BDT 5.7bn of loans and a turnover-based tax, and a dividend paid only on the 48.1m shares outside the sponsor group. At BDT 29.1 the shares were 121.3x FY2026 EPS and 1.05x NAV [18] [12]; the DSE recorded year-end P/E between 21.10x (2021) and 153.84x (2023) [13]. These are facts about the price.

FAQ

What does Aman Feed make?

Pelleted poultry feed (broiler and layer), fish feed and cattle feed at its factory in Ullapara, Sirajganj; it sold 164,502 MT in FY2025 [1 p.88] [3 p.5].

What was Aman Feed's EPS for FY2026?

BDT 0.24, with NAV per share of BDT 27.71 and NOCFPS of BDT 0.70, announced on 28-Oct-2026 [12].

Who receives Aman Feed's dividend?

The FY2026 10.50% cash dividend is for general shareholders other than sponsor directors; sponsors and directors hold 82,855,014 of 130,970,400 shares [12].

How much debt does Aman Feed have?

BDT 5,674m of bank loans at 31-Mar-2026 against cash of BDT 150m [3 p.1].

Was Aman Feed's audit opinion qualified?

The FY2023 opinion was qualified [5 p.2]; the FY2024 and FY2025 opinions were unmodified, with an emphasis of matter on dividend payable in FY2024 [4 p.2] [2 p.2].

Which results does this note use?

Annual reports and audited statements for FY2017-FY2025, the unaudited nine months to 31-Mar-2026 and the FY2026 figures announced on DSE; the FY2026 annual report is not yet in our corpus.

Sources

1. Aman Feed PLC Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Aman Feed PLC audited financial statements, year to 30-Jun-2025 (DSE submission) · link · accessed 2026-11-01
3. Aman Feed PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
4. Aman Feed Limited audited financial statements, year to 30-Jun-2024 · link · accessed 2026-11-01
5. Aman Feed Limited audited financial statements, year to 30-Jun-2023 · link · accessed 2026-11-01
6. Aman Feed Limited audited financial statements, year to 30-Jun-2022 · link · accessed 2026-11-01
7. Aman Feed Limited Annual Report 2021 (five-year highlights 2017-2021) · link · accessed 2026-11-01
8. Aman Feed Limited Annual Report 2020 · link · accessed 2026-11-01
9. Aman Feed Limited Annual Report 2018 · link · accessed 2026-11-01
10. Index Agro Industries Ltd. audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
11. National Feed Mill Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
12. Dhaka Stock Exchange news archive, AMANFEED, 1-Nov-2024 to 1-Nov-2026 (price-sensitive and board news) · link · accessed 2026-11-01
13. Dhaka Stock Exchange, Aman Feed PLC company page (shareholding, dividend history, year-end P/E, loan status), accessed 1-Nov-2026 · link · accessed 2026-11-01
14. The Daily Star, 'AB Bank puts Aman Feed's factory and land on sale for failure to pay loans' (15-Aug-2020) · link · accessed 2026-11-01
15. The Business Standard, 'Aman Feed's profit plunge due to high prices of raw materials' (29-Jan-2023) · link · accessed 2026-11-01
16. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
17. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
18. AnalystBro price data (TradingView feed): DSE:AMANFEED daily and monthly bars to 1-Nov-2026 · link · accessed 2026-11-01
19. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01