Anwar Galvanizing financial analysis: share gains, not fittings, drive profit as gross margin turns negative (Oct 2026)

A GI-fittings maker whose profit now swings with a borrowed share portfolio

What it is. Anwar Galvanizing Ltd (AGL) makes galvanized iron-pipe (GI) fittings (elbows, tees, sockets, unions, reducers, nipples, bends and plugs) at one plant at Morkun, Tongi, Gazipur, and sells them through more than 652 wholesalers across the country [1 p.71] [1 p.27]. It is part of the Building Material Division of the Anwar Group of Industries and stopped making brake drums in May 2019 to use the whole plant for fittings [1 p.27]. It was listed in 1995 [1 p.27]; sponsors and directors hold 35.32% [1 p.43].

Where it stands. The factory has lost money at the gross level since FY2025. FY2025 revenue fell 4.7% to Tk 612.3m, cost of goods sold rose 18.1% to Tk 664.9m and gross profit turned into a loss of Tk 52.6m (gross margin -8.6% against 12.4% in FY2024) [1 p.24]. On top of that, the company's listed-share portfolio lost Tk 206.6m of market value, so FY2025 ended with a net loss of Tk 371.9m (EPS -Tk 12.32) and equity of Tk 41.6m, Tk 1.38 a share against a Tk 10 par value [1 p.24] [1 p.23]. FY2026 reversed the bottom line but not the factory: in the nine months to March 2026 the gross loss was Tk 42.9m and the operating loss Tk 95.4m, while non-operating income, mostly unrealised share gains, was Tk 271.7m [8 p.3] [8 p.13]. The board announced on 28-Oct-2026 FY2026 EPS of Tk 8.26, NAV per share of Tk 9.64, NOCFPS of Tk 0.26 and a 10% cash dividend [10]. The shares closed at Tk 113.4 on 29-Oct-2026 [11], 13.7 times FY2026 EPS and 11.8 times NAV per share.

What drives shareholder returns. Two engines now sit in one set of accounts. The first is a small factory: on FY2016-FY2024 figures it earned a gross margin of 12-19% and an operating margin of 5-12% on revenue that peaked at Tk 738m [18]. The second is a trading book of listed shares, marked to market through profit or loss under IFRS 9 [1 p.42], which has grown from Tk 5.4m in June 2021 to Tk 494.7m in March 2026 [5 p.7] [8 p.8]. In FY2022 the book delivered Tk 160.9m of realised gains [3 p.43]; in FY2025 it lost Tk 206.6m [1 p.49]; in the first nine months of FY2026 it gained Tk 277.5m unrealised [8 p.13]. Earnings quality is therefore low in the plain sense that most of the profit in four of the last five years did not come from making fittings, and cash conversion is weak because unrealised gains bring no cash. Capital allocation has favoured the share book: since FY2022 the company has borrowed from a broker and from sister companies while the factory's own margin shrank. Payout has been 17-51% of profit in the years a cash dividend was paid [18].

• Has the factory returned to a positive gross margin for a full year? Signpost: the FY2026 audited statements (annual report before the AGM of 8-Feb-2027) against Q3 FY2026's 3.5%.
• How much of FY2026 profit was unrealised share gain, and what does the portfolio hold? Signpost: note 24 (non-operating income) and note 8 (short-term investments) of the FY2026 annual report.
• Will the margin loan and group loans be reduced? Signpost: note 15 (trade and other liabilities) in the FY2026 and Q1 FY2027 statements against Tk 247.7m and Tk 220.6m at March 2026.
• Did the 3% price rise and the yield programme cut cost per tonne? Signpost: production tonnes and materials consumed in the FY2026 Schedule XI disclosure against Tk 247,934 of materials per tonne in FY2025.
• Will the 10% cash dividend for FY2026 be paid from operating cash? Signpost: record date 7-Dec-2026 and the FY2026 cash flow statement.

One plant in Tongi, 1,570 tonnes sold in FY2025, revenue Tk 390,000 a tonne

Product and route. AGL casts malleable and ductile iron fittings from scrap and pig iron, machines and threads them, then hot-dip galvanizes them in zinc. Its work-in-process note lists the stages: grinding, galvanizing, drilling, shot blasting and threading [1 p.40]. The raw materials are pig iron, cold-rolled (CRCA) scrap, MS scrap and zinc ingot [1 p.71], with ferro-silicon, ferro-silicon-magnesium, inoculant, carburizer and steel shots as additives [1 p.40]. In the F15 steel-and-metals map it sits among pipes and tubes, but its economics are those of a small foundry and galvanizer selling a branded building-material product rather than of a steel mill: tonnes are tiny, value per tonne is high and labour is the second-biggest cost.

Volume and price. The company discloses production and sales in tonnes. It sold 2,092 t in FY2022, 2,262 t in FY2023, 1,782 t in FY2024 and 1,570 t in FY2025; production was 1,906 t, 2,011 t, 1,670 t and 1,612 t [4 p.80] [3 p.51] [2 p.53] [1 p.54]. Revenue per tonne sold was about Tk 346,000, Tk 326,000, Tk 361,000 and Tk 390,000 [18]. Volume fell 30.6% from FY2023 to FY2025 while realisation rose 19.5%, which held revenue to a 17.0% decline. The company does not disclose installed capacity in tonnes, so utilisation cannot be computed (gap).

Channel and customers. Sales go through dealers: receivables are described as 'receivable from dealers' and the company says party-wise detail cannot be given because it deals with a large number of parties [1 p.40]. Dealer commission was Tk 9.0m in FY2025 (Tk 5.0m in FY2024) and sales-people incentives Tk 3.0m [1 p.49]. There is no export line and no segment reporting (IFRS 8 is marked not applicable) [1 p.28]. Management says that in FY2025 'few companies have started manufacturing and distributing GI fittings', and that their figures are not public [1 p.67]; we have no market-size or market-share data for GI fittings (gap).

Plant and expansion. Property, plant and equipment at cost doubled in FY2024 from Tk 183.4m to Tk 373.4m as Tk 188.7m of capital work-in-progress was transferred into service [1 p.39]. The company leased land and factory facilities from Fresco Steel Mills Limited and others for a 'new expansion project to increase the production capacity' [1 p.68]; the lease started on 1-Jan-2024 for 17 years and was booked as a Tk 58.0m right-of-use asset [8 p.7]. In December 2023 the company announced a Tk 500m bond, 90% convertible into shares, for expansion, subject to BSEC approval [13]. No bond appears in the FY2025 or March-2026 statements of financial position [1 p.23] [8 p.2], and our 24-month sweep of DSE board announcements (November 2024 to October 2026) shows no bond, rights issue or capex approval [10]. The FY2025 annual report states no capital expenditure contracted but not provided for [1 p.54].

Ten years: revenue up 3.4 times to FY2025, but the profit since FY2021 came mostly from shares

FY2016-FY2021: a growing factory. Revenue rose from Tk 182.3m to Tk 610.0m and profit after tax from Tk 9.6m to Tk 59.7m [7 p.39] [6 p.26] [5 p.8] [3 p.23] [1 p.24]. Gross margin stayed between 12.5% and 16.3% and the business carried almost no debt: financial expenses were under Tk 1.1m a year until FY2020 [18]. Non-operating income was below Tk 0.5m a year until FY2020; the listed-share holding was Tk 0.9m at June 2020 [5 p.7].

FY2022: the share book arrives. In FY2022 revenue rose 18.8% to Tk 724.4m and operating profit to Tk 87.9m, the ten-year high, but non-operating income of Tk 161.2m, almost all realised gains on share sales (Tk 160.9m), lifted profit before tax to Tk 221.5m and profit after tax to Tk 193.5m [3 p.23] [3 p.43]. The short-term investment line went from Tk 5.4m to Tk 234.9m and a Tk 102.6m loan from Bank Asia Securities appeared in trade and other liabilities [3 p.22] [3 p.42]. The board paid 20% in cash and 80% in bonus shares for FY2022, taking the share count from 16.77m to 30.19m [3 p.24] [3 p.40].

FY2023-FY2025: shrinking factory, bigger book. Gross margin fell to 12.6% in FY2023 and 12.4% in FY2024 and then to -8.6% in FY2025, while volume fell from 2,262 t to 1,570 t [18]. The portfolio added Tk 38.7m in FY2023 and Tk 92.4m in FY2024 to profit before tax, then took away Tk 201.2m in FY2025 [3 p.23] [1 p.24]. Equity, which had grown to Tk 443.7m in June 2024, fell to Tk 41.6m in June 2025 after the loss and the FY2024 cash dividend [1 p.43].

Cost of goods sold rose 18% on 5% lower revenue: materials, power and wages per tonne all rose

Revenue. Gross sales of 'GI fittings and others' were Tk 639.3m in FY2025, less VAT of Tk 27.0m [1 p.48]. Revenue is volume times price; both moved against each other in the last three years. Management blamed the FY2025 decline on 'reduced construction activity and lower investment in infrastructure projects' [1 p.12] and on the political unrest, student protests and the August-September 2024 floods [1 p.76]. GI fittings go into plumbing and gas lines in buildings, so demand follows housing and building construction more than public works. In FY2025 each 1% of realisation equalled about Tk 6.1m, 11.6% of the FY2025 gross loss [18].

Materials. Raw-material consumption rose 17.7% to Tk 318.6m and auxiliary and spare materials to Tk 81.1m [1 p.48]. Per tonne produced, materials rose from about Tk 209,600 to Tk 247,900 (+18.3%) [18]. Imports were 69% of FY2025 materials consumed against 49% in FY2024 [1 p.55] [2 p.54]: imported CR stamping and bushing scrap (1,230 t, Tk 83.5m), zinc ingot (190 t, Tk 99.8m) and pig iron (329 t, Tk 22.6m) [1 p.55]. Zinc alone was 25% of materials consumed. The managing director's discussion cites taka depreciation, the dollar shortage and LC financing problems for the year [1 p.68]. Management's going-concern note says it moved to lower-cost scrap and pig iron and raised yield 'from 26% to 40%', cutting raw-material use per unit by 14% [1 p.27]; the nine-month FY2026 statements show materials consumption of Tk 329.8m on revenue of Tk 485.1m (68.0%), against 73.6% a year earlier [8 p.12].

Labour and power. Factory salaries and wages were Tk 140.4m (21.1% of cost of goods sold) and power Tk 82.9m (12.5%) in FY2025 [1 p.48]. Per tonne produced, wages rose 13.2% and power 25.8% because the plant ran fewer tonnes through a largely fixed workforce and the power bill rose 21.4% [18]. The directors describe GI fittings as 'a labor-intensive industry cost of which is escalating gradually', with gas and electricity prices rising [1 p.73]. Depreciation in cost of goods sold rose from Tk 17.5m to Tk 29.9m as the FY2024 additions and the land lease came into use [1 p.48].

Operating expenses. Administrative expenses were Tk 18.9m and selling and distribution Tk 34.7m in FY2025 [1 p.24]. Selling cost rose 18.3% as sales-people salaries rose from Tk 6.4m to Tk 10.5m and dealer commission nearly doubled [1 p.49], while revenue fell; opex rose to 8.7% of revenue from 5.0-6.6% in FY2016-FY2023 [18]. In the nine months to March 2026 selling and distribution expenses rose 43.9% year on year to Tk 35.5m [8 p.3].

Financial expenses. Interest on loans and borrowings was Tk 49.1m in FY2025, of which Tk 30.2m was interest on the margin loan, plus Tk 6.7m of lease interest [1 p.49] [1 p.51]. The LTR facility from South Bangla Agriculture and Commerce Bank carries 15.20% with a Tk 100m limit, secured on 99 decimals of factory land and a 40,000 sq ft shed [1 p.47]. Margin interest was 6.0 times the Tk 5.1m of dividends the portfolio paid in FY2025 [18]. Financial expenses were 9.2% of revenue in FY2025 and Tk 45.9m in the nine months to March 2026 [8 p.3].

Non-operating income. This line holds realised and unrealised gains or losses on the share book, dividends and bank interest [1 p.49]. It was Tk 92.4m in FY2024 (realised gains Tk 94.9m) and -Tk 201.2m in FY2025 (unrealised loss Tk 206.6m) [1 p.49]. The presentation within FY2025 was not consistent: the nine-month interim statements to March 2025 carried a Tk 259.5m unrealised loss in other comprehensive income [8 p.3], while the audited annual statements booked the year's unrealised loss in profit or loss under IFRS 9 [1 p.42]. The FY2026 interims book share gains in profit or loss [8 p.12].

Tax. The FY2025 tax charge was Tk 8.1m on a pre-tax loss of Tk 363.8m because tax was assessed on business income and minimum tax, with no relief for the unrealised share loss [1 p.24] [1 p.46]. For the nine months to March 2026 the company notes that Tk 277.5m of unrealised gain bore no tax, giving a tax charge of Tk 3.5m on Tk 124.1m of pre-tax profit [8 p.11]. Workers' Profit Participation Fund was charged at 5% in profitable periods (Tk 6.2m in the nine months) [8 p.3].

FY2026: the factory lost Tk 95m before interest in nine months; shares added Tk 272m

Nine months to March 2026. Revenue was Tk 485.1m (+10.3% year on year), cost of goods sold Tk 528.0m and the gross loss Tk 42.9m against Tk 10.5m a year earlier [8 p.3]. After operating expenses of Tk 52.5m the operating loss was Tk 95.4m; financial expenses were Tk 45.9m; non-operating income of Tk 271.7m turned that into profit before tax of Tk 124.1m and profit after tax of Tk 120.6m (EPS Tk 4.00 against -Tk 3.10) [8 p.3]. The company's own explanation is the same in each quarter: EPS rose 'primarily due to higher non-operating income', while 'a significant downturn in demand in the construction sector, political unrest... and disrupted supply chains adversely affected the gross profit margin' [8 p.13] [10].

Quarter by quarter. Q2 FY2026 (October-December 2025) had the largest gross loss of the seven quarters in the table below: revenue Tk 153.5m and a gross loss of Tk 48.6m (-31.6%) [9 p.3]. Q3 FY2026 (January-March 2026) turned positive: revenue Tk 181.3m (+20.1% year on year), gross profit Tk 6.4m (3.5%), against a gross loss of Tk 10.3m in Q3 FY2025 [8 p.3]. Quarter on quarter, Q3 revenue rose 18.1% from Q2. Q3 still had an operating loss of Tk 12.0m before Tk 15.0m of financial expenses; the Tk 59.4m of non-operating income produced profit after tax of Tk 29.4m (EPS Tk 0.97) [8 p.3].

Full year FY2026 as announced. The audited FY2026 statements are not yet in our corpus (MISSING FILING). The board's 28-Oct-2026 disclosure gives EPS of Tk 8.26, NAV per share of Tk 9.64 and NOCFPS of Tk 0.26 [10]. On 30.19m shares that is profit of about Tk 249.3m and operating cash flow of about Tk 7.8m; the fourth quarter (April-June 2026) therefore earned EPS of Tk 4.26, more than the first nine months combined [18]. The disclosure gives no split of the fourth quarter between the factory and the share book; the annual report will.

The Q4 FY2025 figure of -Tk 278.4m (EPS -Tk 9.22) is a derived number and should be read with care: it carries the whole year's unrealised share loss, which the interims to March 2025 had kept in other comprehensive income [8 p.3] [1 p.24]. The derived quarters reconcile to the reported figures: -0.88, -0.93, -1.29 and -9.22 sum to the reported FY2025 EPS of -Tk 12.32, and 2.86, 0.16 and 0.97 sum to the reported nine-month EPS of Tk 4.00 [10] [8 p.3].

Ratios: ROE of 13-20% from the factory era became a swing between +68% and -153%

Growth. Revenue grew in every year from FY2016 to FY2023 (+1.9% to +47.8% a year), then fell 12.9% in FY2024 and 4.7% in FY2025 [18]. The ten-year compound growth from FY2016 to FY2025 was 14.4% a year, but almost all of it came before FY2022.

Margins. Gross margin had a ten-year median of 12.9% and a range of -8.6% (FY2025) to 18.6% (FY2022). Operating margin ran 6.9-12.1% between FY2016 and FY2022, fell to 6.0% and 5.1% in FY2023-FY2024 and was -17.3% in FY2025 [18]. Net margin is not a useful guide after FY2021 because of the share book: it was 26.7% in FY2022 and -60.7% in FY2025.

Returns. ROE on average equity was 13.1-19.6% in FY2017-FY2020, 33.1% in FY2021, 68.0% in FY2022, 15.7% in FY2023, 19.7% in FY2024 and -153.2% in FY2025 [18]. The FY2025 figure is extreme because equity fell 91% in one year. ROCE is not shown because the capital employed by the share book (funded by margin and group loans) and by the factory cannot be separated from the filings.

Efficiency. Inventory days on cost of goods sold fell from 223 in FY2016 to 92 in FY2020, rose to 149 in FY2022 and were 110 in FY2025 [18]; inventory was Tk 201.1m at June 2025 and Tk 154.3m at March 2026 [8 p.7]. The auditor named inventory valuation a key audit matter [1 p.19]. Receivables are small (15 days of FY2025 revenue). Asset turnover fell from 1.89x in FY2020 to 0.61x in FY2024 as the share book and the expanded plant entered the balance sheet.

Leverage and coverage. Counting the bank loans, the margin loan, the short-term loans from group companies and lease liabilities, debt was Tk 18.8m in FY2020, Tk 222.3m in FY2022, Tk 457.7m in FY2024 and Tk 637.7m in FY2025, against equity of Tk 41.6m [18]. Interest cover (operating profit over financial expenses) fell from 54.0x in FY2018 to 5.3x in FY2022, 1.5x in FY2024 and -1.9x in FY2025. The current ratio was 0.72x at June 2025 [1 p.8].

Cash conversion and payout. Net operating cash flow was above profit after tax in every year from FY2016 to FY2020 (1.1-4.1 times), then -0.13x in FY2021, 0.07x in FY2022, 1.09x in FY2023 and 0.71x in FY2024; it was -Tk 107.5m in FY2025 [18]. Cash dividends were 51% of FY2021 profit, 17% of FY2022, 51% of FY2023 and 37% of FY2024; nothing was paid for FY2025 [10]. The FY2026 10% cash dividend is about Tk 30.2m, roughly four times the operating cash flow implied by the announced NOCFPS [18].

Balance sheet: a Tk 495m share book funded by a broker and group companies

The share book. At 30-Jun-2025 the company held 5.15m shares in 'different securities' that cost Tk 436.9m with a market value of Tk 230.3m; at 31-Mar-2026 it held 5.03m shares costing Tk 423.7m with a market value of Tk 494.7m [1 p.41] [8 p.8]. The filings name no individual holdings, so a reader cannot tell what the company owns or how concentrated it is (gap). The holdings are classified as held for trading at fair value through profit or loss [1 p.42]. With equity of Tk 162.2m at March 2026 [8 p.5], each 10% move in the portfolio's market value was about Tk 49m, 30% of equity at that date [18].

How it is funded. Trade and other liabilities of Tk 576.5m at June 2025 included a Tk 229.6m loan from Bank Asia Securities Ltd and Tk 213.2m of short-term loans from group companies; at March 2026 the two were Tk 247.7m and Tk 220.6m [1 p.45] [8 p.10]. The FY2025 cash flow statement shows Tk 101.9m received from intercompany loans and Tk 61.6m of net short-term bank borrowing, against an operating outflow of Tk 107.5m and dividends paid of Tk 29.0m [1 p.26]. Bank loans were an LTR line of Tk 102.8m and a term loan of Tk 35.3m; the land lease added Tk 56.8m [1 p.23].

Related parties. At June 2025 the company owed A One Polymer Ltd Tk 153.0m, Anwar Cement Sheet Ltd Tk 62.5m, Anwar Ispat Ltd Tk 25.1m and Anwar Cement Ltd Tk 6.9m, Tk 247.5m in all, up from Tk 136.0m a year earlier; the relationship is 'common director' and the transactions are described as 'supply of material/business transactions' [1 p.52]. At March 2026 the four balances were Tk 260.6m [8 p.13]. The FY2025 report states that no amounts were due from directors or associated undertakings [1 p.54]. These balances overlap the Tk 213.2m 'short-term loan from intercompany' in note 15, so the two figures should not be added. The filings do not give the interest rate or terms on that loan (gap). 'Liabilities for other expense' rose from Tk 10.1m at June 2025 to Tk 108.0m at March 2026 without explanation in the interim notes [8 p.10].

Audit and going concern. Mahfel Huq & Co. gave an unmodified opinion on the FY2025 statements, with revenue recognition and inventory valuation as key audit matters [1 p.18] [1 p.19]. The statements are prepared on a going-concern basis; management lists product diversification (railway inserts, insulator caps, manhole covers), a 3% price rise on key lines, cheaper scrap and pig iron and the yield programme as its plan to return to profit [1 p.27]. Contingent liabilities and capital commitments are reported as nil [1 p.54]. Spec red flags met in FY2025: debt including group loans rising faster than revenue, finance cost above operating profit, and negative NOCF in two of the last five years.

Peers: National Tubes earned a 38.5% gross margin in FY2025; Anwar Galvanizing -8.6%

Who to compare with. No other listed company makes GI fittings. The nearest listed metal-products makers with June years are National Tubes (steel pipes, state-owned) and Aramit (roofing sheet and metal products). The table uses each company's FY2025 audited statement of profit or loss and its printed labels: Anwar Galvanizing 'Financial expenses' and 'Non-operating income / (expenses)' [1 p.24]; National Tubes 'D. Financial expenses' and 'E. Non operating income' [16 p.12]; Aramit 'Financial Expenses' and 'Non Operating Income / (Loss)' [17 p.9]. Aramit also books Tk 64.7m of 'Other Income - Operating' inside its operating profit, so its operating line is not comparable and is left out. Aramit's FY2025 audit opinion is qualified [17 p.2].

Among these three, Anwar Galvanizing had the highest revenue and the lowest gross margin in FY2025, 47.1 percentage points below National Tubes and 15.9 points below Aramit [18]. Its financial expenses were 9.2% of revenue, close to National Tubes (9.7%) and far above Aramit (0.4%). Its non-operating line was 86 times National Tubes' in absolute size and more than 1,000 times Aramit's; that is the share book. The comparison is limited: product mixes differ and none of the three discloses comparable capacity data.

Governance: Anwar Group control at 35.3%, a new CEO in February 2026, eight results announcements in 24 months

Ownership. At 30-Jun-2025 sponsors and directors held 35.32%, institutions 22.98% and the general public 41.70%; there were 9,818 shareholders, down from 11,035 a year earlier [1 p.43]. The FY2022 80% bonus issue lifted the share count to 30,187,080 [3 p.40].

Board and management. The chairman is Manwar Hossain, eldest son of the late Anwar Hossain, founder of the Anwar Group; directors include Hossain Mehmood and Hossain Khaled, who became chairman of City Bank PLC in July 2025, a nominated director (Md. Ataur Rahman, a former Bangladesh Bank executive director) and two independent directors (Md. Abul Quasem, a former Bangladesh Bank deputy governor, and Md. Majibur Rahman, from 2025) [1 p.65] [1 p.66]. The Q2 FY2026 statements were signed by a 'Managing Director (Acting)' [9 p.3]; on 1-Feb-2026 the company announced Cdre (Rtd.) Humayun Kallol as Managing Director and CEO with immediate effect [10]. The company states that key management personnel were given no compensation benefits [1 p.52] and, for the nine months to March 2026, that directors received none except board meeting fees [8 p.13].

DSE news, 24 months. Our sweep of the DSE archive from November 2024 to October 2026 found results and board-meeting notices for every quarter, the FY2025 'no dividend' decision (27-Oct-2025), the FY2026 10% cash dividend (28-Oct-2026), a CRISL rating of A+ long term and ST-3 short term (22-Jul-2025), a response to a DSE query on 13-Aug-2025 that there was no undisclosed price-sensitive information, and the CEO appointment [10]. It found no board approval of capex, borrowing, a bond or a rights issue. The Business Standard reported that the Chittagong Stock Exchange also queried the company in November 2025, when the share price rose from Tk 56.8 on 19-Oct-2025 to Tk 111.1 on 5-Nov-2025, and that the company replied it had no undisclosed information [12].

Market data: Tk 113.4 a share, 13.7 times FY2026 EPS and 11.8 times NAV

The shares closed at Tk 113.4 on 29-Oct-2026, a market value of about Tk 3,423m on 30.19m shares; the 52-week range was Tk 74.1 to Tk 127.6 [11]. On the FY2026 figures announced by the board, that is 13.7 times EPS of Tk 8.26 and 11.8 times NAV per share of Tk 9.64, and the recommended Tk 1.00 cash dividend is a 0.9% yield [10] [18]. A year earlier the shares traded at Tk 63.4 on 26-Oct-2025, before the FY2025 results [11]. These multiples are stated as facts only; the FY2026 EPS includes share-portfolio gains whose size for the full year is not yet disclosed.

What's next: record date 7-Dec-2026, AGM 8-Feb-2027, Q1 FY2027 results by 14-Nov-2026

Capex and capacity. No capital expenditure is contracted [1 p.54] and the 24-month DSE sweep shows no new approval [10]; the leased Fresco Steel premises are the capacity addition already in place [1 p.68]. The Tk 500m convertible bond announced in December 2023 [13] has passed its announcement date with no bond on the balance sheet; its outcome is unknown. Products and pricing. Management states its plan as new railway, electrical and municipal castings, a 3% price rise on key lines and a yield increase from 26% to 40% [1 p.27]; these items bear on revenue and on materials cost per tonne. Q3 FY2026 gross margin was 3.5% [8 p.3]. Policy. The UN General Assembly adopted on 29-Oct-2026 a three-year deferral of Bangladesh's LDC graduation to 24-Nov-2029 [14] [15]. The filings show no export revenue [1 p.48]; the lines graduation bears on are import duties on zinc and scrap and building demand. Rates. The LTR rate was 15.20% in FY2025 [1 p.47]; financial expenses were Tk 56.4m in FY2025, of which margin-loan interest was Tk 30.2m [1 p.51].

Risks: the share book, the borrowing behind it and a factory that lost money for a year

The largest single line is the share book. On the March-2026 balance sheet a 10% fall in its market value would remove about Tk 49m of equity, and FY2025 showed that the swing can be larger than the whole factory's revenue margin for several years [8 p.8] [1 p.49]. Because the book is financed by a margin loan, a fall in prices can also force sales or extra collateral, which would show up first in the cash flow statement. The factory risks are ordinary for a metal-products maker: imported zinc and scrap priced in dollars, wages and power that do not shrink with volume, and building demand that has been weak since mid-2024 [1 p.68]. The governance risk is that the company's funding now depends on a broker and on sister companies whose loan terms the filings do not give [1 p.45] [1 p.52].

• FY2026 annual report (before the 8-Feb-2027 AGM): note 24 split of non-operating income, note 8 portfolio cost and market value, note 15 margin and group loans.
• Q1 FY2027 results (by 14-Nov-2026, inferred): gross margin against 3.5% in Q3 FY2026 and the quarter's non-operating income.
• Schedule XI production and sales tonnes for FY2026 against 1,612 t and 1,570 t in FY2025.
• Net operating cash flow against the Tk 30.2m FY2026 dividend.
• Any DSE board notice on borrowing, the bond, capex or new products.

FAQ

Why did Anwar Galvanizing lose money in FY2025?

Two reasons. The factory's cost of goods sold (Tk 664.9m) exceeded revenue (Tk 612.3m), a gross loss of Tk 52.6m, and the company's listed-share portfolio lost Tk 206.6m of market value. Net loss was Tk 371.9m, EPS -Tk 12.32.

Where did the FY2026 profit come from?

In the nine months to March 2026 the factory made an operating loss of Tk 95.4m while non-operating income, mostly unrealised gains on listed shares, was Tk 271.7m. The board announced full-year EPS of Tk 8.26 on 28-Oct-2026; the split for the full year will be in the annual report.

How large is the company's share portfolio and how is it funded?

Tk 494.7m at market value on 31-Mar-2026 (cost Tk 423.7m), against equity of Tk 162.2m. It is funded partly by a Tk 247.7m loan from Bank Asia Securities and Tk 220.6m of short-term loans from Anwar Group companies.

What does Anwar Galvanizing make?

Galvanized iron-pipe fittings (elbows, tees, sockets, unions, nipples and similar), sold through more than 652 wholesalers. It stopped making brake drums in May 2019. It sold 1,570 tonnes in FY2025.

What dividend has Anwar Galvanizing declared for FY2026?

A 10% cash dividend (Tk 1.00 a share), record date 7-Dec-2026 and AGM 8-Feb-2027. No dividend was paid for FY2025; 10% cash was paid for FY2023 and FY2024.

Who controls Anwar Galvanizing?

The Anwar Group: sponsors and directors held 35.32% at June 2025, and the chairman is Manwar Hossain. Institutions held 22.98% and the public 41.70%.

Sources

1. Anwar Galvanizing Ltd Annual Report 2025 (year to 30-Jun-2025; corpus ANWARGALV_ANNUAL_2025, PDF page numbers) · link · accessed 2026-10-31
2. Anwar Galvanizing Ltd Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-10-31
3. Anwar Galvanizing Ltd Annual Report 2023 (year to 30-Jun-2023, with FY2022 comparatives) · link · accessed 2026-10-31
4. Anwar Galvanizing Ltd Annual Report 2022 (year to 30-Jun-2022) · link · accessed 2026-10-31
5. Anwar Galvanizing Ltd audited financial statements, year to 30-Jun-2021 (with FY2020 comparatives) · link · accessed 2026-10-31
6. Anwar Galvanizing Ltd Annual Report 2019 (year to 30-Jun-2019, with FY2018 comparatives) · link · accessed 2026-10-31
7. Anwar Galvanizing Ltd Annual Report 2017 (year to 30-Jun-2017, with FY2016 comparatives) · link · accessed 2026-10-31
8. Un-audited quarterly financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
9. Un-audited quarterly financial statements, half year to 31-Dec-2025 (Q2 FY2026) · link · accessed 2026-10-31
10. DSE news archive for ANWARGALV, 1-Nov-2024 to 31-Oct-2026 (board meetings, results, FY2026 dividend declaration of 28-Oct-2026, MD appointment, credit rating) · link · accessed 2026-10-31
11. AnalystBro market data: DSE daily bars for ANWARGALV to 29-Oct-2026 · link · accessed 2026-10-31
12. The Business Standard, 'Anwar Galvanizing share price doubles in two weeks despite no disclosure', 5 Nov 2025 · link · accessed 2026-10-31
13. The Business Standard, 'Anwar Galvanizing to issue Tk50cr bond for expansion', 25 Dec 2023 · link · accessed 2026-10-31
14. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
15. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation', 30 Oct 2026 · link · accessed 2026-10-31
16. National Tubes Ltd Annual Report 2025 (peer; Statements of Profit or Loss p.12) · link · accessed 2026-10-31
17. Aramit PLC Annual Report 2025 (peer; statement of profit or loss p.9, auditor's report p.2) · link · accessed 2026-10-31
18. AnalystBro history and ratio model for ANWARGALV (model.xlsx, the workbook below) · link · accessed 2026-10-31