Apex Spinning & Knitting Mills financial analysis: flat USD 1.39 a piece, wages at 38% of sales and EPS of BDT 3.38 (Oct 2026)

Investment considerations: a flat-volume garment exporter with no debt, a 7% gross margin and a tax line that takes two-thirds of pre-tax profit

Apex Spinning & Knitting Mills Limited is, despite its name, a knit-garment exporter. The company describes itself as owning and operating "a 100% export oriented vertically integrated knitting, dyeing & finishing and garment factory" at Chandora, Kaliakoir, in Gazipur [2 p.5]. Its only product line in the revenue note is "T, Polo & Sweat Shirts", and the directors say there is "no scope for Product-wise performance reporting" because the company "produces only Readymade Garment" [1 p.63] [1 p.26]. It buys yarn and dyes and chemicals rather than spinning; yarn and dyes are the raw materials listed in the cost of production note [1 p.64]. We therefore use the knit-composite format (F12), not the yarn-spinning format. The company was incorporated on 25-Nov-1990, made its initial public offering on 10-Feb-1994, and is part of the Apex group: Apex Foods Limited owns 2,263,200 of its 8.4m shares [2 p.5] [1 p.28] [1 p.29].

Four facts in the filings frame the company for an investor. First, it is a volume business at a fixed dollar price. In FY2025 it shipped 2,671,973 dozen pieces, 32.1m garments, for USD 44.5m, which is USD 1.39 a piece; in FY2021 it shipped 34.2m pieces at USD 1.38 [1 p.70] [1 p.63] [6 p.70] [16]. Second, the margin is small and labour-heavy. Gross margin has stayed between 6.0% and 8.1% for ten years, and wages and salaries were 37.8% of FY2025 revenue [7 p.5] [1 p.24] [16]. Third, the tax line takes most of the pre-tax profit: 65.7% in FY2025, because the minimum tax on export proceeds exceeds the tax on business profit [1 p.67]. Fourth, the balance sheet carries almost no bank debt: BDT 20m at June 2025 and BDT 113m at March 2026, against equity of about BDT 700m [1 p.43] [2 p.1].

The share price is the other fact an investor meets first. It was BDT 89.30 at 30-Jun-2025, the lowest 30-June price in the ten-year table, and BDT 414.9 on 29-Oct-2026 [1 p.5] [7 p.5] [15]. Over the same period EPS went from BDT 3.60 (later restated to BDT 3.17) to BDT 3.38 [11]. The DSE sent the company two queries about unusual price rises, on 15-Jul-2025 and 21-Apr-2026, and both times the company replied that there was no undisclosed price-sensitive information [11]. We state the multiples as facts in the price section and draw no conclusion from them.

Business: one product line, 38.4m pieces of capacity, and ten years of 6-8% gross margins

How the company makes money. Apex knits fabric, dyes and finishes it, and sews T-shirts, polo shirts and sweatshirts for export. Capacity is stated in pieces: 38.4m a year since FY2021, up from 33.6m in FY2019 and FY2020 [1 p.70] [6 p.77] [8 p.62]. The company buys yarn, dyes and chemicals and accessories, and its cost-of-production note records the yarn and dye stocks by the kilogram: 66,137 kg of yarn and 134,169 kg of dyes and chemicals at June 2025 [1 p.64]. The factory employed 5,639 people at the end of FY2025 [1 p.5]. All revenue is export revenue and is invoiced in US dollars; FY2025 revenue was BDT 5,360.9m on USD 44.5m of shipments [1 p.63].

The ten-year record. Revenue was BDT 4,319m in FY2016, a fifteen-month period, fell to BDT 2,751m in FY2020, and reached BDT 5,361m in FY2025 [7 p.5] [1 p.24]. The directors attribute the FY2020 dip to Covid-19 [1 p.24]. Gross profit followed revenue, so gross margin stayed in a band of 6.0% to 8.1% [16]. Net profit was BDT 12m to BDT 31m in every year except restated FY2024, which shows BDT 62m [1 p.24] [7 p.5]. The share count has been 8.4m throughout; there has been no bonus or rights issue in the DSE record [12] [1 p.68].

Utilisation. The company reports capacity utilisation each year: between 90% and 92% in FY2016-FY2019, 71.3% in FY2020, and 83.37% in FY2025 against 89.18% in FY2024 [7 p.5] [1 p.5]. Our recalculation, production in pieces divided by capacity in pieces, matches the company figure in every year from FY2019 [16]. For FY2025 the company states that "The decrease of production during the period due to less export order as compared to last year" [1 p.70].

Volume and price: 28-34m pieces a year at USD 1.38-1.59 each; taka revenue rose with the implied exchange rate

Revenue = pieces x dollar price per piece x the taka rate. The revenue notes give all three. Pieces exported were 30.6m in FY2019, 23.6m in FY2020, and between 27.6m and 34.2m in FY2021-FY2025 [8 p.62] [7 p.62] [16]. The dollar price per piece was USD 1.38 in FY2019, rose to USD 1.59 in FY2022, and was back to USD 1.39 in FY2025 [8 p.58] [5 p.71] [1 p.63] [16]. Dividing taka revenue by dollar revenue gives an implied rate of BDT 83.7 per USD in FY2019 and BDT 120.5 in FY2025 [16].

The decomposition matters for reading the taka figures. From FY2021 to FY2025 revenue rose 34%, pieces fell 6%, the dollar price per piece was 0.4% higher, and the implied taka rate was 42% higher [16]. The directors make the same point in their own words for FY2025: "The increase in turnover is mainly for increasing for USD Conversion rate" [1 p.28]. As a history-based sensitivity, BDT 1 per USD on FY2025's USD 44.5m of shipments was BDT 44.5m of revenue, larger than the year's net profit of BDT 30.2m [1 p.44] [16].

Product mix is not disclosed beyond the single line "T, Polo & Sweat Shirts", so price per piece mixes basic T-shirts with heavier sweatshirts [1 p.63]. The filings do not give the split between FOB and CMT orders or name buyers. The cost note shows yarn bought by the company, and the purchase-for-the-year line nets off the export cash incentive; buying its own materials is the FOB model in our sector format [1 p.64].

Markets: Poland is 30% of export dollars; Germany and the USA have shrunk since FY2021

Where the garments go. The revenue note lists exports by country. In FY2025 Poland took USD 13.25m, 29.8% of the total, followed by Germany (9.5%), the USA (7.1%), Sweden and the UK [1 p.63] [1 p.64] [16]. Poland's share was 23.2% in FY2021 and 29.7% in FY2024 [6 p.70] [3 p.64] [16]. Germany's dollar sales fell from USD 5.61m in FY2021 to USD 4.24m, and US sales from USD 4.28m to USD 3.16m [16]. The company lists its major customer countries as "Germany, USA, Poland, UK, Italy, Sweden, China and Spain" [1 p.54]. The filings name countries, not buyers, so buyer concentration cannot be measured.

Trade policy appears in the filings only as general commentary. The chairman's FY2025 message refers to US tariff policy and says that "All major importers and retailer in the develop world has effectively stopped imports and thus effecting our RMG Business" [1 p.23]. The MD&A lists among sector risks "the loss of LDC trade preferences" [1 p.25]. On 29-Oct-2026 the UN General Assembly adopted Bangladesh's move of the LDC graduation date from 24-Nov-2026 to 24-Nov-2029, as reported by The Daily Star and The Business Standard [13] [14]. The filings give no company-specific estimate of either item, and we make none.

Costs: wages reached 38% of revenue in FY2025; raw materials fell to 47%

Cost of sales has three large parts: raw materials (yarn, dyes and chemicals, accessories, net of the export cash incentive), wages, and gas and fuel. In FY2025 raw materials were BDT 2,514m, 46.9% of revenue; factory wages BDT 1,952m; and gas, fuel and lubricant BDT 291m, 5.4% of revenue [1 p.64] [1 p.65] [16]. Wages and salaries across factory and administration were 37.8% of revenue, the highest share since FY2020 [16].

Wages. The factory wage bill was BDT 1,253m in FY2023, BDT 1,673m in FY2024 and BDT 1,952m in FY2025 [3 p.65] [1 p.65]. The directors' report quantifies the FY2025 step as "an Increase in wages and salaries to the tune of Tk. 277.50 million" [1 p.26]. Per piece produced, factory wages rose from BDT 45.8 in FY2023 to BDT 61.0 in FY2025 while revenue per piece rose from BDT 161.1 to BDT 167.2 [16]. Total wage and salary cost per employee was about BDT 30.0k a month in FY2025 against BDT 20.9k in FY2023; this average includes officers' salaries, bonus and perquisites, so it is not comparable with a statutory minimum wage [1 p.70] [16]. As a history-based sensitivity, each 1% of the FY2025 factory wage bill was BDT 19.5m, about two-thirds of FY2025 net profit [16].

Raw materials. Raw material per piece rose from BDT 59.8 in FY2019 to BDT 88.8 in FY2023, then eased to BDT 78.5 in FY2025 [16]. The cash incentive is credited against purchases: BDT 110.7m in FY2025 and BDT 84.3m in FY2024 [1 p.64]. At March 2026 the cash incentive receivable was BDT 66.9m; the company notes it "will be received from bank time to time depending on their availability of fund from Bangladesh Bank" [2 p.7].

Gas and fuel. The gas, fuel and lubricant line was BDT 85m in FY2019, BDT 132m in FY2022, BDT 251m in FY2023 and BDT 315m in FY2024 [7 p.64] [5 p.73] [3 p.65]. It fell to BDT 291m in FY2025 and to BDT 185m in the nine months to March 2026 from BDT 254m a year earlier [1 p.65] [2 p.10]. The company has a bank guarantee to Titas Gas of BDT 58.91m (shared with an insurance guarantee) and a security deposit with the gas utility of BDT 30.3m [1 p.71] [2 p.6].

Below the line: payables-finance charges, FX swings, and a turnover-based tax that took 66% of FY2025 pre-tax profit

Below gross profit. Administrative and selling overhead was BDT 257.4m in FY2025, 4.8% of revenue; the biggest items were salaries (BDT 75.0m), clearing and forwarding (BDT 54.7m) and export processing (BDT 23.5m) [1 p.65]. Other operating income is foreign exchange: a BDT 12.9m loss on operations and a BDT 23.2m translation gain in FY2025, against a BDT 60.8m translation gain in FY2024 [1 p.65]. The fall in that translation gain was BDT 37.6m, larger than FY2025 net profit [16].

Finance cost is not interest on bank debt. Financial expenses of BDT 71.1m in FY2025 were BDT 68.4m of "Supplier Finance Program Charges (SFP)" and BDT 2.7m of overdraft interest [1 p.66]. Trade and other payables were BDT 884.5m at June 2025 [1 p.43]. Interest cover (operating profit over financial expenses) was 2.05x in FY2025 and 2.26x in the nine months to March 2026 [16].

Tax. The company pays the higher of tax on business profit at 12% and tax deducted at source on export proceeds. In FY2025 tax on business profit was BDT 6.0m, while tax deducted on export proceeds was BDT 53.5m; the latter became the business tax [1 p.66] [1 p.67]. With tax on the cash incentive (BDT 10.1m) and other income, current tax was BDT 67.0m, and the note prints an effective rate of 65.66% (70.07% in FY2024) [1 p.67]. Current tax has run at about 1.2% of revenue [16]. The tax line therefore moves with export receipts rather than with profit. In the nine months to March 2026 the company also booked a BDT 14.7m prior-year "Income tax under provision", which lifted the period's tax charge to 73.1% of pre-tax profit [2 p.2] [16].

WPPF. Rather than 5% of profit, the company pays 0.03% of each export letter of credit to the central fund under the Labour Rules 2015, BDT 1.6m in FY2025 [1 p.67].

Earnings quality: FY2024 EPS restated to BDT 7.39, FY2025 to BDT 3.17, under an unmodified audit opinion

FY2024 restatement. In the FY2025 accounts the company recognised a VAT & AT receivable of BDT 219.3m and restated prior years under IAS 8. Opening retained earnings at 1-Jul-2023 rose by BDT 134.46m, and FY2024 cost of goods sold fell by BDT 31.43m [1 p.71]. FY2024 net profit went from BDT 30.62m to BDT 62.05m and EPS from BDT 3.65 to BDT 7.39; NAV per share at June 2024 went from BDT 63.01 to BDT 82.76 [3 p.44] [1 p.44] [1 p.68]. The basis cited is "section 46 VAT & Supplementary Duty Act 2012 & SRO # 158-Low/2025/286-Mushok dated 27th May, 2025" [1 p.71].

The five-year table in the FY2025 report mixes the two bases: it prints FY2024 net profit of BDT 62,049 thousand, the restated figure, next to EPS of BDT 3.65, the original figure [1 p.5] [1 p.24]. Our model uses PAT divided by 8.4m shares, which gives BDT 7.39 [16].

FY2025 restatement. In its FY2026 results announcement on 5-Oct-2026 the company reported FY2025 EPS of BDT 3.17 (restated) and NAV per share of BDT 75.84 (restated), against the BDT 3.60 and BDT 83.11 published a year earlier [11] [1 p.44]. The announcement attributes the EPS change to the "calculation of deferred tax on service benefit obligation under tax expenses by Tk. 3,599,638.00" [11]. That is BDT 0.43 a share, which matches the EPS change; the NAV change of BDT 7.27 a share, about BDT 61m, is larger, and the announcement does not break it down [16]. The FY2026 annual report, which carries the restatement note, is not yet in our corpus. An earlier, smaller restatement of FY2018 EPS and NAV per share, for deferred tax on the cash incentive receivable, had an opening-balance effect of Tk. 106,737 [8 p.62].

Audit. Malek Siddiqui Wali, Chartered Accountants, signed the FY2025 report on 13-Oct-2025. The opinion reads: "In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the financial position of the Company as at June 30, 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)" [1 p.39] [1 p.42]. The key audit matters were revenue recognition, valuation of inventory and measurement of deferred tax [1 p.39] [1 p.40]. The report contains no emphasis-of-matter paragraph [1 p.39] [1 p.42]. The directors' report states that the auditor "retires being the auditors of the Company for three consecutive years" and that Hussain Farhad & Co. offered themselves for FY2026 [1 p.31].

Cash conversion. Over FY2016-FY2025 net operating cash flow per share summed to BDT 148.15 against recalculated EPS of BDT 34.64 and dividends of BDT 19.70 [16]. The yearly figure swings: BDT -10.31 in FY2018, BDT 0.19 in FY2022 and BDT 22-26 in four of the last five years [7 p.5] [1 p.5]. Operating cash flow includes depreciation of about BDT 50m a year, against net profit of BDT 30m, and movements in export bills and payables [1 p.72].

FY2026: EPS BDT 3.38, nine-month revenue down 9%, and a four-day lay-off in June 2026

Nine months to March 2026. Revenue fell 9.3% to BDT 3,829m; the company states "Revenue has been decreased by 9.28% ... due to decrease of quantity sold" [2 p.2] [2 p.10]. Gross margin was 7.0% against 6.7%, operating profit rose to BDT 123.1m from BDT 117.3m, and profit before tax to BDT 79.9m from BDT 68.9m [2 p.2]. Net profit fell 15% to BDT 21.5m while tax rose to BDT 58.4m, including the BDT 14.7m prior-year under-provision [2 p.2]. Factory wages were BDT 1,541m against BDT 1,445m, and gas and fuel BDT 185m against BDT 254m [2 p.10].

Lay-off. On 24-Jun-2026 the company informed the DSE that the board had "decided verbally on June 23, 2026 at 2.30 P.M to layoff the factory as per Labour Act 2006 Section 13(1) until further notice", affecting "A total of 5000 employees/workers", and gave the reason as "Labour unrest with their unlawful demand against service benefit" [11]. On 28-Jun-2026 it announced that full factory operations would resume from 27-Jun-2026, stating that "the situation has now normalized" [11].

Full year. The board met on 4-Oct-2026 and on 5-Oct-2026 the company reported FY2026 EPS of BDT 3.38, NAV per share of BDT 78.81 and net operating cash flow per share of BDT 20.43, and recommended a 20% cash dividend [11]. Subtracting the nine-month EPS of BDT 2.56 leaves BDT 0.82 for April-June 2026, against BDT 0.58 for April-June 2025 on the first-published FY2025 figure [16]. Because FY2025 was later restated to BDT 3.17 and the quarter in which the restatement falls is not disclosed, the two fourth quarters are not on the same basis. The FY2026 annual report is not yet in our corpus, so its revenue, cost and tax lines are not analysed here.

Machinery. On 6-Aug-2025 the board approved the import of three fabric dyeing machines from Nucleus Shanghai International Trade Limited for USD 695,889, about BDT 85.4m, financed by HSBC and subject to shareholder approval; the company said the machines were "expected to ready to use for commercial operation by 2nd Quarter of 2025-2026" [11] [1 p.69]. The item was on the agenda of the 29-Nov-2025 AGM [1 p.3]. The AGM was held (passed); its outcome is not reported in the filings we hold. The March 2026 accounts show additions to property, plant and equipment of BDT 119.1m in nine months and a BDT 37.6m UPAS loan that the note describes as "created for machinery import throught HSBC & partially paid early" [2 p.6] [2 p.9]. They do not say whether the machines are in commercial use.

Ratios: ROE averaged 5.4% over nine years; the cash cycle is negative and payout above half of EPS

Returns. ROE on average equity was 5.3% in FY2017, 2.7% in FY2020, 9.1% in restated FY2024 and 4.3% in FY2025, an average of 5.4% over FY2017-FY2025 [16]. Of the BDT 184.8m rise in equity between June 2022 and June 2023, BDT 134.5m came from the restatement of opening retained earnings [1 p.71] [1 p.24] [16]. Revenue was 2.8x total assets in FY2025, because net property, plant and equipment is only BDT 316m against BDT 1,666m at cost [1 p.5] [16].

Payout. The company has paid out more than half of recalculated EPS in nine of the ten years; in FY2020 the BDT 1.50 dividend exceeded EPS of BDT 1.48, and in restated FY2024 the payout was 27.1% [16]. The dividend distribution policy lists factors such as "Past dividend trends", "Net profit after tax" and "Cash flow position & working capital requirement" and sets no payout ratio [1 p.21].

Working capital. Trade receivable days fell from 52 at June 2023 to 25 at June 2025 and 23 at March 2026 (annualised), while payable days fell from 121 to 65 [16]. The cash cycle has been negative throughout, at -23 days in June 2025: suppliers financed more than the company's receivables and inventory [16]. Inventory rose to BDT 381m at March 2026 from BDT 226m, which the company does not explain beyond the inventory note's split into finished goods, raw materials, work in progress and accessories [2 p.6].

Balance sheet: bank debt of BDT 113m, a VAT receivable now 41% of equity, and a negative cash cycle

Debt and cash. At 30-Jun-2025 the company had BDT 19.9m of working capital loan from HSBC and BDT 33.0m of cash, plus BDT 90.2m of FDRs [1 p.43] [2 p.9]. By 31-Mar-2026 the working capital loan was BDT 75.8m (BDT 71.4m from Eastern Bank) and a UPAS loan of BDT 37.6m had been added, so bank debt was BDT 113.4m against cash and FDRs of BDT 121.5m [2 p.1] [2 p.9] [16]. The company states that "The working capital loan is used for salary & wages and regular payment" [2 p.9].

The growing receivable. Other receivables were BDT 279m at June 2025 and BDT 365m at March 2026, of which the "Receivable Against VAT Current Account" was BDT 219.3m and BDT 289.8m [2 p.7]. At March 2026 other receivables equalled 51.6% of equity [16]. This is the asset created by the restatement; the company recognises it on the basis that the amount "will be adjustable" under the VAT Act and the May 2025 SRO [1 p.71]. The filings do not show any amount yet recovered or adjusted other than BDT 3.0m in the nine months to March 2026 [2 p.7].

Trade finance assets. Margin on acceptance, cash held against back-to-back import bills, was BDT 629.0m at June 2023, BDT 234.0m at June 2025 and BDT 180.7m at March 2026 [1 p.43] [2 p.1]. It moves with trade payables, which fell from BDT 1,362.7m to BDT 884.5m over the same two years [1 p.43].

Contingent items. At June 2025 the company had BDT 58.91m of bank guarantees to Titas Gas and Reliance Insurance, and BDT 32.06m of "due tax for the years 2007-2008, 2010-2011, 2015-2016, 2017-2018, 2020-2021, 2021-2022 & 2022-2023" under appeal [1 p.71]. The note states that there was no capital expenditure commitment at 30-Jun-2025 [1 p.70]. The investment in Apex Foods shares was carried at BDT 37.4m at March 2026, at BDT 221.20 a share [2 p.6].

Peers: the lowest gross margin and the least debt of three knit composites

We compare Apex with two listed knit composites on the same period, the year to 30-Jun-2025, from their own audited statements. Esquire Knit Composite PLC reports consolidated statements with one subsidiary and a "Revenue" line of BDT 11,094m [9 p.154] [9 p.155]. Far East Knitting and Dyeing Industries PLC reports "Sales Revenue (Export)" of BDT 10,895m for FY2025 in the comparative column of its FY2026 statements; that column is not labelled restated, and we did not compare it with the FY2025 annual report [10 p.10] [10 p.11]. Finance cost is gross as printed for all three. WPPF: Apex pays 0.03% of export LCs (BDT 1.6m), Esquire provides BDT 2.8m for "WPPF & WF", and Far East shows no WPPF line on the face of its statement [1 p.67] [9 p.155] [10 p.11]. Bank debt excludes lease liabilities and Far East's BDT 843.6m of "Accepted bills payable" [10 p.10].

Within these three, Apex had the lowest gross margin (7.3% against 14.1% and 9.1%) and the lowest bank debt to equity (0.03x against 0.77x and 0.15x) [16]. Its net margin of 0.6% was close to Esquire's 0.5%; Esquire's finance cost was 6.3% of revenue against Apex's 1.3% [9 p.155] [16]. Far East had the highest FY2025 ROE of the three at 8.0%; its own FY2026 statement then shows a net loss of BDT 146.2m and EPS of BDT -0.67 [10 p.11].

Multiples, as facts. On 29-Oct-2026 Apex traded at 115x FY2025 EPS and 4.99x June 2025 book; Esquire at 45x and 0.30x; Far East at 11x and 0.91x [15] [16]. Apex carries no revaluation surplus; Esquire's equity includes BDT 3,739m of revaluation surplus and Far East's BDT 694m [9 p.154] [10 p.10].

Governance: an Apex group company with 50.7% sponsor holding, one independent director, and a 20% cash dividend most years

Ownership. Sponsors and directors held 50.70% at 30-Sep-2026, against 52.76% at 30-Jun-2025; institutions held 18.20%, foreign investors 0.25% and the public 30.85% [12]. The March 2026 accounts show sponsors and directors at 51.22% (4,302,154 shares) against 52.76% (4,431,556 shares) in June 2025 [2 p.8]. At June 2025 the named holders were Apex Foods Limited with 2,263,200 shares, Zahur Ahmed PhD 944,400, Shahriar Ahmed 784,500, Apex Lingerie Limited 143,000, Apex Yarn Dyeing Limited 136,400, Mahir Ahmed 46,800 and Eifaz Ahmed 46,600 [1 p.29]. Apex Foods and Zahur Ahmed PhD are listed as holding 10% or more [1 p.30]. The company in turn holds shares of Apex Foods [2 p.6].

Board. The board has six members: Shahriar Ahmed (chairman), Zahur Ahmed PhD (managing director), Mahir Ahmed, Eifaz Ahmed, Mazeda Khatun (nominated by ICB) and Tarek Nizamuddin Ahmed (independent director) [1 p.4]. Six board meetings were held in FY2025 and every director attended all six [1 p.29]. The managing director was paid BDT 1.8m in FY2025 [1 p.28]. The independent director is also an independent director of Apex Foods Limited [1 p.10]. The compliance auditor, Shiraz Khan Basak & Co., reported non-compliance with condition 1(2)(a), which requires at least two independent directors or one-fifth of the board [1 p.9] [1 p.10].

Related parties. The FY2025 note lists transactions with five companies under a common director: Matex Bangladesh Ltd. BDT 114.6m, Apex Yarn Dyeing Ltd. BDT 48.0m, Apex Lingerie Ltd. BDT 9.6m, Apex Fashion Wear Ltd. BDT 105.7m and Apex Textile Printing Mills Ltd. BDT 128.4m, a total of BDT 406.4m against BDT 351.0m in FY2024 [1 p.27] [1 p.69]. The column is headed "Nature of Transactions: Revenue", while the FY2024 column is headed "Purchase during the Year" and the text describes "buying & selling of dyes & chemical, fabric cost and yarn dyeing" [1 p.27]. The Matex figure is printed as 114,595,420 on p.27 and 114,595,240 on p.69 [1 p.27] [1 p.69]. Directors and a shareholder provide office space rent-free to the company and ten other sister concerns, so that item is recorded at nil; and shared group costs of BDT 151.4m were allocated in FY2025, with BDT 18.7m outstanding at June 2025 [1 p.28].

Dividends. The DSE record shows cash dividends of 20% for 2015 and 2017-2019, 22% for 2016, 15% for 2020 and 20% for 2021-2025 [12]. For FY2026 the board recommended 20% cash; the record date was 27-Oct-2026 [11]. No stock dividend or rights issue appears in the record [12]. The FY2025 dividend was paid by 29-Dec-2025 and the FY2024 dividend by 8-Jan-2025, according to the company's disbursement notices [11].

Other DSE items in the 24-month sweep. Credit Rating Agency of Bangladesh rated the company "AA3" long term and "ST-2" short term with a stable outlook in November 2024 and again in December 2025 [11]. We found no board decision on new capacity, a new plant or a capital raise in the DSE news from 31-Oct-2024 to 31-Oct-2026 other than the August 2025 dyeing-machine import [11].

Share price: BDT 414.9, 123x FY2026 EPS, after two DSE queries

The share price moved from BDT 89.30 at 30-Jun-2025 to BDT 399.4 at 30-Jun-2026 and BDT 414.9 on 29-Oct-2026, a rise of 365% from June 2025 [1 p.5] [15]. The 52-week closing range was BDT 129.3 (5-Nov-2025) to BDT 435.9 (13-May-2026) [15]. Average daily traded value over the 18 sessions to 29-Oct-2026 was about BDT 55m, or 1.6% of market value [15] [16].

Multiples as facts. At BDT 414.9 the shares were 122.8x FY2026 EPS of BDT 3.38 and 5.26x the June 2026 NAV of BDT 78.81, with a cash yield of 0.48% [11] [15]. The ten-year table shows P/E at the 30-June price between 14.4x and 88.3x and P/B between 1.07x and 3.15x over FY2016-FY2025 [16]. The two peers traded at 45x and 11x FY2025 EPS on the same date [16].

Regulator and company statements. The DSE queried the company on 15-Jul-2025 and on 21-Apr-2026 about "recent unusual price hike and increase in volume of shares"; both replies stated "there is no undisclosed price sensitive information" [11].

What's next: the AGM on 26 November, the FY2026 annual report, and Q1 FY2027 results (date not yet notified)

Only one event has a date notified by the company. The others below are inferred from the board-meeting dates of earlier years and are labelled as such; as of 31-Oct-2026 no board meeting date for the first quarter of FY2027 had been posted in the DSE news [11].

Already announced, and therefore not in the table: FY2026 results (EPS BDT 3.38, NAV BDT 78.81, NOCFPS BDT 20.43) and the 20% cash dividend, both on 5-Oct-2026, and the 27-Oct-2026 record date [11]. Past items whose outcome the filings do not report: the 29-Nov-2025 AGM votes on the dyeing-machine import and on the FY2026 statutory auditor (passed), outcome unknown [1 p.3] [1 p.31].

Not yet available until the FY2026 annual report is filed: the restated FY2025 comparatives and the note behind the BDT 7.27 a share NAV restatement, any separate disclosure of the June 2026 lay-off, the status of the dyeing machines, and the FY2026 export quantities and dollar revenue by country [11] [2 p.9]. Until it is filed, the FY2026 analysis in this note rests on the nine-month statements and the DSE announcement.

Risks: wages, the taka rate and restatements are the largest against a BDT 30m profit

Each risk below is tied to the line it moves, with FY2025 history for scale. Sensitivities are arithmetic on FY2025 figures, not forecasts.

The two largest lines by FY2025 scale are wages and the exchange rate. Factory wages were BDT 1,952m and the shipments were USD 44.5m, against a net profit of BDT 30.2m [1 p.65] [1 p.63] [1 p.44]. In the period covered, the FY2023, FY2024 and FY2025 balance sheets have each been restated at least once [1 p.43] [11].

Key questions: the restatement, FY2026 volumes, wages and the VAT receivable

In one line: the filings describe a stable-volume, dollar-priced garment exporter with almost no debt and a small profit that is sensitive to wages, the taka and tax, whose recent accounts have been restated twice [1 p.63] [1 p.44] [11].

FAQ

What does Apex Spinning & Knitting Mills make?

Knit T-shirts, polo shirts and sweatshirts for export, from its own knitting, dyeing and sewing plant in Gazipur. It does not spin yarn [2 p.5] [1 p.63].

When does the financial year end?

On 30 June. FY2025 ended on 30-Jun-2025 [1 p.43].

What was Apex Spinning's EPS for FY2026?

BDT 3.38, announced on the DSE on 5-Oct-2026, against a restated BDT 3.17 for FY2025 [11].

What dividend did the company declare for FY2026?

20% cash, BDT 2.00 a share; record date 27-Oct-2026, AGM 26-Nov-2026 [11].

Why was FY2024 EPS restated to BDT 7.39?

The company recognised a VAT & AT receivable and reduced FY2024 cost of goods sold by BDT 31.43m under IAS 8 [1 p.71].

Does Apex Spinning have bank debt?

BDT 113.4m of working capital and UPAS loans at 31-Mar-2026, against BDT 121.5m of cash and FDRs [2 p.1] [2 p.9].

Which country buys most of its garments?

Poland, with USD 13.2m or 29.8% of FY2025 exports [1 p.64] [16].

Who owns the company?

Sponsors and directors held 50.70% at 30-Sep-2026; Apex Foods Limited is the largest named holder with 2,263,200 shares [12] [1 p.29].

Sources

1. Apex Spinning & Knitting Mills Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
2. Apex Spinning & Knitting Mills Limited un-audited financial statements, third quarter to 31-Mar-2026 · link · accessed 2026-10-31
3. Apex Spinning & Knitting Mills Limited Annual Report 2023-2024 (as originally published) · link · accessed 2026-10-31
4. Apex Spinning & Knitting Mills Limited Annual Report 2022-2023 · link · accessed 2026-10-31
5. Apex Spinning & Knitting Mills Limited Annual Report 2021-2022 · link · accessed 2026-10-31
6. Apex Spinning & Knitting Mills Limited Annual Report 2020-2021 · link · accessed 2026-10-31
7. Apex Spinning & Knitting Mills Limited Annual Report 2019-2020 (five-year data FY2016-FY2020) · link · accessed 2026-10-31
8. Apex Spinning & Knitting Mills Limited Annual Report 2018-19 · link · accessed 2026-10-31
9. Esquire Knit Composite PLC Annual Report 2024-25 (consolidated statements) · link · accessed 2026-10-31
10. Far East Knitting and Dyeing Industries PLC audited financial statements, year to 30-Jun-2026 (30-Jun-2025 comparative column) · link · accessed 2026-10-31
11. Dhaka Stock Exchange news archive for APEXSPINN, 31-Oct-2024 to 31-Oct-2026 (results, dividend, AGM, lay-off, machine import, query responses, credit rating) · link · accessed 2026-10-31
12. Dhaka Stock Exchange company page for APEXSPINN (shareholding to 30-Sep-2026, dividend history), accessed 31-Oct-2026 · link · accessed 2026-10-31
13. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
14. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
15. AnalystBro price data (TradingView feed): DSE:APEXSPINN, DSE:ESQUIRENIT, DSE:FEKDIL daily and weekly bars to 29-Oct-2026 · link · accessed 2026-10-31
16. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31