Argon Denims financial analysis: FY2026 EPS of BDT 1.16 as margin and incentive dependence shift (Oct 2026)

Investment considerations: a 9.1% gross margin in FY2025, low finance cost and an incentive equal to 30% of operating profit

Argon Denims Limited makes denim fabric at a factory in Sreepur, Gazipur, and sells it to export-oriented garment factories. The annual report says the fabric is "sold to different export oriented RMG factories through the nomination of ultimate foreign buyers of finished garments" [1 p.12]. The company was incorporated in 2006, began commercial operation in March 2008, and listed on the Dhaka and Chittagong stock exchanges in 2013. It states 111 looms, one warping, one dyeing and one finishing line, and a present production capacity of 18.38m yards ready-for-dispatch (RFD), in weights from 4.5oz to 13oz [1 p.12]. Argon has no subsidiaries; all figures in this note are company figures.

Five facts from the filings frame the company. First, turnover roughly doubled over nine years, from BDT 2,848m in FY2017 to BDT 5,622m in FY2025 (97.4%), with the highest year FY2024 at BDT 5,675m [5 p.27] [1 p.37] [18]. Second, gross margin over the same nine years ranged from 6.9% in FY2022 to 22.1% in FY2017, and was 9.1% in FY2025 [18]. Third, profit after tax of BDT 232.7m in FY2025 was the highest of the six years FY2020-FY2025, as the company states, but below each of FY2017-FY2019 (BDT 350m, 377m and 367m) [1 p.37] [5 p.27]. Fourth, the export incentive, which Argon prints as "Add: Export Incentive" between gross profit and operating expenses, rose from BDT 20.1m in FY2021 to BDT 112.2m in FY2025 [4 p.78] [1 p.78]. Fifth, FY2026 EPS, as announced on the DSE, was BDT 1.16, down 31.0% from BDT 1.68 [9] [18].

Business model: one Gazipur plant, brand-nominated sales and yarn from a sister company

The business is a single plant. The annual report traces the factory from 36 looms with separate warping, sizing, dyeing and finishing at start-up, to 12 more air-jet looms and mercerising in 2010, 54 sets of high-speed looms in 2012 and nine sets in March 2015, to 111 looms today [1 p.12]. It makes 100% cotton, cotton stretch, cotton-polyester and cotton-polyester-stretch fabrics in slub, crosshatch, mixed-count and regular optics, with plain, twill, broken-twill and herringbone weaves; its dyeing line handles light and dark indigo, sulphur black and combinations [1 p.12]. The company describes its range as medium and premium denim [1 p.12].

Sales are nominated. A foreign brand chooses the fabric mill, and the local garment maker that sews for the brand buys the fabric. All of Argon's turnover is labelled export in the five-year table, and the auditor's revenue key audit matter states that "all sales are translated from USD currency to BDT" [1 p.37] [1 p.72]. The auditor also notes that receivables "comprise mainly receivables regarding the sale of Denim Fabric which is secured by Letter of Credit (L/C)" [1 p.72]. The annual report does not name the brands or give a split by customer or destination.

Volume and price can be read for FY2024 and FY2025. Note 29.1 prints a sales quantity of 16,666,792 yards for FY2025 and 16,498,987 yards for FY2024 [1 p.99]. Dividing turnover by yards gives BDT 337.3 a yard in FY2025 and BDT 343.9 in FY2024 (derived), and cost of goods sold per yard fell from BDT 319.9 to BDT 306.5 (derived) [18]. Yards sold were 90.7% of the 18.38m-yard stated capacity in FY2025 (derived; capacity is RFD, sales are invoiced yards) [1 p.12] [18]. The report gives no US$ price per yard, so the split of the BDT price between the dollar price and the exchange rate is not available.

One supplier provided 60% of yarn bought in FY2025. Yarn is the main input, and Argon bought BDT 4,099.2m of yarn in FY2025 [1 p.99]. Of that, BDT 2,473.6m came from Argon Spinning Ltd., which the related-party note lists as "Under Common Directorship" with the nature of transaction "Import of Yarn" [1 p.104]. The directors' report says the purchases were made through letters of credit, exceeded 10% of revenue, and were being placed before shareholders for approval at the AGM under a BSEC notification of 5-Feb-2020 [1 p.27]. Selling expenses of BDT 41.6m were paid to Evince Design & Fashions Ltd., also listed as a related party [1 p.104].

Energy comes from the gas grid. The directors' report states that production "heavily depends on gas supplied by Titas Gas Transmission & Distribution Company Ltd." and that "dual-fuel firing capabilities have been installed" [1 p.38]. Bank guarantees of BDT 48.4m to Titas and BDT 0.9m to Fourth Partner Energy Bangladesh Ltd. are the only items in the contingent-liability note [1 p.104].

History: turnover up 97% in nine years, gross margin down from 22.1% to 9.1%

The nine-year record splits into two periods. In FY2017-FY2019 turnover was BDT 2.8-3.4bn and gross margin 20.3%-22.1%; profit after tax was BDT 350-377m a year [5 p.27] [18]. From FY2020 to FY2022 gross margin fell each year, to 18.7%, 12.5% and 6.9%, while turnover rose 54.9% in FY2022 to BDT 4,696m [5 p.27] [1 p.37] [18]. FY2022 turnover included an exchange gain of BDT 67.6m inside the revenue note [4 p.99]. From FY2023 to FY2025 turnover was BDT 4.6-5.7bn and gross margin 8.9%, 7.0% and 9.1%.

Recomputed across the full FY2017-FY2025 series: the lowest turnover was FY2017 (BDT 2,848m) and the highest FY2024 (BDT 5,675m); the lowest gross margin was FY2022 (6.9%) and the highest FY2017 (22.1%); the lowest profit after tax was FY2022 (BDT 71.6m) and the highest FY2018 (BDT 376.9m) [18]. Shareholders' equity moved within BDT 2.9-3.5bn throughout, and total assets rose from BDT 4,618m to BDT 6,727m [5 p.27] [1 p.37].

ROE on average equity was 12.3% in FY2018 and 11.2% in FY2019, then 2.1% to 3.1% in FY2021-FY2024 and 6.9% in FY2025 [18]. Asset turnover rose from 0.62x in FY2017 to 0.84x in FY2025, and equity fell from 63.7% to 50.7% of total assets [18]. The tax charge ranged from 4.5% of pre-tax profit (FY2021) to 49.0% (FY2024) [18].

Line items: yarn is 73% of turnover and the incentive 2.0%, against financial expenses of 1.9%

Turnover. Turnover is the product of yards sold and the BDT price per yard. In FY2025 yards sold rose 1.0% and turnover per yard fell from BDT 343.9 to 337.3 (derived), so turnover fell 0.9% [1 p.99] [18]. The management discussion describes FY2025 export revenue as "stable" and "slightly lower than the previous year" [1 p.37]. In the nine months of FY2026 turnover was BDT 3,865m, -8.7% against the same period a year earlier [6 p.2] [18]; the quarterly statements give no yards.

Cost of goods sold. Raw material consumed was BDT 4,233.0m in FY2025 and factory overhead BDT 869.4m [1 p.99]. Yarn purchases equal 72.9% of turnover in FY2025 against 66.5% in FY2024, and dyes and chemicals 8.1% against 7.2% [1 p.99] [18]. Purchases differ from consumption by the stock change: closing yarn stock rose from BDT 593.7m to BDT 1,094.5m [1 p.99]. Consumed raw material per yard sold was BDT 254.0 in FY2025 against BDT 252.7 in FY2024 (derived) [18].

Within factory overhead, read from the page image, the gas bill was BDT 241.4m in FY2025 against BDT 278.1m in FY2024 (-13.2%); fuel and lubricants were BDT 38.5m against BDT 23.6m; electricity was BDT 1.8m; salaries and wages BDT 312.7m against BDT 272.3m; depreciation BDT 112.6m against BDT 120.6m [1 p.100]. Energy in total (gas, fuel and electricity) was 5.0% of turnover in FY2025 [18]. The directors' report mentions "rising utility expenses" in the domestic scene without figures [1 p.38].

Export incentive. Note 31 gives a single line, BDT 112.2m in FY2025 and BDT 118.3m in FY2024 [1 p.101]. It was BDT 20.1m in FY2021, BDT 57.7m in FY2022 and BDT 58.0m in FY2023 [4 p.78] [2 p.78], and BDT 100.9m in the nine months of FY2026 against BDT 90.0m [6 p.2]. As a share of turnover it rose from 0.7% in FY2021 to 2.6% in the nine months of FY2026 [18]. Excluding it, operating profit would have been BDT 266m in FY2025 and BDT 145m in the nine months of FY2026 (derived) [18]. At March 2026 BDT 162.0m of the BDT 1,280.7m receivables was export incentive receivable [6 p.6].

The incentive schedule is set by Bangladesh Bank. A circular effective 1-Jan-2024 cut several export cash-incentive rates, and The Business Standard reported that the circular classifies the incentives as subsidies contingent on export performance under WTO rules and that no such subsidy is allowed after LDC graduation [14] [13]. Neither article gives a rate for denim fabric. On 29-Oct-2026 the UN General Assembly adopted a move of Bangladesh's graduation date from 24-Nov-2026 to 24-Nov-2029 [15] [16].

Operating expenses. Administrative expenses were BDT 166.4m in FY2025 (3.0% of turnover), of which salaries and allowances BDT 89.4m, director remuneration BDT 16.8m (five directors) and office rent BDT 9.8m [1 p.101] [1 p.102] [18]. Selling and distribution expenses were BDT 80.4m, of which a line called "Selling Expense" was BDT 44.7m and business development BDT 17.1m [1 p.102]. Selling and distribution rose from BDT 9.4m in FY2021 to BDT 52.4m in FY2022 and has been 1.1-1.4% of turnover since [4 p.78] [18].

Financial expenses. Note 34 splits the BDT 108.1m of FY2025 into interest on time loans BDT 37.4m, term loans BDT 23.3m, bill discounting BDT 13.9m, overdraft BDT 12.4m, lease finance BDT 4.6m and bank charges BDT 16.5m [1 p.102]. Term-loan interest rose from BDT 10.9m to BDT 23.3m and time-loan interest from BDT 25.9m to BDT 37.4m [1 p.102]. Financial expenses were 5.2% of turnover in FY2021 and 1.9% in FY2025 [18]. The directors' report says working-capital loans carry variable interest rates and that the company "is gradually shifting its focus towards equity-based financing" [1 p.38]; no equity issue appears in the 24-month DSE news record [9].

Other income and tax. Other income of BDT 40.4m in FY2025 was 93.8% translation gains under IAS 21 (BDT 34.0m on cash and BDT 3.9m on receivables) [1 p.102] [18]. In the nine months of FY2026 other income was BDT 3.5m against BDT 25.0m [6 p.2]. The nine-month current tax of BDT 51.1m equals advance income tax, which the note shows as the higher of BDT 20.8m computed, BDT 26.7m minimum tax and BDT 51.1m AIT [6 p.6]; the tax charge was 27.0% of nine-month pre-tax profit [18].

Sensitivities from FY2025 history: each 1pp of gross margin on FY2025 turnover equals BDT 56.2m of gross profit; each 1% of turnover per yard on 16.67m yards equals BDT 56.2m of turnover; and the FY2025 incentive equals BDT 0.81 a share before tax [18].

Quarters: FY2026 EPS of BDT 1.16, with Q2 at BDT 0.12 and Q4 at BDT 0.26 by subtraction

FY2026 by quarter. Q1 turnover was BDT 1,550m, 8.4% against Q1 FY2025; Q2 BDT 1,155m (-22.0%) and Q3 BDT 1,160m (-12.3%) [8 p.2] [7 p.2] [6 p.2] [18]. Gross margin was 8.2%, 8.1% and 8.6% in the three quarters, against 8.6%-11.0% in Q1-Q3 FY2025 [18]. Quarterly EPS was BDT 0.55, 0.12 and 0.22 [9]. The Q3 notes state that EPS "decreased from previous comparative quarter because Net profit decreased" [6 p.7].

The full year was announced on 28-Oct-2026 after a board meeting on 27-Oct-2026: EPS of BDT 1.16, NAV per share of BDT 24.60 and NOCFPS of BDT 3.76, against BDT 1.68, 24.57 and 2.01 for FY2025 [9]. The FY2025 NOCFPS comparative of BDT 2.01 differs from the BDT 0.94 printed in the FY2025 annual report [1 p.80] [9]; the DSE item gives no reason. Fourth-quarter FY2026 EPS is BDT 0.26 by subtraction (1.16 less nine-month 0.90), the same as the BDT 0.26 for Q4 FY2025 (1.68 less 1.42) [9] [18]. The FY2026 annual report is not yet in our corpus.

Balance sheet: loans of BDT 2.89bn at March 2026, receivable days down to 91 and a related-party yarn supplier

Loans. Total loans including lease finance were BDT 2,946m at June 2025 and BDT 2,891m at March 2026, 0.86x and 0.85x equity [1 p.77] [6 p.1] [18]. Short-term loans were BDT 2,759.6m at June 2025, 93.7% of the total [18]. Cash was BDT 904m at June 2025 and BDT 1,212m at March 2026, so net loans were BDT 2,042m and BDT 1,679m [18]. Over June 2021 to June 2025 loans ranged from BDT 2,291m (June 2021) to BDT 3,020m (June 2024) [18].

A re-presentation. The FY2025 annual report shows June 2024 short-term loans of BDT 2,820.3m and accounts payable of BDT 18.0m [1 p.77]; the FY2024 annual report showed BDT 2,635.2m of short-term loans and BDT 203.1m of bills payable at the same date [2 p.77]. The two presentations total the same BDT 2,838.3m. The related-party note states that "All liabilities of ASL shown in the Financial Statement in the form of the Short Term bank loan" [1 p.104].

Working capital. Receivable days on turnover fell from 222 at June 2021 to 102 at June 2025; inventory days on cost of goods sold were 121 at June 2024 and 165 at June 2025, when inventory rose to BDT 2,305.0m [18]. The auditor notes inventory was "44.21% of the total current assets" [1 p.72]. At March 2026 inventory was BDT 2,245.4m, of which yarn BDT 971.1m and finished goods BDT 650.7m [6 p.6]. Payable days are about two days at each date [18]: yarn is bought through letters of credit, and the ASL liabilities sit in short-term loans [1 p.27] [1 p.104].

Cash flow. Operating cash flow was negative in FY2021 (BDT -298m) and FY2022 (BDT -57m), then BDT 368m, 513m and 131m in FY2023-FY2025 [4 p.80] [3 p.76] [1 p.80]. In FY2025 inventory rose BDT 557.2m and receivables fell BDT 209.2m in the reconciliation [1 p.103]. Over FY2021-FY2025 cumulative operating cash flow was BDT 657m against cumulative profit after tax of BDT 598m [18]. In the nine months of FY2026 operating cash flow was BDT 575m, with receivables down BDT 284.2m and inventory down BDT 59.6m; the company attributes the higher NOCFPS to "higher export realization" [6 p.8].

PPE additions were below depreciation. PPE acquisitions were BDT 8.7m in FY2024, BDT 85.9m in FY2025 and BDT 8.4m in the nine months of FY2026, against depreciation of BDT 127.0m, 118.6m and 82.7m [1 p.80] [1 p.103] [6 p.4] [6 p.8]. PPE fell from BDT 1,751m at June 2021 to BDT 1,439m at March 2026 [18]. A sweep of 24 months of DSE disclosures (7-Nov-2024 to 28-Oct-2026) found no board approval of new capacity, machinery or an expansion budget [9].

Related parties. The related-party note lists Argon Spinning Ltd. (yarn, BDT 2,473.6m; balance BDT 51.1m) and Evince Design & Fashions Ltd. (selling expense, BDT 41.6m; balance BDT -2.0m), both "Under Common Directorship"; director remuneration totalling BDT 16.8m to five directors (Mr. Anwar-ul Alam Chowdhury, Managing Director, BDT 4.8m; Mr. Abu Kawser Majumder, Director - Finance, BDT 4.8m; Mr. AK Gouhor Rabbani, Director - Marketing, BDT 4.8m; Mr. Shah Adeeb Chowdhury, Director - Support Service, BDT 1.2m; Mr. Shah Rayeed Chowdhury, Director - Production, BDT 1.2m); and the purchase of 7,291 sq ft of commercial space at Hena Suvastu Skyline Avenue, Gulshan, for BDT 255,185,000 (BDT 35,000 per sq ft) from Mr. Rafez Alam Chowdhury, "who is the brother of Mr. Anwar-ul Alam Chowdhury, Managing Director", approved at the 4th EGM on 25-Jan-2024, plus BDT 4.5m for two car parks and utilities [1 p.104].

Audit. Pinaki & Company (Pinaki Das FCA, senior partner) signed the FY2025 report on 26-Oct-2025 [1 p.76]. The opinion reads: "In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 2025, and of 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 1987, and other applicable laws and regulations." [1 p.70] The report has no emphasis-of-matter paragraph; its key audit matters are property, plant and equipment, revenue recognition, valuation of receivables, valuation of inventories, measurement of deferred tax liability and bank loans [1 p.71] [1 p.72] [1 p.73]. Note 45 dates the board meeting that recommended the FY2025 dividend to 22-Oct-2025 [1 p.104], four days before the audit report date.

Peers: the lowest gross margin and the lowest finance cost of three listed denim makers in FY2025

Three listed denim makers file June-year accounts: Argon (company), Shasha Denims (consolidated, with associates) and Envoy Textiles (company). The table compares FY2025 as printed in each company's own annual report [1 p.78] [11 p.161] [12 p.143]. Labels differ: Argon prints "Turnover" and adds "Export Incentive" above operating profit; Shasha prints "Revenue" and "Operating Profit"; Envoy prints "Revenue" and "Profit/ (Loss) from Operation". All three print "Financial Expenses" as a gross figure. Argon and Envoy charge WPPF in the P&L (BDT 14.8m and BDT 80.3m); Shasha's consolidated P&L has no WPPF line.

Within these three: Argon had the lowest gross margin (9.1% against 10.9% and 18.9%), the lowest financial expenses relative to revenue (1.9% against 6.6% and 7.4%) and the highest operating-profit cover of financial expenses (3.50x against 1.28x and 2.24x) [18]. Its net margin of 4.1% was between Shasha's 2.0% and Envoy's 7.6%, and its ROE on closing equity of 6.8% was likewise between 3.8% and 14.4% [18]. Argon is the only one of the three to print the export incentive as a separate line inside operating profit [1 p.78]; Envoy includes an "Export Cash Subsidy" of BDT 55.0m in revenue [12 p.69], and Shasha shows a BDT 0.1m "Cash Incentive" in non-operating income, with revenue made up of export bills [11 p.183] [11 p.186]. Argon's gross margin therefore excludes its incentive while Envoy's includes its subsidy.

Audit opinions, quoted from each report's opinion page. Argon (Pinaki & Company): "give a true and fair view of the financial position of the Company as at 30 June 2025" [1 p.70]. Shasha (A. Qasem & Co., consolidated): "give a true and fair view of the consolidated financial position of the Group as at 30 June 2025" [11 p.155]. Envoy (K.M. Hasan & Co.): "give true and fair view of the financial position of the Company as at 30 June 2025" [12 p.136]. Envoy's AGM notice says the auditor issued "an unqualified audit opinion with an emphasis on a particular matter" [12 p.7]; the auditor's report pages in our copy (p.136-140) show no emphasis-of-matter paragraph.

Dividends and ownership: 10% cash for six years running and a 35.87% sponsor stake

Dividends. The DSE company page lists cash dividends of 12.5% for FY2017, 10% for FY2018 and FY2019, 5% for FY2020 and 10% for each of FY2021 to FY2025, with stock dividends of 5% for each of FY2017 to FY2021 [10]. For FY2026 the board recommended 10% cash (BDT 1.00 a share), record date 22-Nov-2026 [9]. The FY2026 cash payout is 86.2% of EPS, against 59.5% for FY2025 [18]. Dividends paid in cash were BDT 138.9m in each of FY2023, FY2024 and FY2025 [3 p.76] [1 p.80]. The directors' report states that no bonus share "has been declared during the year, or shall be declared in future, as interim dividend" [1 p.30].

Ownership. At 30-Sep-2026 sponsors and directors held 35.87%, institutions 29.13%, foreign investors 0.00% and the public 35.00%; at 30-Jun-2025 institutions held 33.27% and the public 30.86% [10]. The FY2025 annual report lists Investment Corporation of Bangladesh with 16,198,362 shares (11.66%) [1 p.30]. In April 2025 three directors gifted shares to their children outside the trading system: Ms. Shabnam Shehnaz Chowdhury 1,511,591 shares and Mr. Anwar-Ul Alam Chowdhury 1,011,556 shares to Ms. Sanjana Shehnaz Chowdhury, and Mr. Abu Kawser Majumder 2,731,000 shares to Mr. Farhan Majumder [9].

Board and management. The managing director is Mr. Anwar-ul Alam Chowdhury [1 p.104]. The Nomination and Remuneration Committee report, chaired by Md. Giash Uddin FCA, records that it reviewed two new directors and recommended their appointment, recommended a remuneration increase for two existing directors, recommended acceptance of the CFO's retirement notice and recommended an independent director for appointment [1 p.69]. The top five salaried officers listed are the chief operating officer (BDT 6.0m), the managing director, Mr. Abu Kawser Majumder (Director - Finance) and the Director - Marketing (BDT 4.8m each) and the CFO (BDT 2.44m) [1 p.104]. CRISL rated the company AA- long term and ST-3 short term with a stable outlook in both December 2024 and December 2025 [9].

What's next: the 22-Nov-2026 record date, the 10-Dec-2026 AGM and Q1 FY2027 accounts

Dated items after 31-Oct-2026, with sources. Inferred dates use board-meeting precedents and are labelled; no board date for the Q1 FY2027 accounts had been notified on the DSE by 28-Oct-2026 [9]. The FY2026 annual report (board approval 27-Oct-2026) is not yet in our corpus; the FY2025 report was signed by the auditor four days after its 22-Oct-2025 board meeting [1 p.76] [1 p.104], so the FY2026 timing is not late against precedent.

Which line each item moves: the dividend reduces cash and equity by about BDT 138.9m, as in each of FY2023-FY2025 [1 p.80]. The Q1 FY2027 accounts are the first figures after the FY2026 year end. Short-term loans were 93.1% of loans at March 2026 [6 p.1] [18]. LDC graduation is the date after which, per the circular reported by TBS, export subsidies are not allowed [14] [15].

Risks: margin, the incentive, a related yarn supplier and short-term funding

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

Scale against equity: short-term loans of BDT 2,692.8m at March 2026 equal 79.2% of equity [6 p.1] [18]; the FY2025 export incentive of BDT 112.2m equals 48.2% of FY2025 profit after tax [1 p.78] [18]; and the related-party yarn purchases equal 48.4% of FY2025 cost of goods sold [18].

Key questions: yards and price, the incentive, the cash-flow restatement and the yarn supplier

The shareholder-return question in one line: FY2026 EPS of BDT 1.16 came after a nine-month period in which the export incentive was 41.0% of operating profit, and the board paid out 86.2% of EPS in cash [9] [18].

FAQ

When does Argon Denims' financial year end?

On 30 June. FY2025 ended on 30-Jun-2025 and FY2026 on 30-Jun-2026 [1 p.78] [9].

What was Argon Denims' EPS for FY2026?

BDT 1.16, as published on the DSE on 28-Oct-2026, against BDT 1.68 for FY2025 [9]. The FY2026 annual report is not yet in our corpus.

What dividend did Argon Denims declare for FY2026?

A 10% cash dividend (BDT 1.00 a share); record date 22-Nov-2026, AGM 10-Dec-2026 [9].

What is Argon Denims' production capacity?

18.38m yards ready-for-dispatch on 111 looms; it sold 16.67m yards in FY2025 [1 p.12] [1 p.99].

How much does Argon Denims borrow?

Loans including lease finance of BDT 2,891m and cash of BDT 1,212m at 31-Mar-2026 [6 p.1] [18].

Who is Argon Spinning Ltd. to Argon Denims?

A company under common directorship that supplied BDT 2,473.6m of yarn in FY2025 [1 p.104].

How large is the export incentive?

BDT 112.2m in FY2025 and BDT 100.9m in the nine months of FY2026, printed above operating profit [1 p.78] [6 p.2].

Who audits Argon Denims and what did they say?

Pinaki & Company; an unmodified opinion that the FY2025 statements give a true and fair view, with no emphasis of matter [1 p.70] [1 p.76].

Sources

1. Argon Denims Limited Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-10-31
2. Argon Denims Limited Annual Report 2023-24 (year to 30-Jun-2024) · link · accessed 2026-10-31
3. Argon Denims Limited Annual Report 2022-23 (year to 30-Jun-2023) · link · accessed 2026-10-31
4. Argon Denims Limited Annual Report 2021-22 (year to 30-Jun-2022) · link · accessed 2026-10-31
5. Argon Denims Limited Annual Report 2020-21 (year to 30-Jun-2021) · link · accessed 2026-10-31
6. Argon Denims Limited un-audited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
7. Argon Denims Limited un-audited statements, six months to 31-Dec-2025 (Q2 FY2026) · link · accessed 2026-10-31
8. Argon Denims Limited un-audited statements, three months to 30-Sep-2025 (Q1 FY2026) · link · accessed 2026-10-31
9. Dhaka Stock Exchange news archive for ARGONDENIM (company disclosures 7-Nov-2024 to 28-Oct-2026: results, dividends, board meetings, credit ratings, director share transfers), accessed 31-Oct-2026 · link · accessed 2026-10-31
10. Dhaka Stock Exchange, Argon Denims Limited company page (shareholding to 30-Sep-2026, dividend history, loan status, market data), accessed 31-Oct-2026 · link · accessed 2026-10-31
11. Shasha Denims PLC Annual Report 2025 (year to 30-Jun-2025, consolidated) · link · accessed 2026-10-31
12. Envoy Textiles Limited Annual Report 2025 (year to 30-Jun-2025, company) · link · accessed 2026-10-31
13. The Daily Star, 'Bangladesh lowers cash incentive for exporters to prepare for post-LDC era' (31-Jan-2024) · link · accessed 2026-10-31
14. The Business Standard, 'Govt rolls back export incentives as LDC graduation nears' (30-Jan-2024) · link · accessed 2026-10-31
15. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
16. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
17. AnalystBro price data (TradingView feed): DSE:ARGONDENIM, DSE:SHASHADNIM, DSE:ENVOYTEX bars to 29-Oct-2026 · link · accessed 2026-10-31
18. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31