Bangladesh Building Systems financial analysis: FY2025 loss, finance cost 27% of revenue (Oct 2026)

Investment considerations: revenue down to BDT 592.9m, finance cost 27.0% of revenue, and profits in FY2020-FY2024 that came from the BBS Cables stake

Bangladesh Building Systems PLC (BBS PLC) describes itself as 'a leading manufacturer of quality Pre-Engineered Steel Building especially in the Industrial & Commercial Sector in Bangladesh' [1 p.7]. It registered as a public limited company on 30 October 2010 and is listed on the Dhaka and Chittagong stock exchanges [1 p.7]; the DSE page gives 2013 as the listing year [21]. It offers 'consultancy, design, fabrication, erection, and after-sales services' for steel structures [1 p.8], from a factory at Jaina Bazar, Telehate, Sreepur, Gazipur [1 p.5].

In FY2025 (the year to 30-Jun-2025) revenue was BDT 592.9m, gross profit BDT 122.6m, operating profit BDT 59.7m, other income BDT 8.8m and finance cost BDT 159.9m, for a loss after tax of BDT 96.5m, or EPS of BDT (0.59) [1 p.87]. The period is confirmed on the report's own pages: the statement of financial position is headed 'AS AT JUNE 30, 2025' and the statement of profit or loss 'FOR THE YEAR ENDED JUNE 30, 2025' [1 p.86] [1 p.87]. On 28-Oct-2026 the company posted on DSE FY2026 EPS of BDT (0.91), NAV per share of BDT 10.69 and NOCFPS of BDT 0.09, with no dividend recommended [20]. The FY2026 annual report is not in the corpus at 1-Nov-2026.

The shares closed at BDT 8.80 on 29-Oct-2026, a market capitalisation of BDT 1,433.8m (derived) [34] [35]. Over the 52 weeks to 29-Oct-2026 the unadjusted DSE closes ranged from BDT 6.9 on 13-Nov-2025 to BDT 16.3 on 28-Jun-2026 and 3-Aug-2026 [34]. The feed includes two Saturday sessions (23-May-2026 and 17-Oct-2026) [34].

Business: a single-segment pre-engineered steel building maker in Gazipur, with a 13.46% stake in BBS Cables

BBS PLC sells pre-engineered steel buildings. Its annual report says the product 'is called a customized product' and that 'The availability of the production or finished goods depends on the Customer order' [1 p.8]. Manufacturing has 'three separate stages' for primary members (column, beam), secondary members (purlin, door) and sheets (roof sheet, wall cladding, flashing) [1 p.10]. The directors' report states that 'BBS PLC has to sale a package to its potential buyers' and that revenue is recognised when 'the structure has left the factory' [1 p.23]. Note 53 gives gross revenue from Pre-Engineered Steel Building (PEB) of BDT 593 million in 2025 and BDT 828 million in 2024 and reports a single business and geographic segment [1 p.118].

The principal raw materials are 'Hot rolled coil, Cold rolled Coil, MS Plate, Sheets and accessories', bought 'from a limited number of Local and Foreign suppliers' [1 p.11]. The inventory note lists hot roll steel sheet/plate, galvalume steel coils and zink aluminum alloy coated steel coils among raw materials [1 p.99]. Full-time employees and workers numbered 280 at 30-Jun-2025 [1 p.11]. The company says its 'sales are seasonal and cyclical' [1 p.11].

The customer list printed in the company profile names industrial groups (ACI Group, Akij Group, Square Group, Pran RFL Group, Meghna Group and others), multinationals (Unilever BD Ltd., British American Tobacco (Bd.) Ltd., Marico Bangladesh Ltd.) and public projects (Dhaka Metro Rail Project, Rooppur Nuclear Power Plant, Mongla Port Authority) [1 p.10]. Revenue by customer is not printed in the pages read; note 3.25 states that the company 'does not have any significant concentration of business transacted with a particular customer, supplier or lender' [1 p.98].

The management discussion puts annual demand for prefabricated steel buildings in Bangladesh at 'around 60,000 MT valuing BDT 9,900 million', with 'Local companies' meeting 'around 85%-90% of the demand' [1 p.37]. It prints an industry size series of 610, 640, 310, 300 and 280 crore (approx.) for FY2021 to FY2025 and names PEB Steel Allince Ltd, Mcdonald, Steel Mark Ltd., Sarker Steel and Dominage Steel as 'The Major competitors' [1 p.37]. On the printed FY2025 figure of 280 crore, BBS PLC's FY2025 revenue of BDT 592.9m equals 21.2% (derived; the industry figure is the company's approximation, and the basis of each figure is not stated) [35].

BBS PLC also holds shares in BBS Cables PLC, a listed cable maker with the same chairperson [1 p.18]. The directors' report says the company invested BDT 200 million and holds 13.46% [1 p.26]. Note 6 records that it acquired 20,000,000 shares (20%) in 2016, accounted for the interest by the equity method, and now holds 28,492,211 shares at fair value through other comprehensive income [1 p.99]. Equity-method profit from BBS Cables appears in the statements to FY2022 [6 p.86] [5 p.90]; from FY2023 fair-value changes go through other comprehensive income [4 p.92].

History: revenue down 50.4% from FY2022 to FY2025, and losses in every year once BBS Cables gains are excluded

Revenue rose from BDT 875.9m in FY2020 to BDT 1,196.6m in FY2022 and then fell in each of the next three years, to BDT 937.8m, BDT 828.8m and BDT 592.9m [6 p.86] [5 p.90] [4 p.92] [1 p.87]. The directors' report gives the FY2025 quarterly revenue changes as -36%, 26%, -14% and -77% for Q1 to Q4, and -28% for the year, 'due to decreasing of industrilization and infrastructure development of the country as well as instable of political situation' (company's words) [1 p.24]. The managing director's discussion attributes the year to 'the indecision of the clients for industrialization' (company's words) [1 p.29].

Profit after tax was BDT 108.7m in FY2020, BDT (36.1)m in FY2021, BDT 268.6m in FY2022, BDT (165.2)m in FY2023, BDT 12.0m in FY2024 and BDT (96.5)m in FY2025 [6 p.86] [5 p.90] [4 p.92] [1 p.87]. Over the six years, gains on selling BBS Cables shares (BDT 57.9m, 205.8m and 60.5m) and equity-accounted profit from BBS Cables (BDT 186.4m, 149.7m and 115.6m) summed to BDT 775.9m; cumulative profit after tax was BDT 91.5m (derived) [35]. Excluding those two lines, profit after tax was negative in each of the six years [35].

Line items: raw materials down 27%, finance cost up to BDT 159.9m at rates of 14.0-15.5%, and scrap income down to BDT 5.0m

Cost of goods sold was BDT 470.3m in FY2025 and BDT 681.1m in FY2024 [1 p.87]. Note 24 splits it into raw materials consumed of BDT 346.6m (FY2024: 476.4m) and manufacturing expenses of BDT 125.7m (FY2024: 153.7m), with work-in-process and finished-goods movements making up the balance [1 p.111]. The auditor's key audit matter on inventories states that 'raw material consumption of BDT 347 million' was '27% lower than prior year due to decrease in production and sales revenue' (auditor's words) [1 p.82]. Within manufacturing expenses, factory salary and wages were BDT 59.9m (FY2024: 78.4m) and depreciation BDT 42.0m (FY2024: 45.6m) [1 p.112].

Gross margin was 9.2% in FY2020, 9.4% in FY2021, 18.0% in FY2022, 4.1% in FY2023, 17.8% in FY2024 and 20.7% in FY2025 [35]. The management discussion states the FY2025 gross margin as 21% against 18%, 'due to decrease of revinue and cost of goods sold of the company' (company's words) [1 p.32]. The filings do not print tonnes sold, price per tonne or steel input prices; volume and price effects cannot be separated from the pages read.

Administrative expenses fell from BDT 84.5m in FY2021 to BDT 51.5m in FY2025, and selling and distribution expenses from BDT 31.7m to BDT 11.3m [6 p.86] [1 p.87]. Administrative salary and allowances were BDT 30.7m in FY2025 (FY2024: 40.2m) and directors remuneration BDT 8.4m in both years [1 p.112] [1 p.113]. Selling and distribution expenses include a bad-debts line with no amount printed in FY2025 or FY2024 [1 p.113].

Finance cost was BDT 159.9m in FY2025 and BDT 136.6m in FY2024 [1 p.87]. Note 28 itemises it: hypo loan interest BDT 30.0m (FY2024: 20.1m), term loan interest BDT 54.0m (49.5m), NRBC overdraft interest BDT 18.3m (12.1m), LankaBangla term loan interest BDT 18.9m (15.0m), NRBC term loan interest BDT 38.0m (26.8m) and bank charges BDT 0.6m (2.4m); import loan and UCBL time loan interest were nil in FY2025 [1 p.113]. The printed rows add to the printed totals in both years [35]. Note 15 prints interest rates of 14.00% (LankaBangla), 15.00% (UCBL) and 15.50% (NRBC) on the term loans [1 p.107], and note 17 prints 15.00% and 15.50% on the UCBL cash credit and NRBC overdraft [1 p.108].

Other income was BDT 8.8m in FY2025 and BDT 43.2m in FY2024 [1 p.87]. Note 27 shows the change came from scrap sale proceeds of BDT 5.0m (FY2024: 36.5m) and dividend income of BDT 2.8m (FY2024: 6.1m) [1 p.113]. Non-operating income of BDT 60.5m in FY2024 was the 'Sale of Shares of BBS Cables PLC'; there was none in FY2025 [1 p.113]. The board's explanation of the FY2025 EPS cites 'decreasing the revenue, other income and Non-operating income' (company's words) [1 p.114].

Income tax was BDT 5.2m in FY2025 on a pre-tax loss: current tax of BDT 5.9m less a deferred tax credit of BDT 0.8m [1 p.114]. In FY2024 tax was BDT 17.8m, including BDT 13.6m printed as 'Tax on Capital gain of Share Sale' [1 p.114]. Deferred tax liability was BDT 162.2m at 30-Jun-2025, after a BDT 62.7m deduction for deferred tax on the fair value reserve [1 p.107].

FY2026: half-year revenue of BDT 201.3m against BDT 347.8m, and a full-year EPS of BDT (0.91) posted on DSE

In the six months to 31-Dec-2025 revenue was BDT 201.3m against BDT 347.8m a year earlier, gross profit BDT 42.1m against BDT 64.7m, finance cost BDT 85.8m against BDT 88.6m and the loss after tax BDT 73.5m against BDT 71.9m [2 p.4]. Second-quarter revenue was BDT 94.8m against BDT 237.4m [2 p.4]. First-quarter revenue was BDT 106.5m against BDT 110.4m, and other income BDT 7.5m against BDT 0.4m [3 p.4]. The company's explanation for the half-year EPS cites 'decreasing the revenue' (company's words) [20].

The nine-month statements to 31-Mar-2026, signed on 28 April 2026, are image-only and were read from the page images. Nine-month revenue was BDT 319.3m against BDT 535.4m, gross profit BDT 69.3m against BDT 107.9m, finance cost BDT 117.4m against BDT 123.4m and the net loss after tax BDT 89.4m against BDT 80.5m; EPS was BDT (0.55) against BDT (0.49) [19 p.4]. Third-quarter revenue was BDT 118.0m against BDT 187.6m [19 p.4]. Operating cash flow per share was BDT (0.61) against BDT 0.46, after interest paid of BDT 117.4m that this statement places in operating activities [19 p.6]. NAV per share was BDT 10.86 at 31-Mar-2026 [19 p.3]. At 31-Mar-2026 the short-term loan line was nil (BDT 334.8m at 30-Jun-2025) and the long-term loan BDT 1,121.5m (BDT 566.0m); the cash flow shows long-term borrowing of BDT 435.3m and short-term repayment of BDT 334.8m in the nine months [19 p.3] [19 p.6]. The FY2026 post of 28-Oct-2026 gives EPS of BDT (0.91), which implies a loss of about BDT 148.3m and a fourth-quarter EPS of BDT (0.36) (derived from rounded EPS) [20] [35]. The FY2026 annual report is not in the corpus at 1-Nov-2026.

Ratios: receivable days of 505, borrowings 0.65x equity and interest cover of 0.37x in FY2025

The ratio table uses printed statement lines and year-end balances. Return on average equity was 11.0% in FY2022 and -5.0% in FY2025 [35]. Borrowings were 0.61x equity at 30-Jun-2020 and 0.65x at 30-Jun-2025; equity at 30-Jun-2025 includes a fair value reserve of BDT 336.6m [1 p.86] [35]. Asset turnover was between 0.19x and 0.26x [35].

Receivable days at year end were 390 in FY2020, 247 in FY2022 and 505 in FY2025; inventory days were 454, 323 and 313 [35]. Receivables of BDT 819.9m at 30-Jun-2025 were larger than FY2025 revenue of BDT 592.9m [1 p.86] [1 p.87]. Note 32.01 derives cash received from customers as opening receivables plus sales less closing receivables: BDT 795.4m + 592.9m - 819.9m = BDT 568.4m [1 p.115].

Cash flow: operating cash of BDT 183.5m in FY2025 and BDT 23.4m after capex and interest paid

Net cash from operating activities was BDT (103.1)m in FY2020, BDT 288.8m in FY2021, BDT 70.1m in FY2022, BDT 153.7m in FY2023, BDT 249.7m in FY2024 and BDT 183.5m in FY2025 [6 p.88] [5 p.92] [4 p.94] [1 p.89]. The company presents finance cost paid under financing activities [1 p.89]. After capital expenditure and finance cost paid, the result was BDT 23.4m in FY2025 and BDT 112.7m in FY2024 (derived) [35]. Capital expenditure was BDT 0.2m in FY2025 and BDT 0.4m in FY2024 [1 p.89].

Financing cash flows were BDT (189.5)m in FY2025, comprising net long-term repayments of BDT 69.5m, net short-term borrowing of BDT 47.4m, finance cost paid of BDT 159.9m and dividend paid of BDT 8.4m [1 p.89]. Cash and cash equivalents were BDT 12.9m at 30-Jun-2025 [1 p.86]. The auditor's going-concern matter states that 'negative cash flows have been replenished from the company's opening cash, bank balances and intercompany transfers' (auditor's words) [1 p.84]. The intercompany transfers are not itemised in the related-party note, which lists BBS Cables dividends and directors' remuneration [1 p.116].

Balance sheet: BDT 1,134.5m of borrowings, BDT 416.7m of receivables over six months and short-term lines drawn above printed limits

Total assets were BDT 3,187.8m at 30-Jun-2025, against BDT 4,849.7m at 30-Jun-2023 [1 p.86] [4 p.91]. The change in the BBS Cables stake accounts for BDT 1,098.4m of the BDT 1,661.9m fall (derived) [35]. The management discussion states that total assets 'decreased by 442 milion in current year due to decreasing of the financial assets at fair value' (company's words) [1 p.33].

Borrowings were BDT 1,134.5m at 30-Jun-2025 (derived): short-term BDT 334.8m, long-term BDT 566.0m and current portion BDT 233.7m [1 p.86]. Long-term loans before current maturity were BDT 799.7m, from LankaBangla Finance (BDT 136.3m), UCBL (BDT 400.0m) and NRBC (BDT 263.3m) [1 p.106]. Note 15.01 prints sanction limits of Tk. 115,905,144 for LankaBangla (expiry 15-06-2033), Tk. 450,000,000 for UCBL (expiry 05-07-2027) and Tk. 260,000,000 for NRBC (expiry 11-05-2030) [1 p.107]. The LankaBangla (BDT 136.3m) and NRBC (BDT 263.3m) term-loan balances at 30-Jun-2025 are above their printed sanction limits [1 p.106] [1 p.107]. The short-term facilities are a UCBL cash credit (sanction limit Tk. 150,000,000, expiry 30-09-2025) and an NRBC overdraft (Tk. 100,000,000, expiry 14-08-2025) [1 p.108]. The balances drawn at 30-Jun-2025 were BDT 213.3m and BDT 121.5m [1 p.107], each above the printed sanction limit. Renewal of the two short-term facilities after their printed expiry dates is not in the corpus at 1-Nov-2026.

Trade and other receivables were BDT 819.9m at 30-Jun-2025 [1 p.86]. The ageing in note 10 shows BDT 228.3m at one to three months, BDT 174.9m at three to six months and BDT 416.7m at more than six months; a year earlier the figures were BDT 243.1m, BDT 305.7m and BDT 246.6m [1 p.105]. Note 10.01 describes the receivables as 'unsecured but good' with 'most of receivables realized' subsequently, and note 10.03 states that no provision for bad debts was made [1 p.105]. The auditor's key audit matter on revenue and receivables lists 'Periodic balance confirmation from debtors' and 'Reviewing subsequent receipt of receivables balance' among its procedures [1 p.81].

Advances, deposits and prepayments were BDT 626.7m at 30-Jun-2025, of which advance income tax was BDT 427.6m and 'Advance to Office space purchase' BDT 183.2m (unchanged from 30-Jun-2024) [1 p.100]. Capital work-in-progress of BDT 76.9m is 'interior decoration of the corporate office premises' and was the same at each year end from 30-Jun-2020 [1 p.99] [6 p.85]. Inventories were BDT 402.9m: raw material BDT 190.3m, work-in-process BDT 67.8m and finished goods BDT 144.8m [1 p.99] [1 p.100]. Note 8.06 states that 'item-wise quantity statement of inventories could not be given' [1 p.100].

Note 48 discloses a customs claim of Taka 2,241,595 from 2007 on aluminum foil with bubble, under a High Court petition [1 p.117]. Note 41 states that there was no claim against the company acknowledged as debt [1 p.116].

Audit: unmodified FY2025 opinion with emphasis of matter on gratuity and provident fund, and five key audit matters including going concern

The FY2025 statements were audited by T. Hussain & Co., partner Mohammad Abu Kawsar FCA, and signed on 27-Oct-2025 [1 p.85]. The opinion is unmodified: the statements 'present fairly, in all material respects (or give a true and fair view of) the financial position of the Company as at June 30, 2025' [1 p.80]. DSE posted on 11-Dec-2025 that 'The auditor of the company has given the Emphasis of Matter paragraph' for the year [20]. The FY2024 statements were audited by A. Hoque & Co. and signed on October 28, 2024 [4 p.91]; FY2022 and FY2021 by Fames & R [5 p.89] [6 p.85]; FY2020 by Ahmed Zaker & Co. [7 p.10].

In the going-concern key audit matter the auditor states that it 'reviewed the debt services to find out whether company facing any trouble to repay debt and found no defaulter exist' and that the fall in sales was 'due to current economic situations, cost of construction materials increased and customer purchase power has been temporarily decreased which would not be affected company's going concern ability for forthcoming years' (auditor's words) [1 p.84]. The directors' declaration states that 'There are no significant doubts upon your Company's ability to continue as an ongoing concern basis' [1 p.24]. Note 3.15 states under 'PROVIDENT FUND' that the 'Company has not implemented a provident fund scheme for its eligible employees' and under 'GRATUITY' that 'This fund yet to be recognized by the company and need to be get approval from National Board of Revenue (NBR)' [1 p.97]. The same note states that 'During the current year, company unable to provision WPPF for incurring net loss' [1 p.97].

Governance: sponsors at 30.01%, 4.6m sponsor shares under lien, a five-member board after an independent director retired

Sponsors and directors held 30.01% at 30-Jun-2025, institutions 23.11%, foreign investors 0.07% and general shareholders 46.81% [1 p.106]. The DSE page gives 30.01%, 23.76%, 0.06% and 46.17% at 30-Sep-2026 [21]. The four sponsor directors hold 48,893,504 shares: Engr. Md. Abu Noman Howlader 17,571,361 (10.79%), Engr. Mohammad Badrul Hassan 14,588,932 (8.95%), Engr. Hasan Morshed Chowdhury 8,607,207 (5.28%) and Engr. Mohammad Ruhul Majid 8,126,004 (4.99%) [1 p.106]. Annexure D adds Mrs. Sabrina Ahmed Chowdhury, 'Wife of Engr. Hasan Morshed Chowdhury', with 155,050 shares and Mrs. Monira Noman, 'Wife of Engr. Md. Abu Noman Howlader', with 1,537 shares, for a sub-total of 49,050,091 (30.11%) [1 p.66]. Liened or pledged shares total 4,600,000: 3,400,000 of the chairperson's and 400,000 each of the other three sponsor directors' [1 p.67].

The FY2025 board had six directors and held six meetings [1 p.26] [1 p.117]. Note 45 prints attendance of 3 for Engr. Md. Abu Noman Howlader (Chairman), 6 for Engr. Hasan Morshed Chowdhury (Manging Director), 6 for Engr. Mohammad Badrul Hassan (Director), 6 for Engr. Mohammad Ruhul Majid (Director), 3 for Md.Enayet Hossen (Independent Director) and 4 for Major Md. Sabir Ahmed (Retd) (Independent Director) [1 p.117]. The directors' report states that Major Md. Sabir Ahmed, psc 'retired on September 27, 2025', after which 'the board is comprised of 5 (five) Directors', and that the company is 'trying to appoint a female independent director' [1 p.26]. The managing director was re-appointed 'for the next five years in 20th AGM' [1 p.23]. Engr. Mohammad Badrul Hassan and Engr. Mohammad Ruhul Majid were listed to retire at the 22nd AGM and as eligible for re-appointment [1 p.26].

Note 43 prints directors remuneration of BDT 8,448,000 in FY2025 and FY2024 [1 p.117]. The related-party table in note 42.01, read from the page image, shows remuneration for Engr. Hasan Morshed Chowdhury with a payment of 5,632,000 during the year and 2,816,000 outstanding at 30-Jun-2025, and nil for the other three sponsor directors [1 p.116]; 5,632,000 plus 2,816,000 equals 8,448,000 (derived). Note 42.02 lists cash dividend from BBS Cables, 'Sister Concern', of 2,849,221 in FY2025 and 6,058,442 in FY2024 [1 p.116]. The profiles name the BBS group companies on whose boards the directors sit, including BBS Cables PLC, Nahee Aluminum Composite Panel PLC, BBS Infrastructure Ltd. and BBS Readymix Ltd. [1 p.18] [1 p.67]. Trade payables list 'Steel mark pipes ltd.' among sundry creditors [1 p.108]; the filings do not describe any relationship with that supplier.

The corporate governance compliance certificate, signed by Haruner Rashid & Associates on November 03, 2025, states that 'The Company has complied with the condition of the Corporate Governance Code' and that 'The Governance of the company is satisfactory' [1 p.51]. Condition 1(1) prints that the board 'comprised of 06 (six) Directors including 2 (two) Independent Directors (IDs) in the reporting year' [1 p.53]. The compliance annexure leaves condition 1(2)(a) unticked in both columns, with the remark: 'There are 02 (two) Independent Directors in the reporting year. Major Md. Sabir Ahmed, psc (Retd.), ID retired on 27/09/2025. Appointment of Female ID is under process. However, Commission has extended the time for appointment of Femal ID's upto 31/12/2025.' [1 p.53]. No condition on pp.53-65 is marked 'Not Complied' [s1 p.53-65]. The CFO is Mr. Md. Mamun Howlader, the company secretary (acting) Mr. Mohammad Sohel and the head of internal audit and compliance Mr. Md. Parves Alam [1 p.26].

Capital actions: no dividend for FY2025 or FY2026, and DSE category Z from 28-Oct-2026

The DSE page lists cash dividends of 5% (2016, 2017, 2020), 2% (2021), 3.50% (2022) and 0.50% (2024), and stock dividends every year from 2013 to 2020 [21]. The board recommended no dividend for FY2025 [1 p.25] and no dividend for FY2026 [20]. Cash dividends paid per the cash flow statements were BDT 76.5m in FY2021, BDT 33.3m in FY2022, BDT 56.5m in FY2023, BDT 0.02m in FY2024 and BDT 8.4m in FY2025 [6 p.88] [5 p.92] [4 p.94] [1 p.89]. Note 54 gives the FY2025 payment as Tk. 81,46,487 [1 p.118]. The dividend policy is in Annexure pages 68-70 [1 p.68].

The DSE news archive for 1-Nov-2024 to 31-Oct-2026 holds 36 posts [20]. DSE moved the shares to category Z on 4-Feb-2025 'regarding non-disbursement of the approved dividend within the stipulated time frame', back to B on 5-Feb-2025 after the company 'reported disbursement of 0.5% Cash Dividend for the year ended June 30, 2024', and to Z again on 28-Oct-2026 'as the company has failed to declare any dividend for a period of 2 (two) consecutive years' [20]. With each category change DSE posted a prohibition on margin loans for the shares [20]. No post in the window concerns capital expenditure, borrowing approvals, expansion or a change of business, and no post is titled as a correction [20].

Peers: FY2025 finance cost of BDT 159.9m at BBS, BDT 11.6m at Dominage and BDT 8.0m at Nahee ACP

The peer table uses FY2025 (year to 30-Jun-2025) company statements of three listed companies with published AnalystBro notes [29] [30] [31]. They are described as printed and are not ranked. Dominage Steel Building Systems Limited is named by BBS PLC among its 'Major competitors' [1 p.37]. Nahee Aluminum Composite Panel PLC and BBS Cables PLC are companies chaired by BBS PLC's chairperson [1 p.18]. Each finance-cost figure is the gross line as printed; Dominage prints 'Interest on lease' of BDT 0.01m separately [22].

In FY2025 Dominage Steel Building Systems reported revenue of BDT 189.6m and profit after tax of BDT 5.1m [22 p.11]; Nahee Aluminum Composite Panel reported turnover of BDT 347.6m and a loss after tax of BDT 490.5m [25 p.93]; BBS Cables reported revenue of BDT 2,104.8m and a loss after tax of BDT 856.6m [27 p.132]. BBS PLC's finance cost was BDT 159.9m; Dominage printed Financial Expenses of BDT 11.6m and Nahee Finance Expenses of BDT 8.0m [1 p.87] [22 p.11] [25 p.93]. BBS Cables, the investee, posted EPS of BDT (4.05) for FY2025 [27 p.132], and BBS PLC's directors' report states that 'The Board of the BBS Cables PLC has recommended no dividend for the year ended 30 June, 2025' [1 p.26].

Multiples: price 0.82x NAV per share at 29-Oct-2026; P/E not meaningful on a loss

At the 29-Oct-2026 close of BDT 8.80 the shares traded at 0.82x the NAV per share of BDT 10.69 posted for 30-Jun-2026 and 0.82x the audited BDT 10.74 at 30-Jun-2025 [20] [1 p.86] [35]. A price/earnings ratio is not meaningful on EPS of BDT (0.91). No dividend yield applies to FY2025 or FY2026. NAV at 30-Jun-2025 includes the fair value reserve of BDT 336.6m, or BDT 2.07 per share (derived) [1 p.86] [35]. These are stated as facts; no view on the price is taken.

What's next: Q1 FY2027 results (8-12 Nov-2026, inferred), record date 17-Nov-2026 and AGM 15-Dec-2026

The FY2026 record date of 17-Nov-2026 and the 23rd AGM on 15-Dec-2026 (hybrid, physical location at the corporate office, Mohakhali) are notified [20]. The Q1 FY2027 board meeting is not notified at 31-Oct-2026 [20]. The Q1 statements of the last seven years are dated 9-Nov-2019, 12-Nov-2020, 7-Nov-2021, 10-Nov-2022, 9-Nov-2023, 13-Nov-2024 and 12-Nov-2025 (statement dates) [13 p.2] [8 p.3] [9 p.3] [10 p.2] [11 p.2] [12 p.2] [3 p.4]; the DSE board-meeting notices for the last two give 13-Nov-2024 and 12-Nov-2025 [20]. The range 7-Nov to 13-Nov falls on 8-Nov-2026 (Sun) to 12-Nov-2026 (Thu) on DSE business days (inferred, 7 years).

The Q2 statements are dated 28-Jan-2021, 26-Jan-2022, 25-Jan-2023, 25-Jan-2024, 29-Jan-2025 and 29-Jan-2026 (statement dates; DSE board dates 29-Jan-2025 and 29-Jan-2026) [14 p.3] [15 p.2] [16 p.2] [17 p.3] [18 p.4] [2 p.4] [20]; 25-Jan-2027 (Mon) to 28-Jan-2027 (Thu) is inferred (inferred, 6 years). The printed expiry dates of the UCBL cash credit (30-09-2025) and the NRBC overdraft (14-08-2025) have passed (passed), outcome unknown [1 p.108]. The UCBL term loan's printed expiry is 05-07-2027 [1 p.107]. Bangladesh's LDC graduation date is 24-Nov-2029 [32] [33].

Risks: revenue level, borrowing cost at 14.0-15.5%, receivables over six months and the BBS Cables share price

The risks below are each tied to a printed figure. The company's own risk chapter covers industry, market, interest-rate, exchange-rate and other risks with management's perception of each [1 p.38] [1 p.39] [1 p.40]. Its raw-materials paragraph states that 'prices for the Company's raw materials are influenced by numerous factors beyond SST's control' [1 p.11].

Key questions: the FY2026 accounts, the audit paragraphs and the receivables over six months

The audited figures at 30-Jun-2025 are equity of BDT 1,749.8m, borrowings of BDT 1,134.5m (derived) and cash of BDT 12.9m [1 p.86] [35]. The un-audited figures at 31-Dec-2025 are equity of BDT 1,692.3m, short-term loans of BDT 358.0m and cash of BDT 25.5m [2 p.3].

Printed differences: the FY2024 auditor's name, two receivable ageings and director compensation

Where the filings print a figure or fact two ways, both printings are listed below; we have not chosen between them.

FAQ

What does Bangladesh Building Systems make?

Pre-engineered steel buildings for industrial and commercial customers, with design, fabrication and erection, from a factory in Sreepur, Gazipur [1 p.7] [1 p.8].

What was the FY2025 result?

Revenue BDT 592.9m, loss after tax BDT 96.5m, EPS BDT (0.59), NAV per share BDT 10.74 [1 p.86] [1 p.87].

What did the company post for FY2026?

EPS BDT (0.91), NAV per share BDT 10.69, NOCFPS BDT 0.09 and no dividend, posted on DSE on 28-Oct-2026 [20].

What did the auditor say about FY2025?

An unmodified opinion with emphasis of matter on the gratuity fund and the provident fund, and five key audit matters including going concern [1 p.80] [1 p.83].

How much does the company borrow?

BDT 1,134.5m at 30-Jun-2025 (derived): short-term BDT 334.8m, long-term BDT 566.0m and current portion BDT 233.7m [1 p.86].

What is the BBS Cables stake?

28,492,211 shares (13.46%), carried at BDT 413.1m at Tk. 14.50 per share at 30-Jun-2025 [1 p.99].

Why is BBS in category Z?

DSE moved it from B to Z on 28-Oct-2026 'as the company has failed to declare any dividend for a period of 2 (two) consecutive years' [20].

When is the next AGM?

The 23rd AGM is notified for 15-Dec-2026, with a record date of 17-Nov-2026 [20].

Sources

1. Bangladesh Building Systems PLC Annual Report 2024-2025 (audited, year to 30-Jun-2025); page numbers are PDF pages · link · accessed 2026-11-02
2. Bangladesh Building Systems PLC un-audited financial statements, six months to 31-Dec-2025 · link · accessed 2026-11-02
3. Bangladesh Building Systems PLC un-audited financial statements, three months to 30-Sep-2025 · link · accessed 2026-11-02
4. Bangladesh Building Systems PLC Annual Report 2023-2024 (year to 30-Jun-2024, with FY2023 comparatives) · link · accessed 2026-11-02
5. Bangladesh Building Systems Ltd. Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-11-02
6. Bangladesh Building Systems Ltd. Annual Report 2020-2021 (year to 30-Jun-2021, with restated FY2020 comparatives) · link · accessed 2026-11-02
7. Bangladesh Building Systems Limited audited financial statements, year to 30-Jun-2020 (as first printed) · link · accessed 2026-11-02
8. Bangladesh Building Systems Limited un-audited statements, Q1 to 30-Sep-2020 · link · accessed 2026-11-02
9. Bangladesh Building Systems Limited un-audited statements, Q1 to 30-Sep-2021 · link · accessed 2026-11-02
10. Bangladesh Building Systems Limited un-audited statements, Q1 to 30-Sep-2022 · link · accessed 2026-11-02
11. Bangladesh Building Systems Limited un-audited statements, Q1 to 30-Sep-2023 · link · accessed 2026-11-02
12. Bangladesh Building Systems PLC un-audited statements, Q1 to 30-Sep-2024 · link · accessed 2026-11-02
13. Bangladesh Building Systems Limited un-audited statements, Q1 to 30-Sep-2019 · link · accessed 2026-11-02
14. Bangladesh Building Systems Limited un-audited statements, six months to 31-Dec-2020 · link · accessed 2026-11-02
15. Bangladesh Building Systems Limited un-audited statements, six months to 31-Dec-2021 · link · accessed 2026-11-02
16. Bangladesh Building Systems Limited un-audited statements, six months to 31-Dec-2022 · link · accessed 2026-11-02
17. Bangladesh Building Systems Limited un-audited statements, six months to 31-Dec-2023 · link · accessed 2026-11-02
18. Bangladesh Building Systems PLC un-audited statements, six months to 31-Dec-2024 · link · accessed 2026-11-02
19. Bangladesh Building Systems PLC un-audited financial statements, nine months to 31-Mar-2026 (image-only; read from page images) · link · accessed 2026-11-02
20. DSE news archive, BBS, all news 1-Nov-2024 to 31-Oct-2026 (36 posts, dated 7-Nov-2024 to 28-Oct-2026) · link · accessed 2026-11-02
21. DSE company page, BBS (market category, dividend history, shareholding to 30-Sep-2026; read 2-Nov-2026) · link · accessed 2026-11-02
22. Dominage Steel Building Systems Limited audited financial statements, year to 30-Jun-2025; statement of profit and loss page image · link · accessed 2026-11-02
23. Dominage Steel Building Systems Limited, independent auditor's report FY2025 page image · link · accessed 2026-11-02
24. Dominage Steel Building Systems Limited, independent auditor's report FY2025, second page image · link · accessed 2026-11-02
25. Nahee Aluminum Composite Panel PLC Annual Report 2025 (year to 30-Jun-2025); statement of profit or loss page image · link · accessed 2026-11-02
26. Nahee Aluminum Composite Panel PLC Annual Report 2025, independent auditors' report page image · link · accessed 2026-11-02
27. BBS Cables PLC Annual Report 2024-2025 (year to 30-Jun-2025); statement of profit or loss page image · link · accessed 2026-11-02
28. BBS Cables PLC Annual Report 2024-2025, independent auditors' report page image · link · accessed 2026-11-02
29. AnalystBro, Dominage Steel Building Systems financial analysis (published note) · link · accessed 2026-11-02
30. AnalystBro, Nahee Aluminum Composite Panel financial analysis (published note) · link · accessed 2026-11-02
31. AnalystBro, BBS Cables financial analysis (published note) · link · accessed 2026-11-02
32. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
33. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
34. AnalystBro price data (TradingView DSE daily feed, unadjusted): DSE:BBS daily bars 15-Sep-2025 to 1-Nov-2026 · link · accessed 2026-11-02
35. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02