BDCOM Online financial analysis: EPS BDT 0.80, NAV BDT 15.16, 10% cash dividend for FY2026 (Oct 2026)

Investment considerations: FY2025 revenue BDT 815.5m, net profit BDT 51.7m, FDR and cash BDT 464.7m at 30-Jun-2025

BDCOM Online Ltd. is an internet service provider. It was incorporated on 12 February 1997, converted to a public limited company on 12 December 2001, and its shares trade on the Dhaka and Chittagong stock exchanges [2 p.6]. The company reports three units in its statement of profit or loss: Unit-1 ISP, Unit-2 SDP (software development, vehicle tracking, domain and hosting) and Unit-3 IPTSP (IP telephony) [1 p.98] [1 p.116]. Unit-1 produced BDT 735.2m of the BDT 815.5m revenue in FY2025, 90.2% of the total [1 p.116] [12]. The company states that it 'does not have any parent, subsidiary, or associated companies', so every figure in this note is on a single-company basis [1 p.52].

The latest audited annual is the year to 30 June 2025: the statement of financial position is 'As at 30 June 2025' and the auditor signed on 26 October 2025 [1 p.97] [1 p.96]. The board approved the FY2026 accounts (year to 30 June 2026) on 27 October 2026 and DSE posted the results on 28 October 2026 [4]. The FY2026 annual report is not in the corpus at 1-Nov-2026, so line items in this note run to the nine months ended 31 March 2026, the latest filed statements [2 p.3]; FY2026 appears as the per-share figures in the DSE post.

FY2026: EPS BDT 0.80, NAV BDT 15.16, NOCFPS BDT 1.91; 9M operating profit BDT 32.4m

The board met on 27 October 2026 under listing regulation 19(1) to consider the audited accounts for the year ended 30 June 2026 [4]. The DSE post of 28 October 2026 reads: 'The Board of Directors has recommended 10% Cash Dividend for the year ended June 30, 2026. Date of AGM: 17.12.2026 ... Record Date: 19.11.2026. The Company has also reported EPS of Tk. 0.80, NAV per share of Tk. 15.16 and NOCFPS of Tk. 1.91 for the year ended June 30, 2026', against 'Tk. 0.82 (restated), Tk. 14.84 (restated) and Tk. 0.95 (restated)' for FY2025 [4]. The FY2025 annual report printed EPS of BDT 0.86, NAV per share of BDT 15.58 and NOCFPS of BDT 1.00 on 59,940,824 shares [1 p.98] [1 p.97] [1 p.100]; the restated figures divide by 62,937,865 shares after the 5% stock dividend for FY2025 [2 p.8].

Profit for FY2026 implied by the announced EPS is about BDT 50.4m (BDT 0.80 x 62.94m shares, derived) against BDT 51.73m printed for FY2025 [4] [1 p.98]. The nine months to March 2026 printed BDT 28.88m [2 p.3], so the April-June 2026 quarter implies about BDT 21.5m (derived from the DSE EPS and the Q3 statement). Quarterly EPS as posted on DSE was BDT 0.35 for July-September 2025, BDT 0.10 for October-December 2025 and BDT 0.03 for January-March 2026 [4]. The half-year post gives BDT 0.45 for July-December 2025 and the Q3 statement BDT 0.46 for the nine months; the filings do not state which share count the half-year figure uses [4] [2 p.3].

Cash flow for FY2026 per the DSE post was NOCFPS of BDT 1.91, equal to about BDT 120.2m (derived) [4]. For the nine months the company printed net operating cash flow of BDT 93.9m against BDT 34.0m [2 p.5], and its DSE post of 3-May-2026 explained: 'NOCFPS has increased by 0.95 due to increased collection of receivables during this period from July 2025 to March 2026 compared to July 2024 to March 2025 and Tax deducted under Section 90 of Income Tax Act 2023 is reduced over the period as Tax rate on Internet services has been reduced to 5% from 10% which was applicable from 01 July 2025 onwards' [4].

Business model: Unit-1 ISP 90.2% of FY2025 revenue; single company, no subsidiaries

The interim notes describe the company as primarily an internet service provider in Bangladesh, with web design and hosting, leased port internet access, network solutions and nationwide data services, plus software development, broadband, vehicle tracking, business process outsourcing, IP telephony, IP PBX, conference bridge, short-code parking, fibre optic and hardware sales [2 p.6]. The FY2025 auditor's revenue key audit matter states: 'The Company's primary customers are its corporate customers, who are also entitled to get a comparative rate of services invoiced' [1 p.92]. No customer-concentration figure appears in the notes read (notes 9, 28 and Schedule-B) [1 p.116] [1 p.127].

Unit-1 ISP revenue in FY2025 was BDT 697.2m from 'Internet/Data Connectivity Services', BDT 9.2m from internet for educational institutions, BDT 4.5m from IT-enabled services and BDT 24.3m from hardware sales; in FY2024 hardware sales were BDT 1.1m [1 p.116]. Unit-2 SDP revenue (BDT 22.9m) came from vehicle-tracking monthly charges and devices, software and graphic design, and domain, web development and hosting; Unit-3 IPTSP revenue (BDT 57.4m) came from IP telephony call charges, monthly rent, IT-enabled services and hardware [1 p.116]. In 9M FY2026 Unit-1 revenue was BDT 541.4m, Unit-2 BDT 17.3m and Unit-3 BDT 44.7m [2 p.3].

The directors' report describes network work under way: 'the Company has started large-scale work on upgrading its MPLS backbone from 10/40G to 100G across ten major MPLS Zones in the Core Network', and states that it manages 'more than 900 PoPs across the country' [1 p.60]. The stated purpose of the FY2025 5% stock dividend is an MPLS expansion from 10 Gbps to 100 Gbps at 10 locations that 'costs about 8 crore which will incur phase by phase over 3 years periods in ahead' [1 p.57]. The DSE dividend post of 27-Oct-2025 gave the reason 'The funds from bonus shares will be utilized for network expansion' [4]. The 24-month DSE news sweep shows no separate board approval of a capital project [4].

The same directors' report lists a 'diversification strategy' into 'cloud infrastructure, cybersecurity services, distribution of ICT products, integration of enterprise technologies, and sector-specific solutions for healthcare, education, and e-governance' [1 p.61]; the filings give no amounts or dates for these lines. The FY2025 statements show 632 employees at 30 June 2025 [1 p.117].

Cost drivers: admin and marketing 37.7% of FY2025 revenue; minimum tax BDT 59.3m

Cost of sales and services was BDT 367.3m in FY2025 against BDT 361.7m [1 p.116]. Within it, bandwidth charges were BDT 84.9m (FY2024: BDT 99.5m) and NTTN charges BDT 83.7m (FY2024: BDT 93.7m); together 20.7% of revenue against 24.8% [1 p.117] [12]. Direct salary and allowances were BDT 84.1m (FY2024: BDT 77.4m) and data connectivity (site sharing) BDT 42.7m [1 p.117]. Hardware and other cost of sales was BDT 23.7m against BDT 5.3m, alongside hardware revenue of BDT 24.3m in Unit-1 [1 p.116]. Gross margin was 53.6% in FY2024, 55.0% in FY2025 and 55.2% in 9M FY2026 [12].

Administrative and marketing expenses were BDT 307.5m in FY2025 (+10.0%) and BDT 256.2m in 9M FY2026 (+11.5%) [1 p.98] [2 p.3] [12]. Salary and allowances in that line were BDT 165.4m in FY2025 (FY2024: BDT 152.5m), office rent BDT 30.0m and conveyance, dearness and food allowance BDT 24.9m [1 p.117]. As a share of revenue the line was 37.7% in FY2025, the highest of FY2017-FY2025, and 42.5% in 9M FY2026 [12]. Depreciation, shown as a separate line, was BDT 58.9m in FY2025 and BDT 44.7m in 9M FY2026 [1 p.98] [2 p.3].

Below operating profit, non-operating income was BDT 46.5m in FY2025, of which bank interest on FDR accounts BDT 43.8m and a foreign-currency gain BDT 2.0m [1 p.118]. It was 41.9% of FY2025 profit before tax and 62.3% in 9M FY2026 [12]. Financial charges (bank interest) were BDT 11.2m in FY2025 against BDT 4.4m, and BDT 8.1m in 9M FY2026 [1 p.118] [2 p.3]. The cash-flow statement shows FDR interest received of BDT 39.1m in FY2025 [1 p.100].

Tax is set by the minimum tax. In FY2025 the regular computation gave BDT 25.18m at 22.50%; the minimum tax was BDT 59.27m; current tax, 'Total Tax Expense for the Period (Higher of A & B Plus C)', was BDT 60.76m including BDT 1.49m for previous years [1 p.115]. After deferred tax income of BDT 1.45m, total tax was BDT 59.31m, 53.4% of profit before tax [1 p.98] [12]. In 9M FY2026 current tax was BDT 29.19m against BDT 45.26m [2 p.3], and the company's DSE post of 3-May-2026 states that the tax rate on internet services deducted under section 90 'has been reduced to 5% from 10% which was applicable from 01 July 2025 onwards' [4]. Income from software development and ITES is exempt: 'As per Sixth Schedule, Part-A, Para -21 of Income Tax Act 2024 income from software development & ITES are exempted up to 30 June 2027' [1 p.115]; exempt profit was BDT 4.42m in FY2025 and BDT 1.99m in 9M FY2026 [1 p.115] [2 p.11].

Ratios: revenue +5.8% a year FY2017-FY2025; ROE 5.6% in FY2025; net margin 6.3%

The nine-year table joins the FY2021 annual report (FY2017-FY2021) and the FY2025 annual report (FY2021-FY2025), both on the company basis [3 p.26] [1 p.30]. The two reprints of FY2021 agree on revenue, gross profit and net profit, and differ on administrative and marketing expenses: BDT 244,999 thousand in AR2021 and BDT 247,145 thousand in AR2025; the model uses the AR2025 figure. Revenue grew 5.8% a year over FY2017-FY2025 [12]. Net profit after tax was BDT 83.85m at its FY2019 high and BDT 50.90m at its FY2024 low [3 p.26] [1 p.30].

Operating profit derived as gross profit less administrative and marketing expenses less depreciation was BDT 91.5m in FY2017 and BDT 81.8m in FY2025; operating margin 17.6% and 10.0% [12]. The FY2025 report's growth chart prints operating profit of BDT 88,221, 85,852, 81,640 and 81,796 thousand for FY2022-FY2025, equal to the derivation within BDT 1 thousand, and BDT 47,682 thousand for FY2021, against BDT 51,602 thousand derived [1 p.31] [12]. ROE on average equity was 11.4% in FY2018, 7.5% in FY2020 and 5.6% in FY2025 [12].

Year-end trade and other receivables were 104 days of revenue in FY2017, 72 in FY2022 and 102 in FY2025 [12]. Cash dividends were 34.5% of net profit in FY2017, 76.6% in FY2023 and 57.9% in FY2025 [12]. Operating cash flow was 1.52x net profit in FY2024 and 1.15x in FY2025; after PPE acquisitions of BDT 82.4m and BDT 85.4m it was negative BDT 5.0m and negative BDT 25.7m [1 p.100] [12]. In 9M FY2026 the same measure was positive BDT 45.1m [2 p.5] [12].

Balance sheet and audit: FDR and cash BDT 497.3m, bank loans BDT 100.7m at 31-Mar-2026, five key audit matters

At 31 March 2026 total assets were BDT 1,391.4m, of which investment in FDR and Govt. Bond BDT 454.6m, property, plant and equipment BDT 388.4m, trade receivables BDT 192.9m, long-term deposit and prepayment BDT 111.1m and advance income tax BDT 92.5m [2 p.2]. Bank loans were BDT 100.7m: long-term loans BDT 8.8m (Bank Asia and Jamuna Bank, mostly motor-vehicle loans), current portion BDT 9.6m and short-term SOD facilities BDT 82.3m from Prime Bank and Jamuna Bank [2 p.9] [2 p.11]. Lease liabilities were BDT 52.7m [2 p.9]. Shareholders' equity was BDT 932.8m, 67.0% of total assets [2 p.2] [12].

Trade receivables were BDT 211.9m at 30 June 2025, 95 days of FY2025 revenue, and BDT 192.9m at 31 March 2026 [1 p.97] [2 p.2] [12]. Schedule-B ages the 30 June 2025 balance: BDT 65.3m at 0-30 days, BDT 12.6m at 31-60 days, BDT 30.9m at 61-90 days, BDT 71.1m at 91-120 days, BDT 12.8m at 121-150 days and BDT 19.2m above 150 days [1 p.127]. The interim note describes receivables as unsecured and states that they include no amount recoverable from directors [2 p.7]; no allowance for doubtful receivables appears in notes 9 and 10 or the receivables policy read [1 p.109] [1 p.103].

Two balance-sheet prints in the FY2025 annual report disagree. Inventories at 30 June 2025 appear as BDT 115,532,430 on the statement of financial position, and current assets on the same page total BDT 849,497,502 [1 p.97]. The auditor's key audit matter states 'Inventories represent Tk. 15,532,430/-' [1 p.92], the five-year table prints 15,532 thousand [1 p.30], and the Q3 statement shows BDT 15,532,430 as the 30 June 2025 comparative [2 p.2]. The printed current-asset lines sum to BDT 949,497,502 with BDT 115,532,430 and to BDT 849,497,502 with BDT 15,532,430 (derived). The model uses BDT 15.5m.

Equity moved in the nine months through dividends and a reserve transfer. The FY2025 5% stock dividend (2,997,041 shares) and 5% cash dividend (BDT 29,970,410) were charged to retained earnings [2 p.9]. A line 'Adjustemnt of Previous Years' moved BDT 55,727,290 out of retained earnings and into share premium [2 p.4]. Note 16 describes it as 'Adjustment of Stock Dividend distributed on FY 2020-21 amounting BDT 27,184,040 and on FY 2023-24 amounting BDT 28,543,250 Total BDT 55,727,290 from Share Premium to Retained Earnings as per BSEC letter dated 06 January 2026' [2 p.8]; the statement of changes in equity shows the amount added to share premium and deducted from retained earnings [2 p.4]. Both are printed; the filings do not reconcile the wording. On DSE the company first said the FY2025 bonus shares 'are declared from the share premium' (27-Oct-2025) and later that they 'shall be declared from the Retained Earnings (Revised) replacing the previous recommendation from the Share Premium' (18-Dec-2025) [4].

The FY2025 audit opinion, signed by Mohammad Shibbir Hossain FCA of Ashraf Uddin & Co. on 26 October 2025, reads in full: '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 30 June 2025 in accordance with International Financial Reporting Standards (IFRSs), Financial Reporting Act 2015, the Companies Act 1994, Securities and Exchange Act 1993 and Securities and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.91] [1 p.96] The basis for opinion reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.91] The report has no emphasis-of-matter paragraph. Under the heading 'Others Matter' it reads: 'The Audit Report of the previous year expressed an unqualified opinion on those statements.' [1 p.94] The company's corporate-governance section states: 'The audit report for the fiscal year ending 30 June 2025, indicates "No Adverse Observation," reflecting the integrity of our financial reporting and operational practices.' [1 p.51]

The key audit matters (table headed 'Key Audit Report') read as follows [1 p.91] [1 p.92] [1 p.93] [1 p.94]. Revenue (Note- 28): 'Appropriateness of revenue recognition and disclosures on the impact of the initial application of IFRS 15. As described in accounting policy note 2.06 to the financial statements, the Company recognizes revenue upon transfer of control as per the newly adopted IFRS 15: Revenue from Contracts with Customers. The Company has reported total revenue of TK. 815,452,691/-. The Company's primary customers are its corporate customers, who are also entitled to get a comparative rate of services invoiced. Given the significance and complexities involved in the accounting of Revenue, appropriate recognition of revenue has been considered as a key audit matter.' Valuation of Inventories (Note- 06): 'Inventories represent Tk. 15,532,430/- of the Company; inventories are thus a material item in the financial statements. As described in the accounting policy note 2.07 to the financial statements, inventories are valued at the lower of cost or net realizable value. As such, management is required to make judgments in determining whether inventories are being appropriately valued. Volume of inventories being held by the company at the reporting date and the complexities involved in the accounting and presentation thereof, Inventories have been considered as a key audit matter.' Recovery of Trade Receivables (Note- 09): 'Trade Receivables represent an amount of TK. 211,918,457/- as at 30th June 2025 of the Company. The recoverability of trade receivables is considered to be a key risk due to the significance of these balances to the financial statements and the judgments required in making appropriate provisions.' Property, Plant and Equipment (Note- 03): 'Property, Plant and Equipment includes the company's long-term assets, which provide economic benefits to the entity for more than one year. PPE is measured at cost less accumulated depreciation. The carrying value of PPE represents a significant portion of total assets, which amounts to Tk. 384,323,083/- for the company at the reporting date. The carrying value of PPE includes asset additions during the year is Tk. 85,359,290 /- is the function of depreciation charges on the cost that involves estimation. Therefore, it has been considered a significant area of an auditor's judgement.' The auditor's response ends: 'Our testing did not identify any issues with regard to the Carrying Value of PPE.' Deferred Tax (Note- 20): 'The Company's report Net Deferred Tax Liability (DTL) totaling Tk. 1,728,511/- as at 30th June, 2025. Significant judgment is required in relation to deferred tax liabilities as their recoverability is dependent on forecasts of future profitability over a number of years. The disclosures relating to Deferred Tax are included in note 20.00 to the financial statement.'

Governance: seven-member board, 19 meetings; two related parties for bandwidth and NTTN

Related-party transactions are with two named parties, both described as 'Concern Under Common Mgt.' [1 p.120]. Fiber @ Home Global Ltd. (IIG bandwidth): FY2025 transactions BDT 44,641,618, paid BDT 46,029,255, balance BDT 9,373,865 at 30 June 2025; 9M FY2026 transactions BDT 31,218,693, paid BDT 27,374,456, balance BDT 12,575,746 at 31 March 2026 [1 p.120] [2 p.13]. Fiber @ Home Ltd. (NTTN service): FY2025 transactions BDT 48,249,979, paid BDT 47,726,607, balance BDT 13,016,180; 9M FY2026 transactions BDT 33,771,293, paid BDT 26,489,907, balance BDT 19,484,449 [1 p.120] [2 p.13]. The company states that 'Regarding Bandwidth and NTTN, only few companies operate in Bangladesh' and that the transactions are at 'arm's length price', approved at the 25th AGM on 17 December 2021 'for that year and onward' [1 p.120].

The board at the date of the FY2025 report had seven members: Mr. Wahidul Haque Siddiqui (Chairman), Mrs. Qurrattul Ann Siddiqui (Director), Mrs. Kamrunnahar (Director, Representative of Hornbill Apparel Ltd.), Mr. Md. Shafiqul Alom (Director, Representative of Norban Fashion Ltd.), Mr. Das Deba Prashad (Independent Director), Air Vice Marshal Mr. Md. Zahidur Rahman (Retd) (Independent Director) and Air Vice Marshal Muhammad Nazrul Islam, BSP, nswc, afwc, psc, GD(P), (Retd) (Managing Director, Ex-Officio) [1 p.38]. Mr. Md. Khalid Hussain FCA served as an independent director during the year; the directors' report says AVM Md. Zahidur Rahman was appointed 'in place of Mr. Khalid Hussain FCA Independent Director (retaired)', with tenure from 19 December 2024 [1 p.57]. The board met 19 times, the audit committee 4 times and the nomination and remuneration committee 3 times [1 p.50]. The attendance table spells the second director 'Quarrattul Ann Siddiqui' [1 p.50].

Directors and sponsors held 17,984,335 shares (30%) at 30 June 2025, institutions 5,699,689 (9.51%) and the general public 36,256,800 (60.49%), of 59,940,824 shares [1 p.52]. The named holdings are: Mrs. Qurrattul Ann Siddiqui 5,761,607 (9.61%), Mr. Md. Shafiqul Alom (Rep: M/S. Norban Fashion Ltd) 4,136,494 (6.90%), Mr. Wahidul Haque Siddiqui 3,189,504 (5.32%), Mrs. Kamrunnahar (Rep: M/S. Hornbill Apparel Ltd) 2,860,989 (4.77%), and sponsors Mr. Sumon Ahmed Sabir 885,469 (1.48%), Mr. Mohd. Zulfiquar Hafiz 657,451 (1.10%) and Mr. A.T.M Sayeeduzzaman 492,821 (0.82%); these sum to 17,984,335 [1 p.59]. 'No shareholder holds ten percent (10%) or more of the voting interests' [1 p.52]. The independent directors, the managing director, the CFO, the company secretary and the head of internal audit hold no shares [1 p.59].

Key management: the managing director's remuneration was BDT 5,855,000 in FY2025 (BDT 5,355,000 plus a BDT 500,000 festival bonus); the FY2024 figure of BDT 4,433,000 covered the current MD (BDT 2,292,500) and a former MD, S.M. Golam Faruk Alamgir (BDT 2,140,500) [1 p.118]. 'The Board of Directors does not receive any fees for attending meetings of the Board or its committees' [1 p.51]. Mr. Md. Jamilur Rahman FCS was promoted to company secretary from 20 February 2025 [4]. The FY2025 report recommends re-appointing Ashraf Uddin & Co. for FY2025-2026 at an unchanged fee of BDT 2,50,000 excluding VAT [1 p.57].

Peers: AGNISYSL 9M revenue BDT 573.3m, ADNTEL BDT 1,579.3m consolidated; all three FY2025 opinions unmodified

Two DSE-listed peers have published AnalystBro notes: Agni Systems PLC. (AGNISYSL) and ADN Telecom Limited (ADNTEL). Agni Systems reports four units, 'Unit-1 ISP', 'Unit-2 ICX', 'Unit-3 IPTSP' and 'Unit-4 ITES', on a company basis [6 p.2], and its auditor lists 'Internet service, sale of software, ICX, IPTSP' among its contract types [5 p.73]. BDCOM reports three units: 'Unit-1 ISP', 'Unit-2 SDP' and 'Unit-3 IPTSP' [2 p.3]. ADN Telecom reports consolidated figures that include subsidiaries; its auditor describes revenue from 'Local Services, IT Support and Service, and Export Services' and units including 'Internet Services, Data Connectivity-IPVPN, Internet Protocol, and Telephony Services' [7 p.102]. ADNTEL is not like-for-like (consolidated group, export circuits), so its figures are shown for scale. Margins are not ranked: each company prints operating profit on a different line structure (BDCOM after a separate depreciation line; AGNISYSL 'Operating expenses' and ADNTEL administrative and distribution expenses, neither split for depreciation on the page) [2 p.3] [6 p.2] [8 p.3].

For the nine months to 31 March 2026: BDCOM revenue BDT 603.3m, gross profit BDT 333.3m, net profit BDT 28.9m [2 p.3]; Agni Systems revenue BDT 573.3m, gross profit BDT 224.8m, operating profit BDT 92.0m, net profit BDT 59.4m (9M FY2025: BDT 78.5m) [6 p.2]; ADN Telecom consolidated revenue BDT 1,579.3m, gross profit BDT 495.1m, net profit BDT 119.4m (9M FY2025: BDT 134.6m) [8 p.3]. Finance cost lines are as printed: BDCOM 'Financial Charges' BDT 8.1m, Agni 'Financial expenses' BDT 8.0m and ADNTEL 'Finance (expense)/income' BDT 28.2m, a net line [2 p.3] [6 p.2] [8 p.3].

Both peers' FY2025 audit opinions are unmodified, read from the page images. Agni Systems (Khan Wahab Shafique Rahman & Co., 27 October 2025): 'In our opinion, the accompanying financial statements present fairly, in all material respects of the financial position of Agni Systems PLC. as at 30 June 2025, and 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 2020 and other applicable laws and regulations.' [5 p.73] The report has no emphasis-of-matter or other-matter paragraph and six key audit matters: revenue recognition, valuation of inventory, 'Valuation of consolidated Property, Plant & Equipment's', recoverability of receivables, intangible assets and capital work-in-progress [5 p.73] [5 p.74] [5 p.75] [5 p.76]. ADN Telecom (Ahsan Manzur & Co., 02 November 2025): 'In our opinion, the accompanying consolidated and separate financial statements give a true and fair view of the consolidated financial position of the Group and the separate financial position of the Company as at 30 June 2025, and of its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994 (amended up to 2020), the Securities and Exchange Rules 2020 and other applicable laws and regulations.' [7 p.102] It has no emphasis-of-matter or other-matter paragraph and six key audit matters: revenue, acquisition of property, plant and equipment, loans and borrowings, deferred tax liability, provision for current income tax, and legal and regulatory matters [7 p.102] [7 p.103] [7 p.104] [7 p.105] [7 p.107].

Capital actions: 10% cash dividend for FY2026; 5% stock dividends for FY2024 and FY2025

The 24-month DSE sweep (42 posts, 10-Nov-2024 to 28-Oct-2026) covers results, board-meeting notices, dividends, two rating affirmations, a company-secretary change and one query response [4]. On 7 September 2025 the company answered a DSE query of 4 September 2025 that 'there is no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares' [4]. One post is a revised disclosure (18-Dec-2025, source of the FY2025 bonus shares changed from share premium to retained earnings), and one is a clarification (20-Nov-2025: the 23-Nov-2025 record date applied to the cash dividend, pending BSEC consent for the stock dividend) [4]. BSEC consented on 6 January 2026, the stock-dividend record date was 13 January 2026, and the bonus shares were credited on 15 January 2026 (post date) [4].

Dividends over FY2021-FY2025 were 5% cash and 5% stock (FY2021), 10% cash (FY2022, FY2023), and 5% cash and 5% stock (FY2024, FY2025) [1 p.30]. For FY2026 the board recommended 10% cash, BDT 1.00 a share, equal to 125.0% of the announced EPS of BDT 0.80 [4] [12]. Share capital rose from BDT 443.1m in FY2017 to BDT 629.4m at 31 March 2026 through stock dividends [3 p.26] [2 p.8]. The FY2025 directors' report cites BSEC directive BSEC/CMRRCD/2009-193(part-07)/91 of 13 July 2025 on moving declared cash dividends into a separate account before the AGM [1 p.57]; the filings do not link it to any line item.

What's next: record date 19-Nov-2026, AGM 17-Dec-2026, tax exemption to 30-Jun-2027

Dated items after 31 October 2026 are below. The record date (19-Nov-2026) and AGM (17-Dec-2026) come from the 28-Oct-2026 DSE post [4]. No board date for the Q1 FY2027 accounts (quarter to 30-Sep-2026) had been notified on DSE at 1-Nov-2026 [4]. Inferred dates are ranges built from the board-meeting dates of the two prior years in the 24-month archive (14-Nov-2024 and 13-Nov-2025 for Q1; 30-Jan-2025 and 29-Jan-2026 for Q2; 29-Apr-2025 and 30-Apr-2026 for Q3; 26-Oct-2025 and 27-Oct-2026 for the annual), so each rests on two years [4]. The FY2026 annual report is not in the corpus at 1-Nov-2026. LDC graduation date 24-Nov-2029 [9] [10].

Risks: admin and marketing 42.5% of 9M revenue; non-operating income 62.3% of 9M profit before tax

Each row ties a filed fact to the line it sits in. For scale, profit before tax was BDT 111.0m in FY2025 and BDT 57.6m in 9M FY2026 [1 p.98] [2 p.3].

Key questions: FY2026 line items; P/E 33.8x, P/B 1.78x at BDT 27.00

BDCOM closed at BDT 27.00 on 29 October 2026 [11]. On the DSE-announced FY2026 figures that is 33.8x EPS of BDT 0.80, 1.78x NAV per share of BDT 15.16 and a 3.7% yield on the BDT 1.00 cash dividend [4] [12]. Market capitalisation on 62,937,865 shares is BDT 1,699.3m [12]. Over the 52 weeks of DSE trading-day closes from 30-Oct-2025 to 29-Oct-2026 the highest close was BDT 34.70 on 8-Jul-2026 and the lowest BDT 22.90 on 13-Nov-2025, both unadjusted closes (the price feed shows the 13-Nov-2025 close as BDT 21.81 after back-adjusting for corporate actions); no other session closed at either level [11]. The FDR, bond and cash holdings at 31-Mar-2026 (BDT 497.3m) equal BDT 7.90 a share (derived) [2 p.2] [12].

FAQ

What does BDCOM Online do?

It is an internet service provider with three reported units: ISP (BDT 735.2m of FY2025 revenue), software development and vehicle tracking (BDT 22.9m) and IP telephony (BDT 57.4m) [1 p.116].

What were BDCOM's FY2026 results?

The DSE post of 28-Oct-2026 gives EPS of BDT 0.80 (FY2025 restated: 0.82), NAV per share BDT 15.16 and NOCFPS BDT 1.91, with a 10% cash dividend [4].

When are the BDCOM record date and AGM?

Record date 19-Nov-2026; AGM 17-Dec-2026 on a digital platform [4].

Does BDCOM have debt?

Bank loans of BDT 100.7m and lease liabilities of BDT 52.7m at 31-Mar-2026, with FDR and government bonds of BDT 454.6m and cash of BDT 42.7m [2 p.2] [2 p.9].

What did the auditor say about BDCOM's FY2025 accounts?

Ashraf Uddin & Co. gave an unmodified opinion ('give a true and fair view') with five key audit matters and no emphasis-of-matter paragraph [1 p.91] [1 p.94].

Who are BDCOM's related parties?

Fiber @ Home Global Ltd. (IIG bandwidth) and Fiber @ Home Ltd. (NTTN service), both described as concerns under common management [1 p.120].

Which accounts does this note use?

Annual reports FY2021 and FY2025 (history FY2017-FY2025), the un-audited nine-month statements to 31-Mar-2026, and the DSE-announced FY2026 per-share figures; the FY2026 annual report is not in the corpus at 1-Nov-2026.

Sources

1. BDCOM Online Ltd. Annual Report 2024-2025 (year to 30-Jun-2025, audited, single company; 'BDCOM does not have any parent, subsidiary, or associated companies', p.52) · link · accessed 2026-11-01
2. BDCOM Online Ltd. 3rd Quarter Financial Statements (Unaudited), period ended 31-Mar-2026 · link · accessed 2026-11-01
3. BDCOM Online Ltd. Annual Report 2020-2021 (five-year history FY2017-FY2021) · link · accessed 2026-11-01
4. Dhaka Stock Exchange news archive for BDCOM, 31-Oct-2024 to 1-Nov-2026 (42 company and exchange posts, 10-Nov-2024 to 28-Oct-2026) · link · accessed 2026-11-01
5. Agni Systems PLC. Annual Report 2024-25, independent auditor's report (page image, corpus p.73-76) · link · accessed 2026-11-01
6. Agni Systems PLC. statement of profit or loss, nine months to 31-Mar-2026 (page image, corpus p.2) · link · accessed 2026-11-01
7. ADN Telecom Limited Annual Report 2025, independent auditor's report on the consolidated and separate statements (page image, corpus p.102-107) · link · accessed 2026-11-01
8. ADN Telecom Limited consolidated statement of profit or loss, nine months to 31-Mar-2026 (page image, corpus p.3) · link · accessed 2026-11-01
9. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
10. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. AnalystBro chart_bars (TradingView feed), DSE:BDCOM daily and monthly bars to 1-Nov-2026 · link · accessed 2026-11-01
12. AnalystBro model for this note (model.xlsx; ratios recalculated from the filings above) · link · accessed 2026-11-01