Bangladesh Lamps financial analysis: FY2026 profit of BDT 17.3m, BDT 1.4bn short term finance (Oct 2026)

Investment considerations: a FY2026 profit of BDT 17.3m and a BDT 1.00 dividend; BDT 1,397.9m of short term finance and negative operating cash flow

Bangladesh Lamps PLC makes and sells Transtec brand LED bulbs, LED tube lights, electric bulbs and switches and sockets in Bangladesh. Note 1.2 prints that 'The company produces and sells Transtec brand LED (Light-emitting diodes) bulbs, LED tube lights, electric bulbs and accessories (Switch and Sockets) in local market', and note 1.1 that 'At present 61.03% shares are held by Transcom Limited and its subsidiary Transcom Electronics Limited' [1 p.13]. The factory is at Ghashirdia, Shibpur, Narshingdi [1 p.13]. The DSE page lists the company in the Engineering sector, market category A, with 10,527,877 shares outstanding [13].

The latest audited year is FY2026, the year to 30-Jun-2026: the statement pages carry the headings 'As at 30 June 2026' and 'For the year ended 30 June 2026', and the notes print the reporting period as '01 July 2025 to 30 June 2026' [s1 p.9, 10, 13]. The board authorised the statements on 14 October 2026 [1 p.13]. The document stored for FY2026 holds the auditor's report, the four statements and the notes (48 pages); the full FY2026 annual report, with the directors' report and the governance annexures, is not in the corpus at 1-Nov-2026; governance facts below come from the Annual Report 2024-2025 [1 p.1] [2 p.17]. The latest interim is the un-audited quarter to 30-Sep-2026 [11 p.2].

Over FY2018-FY2026 the company reported a loss after tax in 3 of 9 years (FY20, FY24, FY25) and a cumulative profit after tax of BDT -64.4m (derived) [23]. Short term finance was BDT 418.0m at 30-Jun-2021 and BDT 1,397.9m at 30-Jun-2026, a rise of 234.5% (derived) [6 p.49] [1 p.9] [23]. Total equity was BDT 642.4m at 30-Jun-2026, of which the fair value reserve on quoted shares was BDT 499.1m [1 p.9]. The callouts below list what the filings show on each side.

Business: LED bulbs 37.7% and electrical accessories 31.1% of FY2026 net revenue, sold under the Transtec brand

Note 1.1 prints the ownership history: 'The entire shareholding of Philips Netherland was sold and transferred on 4 March 1993 to Transcom Limited, a company incorporated in Bangladesh, thus making Bangladesh Lamps PLC. a subsidiary of Transcom Limited' [1 p.13]. The company was incorporated in 1960 and listed on the DSE in 1981 [1 p.13] [13]. The DSE approved the change of name from Bangladesh Lamps Limited to Bangladesh Lamps PLC with effect from 4-Feb-2025 [12]. The ten-year table shows the change in product mix: electric bulb output was 21.2 million pieces in the 18 months to 30-Jun-2017 and 5.0 million in FY2025; LED bulb output was 4.7 million in FY2025 [2 p.8].

Note 28 splits FY2026 net revenue into four products: energy saving LED bulbs BDT 799.2m, energy saving LED tube lights BDT 588.8m, electric bulbs BDT 71.2m and electrical accessories BDT 659.0m, adding to BDT 2,118.2m [1 p.34]. LED bulbs were 37.7% of FY2026 net revenue and electrical accessories 31.1% (derived) [23]. Electric bulbs include 'net sales of Philips Brand GLS bulbs of Taka 8,894,920' in FY2026 and Taka 19,645,960 in FY2025 (note 28.01) [1 p.34]. Sales quantities in note 28.02 were 4,593,358 LED bulbs, 1,672,599 tube lights, 2,899,301 electric bulbs and 5,910,639 accessories in FY2026 [1 p.34].

Capacity is printed per single shift in note 40. In FY2026 the LED bulb line had a capacity of 6,171,200 pieces and produced 4,151,546 (67%); tube lights 2,023,040 and 831,275 (41%); electric bulbs 6,000,000 and 3,291,600 (55%); electrical accessories 6,059,680 and 5,713,155 (94%) [1 p.41]. The FY2025 utilisation figures printed in the same note were 75%, 64%, 83% and 74%, with an accessories capacity of 5,559,680 pieces [1 p.41]. Production of LED bulbs in FY2026 was 441,812 pieces below sales of 4,593,358 (derived) [23]; note 29 shows finished goods purchased of BDT 168.7m in FY2026 and BDT 65.0m in FY2025 [1 p.35].

The directors' report for FY2025 describes the market: 'The widespread availability of low-quality, non-warranty products, along with non-compliance in customs and VAT practices, allows certain operators to offer unrealistically low prices, undermining fair competition. Moreover, the prevalence of credit-based invoicing practices, particularly with electrical outlets and electronics cluster markets, continues to pose significant credit risks within the industry.' [2 p.18]. The managing director's discussion states: 'There are no other companies engaged in the lighting business that are listed in the country’s bourse. Therefore, a comparison with the peer industry has not been rendered possible.' [2 p.27].

Line items: revenue up 12.4% in FY2026, gross margin 23.2%, finance cost BDT 155.8m

Revenue. Revenue was BDT 1,475.8m in FY2018, BDT 940.2m in FY2020, BDT 1,804.7m in FY2023, BDT 1,732.9m in FY2024 and BDT 2,118.2m in FY2026 [8 p.46] [6 p.50] [4 p.49] [2 p.50] [1 p.10]. Growth was -40.2% in FY2020, 45.7% in FY2021, 8.8% in FY2025 and 12.4% in FY2026 [23]. VAT deducted from sales was BDT 329.0m in FY2026 and BDT 301.7m in FY2025 (sum of the four VAT lines, derived) [1 p.34] [23]. Accessories pieces sold rose from 3,933,592 to 5,910,639, and electric bulbs sold fell from 5,474,891 to 2,899,301 [1 p.34]. Note 36 gives the company's explanation of the FY2026 EPS: 'primarily driven by a 12.38% growth in revenue and a 1.89% improvement in the gross profit margin' [1 p.39].

Cost of sales. FY2026 cost of sales of BDT 1,626.4m is cost of production of BDT 1,433.7m, plus opening finished goods of BDT 210.2m and finished goods purchased of BDT 168.7m, less closing finished goods of BDT 186.1m [1 p.35]. Raw materials consumed were BDT 1,214.0m in both FY2025 and FY2026; salaries and wages in the factory were BDT 108.1m and power and fuel BDT 21.8m in FY2026 [1 p.34]. Note 29.01 states: 'Out of the total raw materials consumed, 78% was imported and the rest 22% was procured from local sources'; the FY2025 figures printed are 74% and 26% [1 p.36]. Gross margin was 22.4% in FY2018, 17.2% in FY2024 and 23.2% in FY2026; the nine-year high was 24.5% in FY22 [23].

Customs duty. The FY2025 directors' report states that 'the sharp rise in customs duties from 10% to 28% prevented the Company from generating net profit' [2 p.20]. The managing director's discussion adds: 'One of the key challenges faced by the Company is the recurring changes in customs duties, imposed annually through Statutory Regulatory Orders (SROs), often with additional clauses that require backward linkage investment' [2 p.26]. The DSE post on Q1 FY2026 repeats that 'higher finance costs and a sharp increase in customs duties from 10% to 28% contributed to a net loss' [12]. The filings do not print the duty paid by product.

Operating expenses. Operating expenses were BDT 313.4m in FY2026 and BDT 315.4m in FY2025 [1 p.10]. Within them, salaries and benefits were BDT 95.9m (FY2025: BDT 107.5m), selling and distribution expenses BDT 98.4m (BDT 76.9m), sales promotion and publicity BDT 23.2m (BDT 39.4m) and replacement cost BDT 16.8m (BDT 17.5m) [1 p.38]. The ratio to revenue was 14.8% in FY2026, 28.5% in FY2020 and 19.5% in FY2018 [23].

Finance cost. Finance cost was BDT 23.4m in FY2021, BDT 109.9m in FY2024, BDT 154.8m in FY2025 and BDT 155.8m in FY2026 [6 p.50] [2 p.50] [1 p.10]. Note 32 splits FY2026 into finance cost on short term finance of BDT 148.3m, finance cost on lease liability of BDT 7.2m and a foreign exchange loss of BDT 0.3m [1 p.38]. Finance cost divided by average short term finance was 5.5% in FY2021, 14.0% in FY2025 and 11.9% in FY2026 (derived; includes lease interest) [23]. Interest paid in the cash flow statement was BDT 155.1m in FY2026 [1 p.12].

Other income, tax and the bottom line. Other income was BDT 15.7m in FY2026, of which dividend income BDT 15.7m from Reliance Insurance PLC, IDLC Finance PLC, Central Depository Bangladesh PLC (CDBL) and Pubali Bank PLC [1 p.38]. Income tax expense was BDT 20.2m on a profit before tax of BDT 37.5m; note 34.01 shows a regular tax liability of BDT 13.2m and a 'Minimum tax under section 163' of BDT 24.3m, and prints the effective rate as 53.9% [1 p.39]. Contribution to WPPF and Welfare Fund was BDT 1.9m in FY2026, the first charge since FY2023 [1 p.10] [2 p.50]. Profit after tax was BDT 17.3m and EPS BDT 1.64, with 10,527,877 shares [s1 p.10, 39].

Ratios: ROE of 3.3% in FY2026, short term finance at 2.18 times equity, inventory at 180 days

Returns. ROE on average equity was 3.5% in FY2019, 9.4% in FY2022, -20.0% in FY2024, -14.0% in FY2025 and 3.3% in FY2026 [23]. Equity includes the fair value reserve on quoted shares; equity less the gross fair value adjustment was BDT 305.6m at 30-Jun-2018 and BDT 55.2m at 30-Jun-2026 (derived, before deferred tax) [23].

Efficiency. Inventory days on year-end inventories were 182 in FY2018, 140 in FY2021 and 180 in FY2026; receivable days were 17 in FY2021 and 57 in FY2026 [23]. Asset turnover was 0.86x in FY2026 and 0.55x in FY2020 [23]. Inventories of BDT 802.2m at 30-Jun-2026 comprised raw materials of BDT 486.5m, raw materials in transit of BDT 119.4m, finished goods of BDT 186.1m, promotional goods of BDT 0.5m and spare parts of BDT 9.7m [1 p.27].

Leverage and coverage. Short term finance was 0.47 times equity at 30-Jun-2021, 2.88 times at 30-Jun-2025 and 2.18 times at 30-Jun-2026 [23]. Profit before net finance cost covered finance cost 4.43 times in FY2022, 0.70 times in FY2025 and 1.25 times in FY2026 [23]. The FY2025 ten-year table prints a current ratio of 0.9 for FY2025 and 1.2 for each year FY2018-FY2022 [2 p.8].

Cash conversion and payout. Operating cash flow over FY2018-FY2026 totalled BDT -632.7m and payments for property, plant and equipment BDT 456.4m (derived) [23]. The cash dividend was 60.9% of FY2026 profit after tax and 91.2% of FY2023 profit (derived); dividends were paid for FY2024 and FY2025, the two loss years [2 p.8] [23].

Balance sheet and cash: BDT 1,397.9m from four banks, BDT 674.2m of quoted shares, BDT 538.5m of advance tax

Borrowing. Note 23 lists short term finance of BDT 1,397.9m at 30-Jun-2026 from Dhaka Bank PLC (BDT 496.1m), Brac Bank PLC (BDT 414.7m), Eastern Bank PLC (BDT 412.8m) and Southeast Bank PLC (BDT 74.2m), in bank overdraft, import loan and short term loan forms [1 p.31]. The cash flow statement treats short term finance as part of cash and cash equivalents, giving closing cash and cash equivalents of BDT (1,374.3)m [1 p.12]. At 30-Sep-2026 short term finance was BDT 1,358.8m [11 p.1]. Lease liabilities were BDT 75.8m at 30-Jun-2026 [1 p.31].

Receivables and inventory. Trade receivables were BDT 332.1m before an expected credit loss of BDT 5.0m; BDT 17.0m was due more than six months (BDT 17.2m a year earlier) [1 p.27]. The auditor's key audit matter states that 'Approximately 94.87% of the receivables were invoiced within six months of the reporting date' [1 p.6]. Inventories rose from BDT 398.6m at 30-Jun-2021 to BDT 802.2m at 30-Jun-2026 [6 p.49] [1 p.9].

Advance income tax. Advance income tax was BDT 538.5m at 30-Jun-2026, with BDT 52.0m added in FY2026 ('Paid on import stage' BDT 40.5m and 'Tax deducted at source' BDT 11.5m) [1 p.27]. The provision for tax was BDT 260.0m [1 p.9]. Note 47 lists disputed tax claims for assessment years 1999-2000 to 2014-2015 referred to the High Court Division and claims of Tk. 37.52 million, Tk. 17.74 million, Tk. 25.91 million, Tk 1.88 million and Tk 0.24 million for assessment years 2019-2020 to 2023-2024 before the Appellate Tribunal [1 p.48].

Investments. Quoted shares at fair value were Reliance Insurance PLC (1,216,155 shares, BDT 146.2m), Pubali Bank PLC (2,532,166 shares, BDT 93.4m), IDLC Finance PLC (6,049,656 shares, BDT 250.5m) and National Housing Finance and Investment PLC (6,199,163 shares, BDT 184.1m), a total of BDT 674.2m; unquoted CDBL shares were held at cost of BDT 1.6m [1 p.26]. The FY2025 profile of the chairperson states that 'Transcom Limited is a major stakeholder in' Reliance Insurance PLC, National Housing Finance PLC, IDLC Finance PLC and Pubali Bank PLC [2 p.11]. The change in fair value of BDT 253.3m went through other comprehensive income in FY2026 [1 p.10].

Cash flow. Cash receipts from customers were BDT 2,370.2m in FY2026; cash flows from operation were BDT 174.3m before interest paid of BDT 155.1m and income tax paid of BDT 52.0m, giving net cash used in operating activities of BDT 32.8m [1 p.12]. Payment for property, plant and equipment and intangible asset was BDT 132.4m [1 p.12]; note 4 prints additions of BDT 123.5m, of which machinery BDT 93.9m and leasehold buildings BDT 24.4m [1 p.23]. Note 48 prints capital expenditure commitment as 'None.' [1 p.48]. The DSE archive for 1-Nov-2024 to 1-Nov-2026 (37 posts) has no post on a capex, expansion, borrowing or rights approval [12].

Related parties. Note 43 shows Transcom Electronics Ltd. (shareholding company) with cost recovery, rent, utilities and distribution expenses of BDT 56.8m added in FY2026 and a payable of BDT 45.1m at 30-Jun-2026, and factory rent of BDT 20.4m; Transcom Limited (holding company) with computer & IT expenses of BDT 6.0m and a payable of BDT 6.4m; and Transcraft Ltd. purchases of BDT 17.9m with a payable of BDT 6.9m [1 p.47]. Sales to group companies in FY2026 were BDT 5.6m to Transcom Electronics Ltd., BDT 5.6m to Eskayef Pharmaceutical Ltd., BDT 0.6m to Transcom Distribution Company Ltd. and BDT 0.5m to Transcom Foods Ltd. [1 p.47].

Audit: an unmodified FY2026 opinion with four key audit matters and no emphasis of matter

Opinion. Ahmed Zaker & Co., Chartered Accountants (partner Mohiuddin Rana, ACA), signed the FY2026 report on 14 October 2026 [1 p.8]. The opinion paragraph reads: 'In our opinion, the accompanying financial statements gives a true and fair view of the financial position of the company as at 30 June 2026, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).' [1 p.3].

Basis for Opinion, in full: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA code) and Bangladesh Securities and Exchange Commission (BSEC), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and the Institute of Chartered Accountants of Bangladesh (ICAB) Bye Laws. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.3]. The report has no emphasis-of-matter paragraph; pages 3 to 8 hold the opinion, the basis, four key audit matters, other information, the other matter, the responsibilities sections and the report on other legal and regulatory requirements [s1 p.3, 4, 5, 6, 7, 8]. Other Matter, in full: 'The financial statements of Bangladesh Lamps PLC as at and for the year ended 30 June 2025 were audited by A. Qasem & Co., Chartered Accountants and expressed an unqualified opinion on the said statements on 12 October 2025.' [1 p.7].

Key audit matter 1, Revenue Recognition, the auditor's description in full: 'The Company reported total revenue of Tk. 2,118,178,788 for the year ended 30 June 2026, representing an increase of 12% (Tk. 233,393,599) from the prior year revenue. Revenue is a key performance indicator of the Company and involves a presumed inherent risk of fraud in accordance with the requirements of the ISAs, particularly in relation to the timing of revenue recognition. We therefore focused on the occurrence and accuracy of revenue and in particular, the cut-off of sales transactions around the reporting date, where there is a risk that revenue may be recognised in an inappropriate accounting period. Revenue is recognized when the performance obligations are satisfied, when the risks and rewards of ownership of the goods is transferred to the buyer and the sales price is determined considering the effect of rebates, related discounts and incentives. Accordingly, revenue recognition was considered to be a matter of most significance in our audit and therefore determined to be a key audit matter.' [1 p.4].

Key audit matter 2, Valuation of inventory, in full: 'The Company held inventories amounting to Tk. 802,162,649 as at 30 June 2026 in warehouse and factory premise. Inventories are required to be measured at the lower of cost and net realisable value. The determination of net realisable value requires management to assess the condition and ageing of inventories and to identify slow-moving, obsolete and damaged inventories. The valuation of inventories also involves significant auditor attention due to the volume of inventory held (29% of the total assets) across the Company's factory and warehouse premises and the reliance on system-generated inventory records. Inventory value is calculated in company’s accounting system using an automated process. Accordingly, due to the significance of the inventory balance and the level of auditor attention required, the valuation of inventories was identified as a key audit matter.' [s1 p.4, 5].

Key audit matter 3, Long Term Investment, in full: 'As at 30 June 2026, the Company's long-term investments in shares amounted to Tk. 88,527,133 of which approximately 98% comprised quoted shares. The cost of the quoted shares amounted to Tk. 86,957,683, while their fair value at the reporting date amounted to Tk. 674,189,655, resulting in a fair value gain of Tk. 587,231,972. The related deferred tax liability recognised in respect of the fair value gain amounted to Tk. 88,084,796. The significant fair value gain had a material impact on the Company's financial position and performance. The determination of the fair value of the quoted investments, including verification of the underlying investment holdings, quoted market prices and the related accounting and deferred tax treatment, therefore required significant auditor attention. Accordingly, the fair value measurement of long-term investments, including the related deferred tax, was considered as a key audit matter of the audit.' [1 p.5].

Key audit matter 4, Trade and other Receivables, in full: 'As at 30 June 2026, the Company's trade and other receivables amounted to Tk. 328,631,241, net of an expected credit loss allowance of Tk. 5,006,089. Approximately 94.87% of the receivables were invoiced within six months of the reporting date and were assessed as recoverable. The remaining receivables were subject to management's assessment of expected credit losses. The determination of the expected credit loss allowance requires management to apply judgement in assessing the recoverability of receivables, including consideration of the ageing of outstanding balances, historical collection patterns and other relevant credit risk information. The allowance for expected credit losses increased from Tk. 2,919,749 as at 30 June 2025 to Tk. 5,006,089 as at 30 June 2026. Given the significance of the receivables balance and the judgement involved in assessing their recoverability and determining the expected credit loss allowance, this was considered to be a matter of most significance in our audit and therefore identified as a key audit matter.' [1 p.6]. The auditor's responses to each matter are reproduced in full in the exhibit below.

The FY2025 annual report records the corporate governance certificate of M. Mohashin & Co., Chartered Secretaries, dated 12-10-2025, which states: '(a) The Company has complied with the conditions of the Corporate Governance Code as stipulated in the above-mentioned Corporate Governance Code issued by the Commission' and '(d) The governance of the company is highly satisfactory.' [2 p.31].

Governance: a nine-member board with three independent directors, Transcom at 61.03%, and two annexure entries the profiles contradict

Board (FY2025 annual report). 'The Board of Directors of Bangladesh Lamps PLC. comprises of 09 (nine) members including 02 (two) male and 01 (one) female Independent Directors' and 'The Board of Directors met 06 (six) times during the period under review' [2 p.17]. Ms. Shahnaz Rahman joined the board in October 1993 and became Chairperson on April 04, 2013; she is 'the Chairperson & Managing Director of Transcom Limited' [2 p.11]. Ms. Simeen Rahman has been 'the Managing Director & CEO of the Company since 15th September 2020' and 'is the Group CEO of Transcom Limited'; the profile adds that she 'serves as the Managing Director & CEO of Eskayef Pharmaceuticals Ltd.' [2 p.11]. The directors' report records that the board re-appointed her as Managing Director & CEO 'subject to the consent of the Shareholders at the upcoming Annual General Meeting' [2 p.17].

Committees. The Audit Committee 'comprises of three Directors ... headed by the Independent Director, Mr. Md. Habibur Rahman Mollah. The other members of the Committee are Mr. Atiqur Rahman and Mr. Mohammad Zahid Hossain', and 'During the year 2024-2025, four Audit Committee meetings were held' [2 p.39]. The report prints no attendance by member. The Nomination and Remuneration Committee 'comprises of 03 (three) Directors' headed by Mr. Md. Habibur Rahman Mollah, FCA [2 p.18]; the directors' report and the NRC report name the chair and no other member, and print no meeting count [s2 p.18, 40, 41]. The NRC report lists recommendations for the appointment of a female independent director and of a Chief Financial Officer and Chief Operating Officer [2 p.41].

Key management. The FY2025 pattern of shareholding names Md. Shahidul Islam, FCA (Chief Operating Officer), Ruhul Amin, FCA (Chief Financial Officer), Mohammad Ruhan Miah, FCS (Company Secretary) and Shakawat Hossain, FCA (Head of Internal Audit and Compliance), each holding nil shares [2 p.25]. Key management compensation was BDT 31.0m in FY2026 and BDT 23.6m in FY2025; directors' fees were BDT 570,000 and BDT 484,000 [1 p.41].

BSEC Corporate Governance Code annexure (Annexure-C, FY2025), read page by page from the images [s2 p.32, 33, 34, 35, 36, 37, 38]. No condition is marked 'Not Complied'. 16 conditions carry the remark 'No such case' with no tick and 5 carry 'N/A'; they are listed in the exhibit below. Two entries are contradicted by other pages of the same report. Condition 1(3)(b)(v), 'Professional who is or was an advocate practicing at least in the High Court Division of Bangladesh Supreme Court or a Chartered Accountant or Cost and Management Accountant or Chartered Financial Analyst or Chartered Certified Accountant or Certified Public Accountant or Chartered Management Accountant or Chartered Secretary or equivalent qualification;', is marked 'No such case' [2 p.33]; the profiles describe Mr. Mollah as 'a Fellow Member of The Institute of Chartered Accountants of Bangladesh (ICAB)', Mr. Hossain as 'a Chartered Accountant' and Ms. Howlader as founder of 'Howlader Maria & Co., Chartered Accountants' [2 p.13]. Condition 3(1)(c), 'The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive position in any other company at the same time;', is ticked Complied [2 p.35]; the managing director's profile prints that she 'serves as the Managing Director & CEO of Eskayef Pharmaceuticals Ltd.' [2 p.11].

Ownership and capital: Transcom at 61.03%, a BDT 1.00 dividend recommended for FY2026, 37 DSE posts in 24 months

Ownership. The FY2025 report shows Transcom Limited with 5,694,274 shares (54.09%) and Transcom Electronics Limited with 730,275 shares (6.94%), individuals 30.75%, other institutional investors 7.79%, ICB 0.40% and foreign investors 0.03% at 30-Jun-2025 [2 p.9]. The DSE page shows sponsor-directors at 61.86%, institutions at 8.48%, foreign holders at 0.03% and the public at 29.63% at 31-Oct-2026 [13].

Dividends. The DSE page lists cash dividends of 20% for 2015, 30% for 2017, 20% for 2018 and 2019, 10% for 2020, 20% for 2021 and 2022, 10% for 2023, 5% for 2024 and 10% for 2025, and stock dividends of 7% for 2022 and 5% for 2024 [13]. For FY2026 the board 'has recommended Cash Dividend of Tk. 1.00 per share of Tk.10/- each (i.e. 10%)', with record date 09.11.2026 and AGM 15.12.2026 on a digital platform [12]. Note 50 puts the amount at Tk. 10,527,877.00 [1 p.48].

DSE news, 1-Nov-2024 to 1-Nov-2026. The archive holds 37 posts, from 12-Nov-2024 to 15-Oct-2026 [12]. They cover board meeting notices, the quarterly and annual results, the record dates for FY2024 and FY2025, two credit rating posts, the name change and two dividend disbursement posts. The Q2 FY2026 post gives EPS of Tk. 0.10 for October-December 2025 and Tk. (1.09) for July-December 2025; the Q3 post gives Tk. 0.26 for January-March 2026 and Tk. (0.83) for July 2025-March 2026 [12].

Q1 FY2027: revenue up 7.8% to BDT 526.0m and a profit after tax of BDT 0.3m

Revenue for July-September 2026 was BDT 526.0m, up 7.8% on BDT 487.9m a year earlier; gross profit was BDT 127.5m, finance cost BDT 40.5m and profit after tax BDT 0.3m (EPS BDT 0.03), after a loss of BDT 12.5m (EPS BDT (1.19)) in July-September 2025 [11 p.2] [23]. Other income of BDT 6.2m appears in the quarter; the same period of 2025 shows none [11 p.2]. The change in fair value of shares was BDT (25.7)m in other comprehensive income [11 p.2].

Cash generated in operations after interest and tax was BDT 38.8m in the quarter; the DSE post gives NOCFPS of Tk. 3.69 [11 p.4] [12]. Short term finance was BDT 1,358.8m and shareholders' equity BDT 620.9m at 30-Sep-2026 [11 p.1]. The company's explanation reads: 'The improvement in EPS was mainly attributable to a 7.8% growth in revenue, along with improved efficiency in material costs' [12].

Peers: FY2025 finance cost of 8.2% of revenue at Bangladesh Lamps, 9.7% at National Tubes, 24.3% at Eastern Cables and 6.7% at Coppertech

The company's own report states that no other lighting company is listed [2 p.27]. The comparison set is three engineering companies with published AnalystBro notes, each on the company basis for the year to 30-Jun-2025 and taken from its own statement pages [17] [18] [19]. National Tubes Limited's notes print 'The Company manufactures G.I; A.P.I. & M.S. Pipes ranging from ½" to 8" dia.' [14 p.15]. Eastern Cables Limited 'is primarily engaged in production and sales of electrical cables & conductors' [15 p.53]. Coppertech's notes state 'The principal activities of the Company are manufacturing and marketing of all kinds of Copper' [16 p.127]. The four make different products, and the table states each company's printed figures without ranking them.

FY2025 revenue as printed was BDT 1,884.8m at Bangladesh Lamps, BDT 486.9m at National Tubes, BDT 300.6m at Eastern Cables ('Revenue (Net of VAT)') and BDT 1,666.0m at Coppertech [2 p.50] [14 p.12] [15 p.50] [16 p.124]. Finance cost, printed gross by all four, was 8.2%, 9.7%, 24.3% and 6.7% of revenue in the same order [23]. WPPF charged was BDT 3.9m at National Tubes and BDT 2.9m at Coppertech; Bangladesh Lamps and Eastern Cables charged none [14 p.12] [16 p.124] [2 p.50] [15 p.50]. Bangladesh Lamps' FY2025 opinion was unqualified (A. Qasem & Co.) [1 p.7]; National Tubes' and Eastern Cables' FY2025 reports are headed 'Qualified Opinion' [14 p.2] [15 p.44], and Coppertech's opinion is unmodified with an 'Emphasis of Matter' section [16 p.116].

What's next: record date 9-Nov-2026, AGM 15-Dec-2026, Q2 FY2027 board 18-Jan-2027 to 19-Jan-2027 (inferred)

Announced dates. The record date for the FY2026 dividend is 09.11.2026 and the AGM date is 15.12.2026 at 11:00 AM on a digital platform, both from the DSE post of 15-Oct-2026 [12].

Inferred ranges. No date is notified at 2-Nov-2026 for the events below; each range spans every printed precedent. Q2 FY2027: DSE board dates 19-Jan-2025 and 18-Jan-2026 give 18-Jan-2027 to 19-Jan-2027 (inferred, 2 years) [12]. Q3 FY2027: board dates 22-Apr-2025 and 16-Apr-2026 give 15-Apr-2027 to 22-Apr-2027 (inferred, 2 years) [12]. Credit rating surveillance: DSE post dates 24-Dec-2024 and 15-Dec-2025 give 15-Dec-2026 to 24-Dec-2026 (inferred, 2 years, post dates) [12]. Dividend disbursement post: 26-Jan-2025 and 11-Jan-2026 give 11-Jan-2027 to 26-Jan-2027 (inferred, 2 years, post dates) [12]. FY2027 audited accounts: the statement authorisation dates 07/08/2017 [10 p.35], 03/10/2018 [9 p.44], 10/10/2019 [8 p.49], 19 October 2020 [7 p.50], 18 October 2021 [6 p.53], 18 October, 2022 [5 p.53], 18 October, 2023 [4 p.52], 27 October, 2024 [3 p.52], 12 October, 2025 [2 p.53] and 14 October 2026 [1 p.13] give 5-Aug-2027 to 27-Oct-2027 (inferred, 10 years). Q1 FY2028: board dates 12-Oct-2025 and 14-Oct-2026 give 12-Oct-2027 to 14-Oct-2027 (inferred, 2 years) [12].

Bangladesh's LDC graduation date is 24-Nov-2029 [20] [21]. The filings do not link it to any line of the company's accounts.

Risks: customs duty, bank borrowing, the exchange rate and the quoted share holdings

The FY2025 directors' report lists external risk factors such as 'pandemics, political unrest, strikes, civil commotion and acts of terrorism' and refers the financial risks to the notes [2 p.19]. The rows below tie each risk to a printed figure; the line it moves is named where a filing quote names it.

Key questions: Q2 FY2027 profit, short term finance, duty rates and the full FY2026 report

Earnings quality. FY2026 profit after tax of BDT 17.3m came with net cash used in operating activities of BDT 32.8m; the reconciliation in note 39 shows an increase in inventories of BDT 89.6m and in trade and other receivables of BDT 75.6m, and an increase in trade and other payables of BDT 92.6m [1 p.40]. Dividend income of BDT 15.7m was 41.8% of FY2026 profit before tax (derived) [1 p.38] [23].

Capital allocation and payout. Payment for acquisition of property, plant and equipment and intangible asset was BDT 132.4m in FY2026, BDT 71.4m in FY2025 and BDT 138.2m in FY2023 [1 p.12] [2 p.52] [4 p.51]. The FY2025 managing director's discussion states that 'strategic investments in molds and machinery have been planned' [2 p.26]. Capital work in progress was BDT 7.5m at 30-Jun-2026 [1 p.9]. The FY2026 cash dividend amounts to BDT 10.5m [1 p.48].

Printed differences: the investment figure in key audit matter 3

Where the filings print a figure or fact two ways, both printings are listed; we have not chosen between them. All entries were read from page images.

FAQ

What does Bangladesh Lamps make?

Transtec LED bulbs, LED tube lights, electric bulbs and switch-socket accessories at Narshingdi, sold in Bangladesh [1 p.13].

What was the FY2026 result?

Revenue BDT 2,118.2m, gross profit BDT 491.8m, finance cost BDT 155.8m and profit after tax BDT 17.3m, EPS BDT 1.64 [1 p.10].

Who controls the company?

Transcom Limited and its subsidiary Transcom Electronics Limited hold 61.03% [1 p.13].

How much does it borrow?

Short term finance of BDT 1,397.9m from four banks at 30-Jun-2026 and BDT 1,358.8m at 30-Sep-2026 [1 p.31] [11 p.1].

What did the auditor say?

An unmodified opinion with key audit matters on revenue, inventory, the share investments and receivables [s1 p.3, 4, 5, 6].

What dividend is proposed?

Cash BDT 1.00 per share for FY2026; record date 9-Nov-2026, AGM 15-Dec-2026 [12].

How did Q1 FY2027 go?

Revenue BDT 526.0m and a profit after tax of BDT 0.3m, EPS BDT 0.03 [11 p.2].

Sources

1. Bangladesh Lamps PLC audited financial statements, year to 30-Jun-2026 (auditor's report, statements and notes only; 48 pages); PDF page numbers · link · accessed 2026-11-02
2. Bangladesh Lamps PLC Annual Report 2024-2025 (year to 30-Jun-2025; directors' report, governance annexures, committee reports, statements); PDF page numbers · link · accessed 2026-11-02
3. Bangladesh Lamps Limited Annual Report 2023-2024 (year to 30-Jun-2024), notes · link · accessed 2026-11-02
4. Bangladesh Lamps Limited Annual Report 2022-2023 (year to 30-Jun-2023, FY2022 comparatives) · link · accessed 2026-11-02
5. Bangladesh Lamps Limited Annual Report 2021-2022 (year to 30-Jun-2022), notes · link · accessed 2026-11-02
6. Bangladesh Lamps Limited Annual Report 2020-2021 (year to 30-Jun-2021, FY2020 comparatives) · link · accessed 2026-11-02
7. Bangladesh Lamps Limited Annual Report 2019-2020 (year to 30-Jun-2020), notes · link · accessed 2026-11-02
8. Bangladesh Lamps Limited Annual Report 2018-2019 (year to 30-Jun-2019, FY2018 comparatives) · link · accessed 2026-11-02
9. Bangladesh Lamps Limited Annual Report 2017-2018 (year to 30-Jun-2018), notes · link · accessed 2026-11-02
10. Bangladesh Lamps Limited Annual Report 2016-2017 (18 months to 30-Jun-2017), notes · link · accessed 2026-11-02
11. Bangladesh Lamps PLC un-audited statements, three months to 30-Sep-2026 · link · accessed 2026-11-02
12. DSE news archive, BDLAMPS, all news 1-Nov-2024 to 1-Nov-2026 (posts dated 12-Nov-2024 to 15-Oct-2026; read 2-Nov-2026) · link · accessed 2026-11-02
13. DSE company page, BDLAMPS (category, shareholding to 31-Oct-2026, dividend history, market capitalisation; read 2-Nov-2026) · link · accessed 2026-11-02
14. National Tubes Limited audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-02
15. Eastern Cables Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
16. Coppertech Industries Ltd. Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
17. AnalystBro, National Tubes financial analysis (published note) · link · accessed 2026-11-02
18. AnalystBro, Eastern Cables financial analysis (published note) · link · accessed 2026-11-02
19. AnalystBro, Coppertech Industries financial analysis (published note) · link · accessed 2026-11-02
20. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
21. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
22. AnalystBro price data (TradingView DSE daily feed, unadjusted): DSE:BDLAMPS daily bars 2-Nov-2025 to 1-Nov-2026 · link · accessed 2026-11-02
23. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02