Bangladesh Thai Aluminium financial analysis: FY2025 financial expenses of BDT 193.1m on turnover of BDT 180.7m, third loss year (Oct 2026)

Investment considerations: revalued land and a long operating history; turnover down 70.0% and financial expenses above turnover in FY2025

Bangladesh Thai Aluminium Ltd. (BTA) was incorporated on 18 June 1979, began commercial production in 'Unit-1' on 8 February 1981 and in 'Unit-2' on 30 September 1990 and 01 May 2003, and lists on the Dhaka and Chittagong exchanges [1 p.5]. The company profile prints its principal business as 'Manufacturing and Marketing of high quality Aluminium Profiles for doors, Windows, Curtain walls, partitions, false ceilings, automobiles and railway windows, tower bolts etc.' and an installed production capacity of '1,000 Metric Tons per month' [1 p.5]. Note 1 prints 'an aggregate capacity of 12,000 Metric Tons' and lists six factory facilities at Kaliakoir, Gazipur: fabrication of doors and windows, billet casting, die manufacturing, extrusion, anodization and powder coating [1 p.49].

FY2025 (the year to 30-Jun-2025, confirmed by the headings 'AS AT 30 JUNE 2025' and 'FOR THE PERIOD FROM 01 JULY 2024 TO 30 JUNE 2025' on the statements) shows turnover of BDT 180.7m, cost of goods sold of BDT 200.0m, a gross loss of BDT 19.3m, financial expenses of BDT 193.1m and a net loss after tax of BDT 257.1m, or EPS of BDT (2.01) [1 p.45] [1 p.46]. The nine months to 31-Mar-2026 show turnover of BDT 40.1m against BDT 157.3m a year earlier and a net loss of BDT 291.4m [2 p.9]. The FY2026 annual report (year to 30-Jun-2026) is not in the corpus at 1-Nov-2026, and no FY2026 results or board meeting are posted on DSE up to 1-Nov-2026 [13].

Turnover fell in each of the four years FY2022-FY2025 (4 of 4 years) [22]. At 30-Jun-2025 PPE was 48.1%, inventories 19.3%, receivables 15.4% and loans, advances and deposits 16.3% of total assets of BDT 6,355.6m (derived) [1 p.45] [22]. Equity of BDT 3,654.3m at 30-Jun-2025 includes a revaluation surplus of BDT 1,682.4m; without it, equity was BDT 1,971.9m (derived) [1 p.45] [22]. The considerations below list what the filings show on each side.

Business: one product, aluminium profiles, from a Gazipur plant printed at 12,000 tonnes a year

The directors' report describes the principal activity as 'Manufacturing and sales of Aluminium profiles as a substitute of wooden structures for doors,windows, curtain walls, false ceilings, workstations and many other interior and exterior works' [1 p.13]. It states 'We produce a single product named Aluminium Profiles, so it is not applicable to us' under segment information [1 p.13]. Note 1 adds that Unit-2 makes anodized aluminium sections and Unit-1 fabricates and sells aluminium doors and windows, hardware, glass, false-ceiling boards, aluminium composite panels and accessories [1 p.49]. Note 22 prints FY2025 gross sales of 'Aluminium Profile' of BDT 207.8m less VAT of BDT 27.1m, giving turnover of BDT 180.7m; FY2024 gross sales were BDT 693.2m [1 p.61].

The founder is printed as 'Late Alhaj Col. (Rtd) A. Maleque, psc Founder Chairman' [1 p.2]. The chairperson's message states that BTA 'began its journey in 1979 as a pioneer in the manufacturing of aluminium profiles' [1 p.9]. The managing director's statement says 'BTA profiles are selected for prestigious projects, from the National Parliament House to major government and private sector developments' [1 p.11]. The chairperson writes that the company has 'reorganized our sales team and distribution channel, extending our reach for product distribution up to the upazila level' [1 p.10]. The directors' report states that the company has 'doubled the capacity by installing new machinery', without a date or tonnage [1 p.13].

The company's own explanation of the FY2025 result is in the chairperson's message: the company was 'unable to achieve the desired level of net profit due to the very high price of our major raw material, aluminium ingot in the international market and increase of price of electricity & gas' [1 p.10]. The managing director's statement names 'the volatility of the US Dollar, high inflation, and difficulties in settling Letters of Credit (L/C)' [1 p.11]. The Q3 FY2025 DSE post states 'EPS has decreased due to increasing the cost of sales and decreasing the volume of sales' [13]. None of these documents prints tonnes sold, tonnes produced or an ingot price.

Employees on the payroll at 30-Jun-2025 were 92 officers, 55 staff and 543 workers/technicians (690 in total, as printed in the directors' report) [1 p.49] [1 p.17]. The company also holds an investment of BDT 49.3m in the share capital of BD Thai Food & Beverage Ltd. and has advanced it BDT 19.1m [1 p.56]; the chairperson, Prof. Rubina Hamid, is printed as 'Chairperson of BD Thai Food & Beverage Limited and BD Thai Cosmo Limited' [1 p.16].

Line items: FY2025 purchases down 78.7%, turnover down 70.0% and financial expenses up to BDT 193.1m

Turnover. Turnover was BDT 1,604.1m in FY2018, BDT 1,203.6m in FY2021 and BDT 180.7m in FY2025 [11 p.43] [7 p.48] [1 p.46]. It fell in each year FY2022-FY2025, by 3.0%, 19.9%, 35.5% and 70.0% [22]. VAT was 13.0% of gross sales in both FY2024 and FY2025 [1 p.61] [22]. The filings print no volumes or prices; the split of the fall between tonnes and price is not printed.

Cost of goods sold. COGS of BDT 200.0m exceeded FY2025 turnover. Materials consumed fell from BDT 268.7m to BDT 69.9m and purchases from BDT 372.9m to BDT 79.5m (-78.7%) [1 p.61] [22]. Manufacturing overheads fell less, from BDT 157.4m to BDT 130.0m; within them depreciation rose from BDT 65.8m to BDT 74.5m and fuel, power and gas fell from BDT 62.4m to BDT 41.5m [1 p.61]. Overheads were 65.0% of COGS in FY2025 against 34.9% in FY2024, and depreciation in overheads 37.3% against 14.6% [22]. The FY2024 revaluation added BDT 421.2m to the surplus, and depreciation on revaluation rose from BDT 12.4m to BDT 26.4m [1 p.59]. Gross margin was 38.7% in FY2021, 25.2% in FY2024 and -10.7% in FY2025 [22].

Operating expenses. Administrative expenses fell from BDT 48.4m to BDT 31.3m and selling and distribution expenses from BDT 41.1m to BDT 12.6m [1 p.46]. Salary lines in the two notes fell from BDT 67.1m to BDT 24.8m [1 p.62] [22]. Administrative plus selling expenses were 24.3% of turnover in FY2025 against 9.6% in FY2021 [22].

Financial expenses. Note 26.03 prints 'Bank Interest & Bank Charges' of BDT 193.1m in FY2025 against BDT 167.2m in FY2024 [1 p.63]. Financial expenses rose in 6 of the 8 year-on-year steps FY2017-FY2025 and were 106.9% of turnover in FY2025 against 6.2% in FY2018 [22]. Financial expenses divided by average loans gave 10.3% in FY2025 and 7.4% in FY2018 (derived) [22]. In 9M FY2026 financial expenses were BDT 176.3m against BDT 156.5m [2 p.9]. The 9M FY2026 cash flow statement prints financing inflows of BDT 176,309,497, a figure equal to the 9M financial expenses; the H1 statements also print equal figures (BDT 104,685,190) [2 p.11] [2 p.9] [3 p.3]. The FY2025 cash flow statement has no separate interest-paid line, which the FY2024 statement had [1 p.48] [5 p.49].

Other income and tax. Other income ('Wastage Sale and others') was BDT 2.9m [1 p.63]. No WPPF was charged in FY2023-FY2025 [1 p.46] [6 p.43]. Current tax of BDT 1.84m is computed as the higher of 22.50% of adjusted profit or '1% Of gross received' [1 p.61]; with deferred tax of BDT 2.0m the FY2025 tax expense was BDT 3.83m on a pre-tax loss [1 p.46].

9M FY2026: turnover of BDT 40.1m, a gross loss of BDT 90.5m and a net loss of BDT 291.4m

The 9M FY2026 statements (signed 30 April 2026) show turnover of BDT 40.1m, cost of goods sold of BDT 130.7m and a gross loss of BDT 90.5m [2 p.9]. Turnover in the January-March 2026 quarter was BDT 7.5m against BDT 32.5m a year earlier [2 p.9]. H1 FY2026 turnover was BDT 32.6m [3 p.3], which puts Q1 FY2026 at BDT 21.1m and Q2 at BDT 11.5m (Q1 derived as H1 less Q2) [3 p.3] [22]. The DSE posts give quarterly EPS of BDT (0.70), (0.79) and (0.80) for Q1-Q3 FY2026 [13].

The 9M EPS of BDT (2.28) in note 28 is computed on BDT (291,822,868), which is total comprehensive income; net profit after tax on the face of the statement is BDT (291,412,381) [2 p.9] [2 p.18]. Operating cash flow was BDT (171.2)m against BDT (144.8)m, with collections of BDT 61.1m [2 p.11]. At 31-Mar-2026 equity was BDT 3,361.4m, retained earning BDT (154.2)m and NAV per share BDT 26.31 [2 p.8].

Ratios: interest cover below 1x since FY2023 and receivable days of 1,977 in FY2025

Returns. ROE on average equity was 4.6% in FY2021, the best year in the series, and -6.8% in FY2025; on equity excluding the revaluation surplus the figures were 7.0% and -12.3% [22]. Net margin ranged from 13.3% (FY2021) to -142.3% (FY2025) [22]. Cumulative net profit after tax FY2017-FY2025 was BDT 13.5m (derived) [22].

Coverage. Profit before financial expenses covered financial expenses 2.60 times in FY2021, 0.37 times in FY2024 and -0.33 times in FY2025 [22]. Loans were 0.54x equity and 1.00x equity excluding revaluation surplus at 30-Jun-2025 [22].

Efficiency. Year-end receivables were 1,977 days of FY2025 turnover and inventories 2,235 days of COGS; in FY2018 the figures were 189 and 262 days [22]. Asset turnover was 0.03x in FY2025 and 0.30x in FY2018 [22]. Receivables, inventories and advances together made up 51.0% of total assets at 30-Jun-2025 [22].

Cash conversion. Operating cash flow plus capital spending was negative in 6 of the 7 years FY2019-FY2025 [22]. Operating cash flow was positive in FY2020, FY2022 and FY2023 (BDT 1.4m, 65.7m and 75.1m) [9 p.46] [7 p.50] [5 p.49].

Balance sheet: BDT 690.1m of receivables above 12 months, advances of BDT 1,039.1m and Rupali Bank loans

Receivables. Note 7 prints gross debtors of BDT 978.7m at 30-Jun-2025 as 'Unsecured but considered good', aged BDT 31.0m up to 3 months, BDT 33.6m at 3-6 months, BDT 224.0m at 6-12 months and BDT 690.1m above 12 months [1 p.56]. A year earlier the above-12-month bucket was BDT 191.9m [1 p.56]. Policy note 3.5 states the debtors are 'considered good and realizable and therefore no amount is required to be written off as bad debt' [1 p.53]. The un-audited 31-Mar-2026 note prints BDT 959.9m with BDT 222.0m above 12 months and BDT 290.5m up to 3 months [2 p.12]. Collections in 9M FY2026 were BDT 61.1m [2 p.11]. The auditor lists recoverability of BDT 978,698,749 of debtors as a key audit matter [1 p.42].

Advances. Loans, advances and deposits were BDT 1,039.1m on the statement of financial position at 30-Jun-2025 [1 p.45]. Note 8 prints advances of BDT 1,023.2m (advance against purchases BDT 646.4m, advance income tax BDT 354.8m, advance to BD Thai Food & Beverage Ltd. BDT 19.1m), deposits of BDT 8.0m and VAT current account of BDT 0.8m, totalling BDT 1,032.0m, which is BDT 7.1m less than the face of the statement [1 p.56] [1 p.57]. FY2025 raw-material purchases were BDT 79.5m [1 p.61]. The provision for income tax stood at BDT 270.0m [1 p.60].

Inventories. Inventories were BDT 1,224.5m at 30-Jun-2025 (finished goods BDT 292.8m, raw materials BDT 816.8m, work in process BDT 105.1m, spare parts BDT 9.7m) [1 p.56]. Policy note 3.4 states 'there was no indication of impairment of inventory during the year' [1 p.53]. Valuation of inventory is a key audit matter [1 p.41].

Borrowings. All bank facilities in notes 16 and 18.01 are from Rupali Bank: block loans 1, 2 and 3 of BDT 727.6m, a project loan of BDT 252.0m, cash credit of BDT 566.9m, a UPAS loan of BDT 222.5m and a COVID-19 revolving refinance scheme of BDT 164.4m [1 p.59]. Note 18 also lists loans from Pristine Builders & Traders (BDT 1.45m), Mr Zahid Maleque (BDT 5.76m) and Rahat Real State & Construction Ltd. (BDT 27.5m) [1 p.59]. Long and short-term loans rose from BDT 1,255.8m at 30-Jun-2017 to BDT 1,969.2m at 30-Jun-2025 and BDT 2,145.5m at 31-Mar-2026 [11 p.42] [1 p.45] [2 p.8] [22]. Cash was BDT 5.4m at 30-Jun-2025 and BDT 3.4m at 31-Mar-2026 [1 p.45] [2 p.8].

Equity and revaluation. Land, factory building and plant were revalued at 30-Jun-2024 by Anil Salam Idris and Company; the DSE post gives a revaluation addition of BDT 421,233,388 and a total revaluation surplus of BDT 2,205,690,402 [13]. Schedule A-3 prints revalued land of BDT 1,688.3m [1 p.68]. Equity excluding the surplus was BDT 1,971.9m at 30-Jun-2025, or BDT 15.43 per share (derived) [22].

Contingent liabilities. Note 31 lists five VAT and supplementary-duty demands from 2003 writ petitions (5047, 5265, 4389, 3518 and 3381 of 2003) stayed by the High Court, of BDT 27.0m, 6.0m, 3.0m, 36.6m and 3.4m (BDT 76.1m in total, as printed) [1 p.64].

Related parties. Note 33 prints, for Zahid Maleque, an opening balance of BDT 13,895,560, an adjustment of BDT 8,138,920 and a closing balance of BDT 5,756,640; for Pristine Builders & Traders BDT 8,750,000, BDT 7,300,000 and BDT 1,450,000; Rahat Real State & Construction Ltd. BDT 27,500,000; and directors' remuneration of BDT 3,120,000 [1 p.65]. Note 18 prints the Zahid Maleque loan at BDT 5,756,640 at both 30-Jun-2025 and 30-Jun-2024 and the Rahat loan at BDT 27,500,000 at both dates [1 p.59]. Director profiles print the link to Rahat: 'Mrs. Shabana Maleque ... is also Director of Rahat Real Estate & Construction Limited' (FY2024) [5 p.16], and Prof. Rubina Hamid is printed as 'Chairperson of Sunlife Insurance Company Limited and the Rahat Real Estate & Construction Limited' (FY2019) [10 p.24]. A search of the BDTHAI filings for Zahid Maleque and Pristine Builders & Traders returned the note 18 and note 33 pages; no relationship to them is printed in the pages found. The directors' report prints 'Parent /Subsidiary/Associate Company and related parties------ Nil.' [1 p.16] and states that related party transactions 'are disclosed in note no. 8.01 and 20.00' [1 p.14]. Note 8.01 shows the advance of BDT 19,128,082 to BD Thai Food & Beverage Ltd. [1 p.56].

Audit and governance: unmodified opinion with a 'Continuous Loss' emphasis of matter; one CG Code exception

FAMES & R (partner Fouzia Haque, FCA) signed the FY2025 report on November 26, 2025 [1 p.44]. The opinion reads: 'In our opinion, the accompanying Financial Statements give a true and fair view, in all material respects, of the Financial Position of the company 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.' [1 p.40]

The three emphasis-of-matter paragraphs read, word for word: '1. WPPF remains outstanding of since long As per Labour Law Section 234 (b), WPPF should be paid to respective fund at the ratio of 80:10:10 within 9 months after the end of year. However, Company has remained unpaid WPPF of Taka 15,942,767 since long.' '2. Unpaid Unclaimed Dividend As stated in note 19.00 Unclaimed Dividend As per BSEC notification no BSEC/CMRRCD/2021-391/20/Admin/121, Dated: 01 June 2021, any cash or stock dividend or right share are laying unclaimed or undistributed or un-allotted for a period of 3 (three) years or more, shall be transferred to the Capital market Stabilization Fund (CMSF). But the entity didn't transfer unclaimed Dividend amounting Tk. 13,876,619 to Capital Market Stabilization Fund (CMSF) which is carry forwarded more than 3 years.' '3.Continuous Loss The Company has incurred continuous losses for the last three years and revenue has also been declined consistently, which is not a good sign in terms of business condition.' The report adds 'Our opinion is not modified in respect of these matters.' [1 p.40]

Key audit matters are revenue recognition (turnover of Tk. 180,719,184), valuation of inventory (Tk. 1,224,522,690), valuation of tangible fixed assets (Tk. 3,057,540,927), long-term and short-term loans (Tk. 868,395,531 and Tk. 1,100,796,877) and recoverability of accounts receivable (Tk. 978,698,749) [1 p.40] [1 p.41] [1 p.42]. DSE posted emphasis-of-matter notices for FY2024 (5-Dec-2024) and FY2025 (14-Dec-2025) [13]. FY2023 and FY2024 were audited by Kazi Zahir Khan & Co. [6 p.43] [5 p.46].

Going concern statements. The CEO and CFO declaration of November 23, 2025 states that 'there exists no material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern' [1 p.19]. The directors' report states 'the Directors consider that the company have adequate resources to continue their operation for the foreseeable future' [1 p.15]. The directors' report also states, under variance between quarterly and annual statements, 'There was no such significant variance' [1 p.14].

Corporate governance. The compliance auditor, Jasmin & Associates (Dated: December 04, 2025), reports that the company 'has complied with the conditions of the Corporate Governance Code ... except 1(2)(c)' and that 'emphasis of the matters disclosed in Audit Report have not been presented in the Directors Report' [1 p.20]. Annexure-C marks condition 1(2)(c), shareholder approval of independent directors, as 'Under Process' and, against 1(2)(a), states that appointment of a female independent director 'will be completed in due time' [1 p.21] [1 p.22].

Board. The FY2025 corporate directory lists Prof Rubina Hamid (Chairperson), Mrs. Shabana Maleque (Director), Md. Shariqul Anam (Nominee Director, ICB), Ruhul Ameen, FCMA (Independent Director) and Prof Dr. Muhammad Mohiuddin (Retd) (Independent Director), with Ahmad Hossain as Managing Director [1 p.6]. Each of the five directors attended all 4 board meetings [1 p.17]. The audit committee is Ruhul Ameen, FCMA (Chairman), Prof Dr. Muhammad Mohiuddin (Retd) and Md. Shariqul Anam; it met four times [1 p.33]. The NRC is Prof Dr. Muhammad Mohiuddin (Retd) (Chairman), Prof. Rubina Hamid and Mrs. Shabana Maleque; it held one meeting, and each of the three members is printed as attending 01 of 01 [1 p.34] [1 p.35]. The audit committee report states four meetings and does not print attendance by member [1 p.33]. Ruhul Ameen, FCMA signed the FY2018 statements as 'Managing Director & CEO' [11 p.42].

Management turnover. The statements were signed by Ruhul Ameen (MD & CEO, FY2018), Md. Abdur Razzaque (FY2019), Mashi Ud Duza (FY2020-FY2022), Md. Abdul Bari (MD & CEO (acting), FY2023) and Sk Jaidul Islam (MD & CEO (CC), FY2024) [11 p.42] [10 p.27] [7 p.47] [6 p.43] [5 p.46]. The Q3 FY2023 statements list Maj Gen (LPR) Md Moshfequr Rahman as Managing Director & CEO [12]. The board appointed Ahmad Hossain as Managing Director with effect from July 08, 2025 (DSE post 22-Jul-2025) [13].

Ownership and capital: sponsors at 29.18%, no FY2025 dividend, rating cut from A to BB+

Ownership. DSE prints sponsor-director holdings of 29.18% at 30-Jun-2025, 31-Jul-2026 and 31-Aug-2026; institutions held 8.75%, 8.19% and 7.93%, and the public 60.71%, 62.00% and 62.26% [14]. The directors' report lists Prof. Rubina Hamid with 29,86,150 shares (2.34%), Mrs. Shabana Maleque with 25,55,710 shares (2.00%) and ICB with 1,76,65,006 shares (13.83%), listed as the holder of 10% or more [1 p.16]. Note 11.02 lists 'Directors & Sponsors' with 37,281,407 shares [1 p.58].

Dividends. DSE lists cash dividends of 0.25% (2024), 2% (2021), 3% (2020) and 5% (2016), and bonus issues of 3% (2020), 7.5% (2018), 5% (2017) and 10% (2016), with 1R:1 rights at par in 2016 and 2000 [14]. For FY2024 the board recommended 0.25% cash 'other than Sponsors & Promoters', excluding 1,96,16,401 sponsor shares, with BDT 27,03,971.23 payable to general shareholders [13]. For FY2025 the board recommended no dividend (DSE 24-Nov-2025) [13]. Cash paid out of the unclaimed-dividend account was BDT 3,242,347 in FY2025 [1 p.60].

Category and trading. DSE moved the shares from 'Z' to 'B' category from 10-Feb-2025 after the FY2024 dividend was disbursed [13]. On 17-Jun-2026 the company replied to a DSE query of 15-Jun-2026 that there was 'no undisclosed price sensitive information' for a 'recent unusual price hike and increase in volume of shares' [13]. The highest close in the 52 weeks to 1-Nov-2026 was BDT 22.0 on 25-Jun-2026 and the lowest BDT 8.8 on 13-Nov-2025 [21].

Credit rating. ARGUS Credit Rating Services rated the company 'A' long term and 'ST-3' short term with Negative outlook (DSE 24-Apr-2025), and 'BB+' and 'ST-4' with Neutral outlook (DSE 13-Aug-2026) [13].

Expansion and capital actions. A sweep of all DSE posts from 1-Nov-2024 to 1-Nov-2026 shows no board approval of capital expenditure, expansion, borrowing, rights issue or asset sale; the posts cover results, dividends, record dates, the revaluation, the emphasis-of-matter notices, the managing director appointment, the category change, the query response and the ratings [13]. Cash spent on fixed assets was BDT 19.2m in FY2025 and BDT 7.7m in 9M FY2026 [1 p.48] [2 p.11].

Peers: FY2025 financial expenses of 106.9% of revenue at BTA, 6.7% at Coppertech and 9.2% at Anwar Galvanizing

The peer set is the two DSE metals companies with published AnalystBro analysis notes and FY2025 statements on the same June year end, each on the company basis [17] [18]. Coppertech's notes state 'The principal activities of the Company are manufacturing and marketing of all kinds of Copper' [15 p.127]. Anwar Galvanizing's notes describe it as a manufacturer of 'galvanized GI fittings of all specifications and grades under the Building Material Division (BMD) of Anwar Group' [16 p.27]. The three make different products; the table states each company's printed figures without ranking them.

For FY2025, BTA printed 'Tournover' of BDT 180.7m, Coppertech 'Revenue' of BDT 1,666.0m and Anwar Galvanizing 'Revenue' of BDT 612.3m [1 p.46] [15 p.124] [16 p.24]. 'Financial Expenses' (BTA, Coppertech) and 'Financial expenses' (Anwar Galvanizing) were BDT 193.1m, 112.2m and 56.4m, or 106.9%, 6.7% and 9.2% of revenue [22]. Coppertech charged WPPF of BDT 2.9m; BTA and Anwar Galvanizing charged none [15 p.124] [16 p.24] [1 p.46]. Anwar Galvanizing's loss includes non-operating expenses of BDT 201.2m [16 p.24]. Coppertech's FY2025 opinion is unmodified with emphasis of matter on gratuity and provident funds [17]; Anwar Galvanizing's FY2025 opinion is unmodified [18].

What's next: FY2026 accounts (2-24 Nov 2026, inferred; no date notified) and Q1 FY2027 statements (2-Nov to 10-Dec-2026, inferred)

FY2026 audited results: no date notified. No board meeting for the FY2026 accounts is posted on DSE at 1-Nov-2026 [13]. The precedents are statement signing dates for FY2018-FY2023 (25-Oct-2018, 27-Oct-2019, 5-Oct-2020, 4-Nov-2021, 5-Nov-2022, 5-Nov-2023) [11 p.42] [10 p.27] [9 p.44] [8 p.47] [7 p.47] [6 p.42] and board-meeting dates for FY2024-FY2025 (24-Nov-2024, DSE; 23-Nov-2025, DSE and AR FY2025 p.15) [13] [1 p.15]. The eight precedents span 5-Oct to 24-Nov; today is past three of them (the 2018-2020 statement dates). The window after today is 2-Nov-2026 to 24-Nov-2026 (inferred, 8 years). AGMs were held on 27-Dec-2023, 31-Dec-2024 (DSE notice) and 30-Dec-2025 [6 p.8] [13] [1 p.8]; 27-Dec-2026 to 31-Dec-2026 is inferred (3 years), not notified.

Q1 FY2027. The Q1 statements were signed on 14-Nov-2018, 18-Oct-2020, 14-Nov-2022, 27-Nov-2023, 12-Dec-2024 and 7-Dec-2025 [12] [4 p.5]; the window after today is 2-Nov-2026 to 10-Dec-2026 (inferred, 6 years; 12-Dec-2026 is a Saturday), not notified. Q2 statements were dated 8-Feb-2024, 30-Jan-2025 and 29-Jan-2026, and Q3 statements 9-May-2023, 30-Apr-2024, 15-May-2025 and 30-Apr-2026 [12] [3 p.5] [2 p.11].

Bangladesh's LDC graduation date is 24-Nov-2029 [19] [20]. The filings do not link it to any line item.

Risks: borrowing cost, old receivables, advances against purchases and turnover level

The directors' report names one risk: 'International price fluctuation of Aluminium ingot together with exchange rate fluctuation may adversely affect our profitability' [1 p.14]. The note on financial risk lists market, credit and liquidity risk [1 p.54]. The rows below tie each risk to a printed figure.

Key questions: FY2026 accounts, the audit paragraphs, old receivables and advances

The audited position at 30-Jun-2025 is equity of BDT 3,654.3m (BDT 1,971.9m excluding revaluation), loans of BDT 1,969.2m and cash of BDT 5.4m [1 p.45] [22]. The un-audited position at 31-Mar-2026 is equity of BDT 3,361.4m and loans of BDT 2,145.5m [2 p.8].

Multiples, stated as facts: at BDT 11.30 the market value is BDT 1,443.9m, P/B is 0.43x on the 31-Mar-2026 NAV of BDT 26.31, 0.40x on the 30-Jun-2025 NAV of BDT 28.60 and 0.85x on NAV excluding the revaluation surplus at 31-Mar-2026 (derived); P/E is not meaningful on losses [21] [2 p.8] [22].

Printed differences: board size, AGM date and the advances total

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

FAQ

What does Bangladesh Thai Aluminium make?

Aluminium profiles for doors, windows, curtain walls and partitions, plus fabricated doors and windows, from a plant at Kaliakoir, Gazipur [1 p.5] [1 p.49].

What was the FY2025 result?

Turnover BDT 180.7m, a gross loss of BDT 19.3m, financial expenses BDT 193.1m and a net loss of BDT 257.1m, EPS BDT (2.01) [1 p.46].

How did 9M FY2026 compare?

Turnover BDT 40.1m against BDT 157.3m and a net loss of BDT 291.4m against BDT 189.9m [2 p.9].

What did the auditor say?

An unmodified opinion with emphasis of matter on unpaid WPPF, unclaimed dividend not sent to CMSF and continuous losses [1 p.40].

How much does the company borrow?

BDT 1,969.2m at 30-Jun-2025 and BDT 2,145.5m at 31-Mar-2026, mostly from Rupali Bank [1 p.59] [2 p.8].

Who owns the company?

Sponsors and directors 29.18%, institutions 7.93%, foreign 0.63% and the public 62.26% at 31-Aug-2026; ICB holds 13.83% [14] [1 p.16].

When are the FY2026 results due?

No date is notified at 1-Nov-2026; eight precedents give 2-24 Nov 2026 (inferred) [13].

Sources

1. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.24 to 30.06.25 (audited, year to 30-Jun-2025); PDF page numbers · link · accessed 2026-11-02
2. Bangladesh Thai Aluminium Ltd. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-02
3. Bangladesh Thai Aluminium Ltd. un-audited financial statements, six months to 31-Dec-2025 · link · accessed 2026-11-02
4. Bangladesh Thai Aluminium Ltd. un-audited financial statements, three months to 30-Sep-2025 · link · accessed 2026-11-02
5. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.23 to 30.06.24 (year to 30-Jun-2024) · link · accessed 2026-11-02
6. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.22 to 30.06.23 (year to 30-Jun-2023) · link · accessed 2026-11-02
7. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.21 to 30.06.22 (year to 30-Jun-2022, FY2021 comparatives) · link · accessed 2026-11-02
8. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.20 to 30.06.21 · link · accessed 2026-11-02
9. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.19 to 30.06.20 (FY2019 comparatives) · link · accessed 2026-11-02
10. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.18 to 30.06.19 · link · accessed 2026-11-02
11. Bangladesh Thai Aluminium Ltd. Annual Report 01.07.17 to 30.06.18 (FY2017 comparatives) · link · accessed 2026-11-02
12. Bangladesh Thai Aluminium Ltd. quarterly statements FY2019-FY2025 (signing dates of Q1, Q2 and Q3 statements) · link · accessed 2026-11-02
13. DSE news archive, BDTHAI, all news 1-Nov-2024 to 1-Nov-2026 (posts dated 18-Nov-2024 to 13-Aug-2026) · link · accessed 2026-11-02
14. DSE company page, BDTHAI (dividend history, shareholding to 31-Aug-2026, loan status; read 2-Nov-2026) · link · accessed 2026-11-02
15. Coppertech Industries Ltd. Annual Report 2025 (year to 30-Jun-2025), statement of profit or loss page image · link · accessed 2026-11-02
16. Anwar Galvanizing Limited Annual Report 2025 (year to 30-Jun-2025), statement of profit or loss page image · link · accessed 2026-11-02
17. AnalystBro, Coppertech Industries financial analysis (published note) · link · accessed 2026-11-02
18. AnalystBro, Anwar Galvanizing financial analysis (published note) · link · accessed 2026-11-02
19. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
20. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
21. AnalystBro price data (TradingView DSE daily feed, unadjusted): DSE:BDTHAI daily bars 30-Oct-2025 to 1-Nov-2026 · link · accessed 2026-11-02
22. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02