BD Thai Food & Beverage financial analysis: turnover down 71.6%, BDT 134.0m loss, going-concern emphasis (Oct 2026)

Investment considerations: turnover BDT 169.2m, financial expenses BDT 156.7m, net loss BDT 134.0m in FY2025

BD Thai Food & Beverage Ltd. was incorporated on 13-Oct-2010, started commercial production in August 2013 and listed on the Dhaka and Chittagong stock exchanges on 17-Jan-2022 [1 p.4]. Note 1.02 states its principal activity as 'to manufacture of quality food and beverage items and marketing thereof' [1 p.53]. The factory is at Boronarayanpur, Amta, Dhamrai, Dhaka, and the products are sold under the brand 'Nectar' [1 p.4] [1 p.5]. The company has 81,500,000 shares of BDT 10 each [1 p.61] and a fiscal year that ends on 30 June [1 p.50].

Turnover was BDT 169.2m in FY2025 and BDT 595.5m in FY2024 [1 p.50]. Borrowings were BDT 1,297.4m at 30-Jun-2024 and BDT 1,294.0m at 30-Jun-2025, and financial expenses rose from BDT 101.5m to BDT 156.7m [1 p.49] [1 p.50] [24]. The net result was a loss of BDT 134.0m, EPS of BDT (1.64) and NAV per share of BDT 12.41 [1 p.50] [1 p.49]. Employees at 30 June numbered 198 in 2024 and 89 in 2025 [1 p.69]. The board recommended no dividend for FY2025 [1 p.8].

The interim accounts for FY2026 (quarters to September 2025, December 2025 and March 2026) are not in the corpus at 1-Nov-2026. The DSE announcements of those results are used here and labelled. They show a loss in each quarter: EPS of BDT (0.49) for July-September 2025, BDT (0.55) for July-December 2025 and BDT (0.73) for July 2025-March 2026 [18]. The FY2026 annual accounts (year to 30-Jun-2026) are not in the corpus at 1-Nov-2026, and no board meeting date for them had been posted on DSE by that date [18].

Business: 'Bakery and others' was 90.6% of FY2025 gross sales; soft drinks line at 1.09% utilisation

The directors' report lists the products as 'fruit juices, carbonated beverages, drinking water, hard candies, soft candies, lollipops, gums, biscuits, cookies, snacks, powder drinks, spices, commodity products etc.' [1 p.14]. The company profile adds that it holds ISO 22000:2005, HACCP, Hallal and BSTI certification and obtained US FDA food facility approval for its juice products in 2018 [1 p.5]. The factory is described as 'equipped with a state of art technology from America, UK, Belgium, Korea, Taiwan, China etc.' [1 p.14].

The product-wise table splits gross sales into four groups. In FY2025 'Bakery and others' was BDT 154.3m of BDT 170.3m, or 90.6%; in FY2024 it was BDT 551.6m of BDT 597.8m, 92.3% [1 p.16] [24]. Juice and drinks were BDT 11.4m, soft drinks BDT 3.7m and confectionery BDT 1.0m in FY2025 [1 p.16]. The four rows add to the gross sales printed in note 20 in both years [1 p.65] [24].

Juice and drinks production was 474,139 pcs in FY2024 and 1,391,819 pcs in FY2025; confectionery was 19,956,933 pcs and 10,731,863 pcs; bakery and others was 13,789,869 pcs and 15,497,665 pcs [1 p.16]. Note 34C prints FY2025 capacity utilisation of 3.78% for juice and drinks, 0.00% for mineral water, 1.09% for soft drinks, 12.53% for confectionery and 56.83% for bakery and others [1 p.70]. The filings do not give a price or volume split of the turnover change, and the product table is in pieces, not tons or litres.

Note 20 splits gross sales by tax treatment. 'Non Vatable Sales' were BDT 155.2m in FY2025 and BDT 569.7m in FY2024; vatable sales BDT 3.7m and BDT 8.5m; tariff sales BDT 2.0m and BDT 7.8m; export sales BDT 9.4m and BDT 11.8m [1 p.65]. Note 34E prints FY2025 exports of US$ 78,076.78 at an average rate of 120.115, BDT 9.4m [1 p.70]. The filings do not name customers, distributors or export markets.

On 8-Jun-2026 the company posted on DSE that Sajeeb Group 'will produce "wings" brand Carbonated Soft Drinks (CSD) through BD Thai Food & Beverage Limited's factory' and Evergreen Beverage Limited 'will produce "Suncrest" brand Carbonated Soft Drinks', 'by paying the agreed contract manufacturing charges' [18]. The post states that the CSD line 'will be operated at 70% of its total capacity and rest 30% of the CSD line will be operated for producing company's (BTFBL) own brand "Nectar" products', and that 'The Board expected that the profitability of the company will be increased' [18]. The post gives no contract value, term or start date, and no interim accounts covering the period after the agreements are in the corpus at 1-Nov-2026.

Income statement: turnover BDT 711.2m (FY2023) to BDT 169.2m (FY2025); financial expenses 92.6% of turnover

Turnover rose from BDT 549.6m in FY2021 to BDT 677.6m in FY2022 and BDT 711.2m in FY2023, then fell to BDT 595.5m in FY2024 and BDT 169.2m in FY2025 [4 p.51] [3 p.50] [2 p.50] [1 p.50]. Year-on-year growth was 23.3%, 5.0%, -16.3% and -71.6% [24]. The directors' report states that 'Cost of goods sold decreased due to decrease in value of Production' and that 'The gross profit margin is decreased due to decreased of sale volume' [1 p.17]. EPS fell from BDT 0.58 (FY2021) to BDT 0.22, 0.17, 0.02 and (1.64) [1 p.23].

Gross margin was 28.3% in FY2021, 27.6%, 26.8%, 26.5% and 25.9% in FY2025 [24]. Operating margin was 21.2% in FY2021 and 18.2% in FY2025. Financial expenses were 10.8% of turnover in FY2021, 17.0% in FY2024 and 92.6% in FY2025 [24]. Operating income covered financial expenses 1.96x in FY2021, 1.23x in FY2024 and 0.20x in FY2025 [24].

Line items: bank interest BDT 156.4m expensed, BDT 4.6m paid, BDT 151.7m payable in FY2025

Cost of production is built from four lines in note 21. Raw materials consumed were BDT 268.6m in FY2024 and BDT 41.7m in FY2025; packing materials BDT 232.4m and BDT 29.1m; spare parts BDT 9.0m and BDT 1.5m; manufacturing overheads BDT 63.1m and BDT 46.4m [1 p.65] [1 p.66]. Depreciation within overheads was BDT 33.8m and BDT 33.4m [1 p.66], which is 28.1% of FY2025 cost of production of BDT 118.8m [24]. Raw and packing materials were 84.1% of turnover in FY2024 and 41.8% in FY2025 [24].

Finished goods inventory was BDT 204.6m at 30-Jun-2024 and BDT 205.0m at 30-Jun-2025; it had been BDT 64.6m at 30-Jun-2023 [1 p.65]. Raw material purchases were BDT 222.3m in FY2024 and BDT 64.9m in FY2025, and packing material purchases BDT 115.7m and BDT 39.6m [1 p.66]. Within overheads, salary and wages were BDT 7.6m and BDT 3.0m and the electricity bill BDT 11.6m and BDT 8.0m; the gas bill was BDT 0.4m in FY2024 and nil in FY2025 [1 p.66].

Administrative expenses fell from BDT 16.7m to BDT 10.1m and selling and distribution expenses from BDT 15.9m to BDT 3.0m [1 p.50]. In the notes, director's honorarium was BDT 1.5m (FY2024) and BDT 1.2m (FY2025); vehicle fuel expenses BDT 2.8m and BDT 0.1m; sales salary and allowances BDT 8.1m and BDT 2.2m; sales incentive BDT 2.1m and BDT 0.1m [1 p.67].

Financial expenses comprise bank interest of BDT 101.4m in FY2024 and BDT 156.4m in FY2025, plus bank charges [1 p.67]. In the cash flow statement, bank interest and bank charges paid were BDT 101.4m in FY2024 and BDT 4.6m in FY2025 [1 p.52]. Liabilities for expenses include 'Bank Interest Payable' of BDT 151.7m at 30-Jun-2025, with no amount at 30-Jun-2024 [1 p.64]. The interest rate printed for the Agrani Bank term loan, the CC (Hypo) facility and the Midland Bank term loans is 14.50% [1 p.62] [1 p.63]. The FY2023 cash flow statement prints no amount for bank interest paid in the financing section; financial expenses for that year were BDT 100.7m [3 p.52] [3 p.50].

Deferred tax was the larger part of tax expense in each year FY2021-FY2025: it was 79.9% of total tax in FY2021 and 79.7% in FY2025 [24]. Current tax for FY2025 is the minimum tax of 1.00% on gross receipts of BDT 169.4m, BDT 1.7m; the computation shows a taxable loss of BDT 271.3m after tax depreciation of BDT 181.4m [1 p.68]. Deferred tax liabilities were BDT 191.7m at 30-Jun-2025 [1 p.49]. Note 3.04 states that 'Deferred tax asset or liability does not create a legal recovery/ liability from or to the income tax authority' [1 p.56].

Other income was BDT 0.2m in FY2025: bank interest of BDT 4,620 and wastage sale of BDT 225,600 [1 p.67]. No WPPF charge was made for FY2025; the WPPF liability stayed at BDT 6.0m [1 p.65]. Note 3.15 states that the company maintains a Workers' Profit Participation & Welfare Fund 'but no Board of Trustees have yet been constituted' [1 p.57].

FY2026 to date: DSE-announced 9M EPS BDT (0.73), NAV BDT 11.69 at March 2026; factory robbery on 10-Feb-2026

The FY2026 interim reports are not in the corpus at 1-Nov-2026; the figures below are the DSE announcements, unaudited. Q1 (July-September 2025): EPS BDT (0.49); the same quarter of 2024 was BDT 0.03; NOCFPS BDT 0.07; NAV per share BDT 11.92 at 30-Sep-2025 [18]. H1 (July-December 2025): EPS BDT (0.55); the same half of 2024 was BDT 0.06 (restated); NOCFPS BDT 0.17; NAV BDT 11.86 at 31-Dec-2025 [18]. The company gave as its reason: 'Net Profit After Tax & EPS decreased compare to 2nd quarter (Q-2) of 2024 due to decreased in production & sale. NAV reduced due to increase of liabilities for expenses compare to previous 2nd quarter' [18].

9M (July 2025-March 2026): EPS BDT (0.73); the same period a year earlier was BDT 0.08; January-March 2026 EPS was BDT (0.17); NOCFPS BDT 0.17; NAV per share BDT 11.69 at 31-Mar-2026 [18]. The 9M post gives NAV 'Tk. 14.18 as on June 30, 2025'; the audited NAV at that date is BDT 12.41 [18] [1 p.49]. On the current 81.5m shares, the 9M EPS is a loss of about BDT 59.5m and NAV of BDT 11.69 is equity of about BDT 952.7m (derived) [24].

On 26-Feb-2026 the company posted a letter about 'robbery and looting at the factory of the company happened at approximately 2:00 AM on February 10, 2026' [18]. On 8-Jun-2026 it added that 'the robbers took away valuable cables and various equipments worth a substantial amount, as a result the factory became inoperable', and that management 'invested a substantial amount in restoring electric substation, generator and other power cables'; 'Currently, factory's production is running smoothly' [18]. The posts give no amount for the loss or the restoration.

Balance sheet: borrowings BDT 1,294.0m, receivables BDT 593.6m (84.5% over 12 months), cash BDT 1.6m

Total assets were BDT 2,758.5m at 30-Jun-2025, of which property, plant and equipment BDT 1,250.1m, inventories BDT 486.0m, receivables BDT 593.6m, advances, deposits and pre-payments BDT 427.2m and cash BDT 1.6m [1 p.49]. Equity was BDT 1,011.6m, 36.7% of total assets [24]. Borrowings were BDT 1,294.0m: long term loan BDT 408.5m, current portion BDT 73.1m and short term loan BDT 812.4m [1 p.49]. Borrowings were 1.28x equity at 30-Jun-2025 and 1.07x at 30-Jun-2021 [24].

The term loans at 30-Jun-2025 were Agrani Bank BDT 189.3m and BDT 286.3m and two Midland Bank vehicle loans of BDT 2.2m and BDT 3.9m, BDT 481.6m in total [1 p.62]. The Agrani Bank term loan has a printed limit of BDT 450,600,000, a 96-month period, an expiry date of 23/8/2029 and a renewal status of 'Renewed/ Rescheduled'; its security is '849.58 decimal Land, Factory Building, Machineries at Kawalipara, Dhamrai, Dhaka' [1 p.62]. The short term loan of BDT 812.4m comprises Agrani Bank A/C 02308401 BDT 600.3m, a CC HYPO (Block) account BDT 117.2m, a demand loan BDT 46.8m and loans from directors and sponsor shareholders BDT 48.0m [1 p.63] [1 p.64]. The CC (Hypo) facility prints a limit of BDT 450,000,000, an expiry date of 30/06/2025 and 'Renewed/ Rescheduled' [1 p.63]. The rows add to the printed totals [24].

Receivables were BDT 315.0m at 30-Jun-2021 and BDT 593.6m at 30-Jun-2025 [4 p.50] [1 p.49]. Closing receivables were 209 days of turnover in FY2021, 366 days in FY2024 and 1,281 days in FY2025 [24]. Note 6 ages the FY2025 balance: BDT 30.3m up to 3 months, BDT 62.0m at 4-6 months and BDT 501.3m at '12 month to above' [1 p.59]. The roll-forward shows additions of BDT 52.9m and cash collections of BDT 56.3m in FY2025 [1 p.59]. The same page states 'The above amounts are unsecured but good and have been subsequently realized. No provision was made for bad debt during the period under un-audit' [1 p.59]. The cash flow statement shows collection from customers and others of BDT 172.5m [1 p.52].

Advances, deposits and pre-payments were BDT 427.2m, of which 'Advance to Suppliers & Others' BDT 394.3m [1 p.59]. Inventories were BDT 486.0m, of which finished goods BDT 205.0m, raw material BDT 120.7m, spare parts BDT 67.2m, work in process BDT 51.1m and packing material BDT 42.0m [1 p.59]. Inventory was 1,416 days of FY2025 cost of goods sold [24]. The inventory KAM refers to stock 'held in plants, Central warehouse and twenty nine depots' [1 p.45].

Equity at 30-Jun-2025 is printed as BDT 1,011.6m in the statement of financial position, with a revaluation reserve of BDT 90.6m after an adjustment of BDT 2.9m for deferred tax on land [1 p.49] [1 p.61]. The statement of changes in equity on page 51 shows a closing total of BDT 1,014.5m and a revaluation reserve of BDT 93.5m [1 p.51].

Cash flow: BDT 115.6m from operations and BDT 297.3m on plant over FY2021-FY2025

Net cash generated from operating activities was BDT 31.5m (FY2021), BDT 2.4m, BDT 14.7m, BDT 53.3m and BDT 13.7m (FY2025) [4 p.53] [3 p.52] [2 p.52] [1 p.52]. Acquisition of property, plant and equipment totalled BDT 297.3m over the five years and operating cash flow BDT 115.6m [24]. Dividends paid totalled BDT 16.7m [24]. The company presents bank interest paid in financing activities; FY2025 operating cash flow of BDT 13.7m is before the BDT 4.6m of interest paid [1 p.52].

In FY2022 the IPO raised BDT 150.0m [4 p.53]. The FY2024 auditor's emphasis of matter stated: 'According to IPO Utilization Report as of June 30, 2024, the time extended up to May 2025 in the 4th EGM. The company has Un-utilized IPO proceeds is Tk. 39,980,899 has been subsequently paid to different parties as advance against LC Margin for acquisition of Machinery & Equipment through banking channel till yet to be received and adjusted fully.' [2 p.46] The FY2025 directors' report states that 'the total IPO fund was utilized which was reported to BSEC accordingly' [1 p.17]. The Southeast Bank BDT account held BDT 39,980,899 at 30-Jun-2024 and BDT 1,345 at 30-Jun-2025 [1 p.60].

Dividends: the board recommended a 3% cash dividend for FY2022 'for the shareholders excluding Sponsors and Directors' [5], no dividend for FY2023 [6], a 1% final cash dividend for FY2024 'which was paid earlier as Interim Cash Dividend to the shareholders other than Sponsors and Directors' [18], and no dividend for FY2025 [1 p.16]. The dividend policy states that the board 'may not recommend any dividend if the eligibility criteria for the recommendation of dividend has not been met' [1 p.29].

Audit: FY2025 unmodified opinion with a going-concern emphasis; five key audit matters

The FY2025 auditor is FAMES & R, Chartered Accountants (partner Fouzia Haque, FCA), report dated October 28, 2025 [1 p.48]. 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 June 30, 2025 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS), The Companies Act 1994, The Securities and Exchange Rules 2020 and other applicable laws and regulations.' [1 p.44]

The emphasis of matter reads in full: 'We have some reservation about Going Concern threat, due to huge amount of loans, liabilities, decreasing trend of revenue, stuck of inventories, uncertainty of advance realization, receivable collectability and current year's losses. Hence we draw attention in note number 3.16 of the notes to the financial statements regarding management's assessment of going concern. However, our opinion is not modified in respect of this matter.' [1 p.44] The basis for opinion reads: 'We conducted our audit in accordance with International Standards on Auditing (ISA). 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) together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.44]

Note 3.16, to which the auditor refers, lists management's assessment: 'Expected cash inflows from ongoing operations, adjusted for the current decline in sales', 'Potential recovery of receivables through intensified collection efforts and legal action where necessary', 'Planned reduction of inventory through discounting, disposal of slow-moving items, and tighter purchasing controls' and 'Discussions with lenders regarding potential restructuring or rescheduling of outstanding loans' [1 p.58]. Its mitigating actions include 'Loan restructuring: Ongoing negotiations with banks to obtain a waiver of covenant breaches and reschedule repayment terms' and 'Cost control: Implementation of cost reduction programs, including optimization of overheads and workforce rationalization' [1 p.58]. The note does not name the covenants or the banks.

The receivables KAM refers to 'developing the software and sale of service'; note 1.02 prints the company's activity as manufacture of food and beverage items [1 p.46] [1 p.53]. The FY2025 report contains no other-matter paragraph [1 p.44] [1 p.47] [1 p.48].

The FY2024 auditor was Kazi Zahir Khan & Co., Chartered Accountants (partner Mohammed Alamgir Kabir FCA), statements dated 19-11-2024 [2 p.49]. Its opinion reads: 'In our opinion, except for the effects of the matter described in the Basis for Opinion section of our report, the accompanying Financial Statements present fairly, in all material respects, the Financial Position of the company as at 30 June 2024, its Financial Performance and its Cash Flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange Rules 1987 and other applicable laws and regulations.' [2 p.44] The Basis for Opinion section on the same page describes no matter; it reads 'We conduct our audit in accordance with International Standards on Auditing (ISAs)...' and ends 'We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [2 p.44] The FY2024 receivable KAM states: 'Also due above 12 months, in last year was Tk. 540,604,748 but during the year's audit due amount shown Tk. 596,912,857 which needs to be addressed properly' [2 p.46]. Its other emphasis-of-matter items concern an employee welfare agenda of the 66th board meeting and the statement that 'As per IAS 36 related impairment test and related impact need to be considered... no revaluation took place as per para-34 of IAS 16' [2 p.47].

Governance: family-linked board, female independent director 'in due time', MD (current charge) since 14-Oct-2025

The board at the date of the FY2025 report: Mrs. Rubina Hamid (Chairperson), Dr. Kazi Aktar Hamid, Mr. Rahat Maleque, Mr. Ryan Hamid (Directors), Mr. Sheikh Jaidul Islam (Nominee Director) and Mr. Muhammad Mohiuddin and Mr. Ruhul Ameen, FCMA (Independent Directors) [1 p.6]. The directors' report states that the board 'comprise with 7 (Seven) members including 2 (Two) independent director' and met six times [1 p.18]. The profiles state that Mrs. Rubina Hamid is the wife of Dr. Kazi Aktar Hamid and daughter of Late Col (Retd.) A. Maleque, and is Chairperson of BD Thai Aluminum Limited, BD Thai Cosmo Ltd and Surjer Hashi Network; Mr. Ryan Hamid is their son and Managing Director of BD Thai Cosmo Ltd.; Mr. Rahat Maleque, son of Mr. Zahid Maleque, is a director of BD Thai Aluminium Limited and Managing Director of Rahat Real Estate & Construction Ltd. and BD Sunlife Securities Ltd. [1 p.9] [1 p.10]. Dr. Kazi Aktar Hamid is 'the Head of Chambers of the law firm "Dr. Hamid and Associates"' [1 p.9]; the corporate directory lists 'Dr. Hamid & Associates' as the company's legal advisor [1 p.6]. Mr. Sheikh Jaidul Islam works at Bangladesh Thai Aluminium Ltd as Sr. General Manager (Sales & Marketing) [1 p.10].

The audit committee comprises Mr. Ruhul Ameen FCMA (Chairman), Mr. Muhammad Mohiuddin and Dr. Kazi Aktar Hamid; each attended 4 of 4 meetings [1 p.25]. The committee report states that it 'did not find any conflict of interest or any fraud, irregularity, material defect in the Internal Control System' [1 p.26]. The nomination and remuneration committee comprises Mr. Muhammad Mohiuddin (Chairman), Dr. Kazi Aktar Hamid and Mr. Sheikh Jaidul Islam; it held one meeting, attended by all three [1 p.27] [1 p.28].

Key management: the corporate directory lists 'MANAGING DIRECTOR & CEO (CC) Mr. Md. Rabiul Alam FCS', Chief Financial Officer 'Mr. Md. Shahahur Rahman', Company Secretary 'Mr. Md. Habibur Rahman' and Head of Internal Audit & Compliance 'Mr. Md. Nazrul Islam' [1 p.6]. The MD and CFO declaration is signed by 'Md. Rabiul Alam FCS, Managing Director & CEO (CC)' and 'Md. Shahanur Rahman, Chief Financial Officer' [1 p.24]. DSE posts show Mr. Sardar Nasir Ahmed appointed Managing Director & CEO with effect from 1-Jan-2025 and Mr. Md. Rabiul Alam FCS appointed Managing Director (Current Charge) with effect from 14-Oct-2025 [18]. The FY2022 and FY2023 price sensitive notices were signed by M. M. Aminul Islam as Managing Director [5] [6].

Ownership at 30-Jun-2025 (note 9): General Shareholders 50.92%; Sunlife Insurance Company Ltd. 13.58%; Mr. Zahid Maleque 11.41%; Mrs. Rubina Hamid 8.71%; BD Thai Aluminium Ltd. 6.05%; Dr. Kazi Aktar Hamid 3.41%; Mr. Rahat Maleque 2.71%; Mr. Ryan Hamid 2.60%; Mrs. Cynthia Maleque 0.61% [1 p.61]. The eight named holders together held 49.08% (computed from the printed share counts) [24]. The directors' report table of 'Shareholders holding 10% or more voting interest' lists one holder, Mr. Zahid Maleque (9,298,400 shares, 11.41%) [1 p.19]. In the FY2022 price sensitive notice, Sunlife Insurance Company Limited is listed with designation 'Director' [5].

Sponsor share movements posted on DSE: BD Thai Cosmo Ltd. (where Prof. Rubina Hamid, Dr. Kazi Aktar Hamid and Mr. Ryan Hamid are directors) declared an intention to sell 150,000 shares (9-Nov-2025); Mrs. Rubina Hamid declared an intention to sell 1,000,000 of her 7,101,589 shares within 30-Apr-2026 (22-Apr-2026), and transferred 200,000 shares by gift to Mr. Ryan Hamid (completion posted 28-Apr-2026); Dr. Kazi Aktar Hamid transferred 500,000 shares by gift to his son Mr. Shahil Hamid (28-Apr-2026); Mr. Ryan Hamid transferred 450,000 shares by gift to his wife Ms. Aneeka Tahseen Waleed (6-May-2026) [18]. No completion post for the 1,000,000-share sale or the BD Thai Cosmo sale appears in the 24-month archive [18].

Related parties (note 32): loans from Mr. Zahid Maleque BDT 6.4m, Mrs. Rubina Hamid BDT 17.6m and Mrs. Cynthia Maleque BDT 24.0m, unchanged during the year; BD Thai Aluminium Ltd. BDT 19.1m for 'Supply of promotional items'; director's honorarium BDT 1.2m accrued with a closing balance of BDT 2.7m [1 p.69]. Note 16 shows 'Director's Honorarium Payable' of BDT 22.3m [1 p.64]. The office rent expense was BDT 1.3m and rent payable BDT 7.1m; the registered office is at BTA Tower, Banani [1 p.67] [1 p.64] [1 p.4]. The filings do not state who owns BTA Tower.

The corporate governance compliance annexure (Annexure-C, p.34-43) marks no condition 'Not Complied' [1 p.34]. The rows left without a tick and the remarks are listed in the exhibit below, with the statements on other pages that address the same subject. The compliance auditor, Jasmin & Associates, reports that the company 'has complied with the conditions of the Corporate Governance Code ... except as stated in the remarks column in Annexure-C' and that 'The Governance of the company is satisfactory' [1 p.33].

Other statements printed on more than one page: the directors' report says the credit rating was assigned 'on 30.11.2025' and is signed 'Date: October 28, 2025' [1 p.20] [1 p.21]. The rating certificate on p.32 prints 'BBB-' long term, 'ST-4' short term and a 'Negative' outlook, publishing date 30 Nov 2025 and validity 29 Nov 2026 [1 p.32]; the DSE post of 1-Dec-2025 gives 'BBB-' and 'ST-3' with a negative outlook [18]. The chairperson's message states that 'the company has maintained its profitable results' and, in the same paragraph, 'Net Profit after Tax is Tk. (134.04) million' [1 p.12].

DSE news: no capex or expansion approval in 24 months; two contract manufacturing agreements

The 24-month DSE archive (31-Oct-2024 to 1-Nov-2026, criteria 3) contains no board approval of capital expenditure, expansion, rights issue or asset sale [18]. It contains the quarterly and annual results, two credit rating results, the MD appointments, the contract manufacturing agreements, the robbery disclosures, sponsor share declarations and a query response of 4-Dec-2025 stating 'there is no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares' [18].

Market data: BDT 16.3 close, 1.39x March 2026 NAV, 52-week closes BDT 8.9-30.9

The shares closed at BDT 16.3 on 29-Oct-2026 [23]. On 81.5m shares the market capitalisation is BDT 1,328.5m [24]. The price is 1.39x the March 2026 NAV of BDT 11.69 and 1.31x the audited June 2025 NAV of BDT 12.41 [24]. FY2025 and 9M FY2026 EPS were losses, and no P/E is computed. Over 30-Oct-2025 to 29-Oct-2026 the daily closes ranged from BDT 8.9 (13-Nov-2025) to BDT 30.9 (16-Jun-2026) [23].

The 52-week range uses unadjusted DSE daily closes saved from the chart feed; the range has one low close and one high close, with no ties [23]. The record dates for FY2024 and FY2025 were 9-Dec-2024 and 19-Nov-2025; no bonus shares were issued in the period [18].

Peers for reference: FY2025 finance cost 92.6% of turnover at BD Thai Food

The table shows FY2025 figures of two food companies with published AnalystBro notes, each from its own company-basis statements for the year to 30-Jun-2025. Rangpur Dairy & Food Products Limited states its business as 'To produce or manufacture Ultra High Temperature (UHT), pasteurized and flavored milk, ghee, butter, different type of candy and milk products and marketing the same in the domestic market' [19 p.54]. Olympic Industries PLC prints a unit-wise result with a column headed 'Biscuit & Other' [20 p.55] and finished goods headed 'Battery', 'Biscuits' and 'Candy & snacks' [20 p.43]. The businesses differ and the figures are not ranked.

Gross margin was 25.9% at BD Thai Food, 19.4% at Rangpur Dairy and 23.9% at Olympic [24]. Finance cost was 92.6% of turnover at BD Thai Food, 5.8% of revenue at Rangpur Dairy and 0.2% at Olympic [24]. Net profit was -13.3% of closing equity at BD Thai Food, 3.6% at Rangpur Dairy and 16.1% at Olympic [24].

What's next: FY2026 accounts board meeting 01-Nov-2026 to 19-Nov-2026 (inferred, 4 years; precedents 26-Oct to 19-Nov; the 26-Oct and 28-Oct precedent dates passed with no board date notified); rating validity 29-Nov-2026

No board meeting date for the FY2026 audited accounts had been notified on DSE at 1-Nov-2026 [18]. The annual board meetings in the four listed years were held on 10-Nov-2022, 26-Oct-2023, 19-Nov-2024 and 28-Oct-2025 [5] [6] [18]; 2 of those four calendar dates (26-Oct and 28-Oct) fall before 1-Nov. The range below covers all four. No later date (AGM, record date, Q1 FY2027) is inferred; the FY2026 board date is not notified. Past items: the 15th AGM was called for 28-Dec-2025 [1 p.8] (passed), outcome unknown; the window for Mrs. Rubina Hamid's declared sale closed on 30-Apr-2026 (passed), outcome unknown [18].

Bangladesh's LDC graduation date is 24-Nov-2029 [21] [22]. The company's FY2025 export sales were BDT 9.4m [1 p.65]; the filings do not link graduation to any line. The FY2026 annual report, with the FY2026 audit opinion, cost notes and borrowings, is not in the corpus at 1-Nov-2026; the model will be updated in place when it is filed.

Risks: going-concern emphasis, covenant waivers, BDT 151.7m unpaid interest

Each row gives the evidence printed in the filings. No filing links these risks to a named line item, and 'Line it moves' reads 'None disclosed' in every row. The rows are not ranked.

Key questions: FY2026 results, the audit opinion and the bank interest payable

The filings show turnover of BDT 711.2m in FY2023 and BDT 169.2m in FY2025, financial expenses of BDT 156.7m in FY2025, cash of BDT 1.6m at 30-Jun-2025 and an emphasis of matter on going concern [24] [1 p.44]. On 29-Oct-2026 the shares traded at 1.39x the March 2026 NAV [24].

FAQ

What does BD Thai Food & Beverage make?

Fruit juices, carbonated beverages, drinking water, candies, biscuits, cookies, snacks, powder drinks, spices and commodity products, under the brand 'Nectar', at a factory in Dhamrai, Dhaka [1 p.14] [1 p.5]. 'Bakery and others' was 90.6% of FY2025 gross sales [1 p.16].

When does the company's fiscal year end?

30 June [1 p.50].

What did BDTHAIFOOD earn in FY2025?

A net loss of BDT 134.0m, EPS BDT (1.64), on turnover of BDT 169.2m [1 p.50].

What are the latest results?

DSE-announced 9M FY2026 EPS of BDT (0.73) and NAV per share of BDT 11.69 at 31-Mar-2026, unaudited [18].

Is the audit opinion clean?

The FY2025 opinion is unmodified, with an emphasis of matter: 'We have some reservation about Going Concern threat' [1 p.44]. The FY2024 opinion used 'except for' wording [2 p.44].

How much does the company owe?

Borrowings of BDT 1,294.0m at 30-Jun-2025, including BDT 48.0m from directors and sponsor shareholders, plus bank interest payable of BDT 151.7m [1 p.49] [1 p.64].

Did the company pay a dividend for FY2025?

No; the board recommended no dividend [1 p.8].

When will the FY2026 accounts be published?

No date had been notified on DSE at 1-Nov-2026; past annual board meetings fell between 26-Oct and 19-Nov [5] [6] [18].

Sources

1. BD Thai Food & Beverage Ltd. Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. BD Thai Food & Beverage Ltd. Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-11-01
3. BD Thai Food & Beverage Ltd. Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-11-01
4. BD Thai Food & Beverage Ltd. Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-11-01
5. BD Thai Food & Beverage Ltd. price sensitive information, 53rd board meeting, 10-Nov-2022 · link · accessed 2026-11-01
6. BD Thai Food & Beverage Ltd. price sensitive information, 61st board meeting, 26-Oct-2023 · link · accessed 2026-11-01
7. BD Thai Food & Beverage Ltd. un-audited financial statements, half year to 31-Dec-2021 · link · accessed 2026-11-01
8. BD Thai Food & Beverage Ltd. un-audited financial statements, nine months to 31-Mar-2022 · link · accessed 2026-11-01
9. BD Thai Food & Beverage Ltd. un-audited financial statements, quarter to 30-Sep-2022 · link · accessed 2026-11-01
10. BD Thai Food & Beverage Ltd. un-audited financial statements, half year to 31-Dec-2022 · link · accessed 2026-11-01
11. BD Thai Food & Beverage Ltd. un-audited financial statements, nine months to 31-Mar-2023 · link · accessed 2026-11-01
12. BD Thai Food & Beverage Ltd. un-audited financial statements, quarter to 30-Sep-2023 · link · accessed 2026-11-01
13. BD Thai Food & Beverage Ltd. un-audited financial statements, half year to 31-Dec-2023 · link · accessed 2026-11-01
14. BD Thai Food & Beverage Ltd. un-audited financial statements, nine months to 31-Mar-2024 · link · accessed 2026-11-01
15. BD Thai Food & Beverage Ltd. un-audited financial statements, quarter to 30-Sep-2024 · link · accessed 2026-11-01
16. BD Thai Food & Beverage Ltd. un-audited financial statements, half year to 31-Dec-2024 · link · accessed 2026-11-01
17. BD Thai Food & Beverage Ltd. un-audited financial statements, nine months to 31-Mar-2025 · link · accessed 2026-11-01
18. Dhaka Stock Exchange, BDTHAIFOOD news archive (company disclosures, 31-Oct-2024 to 1-Nov-2026) · link · accessed 2026-11-01
19. Rangpur Dairy & Food Products Limited Annual Report 2024-2025 · link · accessed 2026-11-01
20. Olympic Industries PLC audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
21. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
22. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
23. AnalystBro price data (TradingView feed): DSE:BDTHAIFOOD daily and monthly bars to 29-Oct-2026 · link · accessed 2026-11-01
24. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01