Bengal Windsor Thermoplastics financial analysis: hanger exports up, BDT 874m tied in advances (Oct 2026)

Investment considerations: FY2025 profit of BDT 50.1m on turnover of BDT 903.5m, and BDT 874.3m in advances, deposits and investments

What the company is. Bengal Windsor Thermoplastics PLC (BENGALWTL) 'manufactures and exports mainly hanger and related garment accessories which facilitates the export of garments to the world's largest retailers including Wal-Mart, K-Mart, Kohl's, J C Penny, C&A, Auchan, H&M etc.', from manufacturing units in the Dhaka Export Processing Zone (DEPZ) [1 p.53]. It sells one product family, so no segment split is printed; the directors' report lists segment performance as not applicable [1 p.21]. Its customers are export-oriented garment makers: the MD's statement calls the company 'a preferred hanger supplier to reputed export-oriented readymade garment manufacturers' [1 p.9], and the interim notes state that the DEPZ units export 100% of their products [2 p.6]. All turnover is booked as 'Turnover (Export Sales)': BDT 903.5m in FY2025; export earnings were USD 7,529,324 [1 p.50] [1 p.67]. It makes money on volume times price per piece: installed capacity is 315,000,000 pieces a year and production was 169,979,499 pieces in FY2025 [1 p.66]. Prices, customer names and customer concentration are not disclosed. The key inputs are plastic resins (polypropylene, polystyrene, recycled PP and PS and colour masterbatch), all imported: raw materials consumed of BDT 425.8m in FY2025 are shown as 100% imported [1 p.59] [1 p.66]. Funding is almost all equity: equity of BDT 2,389.5m was 91.4% of total assets at 30-Jun-2025, and bank borrowings (overdraft, loan against trust receipt and a small IDLC term loan) were BDT 70.4m [1 p.49] [1 p.62] [27]. Control sits with the seven sponsor directors, who hold 53.23% of the shares, Mr. Humayun Kabir (Managing Director) 24.32% and Mr. Morshed Alam (Chairman) 11.17%; the chairman heads 17 Bengal Group and other companies [1 p.61] [1 p.31] [23].

Results. Turnover was BDT 887.7m in FY2018, fell to BDT 497.5m in FY2020, and rose to BDT 903.5m in FY2025, the highest of the eight years [5 p.15] [1 p.15]. Profit after tax was BDT 140.4m in FY2018, BDT 10.9m in FY2020, and between BDT 45.7m and BDT 50.1m in each year from FY2021 to FY2025 [5 p.15] [1 p.15]. Gross margin was 25.4% in FY2018 and 19.0% in FY2025, and return on average equity was 2.1% in FY2025 [27]. For FY2026 (July 2025 to June 2026) the board reported EPS of BDT 0.57, NAV per share of BDT 26.18 and NOCFPS of BDT 1.99, posted by DSE on 27-Oct-2026 [23]. The audited FY2026 statements are not in the corpus at 1-Nov-2026, so the line items below stop at the nine months to March 2026.

Balance sheet. Four balance-sheet items have been carried for at least four year-ends: advance to suppliers was BDT 349.6m in June 2022 and BDT 336.9m in June 2025 [5 p.45] [1 p.60]. An advance of BDT 210.0m for land has been on the balance sheet in each year from June 2022 to June 2025; the note says the purchase was 'supposed to be completed by the reporting period but due to the pandemic situations, the land acquistion process could not be completed in time' [1 p.60]. BDT 128.8m was paid in 2011 for shares of Bengal Plastics Ltd., a hanger maker, and the shares have not been issued [1 p.60]. Together with the 10.96% holding in Bengal Poly And Paper Sack Ltd., these items equal 33.4% of total assets [27].

Hangers from the DEPZ for garment exporters: one product, 315m pieces of capacity, imported resin

History. The company was incorporated on 02 January 2002 as Bengal Build-up Bangladesh Ltd., renamed Windsor Plastics (BD) Ltd. on 17 May 2005 and Bengal Windsor Thermoplastics Limited on 14 December 2010, when it became a public limited company [1 p.53]. BSEC consented to the IPO on 17 October 2012 and the shares first traded on DSE and CSE on 16 April 2013 [1 p.7]. Share premium of BDT 465.6m reflects premiums of Tk. 30 on private placement and Tk. 15 on the IPO [1 p.62]. Paid-up capital has been BDT 914.8m in each year from FY2018 to FY2025 [5 p.15] [1 p.15]. The name changed to Bengal Windsor Thermoplastics PLC after a special resolution at the 21st AGM on 14 December 2023, as set out in the notice of that meeting [4 p.71].

Plant and people. The company occupies 4,081.16 square metres of BEPZA land for its taxable unit and 7,129 square metres for a unit the note calls tax exempted; the leases on plots 181 and 182 run to 28-Jan-2032, on the extension plots to 6-Apr-2041, and on a 75.16 square metre strip to 3-Feb-2050 [1 p.67]. The FY2022 income statement split turnover between a taxable unit (BDT 548.6m) and a tax-exempted unit (BDT 202.2m) [5 p.50]; from FY2023 a single column is printed [3 p.48]. Employees numbered 354 at 30-Jun-2025, 61 officers and staff and 293 workers, against 331 a year earlier [1 p.68]. Production capacity per day is stated as 618,625 pieces [1 p.66].

Industry forces from the filings. Rivalry: the MD&A states 'There is no comparable similar type of industries' [1 p.32]; no market share or count of competitors is printed. The auditor describes Bengal Plastics Ltd., in which the company paid for shares in 2011, as a company 'that carry out the business of manufacturing and exporting of hangers' [1 p.46]; its chairman, Mr. Morshed Alam, is also chairman of Bengal Plastics Limited [1 p.31]. Supplier power: all raw material consumed is imported (BDT 425.8m in FY2025, local nil) [1 p.66]; polypropylene was BDT 93.3m of BDT 117.9m of raw-material stock at 30-Jun-2025 [1 p.59]; packing materials of BDT 15.2m were bought in FY2025 from Bengal Propack Ltd., a company with common directors [1 p.67]; supplier concentration is otherwise not disclosed. Buyer power: customers are garment exporters selling to global retailers [1 p.53]; trade receivables equal 220 days of turnover and are described as 'fully secured by letter of credit' [1 p.60]; customer concentration is not disclosed. Entry barriers: the company operates inside an export processing zone on BEPZA leases [1 p.67]; installed capacity is 315.0m pieces and FY2025 capital spending was BDT 14.3m [1 p.66] [1 p.52]; no licence requirement specific to hangers is disclosed. Substitutes: the directors' report cites market studies saying plastic hangers 'continue to hold more than 40 percent of the global hanger market' and mentions FSC certification and recycled resins [1 p.10] [1 p.11]; the filings name no substitute product the company competes with. None disclosed beyond these.

Directors' view of the market. The directors cite Export Promotion Bureau figures of USD 39.34 billion of RMG exports in FY2024-25 out of USD 48.28 billion, and say hangers are 'mandatory in every stage of apparel production, storage, export packaging, supply-chain logistics and store presentation for international retail brands' [1 p.10]. The MD's statement says the company is 'gradually expanding our product portfolio' towards 'recyclable and resource-efficient hanger solutions' [1 p.9]; no capex budget, product launch or capacity figure is attached to that statement. The 24-month DSE news sweep (posts from 5-Nov-2024 to 27-Oct-2026) shows no board approval of a capacity expansion or capex budget [22] [23]. The directors list as risks 'interest rate, exchange rate fluctuation, change of raw materials cost, management perception, industry risks, Technology related risks, labour unrest and upcoming changes of global and national policies & pandemic' [1 p.11].

Line items: turnover up 12.8% in FY2025 with production down 2.2%, finance costs up to BDT 36.8m

Turnover: volume and price per piece. Sales quantities are not printed; production is. Production rose from 160.9m pieces in FY2021 to 178.8m in FY2022, then was 173.8m, 173.9m and 170.0m pieces in FY2023-FY2025 [5 p.66] [3 p.64] [1 p.66]. Turnover per piece produced (derived) was BDT 4.37 in FY2021, BDT 4.61 in FY2024 and BDT 5.32 in FY2025 [27]. In dollars, export earnings were USD 8.75m in FY2022, USD 7.15m in FY2023, USD 7.25m in FY2024 and USD 7.53m in FY2025 [5 p.67] [3 p.64] [1 p.67]. Turnover divided by export earnings gives BDT 85.8 per dollar in FY2022 and BDT 120.0 in FY2025 (derived), and the year-end rate printed in the notes was Tk. 119.99 at 30-Jun-2025 against Tk. 110.54 a year earlier [1 p.67] [27]. Of the BDT 102.2m rise in FY2025 turnover, the dollar figures show USD 0.28m more export earnings at a higher taka rate (history-based).

Cost of goods sold. FY2025 cost of goods sold of BDT 731.9m comprised raw materials consumed of BDT 425.8m, packing materials of BDT 97.7m, other direct expenses of BDT 13.4m and factory overhead of BDT 197.8m, adjusted for work-in-process and finished goods [1 p.64]. Raw materials consumed rose 18.6% from BDT 358.9m (derived) with production down 2.2% [1 p.64] [1 p.66] [27]. Factory overhead was BDT 197.8m against BDT 197.5m; its main items were depreciation of BDT 69.9m, salaries of BDT 64.2m and utilities of BDT 45.9m [1 p.64]. Gross margin was 23.0% in FY2022, 19.0% in FY2023, 18.4% in FY2024 and 19.0% in FY2025, and 17.4% in the nine months to March 2026 [27]. A 2022 price-sensitive notice attributes the fall in half-year EPS then to a 'significant price hike of raw material, packing material & freight in local & international market' [12 p.1].

Operating expenses. Administrative expenses were BDT 37.6m in FY2025 and include bank charges and commission of BDT 7.1m and the Managing Director's remuneration of BDT 2.4m [1 p.64]. Selling and distribution expenses rose from BDT 41.8m to BDT 50.7m, with salaries up from BDT 22.1m to BDT 26.1m, carriage outward from BDT 6.7m to BDT 8.7m and sales incentive from BDT 2.2m to BDT 4.2m [1 p.65]. Operating profit was BDT 83.2m, an operating margin of 9.2% [1 p.50] [27].

Other income. Other income of BDT 15.5m in FY2025 was mainly interest on FDR and STD of BDT 13.4m, with an exchange gain of BDT 1.0m and dividend of BDT 0.9m from Bengal Poly And Paper Sack Ltd. [1 p.65]. Other income equalled 26.3% of FY2025 profit before tax [27].

Finance costs. Finance costs rose from BDT 25.9m to BDT 36.8m in FY2025; BDT 29.3m was interest on loans against trust receipts (LATR) with Agrani Bank, BDT 4.1m interest on short-term loans, BDT 0.3m on the term loan and BDT 3.1m bank charge and commission [1 p.65]. The year-end short-term loan balance was BDT 38.9m [1 p.63]; the cash flow statement shows BDT 73.9m of net short-term loan repayment and BDT 36.9m of finance costs paid in FY2025 [1 p.52]. Finance costs were 2.3% of turnover in FY2022 and 4.1% in FY2025, and interest cover fell from 5.1x to 2.3x [27].

Tax. FY2025 tax expense was BDT 9.0m: current tax BDT 11.6m and a deferred tax credit of BDT 2.7m [1 p.50]. The reconciliation applies 12% to business income and 20% to non-business income, and adds BDT 2.2m 'due to minimum tax' [1 p.65]. The effective rate was 15.2% in FY2025 against 40.3% in FY2022, when a deferred tax charge of BDT 25.7m was booked [5 p.50] [27]. WPPF was BDT 3.0m.

Ratios: ROE of 2.1% in FY2025, receivable days of 220, interest cover of 2.3x

Margins over eight years. Gross margin was 25.4% in FY2018, 17.4% in FY2020 and 19.0% in FY2025; the FY2021-FY2025 range was 18.4% to 23.0% [27]. Net margin was 15.8% in FY2018 and 5.5% in FY2025 [27]. Operating profit was BDT 160.5m in FY2018 and BDT 83.2m in FY2025 [5 p.15] [1 p.15].

Returns. Return on average equity was 4.4% in FY2019, 0.5% in FY2020 and between 2.0% and 2.1% in FY2021-FY2025 [27]. Equity rose from BDT 2,159.8m to BDT 2,389.5m over FY2018-FY2025 [5 p.15] [1 p.15]. Of FY2025 total assets of BDT 2,614.4m, BDT 874.3m sat in advances and deposits, the Bengal Plastics share advance and the Bengal Poly And Paper Sack investment, and BDT 552.8m in receivables [1 p.49] [27].

Working capital. Receivable days at year end were 201 (FY2022), 217, 214 and 220 (FY2025) [27]. Receivables due over six months were BDT 17.5m at June 2025 against BDT 19.9m, and the provision for doubtful debt was unchanged at BDT 7.7m [1 p.60]. Inventory days fell from 283 to 214 [27]. Advance to suppliers equalled 46.0% of FY2025 cost of goods sold [27].

Cash conversion and payout. Net operating cash flow was 2.3x profit in FY2022 and 2.7x in FY2025; it includes depreciation of BDT 71.3m in FY2025 [1 p.66] [27]. Operating cash flow less capex was BDT -21.8m in FY2022, BDT 10.7m in FY2023, BDT 119.1m in FY2024 and BDT 121.0m in FY2025 [27]. Dividends paid were 44.0%, 46.0% and 50.1% of the prior year's profit in FY2023-FY2025 [27].

Balance sheet: borrowings of BDT 70.4m, and BDT 874.3m in advances, a 2011 share advance and a sister-company stake

Advances. Advances and deposits of BDT 581.0m at 30-Jun-2025 comprised advance to suppliers of BDT 336.9m, advance against land purchase of BDT 210.0m, advance income tax of BDT 22.2m, advance against expenses of BDT 0.2m and deposits of BDT 11.6m [1 p.60]. The note does not name the suppliers or age the advances. Capital commitments for 'Agreements for Land Purchase' of BDT 43.5m are printed in both years [1 p.68].

Bengal Plastics share advance. The note states that 'The management of BPL has been considering restructuring of its share capital for some strategic reasons for last few years but due to some regulatory compliances, the process of issuing shares is being delayed', and that 'the management of Bengal Windsor considers the investment as good and profitable' [1 p.60]. The auditor notes that shares 'should have been issued within 30th June 2020 but this has not been completed yet' [1 p.46]. Mr. Morshed Alam is chairman, and Mrs. Bilqis Nahar and Mr. Shamsul Alam are directors, of Bengal Plastics Limited [1 p.31].

Bengal Poly And Paper Sack investment. The company holds 3,080,000 shares, 10.96% of Bengal Poly And Paper Sack Limited, bought for BDT 77.0m and carried at BDT 164.5m at the investee's unaudited NAV per share of Tk. 53.40, against Tk. 57.66 a year earlier [1 p.59]. The note attributes the fall to 'operational disruption for fire incident' and the auditor refers to 'fire damage' to the investee's property 'during civil commotion in July 2024' [1 p.59] [1 p.44]. The fair value change of BDT 13.1m went through other comprehensive income [1 p.50]. Mr. Morshed Alam is also chairman of that company [1 p.31].

Cash and borrowings. Cash and equivalents of BDT 181.7m included a fixed deposit of BDT 148.2m with National Finance PLC, the same amount as a year earlier; the June 2023 balance with National Finance Ltd. was BDT 143.7m [1 p.61] [4 p.61]. FDR interest receivable was BDT 6.8m in both years [1 p.60]. Borrowings were an Agrani Bank overdraft of BDT 29.9m, LATR of BDT 38.9m within a BDT 900 million facility and an IDLC term loan of BDT 1.6m; the facilities carry personal guarantees of the directors and hypothecation of stocks, plant and receivables [1 p.62] [1 p.63]. At 31-Mar-2026 borrowings were BDT 69.9m and cash BDT 199.3m [2 p.2] [27].

Related parties. Note 36 lists one related party, Bengal Propack Ltd. ('Common directors'), for purchases of packing materials of BDT 15.2m with a closing balance of BDT 0.6m [1 p.67]. The interim notes for the nine months to March 2026 list Bengal Propack Ltd. (packing materials, BDT 7.1m) and Hamilton Mold & Engineering Ltd. (purchase of mould) [2 p.10]. The pattern of shareholding shows 'Nil' under 'Parent/Subsidiary/Associated Companies and other related parties' [1 p.30]. The note does not list the Bengal Plastics share advance or the Bengal Poly And Paper Sack holding as related-party balances [1 p.67]. Contingent liabilities: guarantees Nil and outstanding letters of credit nil at June 2025 against BDT 11.5m a year earlier [1 p.68].

Audit: four unmodified opinions; FY2025 adds a fifth key audit matter and says land-advance disclosure was not given

Opinions. Toha Khan Zaman & Co. gave unmodified opinions on FY2023, FY2024 and FY2025 and signed on 26 October 2023, 28 October 2024 and 26 October 2025; Islam Quazi Shafique & Co. gave an unmodified opinion on FY2022, signed on 27 October 2022 [4 p.48] [3 p.46] [1 p.48] [5 p.48]. None of the four reports contains an emphasis-of-matter or other-matter paragraph. The FY2025 opinion reads: 'In our opinion, the accompanying financial statements give true and fair view of the financial position of the company as at 30 June 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and other applicable laws and regulations.' [1 p.44]. The FY2025 basis paragraph reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), 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].

Key audit matters. FY2025 lists five key audit matters: investment in shares, valuation of inventories, advance and deposits, advance against share purchase and trade receivables [1 p.44] [1 p.45] [1 p.46]. FY2022, FY2023 and FY2024 list four, without the investment in shares [5 p.44] [4 p.44] [3 p.42]. The FY2025 wording differs from FY2024 in several places: the FY2024 report said 'management has given detailed disclosure regarding advance against land purchase', and the FY2025 report says 'management has not given detailed disclosure' [3 p.43] [1 p.45]; the FY2025 inventory and receivable responses list one procedure each where FY2024 listed four [3 p.42] [1 p.45] [1 p.46]. Every KAM for each year is quoted in full in the exhibit below. The FY2025 report's legal section ends at item (c) and does not contain the FY2023 and FY2024 item (d), 'The expenditure incurred was for the purposes of the Company's business' [1 p.48] [3 p.46].

Auditor rotation. The directors state that Toha Khan Zaman & Co. completed three consecutive years and that the Audit Committee proposed Arun & Company, Chartered Accountants, as auditor for 2025-2026 [1 p.14] [1 p.39]. The FY2026 auditor's report is not in the corpus at 1-Nov-2026.

Governance: Bengal Group sponsors hold 53.23%, with 26.6m sponsor shares pledged

Board. The FY2025 annual report lists nine directors: Mr. Morshed Alam (Chairman), Mr. Md. Jashim Uddin (Vice Chairman), Mr. Humayun Kabir (Managing Director), Ms. Bilqis Nahar, Mr. Firoz Alam, Mr. Shamsul Alam and Mr. Saiful Alam, and independent directors Mr. Fayyaz Khundker and Ms. Siddatam Muneera Farhan [1 p.6]. The board met five times in FY2025; attendance was Mr. Morshed Alam 2, Mr. Md. Jashim Uddin 2, Mr. Humayun Kabir 3, Mrs. Bilqis Nahar 3, Mr. Firoz Alam 5, Mr. Shamsul Alam 5, Mr. Saiful Alam 1, and 2 each for the outgoing independent directors Mr. Shahedul Islam and Mr. Abu Zafor Md. Kibria FCA and for Mr. Fayyaz Khundker [1 p.13]. The independent directors' tenure 'was expired on 19 December 2024' and Mr. Fayyaz Khundker was appointed that day [1 p.13]. Ms. Siddatam Muneera Farhan does not appear in the FY2025 attendance table; the compliance report's remark against condition 1(2)(a) says the female independent director was 'approved by BSEC on 26 October 2025, which would be placed before the AGM for shareholder's approval', and that condition is ticked 'Complied' [1 p.19].

Committees and executives. The Audit Committee is chaired by Mr. Fayyaz Khundker with Mr. Firoz Alam, Mr. Shamsul Alam and Ms. Siddatam Muneera Farhan; it met four times in FY2025 with attendance of 2, 4, 4 and, for the two former independent members, 2 each [1 p.37] [1 p.38]. The Nomination and Remuneration Committee is chaired by Ms. Siddatam Muneera Farhan with Mr. Fayyaz Khundker and Mr. Md. Jashim Uddin; it met once, attended by Mr. Abu Zafor Md. Kibria, FCA and Mr. Shahedul Islam, with Mr. Md. Jashim Uddin absent [1 p.40] [1 p.41]. The CFO is Mr. Sarder Anzir Ahmed, the Company Secretary Mr. Rajib Chakraborty ACS and the Head of Internal Audit Mr. Khorshed Alam FCA [1 p.6]. The Managing Director receives Taka 200,000 a month; no other director is paid apart from meeting fees [1 p.14]. Every condition in the BSEC compliance report (Annexure-C, pages 19-29) is ticked 'Complied' or marked N/A; none is marked 'Not Complied' [1 p.19] [1 p.29].

Group positions. The re-election annexure shows Mr. Morshed Alam as chairman of 17 Bengal Group and other companies, including Bengal Plastics Limited, Bengal Poly and Paper Sack Ltd, Bengal Media Corporation Limited (Rtv), Bengal Cement Limited and Hamilton Mold and Engineering Limited, and a director of National Life Insurance Ltd.; Mrs. Bilqis Nahar and Mr. Shamsul Alam are directors of most of the same companies [1 p.31]. Family ties among directors are not disclosed.

Shareholders and dividends. At 30-Jun-2025 the seven sponsor directors held 48,692,537 shares (53.23%), institutions 27.57% and general public 19.51% plus 0.05% non-resident, as printed, across 5,429 shareholders; the printed percentage column sums to 100.36%, and on share counts institutions are 27.05% and general public 19.72% (derived) [1 p.61] [1 p.7]. The board recommended 5% cash 'except Sponsors & Directors' for FY2025, BDT 21,391,732 [1 p.12], and the same rate for FY2026, BDT 21,391,731.50 to public shareholders [23]. Unclaimed dividends for 2013-2019 of BDT 2,739,772.05 were transferred to the Capital Market Stabilization Fund [1 p.36].

Peers: three DSE plastics makers with different products, shown side by side for FY2025

Peers. Three DSE plastics companies with published AnalystBro notes are shown on the same June 2025 year and company basis, each from its own statement of profit or loss: National Polymer Industries PLC (PVC pipes, tanks and doors, mostly sold locally), Sinobangla Industries Ltd. (woven polypropylene bags) and Khan Brothers PP Woven Bag Industries Ltd. (toll manufacturing of woven bags) [19 p.84] [20 p.46] [21 p.55]. Their businesses differ from hanger exports. The figures are shown side by side and not ranked. National Polymer's FY2025 revenue was BDT 5,614.9m and profit BDT 5.0m; Sinobangla's net turnover was BDT 2,865.0m and profit BDT 38.6m; Khan Brothers' toll manufacturing revenue was BDT 102.4m and profit BDT 26.0m [19 p.84] [20 p.46] [21 p.55]. Opinion labels come from each peer's published note: National Polymer unmodified, Sinobangla unmodified with an other-matter paragraph, Khan Brothers qualified [28] [29] [30].

Multiples: 36.5x FY2026 EPS and 0.79x NAV at BDT 20.8

Multiples as facts. At BDT 20.8 on 29-Oct-2026 the market capitalisation was BDT 1,902.7m, 36.5x the board's FY2026 EPS of BDT 0.57 and 0.79x NAV per share of BDT 26.18 at 30-Jun-2026 [26] [23] [27]. The 5% cash dividend of BDT 0.50 per share is paid to public shareholders, excluding sponsors and directors, and equals 2.4% of the price for them [23] [27]. DSE daily closes over 30-Oct-2025 to 29-Oct-2026 ranged from BDT 16.5 on 8-Mar-2026 to BDT 27.3 on 4-Jun-2026 [26].

What's next: record date 19-Nov-2026, AGM 24-Dec-2026, Q1 FY2027 accounts inferred 12-15 Nov 2026

Dates. The FY2026 record date is 19-Nov-2026 and the 24th AGM is on 24-Dec-2026, per the DSE post of 27-Oct-2026 [23]. Q1 board meetings were held on 12-Nov-2020, 13-Nov-2021, 12-Nov-2022, 12-Nov-2023, 13-Nov-2024 and 12-Nov-2025 [6 p.1] [9 p.1] [10 p.1] [11 p.1] [22] [23]; no Q1 FY2027 date is notified at 1-Nov-2026. Q2 meetings were on 27-Jan-2021, 27-Jan-2022, 28-Jan-2023, 28-Jan-2024, 28-Jan-2025 and 25-Jan-2026 [7 p.1] [12 p.1] [13 p.1] [14 p.1] [22] [23]. Q3 meetings were on 20-Jun-2020, 28-Apr-2021, 25-Apr-2022, 29-Apr-2023, 28-Apr-2024, 28-Apr-2025 and 29-Apr-2026 [8 p.1] [15 p.1] [16 p.1] [17 p.1] [18 p.1] [22] [23]; the 20-Jun-2020 date is treated as an outlier and left out of the Q3 range. The FY2019 and FY2020 quarterly statement pages carry signature blocks with no printed date. CRAB surveillance ratings were posted by DSE on 5-Dec-2024 and 11-Dec-2025 [22] [23]. Bangladesh's LDC graduation date is 24-Nov-2029 [24] [25]; the filings do not link it to any line item.

Data notes: bases, conflicts and gaps

Bases and gaps. All figures are company basis; the company has no subsidiary [1 p.23]. FY2018-FY2021 come from five-year tables printed in BDT thousand; FY2021 net profit is printed as '45.746' in both the FY2022 and FY2025 tables [5 p.15] [1 p.15]. Q3 FY2026 statement pages are scans; total assets read '7627,167,341' in the text layer and are taken as BDT 2,627,167,341 from total equity and liabilities [2 p.2]. AR2025 note 12.1 prints shareholding percentages that sum to 100.36%; on share counts institutions are 27.05% and general public 19.72% (derived) [1 p.61]. Sales quantities, prices, customer names and supplier names are not disclosed. The FY2026 annual report is not in the corpus at 1-Nov-2026.

FAQ

What does Bengal Windsor Thermoplastics make?

Garment hangers and related accessories for export-oriented garment makers, from units in the Dhaka Export Processing Zone, with installed capacity of 315.0m pieces a year [1 p.53] [1 p.66].

What were the FY2025 results?

Turnover of BDT 903.5m (+12.8%), profit after tax of BDT 50.1m and EPS of BDT 0.55 [1 p.50].

What did the board report for FY2026?

EPS of BDT 0.57, NAV per share of BDT 26.18 and NOCFPS of BDT 1.99, posted by DSE on 27-Oct-2026 [23].

What dividend was declared for FY2026?

5% cash for shareholders other than sponsors and directors, BDT 21.4m in total; record date 19-Nov-2026 [23].

How much does the company borrow?

BDT 70.4m at 30-Jun-2025 and BDT 69.9m at 31-Mar-2026; equity was BDT 2,389.5m at 30-Jun-2025 [1 p.49] [2 p.2] [27].

What is the Bengal Plastics share advance?

BDT 128.8m paid in 2011 for shares of Bengal Plastics Ltd., a hanger maker; the shares have not been issued [1 p.60].

What was the FY2025 audit opinion?

Unmodified, from Toha Khan Zaman & Co., with five key audit matters and no emphasis of matter [1 p.44].

What multiples does the share trade on?

36.5x FY2026 EPS and 0.79x NAV at BDT 20.8 on 29-Oct-2026 [27].

Sources

1. Bengal Windsor Thermoplastics PLC Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-02
2. Bengal Windsor Thermoplastics PLC un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-02
3. Bengal Windsor Thermoplastics PLC Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-11-02
4. Bengal Windsor Thermoplastics Limited Annual Report 2023 (year to 30-Jun-2023) · link · accessed 2026-11-02
5. Bengal Windsor Thermoplastics Ltd. Annual Report 2022 (year to 30-Jun-2022; five-year table FY2018-FY2022) · link · accessed 2026-11-02
6. Price sensitive information, Q1 board meeting 12-Nov-2020 · link · accessed 2026-11-02
7. Price sensitive information, Q2 board meeting 27-Jan-2021 · link · accessed 2026-11-02
8. Price sensitive information, Q3 board meeting 20-Jun-2020 · link · accessed 2026-11-02
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