Beximco Ltd financial analysis: no financial statements since Dec 2024 after receivership, layoffs and a Tk 3.6bn half-year loss (Oct 2026)

No accounts since December 2024, factories shut, Tk 87bn of debt at the parent: the last filed numbers are all an investor has

What it is. Bangladesh Export Import Company Ltd (Beximco Ltd) is the listed flagship of the Beximco Group. In its last annual report it was almost entirely a textile company: yarn, fabrics and related products were 98.5% of FY2024 sales of goods, with small IT-service and fish lines [1 p.80]. It also holds land and buildings for appreciation (investment property Tk 39.5bn), 50% of Shinepukur Ceramics, a small stake in Beximco Pharmaceuticals, and 86.35% of Beximco Power, whose solar plants Teesta (200 MW) and Korotoa (30 MW, under construction) it has funded with interest-free loans [1 p.73] [1 p.74] [1 p.8].

What happened. Revenue fell from Tk 75.1bn in FY2022 to Tk 28.0bn in FY2024 and the group made its first loss in the period we read (consolidated loss Tk 366.0m, Tk 358.8m to owners, EPS -Tk 0.40) [4 p.44] [4 p.45] [3 p.41] [3 p.42] [1 p.36] [1 p.37]. After the change of government, TBS reports that vice-chairman Salman F Rahman was arrested on 13-Aug-2024 [13]; the High Court ordered Bangladesh Bank to appoint a receiver on 5-Sep-2024 and the central bank named its executive director Md Ruhul Amin on 10-Nov-2024 [9] [10]. The board wrote that no bank opened letters of credit from August 2024 (TBS reports LCs were available only against a 100% margin [13]); in the half year to December 2024 revenue fell 71% to Tk 4.2bn, the company made a gross loss and a net loss of Tk 3,565m (EPS -Tk 3.78), and the board wrote that production was 'almost shut down' [2 p.1]. The Daily Star reports that about 40,000 workers at 15 apparel units were laid off from 16-Dec-2024 [12]; TBS puts it at 16 factories [13]. On 11-Mar-2025 the High Court said a receiver was no longer necessary, returned management to the group and ordered Bangladesh Bank to recover Tk 53,000 crore of defaulted and classified group loans [9].

Where it stands. MISSING FILING: Beximco Ltd has not published financial statements for any period after 31-Dec-2024. The Q3 FY2025 (Mar-2025) quarterly, the FY2025 annual (Jun-2025), the Q1-Q3 FY2026 quarterlies and the FY2026 annual (Jun-2026) are all missing; The Business Standard confirmed in June 2026 that none had been approved or published [16]. The share traded at the Tk 110.10 floor for more than two years with almost no volume; the BSEC removed the floor on 9-Jun-2026 and the price fell to Tk 20.1 by 29-Oct-2026, a market value of Tk 18,959m [16] [7]. That is 0.24x the last published NAV per share of Tk 82.57 (31-Dec-2024) [2 p.1], a NAV that is now 22 months old and unaudited.

What drives shareholder returns now. Not earnings: there are none to measure. Value to a shareholder depends on what the assets realise after the creditors are paid. On the last filed parent balance sheet, equity of Tk 77.9bn sat behind Tk 97.7bn of liabilities, most of it debt [2 p.1]. How much of the receivables (Tk 27.9bn), advances (Tk 29.7bn), solar-company loans (Tk 22.4bn) and investment property (Tk 39.5bn) would convert to cash is the question no published document answers. No dividend has been paid since the 5% stock dividend for FY2024 [16].

• Will the company publish its FY2025 and FY2026 accounts, and with what audit opinion? Signpost: DSE disclosure of a board meeting under LR19, or a BSEC directive.
• What is the asset cover for creditors? Signpost: any receiver, court or Bangladesh Bank recovery report naming asset sales.
• Is the zero-coupon bond being repaid? Signpost: trustee (Sandhani Life) notices and the redemption-unit schedule.
• What happens to Teesta Solar, which generates revenue and owes Beximco Ltd Tk 26bn? Signpost: BPDB payments and any sale of the plant.
• Will factories reopen or be sold? Signpost: government decisions on the 32 companies proposed for sale.

MISSING FILING: six periods overdue; the last statement is the H1 FY2025 one-pager

Beximco Ltd's fiscal year ends on 30 June. Under DSE listing rules it should have published quarterly statements within about a month of each quarter and audited accounts within 120 days of year-end. The table lists every period since the last audit and what exists.

The Q1 FY2025 EPS appears in the DSE feed as 1.26 with no sign [8]. The half-year EPS of -3.78 less the Q2 EPS of -2.58 gives -1.20 for Q1, and NAV per share fell from Tk 92.58 at June to Tk 89.44 at September [1 p.81] [2 p.1], so Q1 was a loss: the half-year loss of Tk 3,565m less the Q2 loss of Tk 2,430m is Tk 1,135m, which is -Tk 1.26 on the 898.3m shares in issue before the 5% bonus. The feed has dropped the minus sign. The only post-2024 documents the company has filed in our corpus are zero-coupon-bond notices: record dates for redemption units falling due between January and March 2026, signed by the company secretary [5 p.1]. DSE moved the share to the spot market from 21-Nov-2024 [8].

What this means for an analyst: every figure below is at least 22 months old. Revenue, margins and leverage after December 2024 are unknown. The company's own board described near-total shutdown in January 2025 [2 p.1], the factories at Beximco Industrial Park were laid off and later slated for closure [15], and industry sources quoted in June 2026 said the group's industrial operations had nearly stopped [16]. We therefore treat FY2024 and H1 FY2025 as the last observable state, not as a run-rate.

From receiver to closure: the 2024-2026 timeline

The receivership. The High Court order of 5-Sep-2024 came on a writ petition by lawyer Masood R Sobhan; Bangladesh Bank appointed its executive director Md Ruhul Amin on 10-Nov-2024 to manage the group's financial affairs and assets [9] [10]. The Appellate Division let the receiver act for every group company except Beximco Pharmaceuticals [11]. On 11-Mar-2025 a High Court bench (Justices Farah Mahbub and Debasish Roy Chowdhury) found the appointment had not followed Bangladesh Bank's own rules, upheld the receiver's past actions, returned management to the group 'in strict compliance with the law', and ordered the central bank to recover the defaulted and classified loans of Tk 53,000 crore and to pursue those who approved them [9]. The BSEC separately appointed independent directors to Beximco Ltd in late 2024; that appointment is being challenged in the High Court [16].

Sponsors' loan defaults. The Tk 53,000 crore figure is for the group, of which Beximco Ltd is one company. Beximco Ltd's own last balance sheet showed parent borrowings of Tk 87.4bn at Dec-2024: Tk 33.4bn of long-term bank loans, Tk 18.4bn of current maturities, Tk 2.1bn of short-term loans, the Tk 28.1bn Green Sukuk and the Tk 5.4bn zero-coupon bond [2 p.1]. The filings we hold do not say which of these loans are classified; that disclosure would be in the missing FY2025 accounts. TBS reports that several banks have begun legal action [16].

Factory closures and layoffs. The board's note to the H1 statement says no bank opened an LC from August 2024, unusable yarn and fabric stocks were sold below cost because garment factories were also shut, and production was almost shut down [2 p.1]. The Daily Star reports that Beximco laid off nearly 40,000 workers at 15 apparel units from 16-Dec-2024, citing a lack of orders and LCs, and that Janata Bank was providing about Tk 60 crore a month for wages [12]; TBS reports 16 factories and LCs only against a 100% margin [13]. In February 2025 the receiver told textile division officials that the laid-off factories in Beximco Industrial Park would close once dues were settled; the group asked for a short-term loan of Tk 400 crore instead [15]. The government also considered selling 32 group companies to settle wages [14]. We found no T2 report of the factories reopening.

One real segment: textiles were 98% of sales; the rest is property, power loans and listed stakes

Beximco Ltd reports two operating segments, textile and 'other divisions' [1 p.84]. The group pieces the market often attributes to Beximco Ltd (PPE, trading, real estate, Padma Bank, Shinepukur, Beximco Pharma) map onto its books as follows.

Textiles. Sales of yarn, fabrics and others were Tk 66,331m in FY2023 and Tk 25,558m in FY2024 (-61%) [1 p.80]; the directors blamed lower EU and US orders and higher gas, power and raw-material prices [1 p.7]. Masks, gowns and other PPE, which lifted sales in FY2021-22, are not broken out. The textile segment carried Tk 160.5bn of assets and Tk 103.9bn of liabilities, i.e. nearly all of the company's debt [1 p.84].

Real estate. Investment property (land and buildings held for appreciation or rent) rose from Tk 14.0bn in FY2019 to Tk 39.5bn in FY2024, mostly by transfers in (Tk 9.0bn in FY2023, Tk 3.0bn in FY2024) that show up as a non-cash adjustment in the cash-flow reconciliation [1 p.73] [1 p.56]. The land was last revalued in 2016 [1 p.73]. Land and construction held as real-estate inventory was only Tk 763m [1 p.74]. The zero-coupon bond was partly raised to lend to Sreepur Township Ltd, developer of the Mayanagar project [6 p.40].

Padma Bank. Beximco Ltd's investment note lists Shinepukur, Beximco Pharma, Beximco Power, Beximco Synthetics, Jamuna Oil, GMG Airlines, CDBL and Bangladesh Shipping Corporation; it lists no Padma Bank shares [1 p.73]. Padma Bank appears in the group filings only as a bank account (Tk 0.08m, Beximco Power) [1 p.123]. Any Padma Bank holding is therefore elsewhere in the group, not in the listed company.

Shinepukur and Beximco Pharma. The 73.48m Shinepukur shares were carried at Tk 33.10 and the 3.19m Beximco Pharma shares at Tk 118.10 at June 2024 [1 p.73]. At the 29-Oct-2026 closes (Tk 20.5 and Tk 143.7) their combined market value was Tk 1,965m [7]. Beximco Pharmaceuticals was exempted from the receivership and continues to report [11]; it is a separate listed company and Beximco Ltd's stake in it is small (Tk 458m at market).

The segment note's total loss before tax of Tk 4,910m is Tk 4,654m larger than the Tk 256m loss in the income statement [1 p.84] [1 p.63]. The note appears to omit gross profit or another line; the auditor did not comment on it. We use the income statement.

Revenue swung from Tk 21bn to Tk 75bn and back to Tk 28bn; finance cost never fell below Tk 5bn

Revenue. Sales were Tk 21.0bn in FY2020, more than doubled to Tk 43.4bn in FY2021 and reached Tk 75.1bn in FY2022, the years in which the company sold PPE and served pandemic-era garment demand; they fell 8% in FY2023 and 59% in FY2024 [4 p.44] [4 p.45] [3 p.41] [3 p.42] [1 p.36] [1 p.37]. The FY2024 fall came before the political events: the directors cite weak European and US orders and input-cost inflation [1 p.7]. In H1 FY2025 sales collapsed again, from Tk 14.4bn to Tk 4.2bn, and in Oct-Dec 2024 alone to Tk 1.2bn against Tk 8.6bn a year earlier [2 p.1].

Cost of sales and gross margin. Gross margin was 32-34% in FY2019-FY2022, fell to 24.4% in FY2023 and 24.5% in FY2024 [20]. The FY2024 cost of yarn and fabric (Tk 19,066m) included Tk 1,917m of depreciation [1 p.80], a fixed cost that did not shrink with volume. In H1 FY2025 gross margin was -14.5%: stock was sold below cost [2 p.1].

Operating expenses. Administrative and selling costs stayed at Tk 1.5bn in FY2024 despite a 59% fall in revenue [4 p.44] [4 p.45] [3 p.41] [3 p.42] [1 p.36] [1 p.37]. In the parent, salaries were Tk 812m and a new line, car repairs and maintenance, was Tk 165m [1 p.80]; the directors note that 'overheads do not decrease in proportion' [1 p.11].

Finance cost. Finance cost was Tk 5.1-6.5bn in every year [4 p.44] [4 p.45] [3 p.41] [3 p.42] [1 p.36] [1 p.37]. In FY2024 the parent paid Tk 5,158m of interest on loans and Tk 2,566m of Green Sukuk rent, offset by Tk 2,316m of rent charged to Teesta and Korotoa Solar, plus Tk 68m on the zero-coupon bond [1 p.81]. Finance cost absorbed 21% of revenue in FY2024 and 60% in H1 FY2025 [20].

Tax. The parent paid tax on a loss in FY2024 (Tk 108m) because of the minimum tax on gross receipts and non-refundable withholding on exports [1 p.81]. The consolidated effective rate ranged from 10% to 41% when profitable [20].

ROE peaked at 17% in FY2022; interest cover fell below 1x in FY2024

Returns. ROE on average equity was 0.7% in FY2020, 10.1% in FY2021, 17.1% in FY2022, 8.8% in FY2023 and -0.4% in FY2024 [20]. Even at the peak the company earned little on its asset base: operating profit was 12.0% of total assets in FY2022 and 2.7% in FY2024, and asset turnover never exceeded 0.41x. A large share of the assets did not produce revenue: investment property was 48% of owners' equity, advances 37% and the solar-company exposure 37% at June 2024 [20].

Working capital. Receivables were Tk 29.2bn at June 2024, 381 days of FY2024 revenue (122 days in FY2023); the FY2019 figure was 741 days [20]. The parent's receivables are described as 'unsecured but considered good' with no ageing disclosed [1 p.74]. At December 2024 they were still Tk 27.9bn against half-year sales of Tk 4.2bn [2 p.1]. Inventory fell from Tk 13.2bn to Tk 5.4bn in the half, consistent with the board's statement that stock was sold below cost.

Leverage. Net debt rose from Tk 52.5bn in FY2019 to Tk 96.4bn in FY2024 as the company added the Tk 30bn Green Sukuk (FY2022) and the zero-coupon bond (FY2024) [20]. Net debt to equity went from 0.84x to 1.17x and net debt to operating profit from 3.8x (FY2022) to 18.1x (FY2024). The implied cost of debt fell to 6.0% because the sukuk cost is shown net of rent charged to the two solar companies [1 p.81].

Cash conversion. Operating cash flow was -Tk 1.8bn in FY2021, Tk 1.5bn in FY2022, Tk 5.0bn in FY2023 and -Tk 10.5bn in FY2024, against cumulative owners' profit of Tk 25.9bn over the four years [4 p.44] [4 p.45] [3 p.41] [3 p.42] [1 p.36] [1 p.37] [1 p.39]. Over FY2021-FY2024 the company converted almost none of its reported profit into operating cash. In H1 FY2025 the statement shows Tk 11.9bn of operating inflow, but its components do not add up as printed (receipts Tk 5.4bn and payments shown as a positive Tk 6.5bn), and Tk 11.6bn of short-term loans were repaid in the same half [2 p.1].

Related parties: Tk 30.4bn lent to two solar companies and Tk 26.2bn advanced for land

Related-party balances (FY2024, consolidated). Beximco Ltd was owed Tk 6,843m by Teesta Solar and Tk 632m by Korotoa Solar on current account, and owed Tk 3,238m to Beximco Holdings Ltd, all unsecured and interest-free [1 p.56]. It had also lent Tk 19,117m to Teesta and Tk 3,816m to Korotoa [1 p.57]. The loans are interest-free for 15 years, repayable from one month after commissioning, while the two companies pay Beximco Ltd rent of Tk 141.3m and Tk 23.0m a month for 60 months under the sukuk structure [1 p.74]. The related-party note describes the parties as 'subject to common control from same source i.e., Beximco Group' [1 p.57].

A consolidation question. Beximco Power's own note shows it holds 80% of Teesta Solar (an Tk 8m investment) [1 p.123], and Beximco Ltd owns 86.35% of Beximco Power [1 p.74]. Yet the consolidated balance sheet still shows the loans and current accounts to Teesta and Korotoa as assets [1 p.36], which means the solar companies are not consolidated. The consolidated statement also appears to label the Tk 22,933m loan as 'Investment in Shares' and the Tk 1,511m share investments as 'Long term Loans to Subsidiaries' [1 p.36]. Neither point is mentioned in the audit report. An investor cannot tell from the filings whether the solar loans are recoverable; Teesta's 20-year power purchase agreement with BPDB is the source of repayment [1 p.8].

Advances for land. Advances against purchase of land and others were Tk 26,211m at June 2024 (Tk 26,724m a year earlier), 31% of parent equity [1 p.74]. The note does not name the sellers. With receivables of Tk 29.1bn described as unsecured, the parent's balance sheet held Tk 78.2bn of receivables, advances and solar loans at June 2024, against equity of Tk 83.2bn [1 p.62].

Contingent liabilities were small on the face of the accounts: Tk 81m of open LCs and a Tk 14m guarantee to Titas Gas [1 p.57]. The note says there was no claim against the company not acknowledged as debt [1 p.57]. The filings do not disclose corporate guarantees for other group companies' loans.

FY2024 audit: unmodified, with an emphasis of matter on the revenue fall and the July-August 2024 unrest

M. J. Abedin & Co. (partner Hasan Mahmood FCA) audited both the separate and consolidated FY2024 statements and gave an unmodified opinion dated 28-Oct-2024 [1 p.59] [1 p.36]. The separate report draws attention to notes 22 and 42(b): the 'abnormal' decrease in revenue and the July-August 2024 unrest, curfew and internet shutdown, which the company said had 'substantial negative impact on the company's operations and cash inflows' [1 p.59] [1 p.80] [1 p.85]. The consolidated report refers to notes 24 and 40(b) (the same matters) under a second heading printed as 'Basis for Opinion' [1 p.33].

Key audit matters were revenue recognition, valuation of PPE, inventory, IT controls, related-party transactions and contingent liabilities [1 p.33] [1 p.34]. The report contains no material-uncertainty paragraph on going concern, although the accounts were signed after the LC freeze and the receivership order. The same firm audited the six-month statements to Dec-2023 included in the zero-coupon bond memorandum [6 p.84]. The H1 FY2025 statement is un-audited and there is no audited statement after June 2024.

Sponsors and nominees held about a third; general investors more than 66%

At June 2024 the two Rahman brothers held 134.1m shares directly and group companies a further 73.4m; three nominating shareholders held 89.9m [1 p.11]. TBS reported in June 2026 that general and institutional investors hold more than 66% [16]. Salman F Rahman was described in the bond memorandum as holding cabinet rank as the prime minister's private-sector adviser [6 p.151]; TBS reports he was arrested on 13-Aug-2024 [13]; he was later barred from the market by the BSEC [19].

Capital actions. Cash dividends paid to owners were Tk 3,086m in FY2022, Tk 2,629m in FY2023 and Tk 896m in FY2024 (10% for FY2023); the FY2024 dividend was 5% in stock [1 p.38] [1 p.8]. The share count rose from 873.6m to 943.2m through sukuk conversions and the stock dividend [2 p.1]. The company raised Tk 30bn of Green Sukuk in FY2022 [3 p.44] and Tk 5.3bn of a zero-coupon bond in FY2024 whose stated use was to repay bank loans and lend to the Mayanagar developer [1 p.39] [6 p.40].

What would change the picture: accounts, a creditor settlement, asset sales

No line can be projected: the company has no published accounts after December 2024 and its main plants were shut. What can move each line, in direction only:

History gives a scale for the fixed costs if operations do not restart: in H1 FY2025 finance cost was Tk 2.5bn and operating expenses Tk 0.4bn, i.e. about Tk 5.8bn a year [2 p.1], against equity of Tk 77.9bn. Each further year at that rate with no revenue would remove about 7% of the last reported equity, before any write-downs. Depreciation of about Tk 2.0bn a year (FY2024) [1 p.56] sits inside cost of sales and continues whether or not the plants run. On the other side, the two solar companies paid rent of Tk 2.3bn in FY2024 under the sukuk structure [1 p.81]; if Teesta Solar keeps selling power to BPDB, that rent is the one recurring inflow visible in the last accounts, and it roughly matched the gross sukuk expense of Tk 2.6bn. Whether it was still being paid after December 2024 is not disclosed. The listed stakes are the other observable asset: Shinepukur and Beximco Pharmaceuticals publish their own results, so their value can be followed even while Beximco Ltd reports nothing.

Risks: the information risk comes first; then creditors, asset quality and the related-party loans

After the floor was removed the share fell to a low of Tk 19.2 in September 2026 and has since traded around Tk 20-22 on heavy volume [7]; the Financial Express reported suspicion of speculative trading during a short rally [18]. Price moves since June 2026 have not been accompanied by any financial disclosure.

• Any LR19 board meeting notice on DSE for the FY2025 or FY2026 accounts.
• BSEC orders on the overdue accounts or on the independent directors.
• Bangladesh Bank or court reports on recovery of the Tk 53,000 crore of group loans.
• Trustee notices on the zero-coupon bond (Sandhani Life) and the Green Sukuk (ICB).
• Government decisions on the sale of group companies and on Beximco Industrial Park.
• Shinepukur Ceramics and Beximco Pharmaceuticals results, which still report.

FAQ

Has Beximco Ltd published its FY2025 annual report?

No. The last published statement is the un-audited half year to 31-Dec-2024 (released 28-Jan-2025). The Q3 FY2025, FY2025 annual, FY2026 quarterlies and FY2026 annual have not been published.

Is Beximco Ltd still under a receiver?

No. Bangladesh Bank appointed a receiver on 10-Nov-2024 under a High Court order of 5-Sep-2024; on 11-Mar-2025 the High Court said a receiver was no longer necessary and returned management to the group, while ordering recovery of Tk 53,000 crore of defaulted group loans.

What was Beximco Ltd's last reported profit?

A net loss of Tk 3,565m (EPS -Tk 3.78) for July-December 2024, on revenue of Tk 4,155m. FY2024 (to June 2024) was a consolidated loss of Tk 366.0m, Tk 358.8m to owners (EPS -Tk 0.40).

Does Beximco Ltd own Padma Bank shares?

Its FY2024 investment note lists no Padma Bank shares. It holds 50% of Shinepukur Ceramics, 3.19m Beximco Pharmaceuticals shares, 86.35% of Beximco Power and small stakes in BSC, GMG Airlines and CDBL.

Why did the Beximco share price fall in 2026?

The BSEC removed the Tk 110.10 floor on 9-Jun-2026; the share fell 47% in six sessions and to Tk 20.1 by 29-Oct-2026, with no financial statements published since December 2024.

Sources

1. Bangladesh Export Import Company Ltd Annual Report 2023-24 (corpus BEXIMCO_ANNUAL_2024, PDF page numbers) · link · accessed 2026-10-31
2. Beximco Ltd un-audited financial statements, half year to 31-Dec-2024 (published 28-Jan-2025) · link · accessed 2026-10-31
3. Bangladesh Export Import Company Ltd Annual Report 2021-22 (consolidated statements) · link · accessed 2026-10-31
4. Bangladesh Export Import Company Ltd Annual Report 2019-20 (consolidated statements) · link · accessed 2026-10-31
5. Beximco 1st Unsecured Zero Coupon Bond: record-date notices for redemption units, Jan-Mar 2026 · link · accessed 2026-10-31
6. Beximco 1st Unsecured Zero Coupon Bond information memorandum (incl. H1 FY24 audited statements) · link · accessed 2026-10-31
7. AnalystBro market data: DSE daily and weekly bars for BEXIMCO, BXPHARMA, SPCERAMICS to 29-Oct-2026 · link · accessed 2026-10-31
8. DSE announcements via AnalystBro events: LR19 board 28-Oct-2024; Q1 FY25 results 14-Nov-2024 (EPS 1.26 as listed, NAV 89.44, NOCFPS 10.96); spot market from 21-Nov-2024; Q2 board 28-Jan-2025 · link · accessed 2026-10-31
9. The Daily Star, 'Receiver for Beximco no longer necessary: HC', 12 Mar 2025 (ruling of 11 Mar 2025) · link · accessed 2026-10-31
10. Prothom Alo English, ''Receiver' appointed in Beximco management', Nov 2024 · link · accessed 2026-10-31
11. The Daily Star, 'SC stays order to appoint receiver for Beximco pharma', 2024 · link · accessed 2026-10-31
12. The Daily Star, 'Beximco lays off 40,000 workers at 15 apparel units', Dec 2024 · link · accessed 2026-10-31
13. The Business Standard, 'Beximco set to lay off 40,000 workers as banks, buyers shun it', Dec 2024 · link · accessed 2026-10-31
14. The Business Standard, 'Govt plans to put 32 Beximco cos on sale to resolve workers' unrest', 2024 · link · accessed 2026-10-31
15. The Business Standard, 'Beximco urges govt to extend Tk400cr loan instead of closing factories', Feb 2025 · link · accessed 2026-10-31
16. The Business Standard, 'Beximco sheds Tk4,860cr market value in 6 days after floor price withdrawal', 16 Jun 2026 · link · accessed 2026-10-31
17. The Business Standard, 'BSEC lifts minimum price cap on Beximco, Islami Bank stocks for free market return', Jun 2026 · link · accessed 2026-10-31
18. The Financial Express, 'BEXIMCO's rally, turnover fuel suspicion of speculative trading', 2026 · link · accessed 2026-10-31
19. The Business Standard, 'Beximco Pharma, Shinepukur shares drop after market ban on Salman' · link · accessed 2026-10-31
20. AnalystBro history and ratio model for BEXIMCO (model.xlsx, the workbook below) · link · accessed 2026-10-31