Baraka Patenga Power financial analysis: low dispatch, capacity payments and BDT 17.7bn of debt (Oct 2026)

Investment considerations: capacity payments carry a group that BPDB dispatches at about a fifth of capacity

Baraka Patenga Power Limited (BPPL) is a power producer and holding company. It owns and runs a 50 MW heavy fuel oil (HFO) plant at South Patenga, Chattogram, which began commercial operation on 4-May-2014 under a 15-year power purchase agreement (PPA) with the Bangladesh Power Development Board (BPDB) [1 p.104]. It also holds 51% of Karnaphuli Power Limited (KPL, 110 MW, commercial operation 20-Aug-2019) and 51% of Baraka Shikalbaha Power Limited (BSPL, 105 MW, 24-May-2019), both HFO plants at Patiya, and 52.67% of a stockbroker, Baraka Securities Limited [1 p.6] [1 p.7] [1 p.8]. Every unit of power the group sells goes to BPDB [1 p.43].

The investment case rests on contracts, not volume. Since FY2022 BPDB has called on the group's plants less and less: group sales fell from 1,537,954 MWh in FY2022 to 451,663 MWh in FY2025, and the three plants ran at average plant factors of 16.65%, 20.23% and 21.52% in FY2025 [1 p.42] [18]. Revenue fell from BDT 24.4bn to BDT 13.0bn over the same years, yet operating profit rose from BDT 3.1bn to BDT 3.3bn [1 p.51], because the PPAs pay a capacity charge for plant that is available, whether or not it runs. What has decided the bottom line is below operating profit: exchange losses on HFO imports and loans, and interest on BDT 17-26bn of borrowings.

FY2026 results, announced on 29-Oct-2026, showed consolidated EPS of BDT 3.48 against BDT 1.37, NAV per share of BDT 31.03 and operating cash flow of BDT 8.29 a share, with a 5% cash dividend (BDT 0.50 a share) [9]. The full FY2026 annual report is not yet in our filings corpus, so the detailed analysis below runs to the nine months to March 2026, where profit to owners was BDT 494m against BDT 128m a year earlier [2 p.3].

Business: a 50 MW plant plus 51% of two larger HFO plants, all under 15-year BPDB contracts

BPPL was incorporated in Sylhet on 7-Jun-2011 and signed its PPA with BPDB and its implementation agreement with the power ministry on 31-Jul-2011 [1 p.4] [1 p.10]. The Patenga plant uses eight Rolls-Royce engines of 6.984 MW each (55.872 MW in total) plus a 3.20 MW steam turbine that runs on engine exhaust heat; the company says the turbine cuts fuel cost by 6.40% a year [1 p.104]. The project was financed partly through Bangladesh Bank's IPFF facility funded by the World Bank: USD 21.975m, signed in January 2014 [1 p.10] [1 p.125].

The group grew through two larger plants. BPDB issued a letter of intent for the 110 MW Karnaphuli plant in August 2017 and for the 105 MW Shikalbaha plant in March 2018 [1 p.11]; both reached commercial operation in 2019 [1 p.6] [1 p.7]. In FY2022 each subsidiary issued 142.5m new shares to take paid-up capital to BDT 1,520m before drawing its project debt [8 p.123], which is why non-controlling interest in the group's equity rose from BDT 789m to BDT 2,129m that year [1 p.51]. BPPL itself listed on DSE and CSE through a book-building IPO in July 2021, with the cut-off price set at BDT 32 [1 p.5] [1 p.11]; its share capital is BDT 1,730m, or 173.0m shares [1 p.91].

So BPPL's consolidated accounts are mostly those of the two Patiya plants. In FY2025 KPL had revenue of BDT 5,485m and BSPL BDT 5,474m, against BDT 2,049m at the Patenga plant [1 p.130]. BPPL owns 51% of each, so for every BDT 100 the subsidiaries earn, BDT 49 belongs to the other shareholders. The broker, Baraka Securities, is small: revenue of BDT -0.02m and a loss of BDT 14.7m in FY2025 [1 p.8].

The PPAs are 15-year build-own-operate contracts. The audit report states the remaining contract periods at the FY2025 report date as 3 years 6 months for BPPL, 8 years 8 months for KPL and 8 years 7 months for BSPL [1 p.84]. The revenue has three parts: capacity proceeds for available capacity, variable operation and maintenance proceeds (VOMP) per unit generated, and fuel proceeds that pass through the cost of HFO [1 p.46]. Management notes that the tariff is periodically adjusted for local and international CPI and that fuel costs are 'definable at the time of billing to BPDB' [1 p.44].

Dispatch and revenue: group units sold fell 71% in three years, so capacity payments became most of the margin

Dispatch is the main operating variable, and BPDB decides it. Plant factors at all three plants rose in FY2022, when KPL ran at 73.26% and BSPL at 67.25%, and have fallen every year since [1 p.147] [1 p.157]. At Patenga the average plant factor went from 55.14% (FY2022) to 43.21%, 19.20% and 16.65% [8 p.39] [7 p.43] [6 p.40] [1 p.42]. In the FY2023 report the subsidiaries' directors explained the background: BPDB's bills were on average five to six months overdue against two months before, and the producers reached a verbal consensus with BPDB to run within a 35-40% plant factor to limit the exchange losses they would book when paying for oil letters of credit [7 p.126]. In FY2025 the KPL directors put the lower plant factor down to 'financial hardship faced by the country on settling bills of power plants' [1 p.147].

Revenue follows fuel, not profit. Because fuel proceeds pass HFO cost through to BPDB, a drop in dispatch cuts revenue and cost of sales together. That is why consolidated revenue fell 39.1% in FY2024 and 5.0% in FY2025 while gross profit rose 10.7% in FY2025 [1 p.46] [18]. Revenue per kWh sold rose from BDT 15.88 in FY2022 to BDT 28.80 in FY2025 [18]: the fixed capacity payment is spread over fewer units.

BPPL's own revenue note shows the mix. In FY2025 capacity proceeds were BDT 731m, VOMP BDT 62m and fuel proceeds BDT 1,256m; capacity was 35.7% of revenue, against 14.4% in FY2022 [1 p.130] [7 p.114] [18]. Excluding fuel, capacity was 92.2% of what the plant earned. Capacity proceeds rose 11.1% in FY2025 'due to increase of exchange rate and CPI data' [1 p.130], so a weaker taka raises this line in taka terms. Fuel proceeds of BDT 1,256m were BDT 86m below the BDT 1,343m of fuel consumed in cost of revenue [1 p.131] [18]; the filings do not split this gap between heat-rate, price and timing effects.

Line items: exchange losses and interest, not operations, set the profit; minorities take about half

Cost of revenue is mostly fuel. At BPPL's own plant, fuel consumption was BDT 1,343m of BDT 1,660m of cost of revenue in FY2025, with depreciation on plant and machinery a fixed BDT 116m, plant salaries BDT 76m and spare parts BDT 53m; spare parts rose from BDT 38m because of a major overhaul [1 p.131]. Consolidated cost of revenue fell 10.0% in FY2025 to BDT 9,370m, faster than revenue, and gross margin rose to 28.0% from 24.0% [1 p.46] [18]. Depreciation on PPE was BDT 618m for the group, of which BDT 470m sat in cost of sales [1 p.95]. Plant and machinery are depreciated at 3% a year, a 30-year life, against 15-year PPAs [1 p.95] [1 p.83].

General and administrative expenses are small and flat at BDT 306m in FY2025 against BDT 315m [1 p.132]. At BPPL they include directors' remuneration of BDT 11.8m and a share of group-office salaries of BDT 10.7m [1 p.132].

Exchange losses have been the swing line. They sit in 'Other income/(loss)' and come from paying for imported HFO and spares and from foreign-currency loans as the taka weakened. KPL and BSPL together lost BDT 2,499m on exchange in FY2023, BDT 944m in FY2024 and BDT 512m in FY2025 [1 p.147] [1 p.157] [18]. Consolidated other income/(loss) improved from BDT -1,013m to BDT -515m in FY2025 [1 p.92] and to BDT -29m in the nine months to March 2026 [2 p.3]. Each quarterly announcement in FY2026 attributed the EPS rise to 'reduced foreign exchange losses and lower financial expenses' at the subsidiaries [9].

Finance cost moved the other way until FY2025. Group financial expenses rose from BDT 1,705m in FY2024 to BDT 2,247m in FY2025 [1 p.92]. The KPL directors explain that 'BPDB has been unable to clear bills of the power plants within due time', so the company 'had to take higher short term financial supports from the Banks' [1 p.147]. BSPL's financial expenses were BDT 1,142m in FY2025 against BDT 586m in FY2021 [1 p.157]. In the nine months to March 2026 group financial expenses were BDT 1,689m, 5.0% below the BDT 1,778m a year earlier [2 p.3]. BPPL's own loans carry 13.5-16.0% on taka facilities and six-month SOFR plus 2.3% on the IPFF dollar loan [1 p.125].

Tax is close to nil on power revenue. BPPL holds an exemption on all taxes under the private sector power generation policy and SRO 211 for 15 years from commercial operation, and pays tax only on other income and dividends [1 p.111]; group income tax was BDT 61m in FY2025 [1 p.134]. Workers' profit participation fund (WPPF) provisions are not made while BIPPA's request for exemption is pending with the labour ministry, which the auditors flag as an emphasis of matter [1 p.110] [1 p.83].

Last comes the split between owners and minorities. In FY2025 the group earned BDT 511m after tax, of which BDT 238m (EPS BDT 1.37) belonged to BPPL's owners and BDT 273m to non-controlling interest [1 p.92]. Over FY2021-FY2025 the NCI share of profit after tax ranged from 27% to 65% [18]. BPPL's own standalone profit was only BDT 15.9m (EPS BDT 0.09), down 70.5% on lower dispatch, lower dividends from subsidiaries (BDT 62m against BDT 116m) and higher financial expenses [1 p.46] [1 p.133].

FY2026 results: EPS BDT 3.48, every quarter profitable, 5% cash dividend

FY2026 is already reported in outline. The board met on 28-Oct-2026 and DSE published the results on 29-Oct-2026: consolidated EPS BDT 3.48 (FY2025: 1.37), NAV per share BDT 31.03 (27.72) and net operating cash flow per share BDT 8.29 (-9.05), with a 5% cash dividend, record date 22-Nov-2026 and AGM on 23-Dec-2026 [9]. On 173.0m shares, EPS of BDT 3.48 implies about BDT 602m of profit to owners [18]. The nine-month EPS was BDT 2.86 [2 p.3], so the April-June 2026 quarter contributed about BDT 0.62 a share, against BDT 0.63 derived for April-June 2025 [18].

The quarters show the turn. Profit to owners was a loss of BDT 22.7m in July-September 2024 (EPS BDT -0.13), BDT 1.1m in October-December 2024 and BDT 149.8m in January-March 2025 [4 p.3] [3 p.3] [2 p.3]; the DSE releases confirm the loss quarter and the H1 FY2025 EPS of BDT -0.12 [9]. In FY2026 every quarter was profitable: BDT 114.1m, 133.4m and 246.7m, with EPS of BDT 0.66, 0.77 and 1.43 [4 p.3] [3 p.3] [2 p.3]. Revenue fell over the same quarters, from BDT 3,551m to BDT 2,572m, while the discrete-quarter gross margin rose to 43.3% in January-March 2026 [18].

Two reporting points matter for anyone rebuilding the quarters. The H1 FY2026 income statement prints BDT 258.3m as profit to owners for October-December 2025 and nothing for non-controlling interest, which is the total profit after tax; the BDT 0.77 EPS printed beside it matches BDT 133.4m, the figure derived from H1 less Q1 [3 p.3] [5] [18]. And the nine-month column for financial expenses is BDT 17.5m higher than H1 plus the reported third quarter, offset in other income [2 p.3] [3 p.3]; profit is unaffected.

Ratios: margins rose as volume fell, but owners kept under 2% of revenue in FY2022-FY2025

Seven years of consolidated history show three phases [1 p.51] [7 p.50] [18]. In FY2019-FY2021, before the subsidiaries ran at scale, owners' profit was BDT 288-642m and ROE on owners' equity was 20%-25%. In FY2022-FY2023 revenue jumped to BDT 22-24bn on high dispatch, but exchange losses cut owners' profit to BDT 215m and then a loss of BDT 184m. In FY2024-FY2025 revenue halved, margins widened and owners' profit recovered to BDT 69m and then BDT 238m, an ROE of 5.1%.

Margins move opposite to volume. Gross margin was 14.1% in FY2022, when fuel pass-through was largest, and 28.0% in FY2025; operating margin went from 12.9% to 25.6% [18]. The owners' profit margin was below 2% in every year from FY2022 to FY2025, because finance cost, exchange loss and the NCI share take most of operating profit [18].

Coverage is thin but improving. Operating profit covered financial expenses 1.74x in FY2024, 1.48x in FY2025 and 1.58x in the nine months to March 2026 [18]. Net debt was 5.4x EBITDA (operating profit plus depreciation) in FY2024 and 4.3x in FY2025 [18]. Total liabilities fell from 7.9x total equity in FY2019 to 2.7x in FY2025 [18].

Payout has followed earnings down. The cash dividend was 10-12.5% of par in FY2019-FY2022, 5% in FY2023, 2% in FY2024 and FY2025 and 5% for FY2026 [1 p.51] [7 p.50] [9]. The FY2025 payout was 15% of EPS and the FY2026 dividend is 14% of EPS [18]. The 5% dividend for FY2023 was declared for a loss year [1 p.51].

Balance sheet: BDT 17.7bn of borrowings, half short-term, and BPDB receivables of 268 days

Borrowings are large against the equity. At 31-Mar-2026 the group owed BDT 17,732m: term loans BDT 8,441m, short-term 'other financial facility' BDT 8,708m, redeemable preference shares BDT 574m and leases BDT 8m, against cash of BDT 157m and total equity of BDT 7,757m [2 p.2] [18]. Short-term facilities were 49% of borrowings. The total fell from BDT 25,979m in June 2022 [7 p.82] [18], but rose slightly in the nine months to March 2026 as BDT 2,140m of new short-term loans replaced BDT 1,035m of term loan repayment [2 p.5].

The term-loan maturity profile moved during FY2025. BSPL's current maturity of term loans rose from BDT 339m to BDT 3,687m at June 2025 [1 p.125]; by March 2026 the group's non-current term loans were BDT 6,079m and the current portion BDT 2,362m [2 p.2], which suggests refinancing, though the quarterly notes we read do not describe it. BPPL's own loans are secured on project land and all assets, an escrow and debt-service account, a corporate guarantee from Baraka Power Limited and directors' personal guarantees [1 p.125]. CRAB rated the company AA2 long term and ST-2 short term, stable, in a surveillance rating announced on 1-Jan-2026 [9].

Receivables are where cash is tied up. Group receivables were BDT 5,535m at June 2024, BDT 6,063m at June 2025 and BDT 8,687m at March 2026 [1 p.91] [2 p.2]; on annual or annualised revenue that is 148, 170 and 268 days [18]. At June 2022 receivables were BDT 13,088m, or 196 days [7 p.82] [18]. BPPL's own ageing at June 2025 had BDT 476m (45%) at 91-180 days and BDT 134m at 181-365 days, nothing over a year and no provision [1 p.118]. Management says that despite BPDB's 'irregular' payments 'there is little chance that BPDB will default' [1 p.43].

Cash conversion follows BPDB's payments. Cash received from customers was 96% of revenue in FY2025 and 70% in the nine months to March 2026, against 129% in FY2024 when arrears were collected [1 p.94] [2 p.5] [18]. Operating cash flow after interest was BDT 665m in FY2024, BDT -1,566m in FY2025 and BDT -1,491m in the nine months [1 p.94] [2 p.5]. The DSE announcement shows operating cash flow of BDT 8.29 a share for FY2026, about BDT 1.4bn, so collections must have come in during April-June 2026 [9] [18]. Capex is negligible at BDT 9-38m a year [1 p.94] [2 p.5].

Related-party balances and other items deserve attention. The group owed related parties BDT 705m at March 2026 against BDT 5m at June 2024 [2 p.2] [1 p.91]; at June 2025 BPPL itself owed BDT 125m to Baraka Power Limited as a short-term loan [1 p.47]. BSPL holds BDT 383m as 'Investment in Other Companies', recorded in its cash flow as 'Investment in Share Money Deposit' [1 p.116] [6 p.107]; the notes we read do not name the investee. BPPL also carries BDT 11.0m receivable from Fusion Holdings (Pvt.) Ltd., unchanged for two years [1 p.119]. Inventories, mostly HFO and spares, were BDT 2,034m at March 2026 [2 p.2].

Peers: of four listed IPPs, BPPL is smallest by revenue and keeps the lowest share of revenue for owners

We compare BPPL with three listed independent power producers on the same basis: consolidated, nine months July 2025 to March 2026, each from its own un-audited statements [2 p.3] [12 p.3] [13 p.3] [14 p.3]. Labels differ and are quoted in the exhibit. UPGDCL's owners' line is 'Total comprehensive income attributable to: Owners of the Company', which equals profit because its other comprehensive income was nil; Doreen prints 'Shareholders of the Company'. Receivables are also labelled differently: BPPL 'Accounts Receivables', Summit 'Trade receivables', UPGDCL and Doreen 'Trade and other receivables' (UPGDCL also shows BDT 10,290m 'Receivable from related parties' separately, not included) [2 p.2] [12 p.2] [13 p.2] [14 p.2].

Within these four, BPPL is the smallest by revenue (BDT 8.9bn) and has the second-highest share of profit going to minorities, 48.3%, against 59.3% at Summit and under 2% at UPGDCL and Doreen [18]. Its gross margin of 32.7% is 8.4pp above Summit's and 8.7pp below UPGDCL's [18]. Receivables equal to 268 days of nine-month revenue compare with 317 at Summit, 242 at UPGDCL and 214 at Doreen, so BPPL is second-highest of the four [18]. Owners kept 5.6% of revenue, the lowest of the four [18].

Governance: a Baraka-group company with audit points at the subsidiaries and no expansion approved in 24 months

Control sits with the Baraka group. At June 2025 Baraka Power Limited held 29.25% of BPPL, and directors and their spouses held further stakes, including 2.40% each for Faisal Ahmed Chowdhury and Gulam Rabbani Chowdhury [1 p.53]. DSE shows sponsors and directors at 35.76%, institutions 8.62% and the public 55.62% at 30-Sep-2026 [10]. Baraka Power Limited is itself listed (BARKAPOWER); DSE shows it in category Z with operational status 'Operation Shutdown' [11]. BPPL is in category B [10].

The top roles changed on 4-Jul-2025: Gulam Rabbani Chowdhury resigned as managing director to comply with the Corporate Governance Code, as he is managing director of several other companies, and became chairman, and Faisal Ahmed Chowdhury moved from chairman to managing director for five years [1 p.49] [9]. An independent director, Shamima Akhter, was appointed on 14-Nov-2025 [1 p.49]. The board met 10 times in FY2025 [1 p.52]. One disclosure does not reconcile: the directors' remuneration of BDT 11.76m is shown as paid to Monzur Kadir Shafi as managing director for July 2024 to June 2025 [1 p.141], while the attendance table records him as having resigned on 18-Aug-2024 [1 p.52].

Audit. Kazi Zahir Khan & Co. gave an unmodified opinion on the FY2025 accounts with emphasis on the 30-year depreciation life and the missing WPPF provision [1 p.83]. The report repeats qualifications from the subsidiaries' own auditors (Malek Siddiqui Wali): gratuity on a cash basis at KPL, no gratuity arrangement and BDT 1.89 crore of unrecognised deferred tax at BSPL [1 p.83]. Other matters include no actuarial valuation, no fixed asset register provided, and tank-rent leases not recognised under IFRS 16 at both subsidiaries [1 p.84] [1 p.85]. The subsidiaries' auditors note that, on the 30-year life, KPL and BSPL would still carry BDT 317 crore and BDT 328 crore of plant and machinery at the end of the original PPAs [1 p.84]. The receivables key audit matter refers to 'developing the software and sale of service', which does not describe a power producer [1 p.87]. DSE posted the auditor's emphasis paragraphs on 24-Dec-2025 [9].

Our sweep of 24 months of DSE news (November 2024 to October 2026) found results, dividends, record dates, credit ratings, the management change and auditor notices; we found no board decision on new plants, capex, acquisitions or rights issues [9]. The FY2025 annual report says management aims at 'expanding into renewable energy' [1 p.41], and the KPL and BSPL directors say each has 'submitted suitable proposal to BPDB' for renewable generation [1 p.147] [1 p.157]; no size, cost or approval date is disclosed.

What's next: dividend record date and AGM in Nov-Dec 2026, then loan expiries and the May-2029 Patenga PPA end

Dated items already disclosed, and the line each moves (direction only, no forecast):

Two dates have already passed: the IPFF dollar loan was due to expire on 30-Oct-2025 and the TBL PFI loan on 28-Sep-2026 [1 p.125] (passed); the March 2026 statements still show term loans, and the repayment outcome is not yet in a filing we hold. The UN General Assembly adopted Bangladesh's three-year deferral of LDC graduation to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [15] [16]; we found no clause in BPPL's filings that ties its tariffs, tax exemption or loans to LDC status.

Risks: BPDB payment delays, the 2029 Patenga PPA end and the taka

Each risk below is tied to the line it moves and to a figure in the filings. The size test is owners' profit of BDT 238m in FY2025 and about BDT 602m implied for FY2026 [1 p.92] [9] [18].

Two of these are dated. BPPL's own plant earned BDT 731m of capacity proceeds in FY2025 [1 p.130]; when its PPA ends in May 2029 that line depends on whether BPDB renews, and the auditor notes management relies on the PPA's renewal option for its 30-year depreciation life [1 p.83]. Exchange risk is undated but proven: in FY2023 the subsidiaries' exchange losses of BDT 2,499m turned the group to a loss [1 p.147] [1 p.157] [1 p.51]. Management states it has not entered into derivatives to hedge currency risk [1 p.44].

Key questions: collections, exchange losses and the Patenga PPA decide returns to shareholders

BPPL closed at BDT 19.5 on 29-Oct-2026 [17]. On the announced FY2026 figures that is 5.6x EPS of BDT 3.48 and 0.63x NAV per share of BDT 31.03, and the BDT 0.50 dividend is 2.6% of the price [9] [18]. Market capitalisation is BDT 3.37bn [10]. Over the past 52 weeks the price ranged from BDT 12.6 to BDT 22.4 [10]. These are facts about the price, not a view on it.

FAQ

What does Baraka Patenga Power own?

A 50 MW HFO plant at Patenga, 51% each of Karnaphuli Power (110 MW) and Baraka Shikalbaha Power (105 MW), and 52.67% of Baraka Securities [1 p.4] [1 p.6] [1 p.7].

What were BPPL's FY2026 results?

Consolidated EPS BDT 3.48, NAV per share BDT 31.03 and a 5% cash dividend, announced on 29-Oct-2026 [9].

Who buys BPPL's electricity?

Only the Bangladesh Power Development Board, under 15-year PPAs [1 p.43].

Why is so little profit left for BPPL shareholders?

Finance cost and exchange losses take most of operating profit, and 49% of the two subsidiaries belongs to other shareholders [1 p.92] [1 p.4].

When does the Patenga PPA end?

Fifteen years from commercial operation on 4-May-2014, so May 2029; the tax exemption has the same term [1 p.104] [1 p.111].

Which results does this note use?

Annual reports FY2019-FY2025, un-audited statements to March 2026 and the DSE announcement of FY2026 results; the FY2026 annual report is not yet in our corpus.

Sources

1. Baraka Patenga Power Limited Annual Report 2024-25 (year to 30-Jun-2025), incl. subsidiary statements · link · accessed 2026-10-31
2. BPPL un-audited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
3. BPPL un-audited statements, half year to 31-Dec-2025 (H1 FY2026) · link · accessed 2026-10-31
4. BPPL un-audited statements, quarter to 30-Sep-2025 (Q1 FY2026) · link · accessed 2026-10-31
5. BPPL price-sensitive information on H1 FY2026 results (29-Jan-2026) · link · accessed 2026-10-31
6. Baraka Patenga Power Limited Annual Report 2023-24 · link · accessed 2026-10-31
7. Baraka Patenga Power Limited Annual Report 2022-23 (five-year data FY2019-23) · link · accessed 2026-10-31
8. Baraka Patenga Power Limited Annual Report 2021-22 · link · accessed 2026-10-31
9. Dhaka Stock Exchange news archive for BPPL, Nov-2024 to Oct-2026 (incl. FY2026 results and dividend, 29-Oct-2026) · link · accessed 2026-10-31
10. Dhaka Stock Exchange company page, BPPL (shareholding to 30-Sep-2026, category) · link · accessed 2026-10-31
11. Dhaka Stock Exchange company page, BARKAPOWER (Baraka Power Limited) · link · accessed 2026-10-31
12. Summit Power Limited un-audited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
13. United Power Generation & Distribution Co. un-audited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
14. Doreen Power Generations and Systems un-audited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
15. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
16. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
17. AnalystBro price data (TradingView feed): DSE:BPPL daily bars to 29-Oct-2026 · link · accessed 2026-10-31
18. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31