Beximco Pharmaceuticals valuation report: fair value BDT 99.2–218 (Oct 2026)

Thesis: fair value BDT 99–218 (base 179); earnings rose 30% but the stock trades at 7.1x FY2026 EPS

Beximco Pharmaceuticals PLC (DSE: BXPHARMA) is Bangladesh's third-largest drug maker and a nine-time winner of the National Export Trophy (Gold) [4 p.43], with US FDA-certified plants at Tongi and Kaliakoir and 18 FDA product approvals [4 p.109]. On 28-Oct-2026 its board reported FY2026 consolidated EPS of BDT 20.17 (FY2025: 15.56), NAV per share of BDT 139.18 and net operating cash flow per share of BDT 21.33, and recommended a 60% cash dividend [5]. Standalone EPS was BDT 19.11, as reported by The Business Standard [13]. The full FY2026 statements are not yet public, so this report uses those headline figures as actuals and models the line items; the model will be updated when the annual report is filed.

We value the shares at BDT 99–218 (base 179, probability-weighted 169). The base blends a DCF of BDT 128 (WACC 19.8%, terminal growth 6.0%), a P/E value of BDT 311 (13.5x, Beximco's own five-year median, on FY2027F EPS) and an EV/EBITDA value of BDT 149 (4.1x, the mean of its own forward multiples in 2024 and 2025, on FY2027F EBITDA) [10]. The price of BDT 143.7 sits inside the range. The legs disagree because they embed different discount rates: the DCF uses a cost of equity of 20.2% (beta 1.46 against DSEX), while the P/E leg only holds at a WACC of 11.8% and the EV/EBITDA leg at 17.9% (model reverse DCF). The high beta is how this report prices the sponsor group's legal troubles; we apply no separate governance discount.

Beximco makes about 330 generics; its main tablet plant ran at 103% of capacity in FY2024

Beximco Pharma makes about 330 generic drugs in more than 500 formulations, from paracetamol (Napa, the country's best-known brand family) to inhalers, nasal sprays, sterile ophthalmics, lyophilised injectables and insulin [4 p.16]. It also makes active pharmaceutical ingredients (APIs) and does contract manufacturing. Two subsidiaries add hormones and contraceptives (Nuvista Pharma, 85.2% owned since 2018) and the former Sanofi Bangladesh portfolio in cardiology, diabetes and oncology plus imported Sanofi brands (Synovia Pharma, 54.6% owned since 2021; the government holds the other 45.4%) [s2 p.7–8]. A third subsidiary, Beximco Pharma API Ltd, is still being set up at the API Industrial Park [2 p.7].

Therapeutic mix. The filings do not give revenue by therapy area. What they do give: Beximco's brands lead in cardiovascular, respiratory and analgesic medicines and are strong in antihistamines, musculoskeletal, anti-diabetic and insulin products [4 p.109]; its best-known brand family is Napa (paracetamol, in tablet, extended-release, rapid, suppository, syrup and IV forms), alongside Bizoran, Neofloxin, Atova, Azmasol, Arlin, Bexitrol F, D-Rise, Amdocal, Remmo, Tofen and Tyclav [4 p.16]. Nuvista leads in oral contraceptives and is strong in hormones and steroids; Synovia is strongest in cardiology, diabetes, oncology, dermatology and the central nervous system and imports Sanofi vaccines, insulin and chemotherapy brands [4 p.16]. The mix is weighted to chronic and respiratory medicines, which grow with an ageing population, plus a large, price-sensitive analgesic franchise.

Capacity. The FY2024 annual report gives standalone capacity and use: 7,823m tablets, capsules, suppositories and dry-powder inhaler units against production of 8,045m (103% utilisation); 154m liquid, cream, IV-fluid, ophthalmic, injectable, inhaler and insulin units against 158m (103%); and 22 tonnes of API capacity at 44% use [4 p.180]. The US-approved oral-solid unit can make 3bn tablets and 400m capsules a year; the main oral-solid and liquids unit 9.2bn tablets and capsules and 200m liquid bottles; specialised lines add 4m ophthalmic units, 10m IV-fluid units, 3m insulin units and 0.65m nasal sprays [4 p.34]. Standalone sales of tablets and similar units reached 9,289m in FY2025 [1 p.51], above the stated FY2024 capacity (some output is contract-made by third parties [4 p.180]). Volume growth therefore needs capacity, which is why capital work in progress rose to BDT 5.31bn at Mar-2026 [2 p.9] and why we keep capex at 7.5% of revenue.

Sponsors hold 30.1%, a new board was approved in September, and a 1-November ruling decides two delayed AGMs

Ownership. At Jun-2025 sponsors and directors held 30.14% (A S F Rahman 2.03%, Salman F Rahman 2.04%, other directors and associates 26.07%), holders of London AIM GDRs 18.92%, foreign portfolio investors 8.69%, institutions 24.77% and individuals 17.48% [1 p.17]. The Daily Star reports sponsors and directors at 30.13% on 30-Sep-2026 [14].

Governance has been the stock's main problem since August 2024. Bangladesh Bank appointed a receiver for Beximco Group companies after the change of government; the Appellate Division excluded Beximco Pharma from that order (reported by The Business Standard, 12-Nov-2024) [18]. The securities regulator (BSEC) then appointed independent directors, the company challenged them in court, and the board could not meet from March 2025 until the regulator allowed meetings in June 2026, which is why the FY2025 accounts were signed only on 23-Jun-2026 [s1 p.7; s12]. On 29-Sep-2026 BSEC approved a reconstituted nine-member board without vice-chairman Salman F Rahman: three group representatives (chairman A S F Rahman, Osman Kaiser Chowdhury, Iqbal Ahmed), one IFIC Bank nominee and four independent directors, with the company withdrawing its case against the regulator (The Business Standard and The Financial Express) [s11; s12].

Why the ruling matters for shareholders. If the High Court condones the delay, the company can hold the 49th and 50th AGMs back to back, shareholders can approve two dividends worth BDT 10.75 a share in total, and the reconstituted board can be confirmed. If it does not, the company has said nothing about a fallback; the dividends would stay unapproved, and cash would build on the balance sheet instead (in our model net cash would be about BDT 4.8bn higher at Jun-2027). The operating business has kept growing through the dispute: revenue rose 13.1% in 9M FY2026, and CRISL affirmed an AAA rating in July 2026 [s2 p.4; s5]. The corporate guarantees Beximco gives are to its own subsidiaries (Dhaka Bank facilities up to BDT 1.05bn for Nuvista and BDT 1.0bn for Synovia) [1 p.60]; the filings show no loans to other Beximco Group companies. The only large group exposure is the distributor receivable below.

The AGMs are waiting on a court. The 49th AGM (FY2025) is late and needs the High Court's condonation; the hearing has concluded and judgment is due on 1-Nov-2026. The 50th AGM (FY2026) can only follow the 49th [5]. Until shareholders approve them, the FY2025 dividend (47.5%, record date 2-Aug-2026) and the FY2026 dividend (60%, record date 19-Nov-2026) are recommendations; our cash flow pays both in FY2027F (BDT 4.80bn, model).

Related parties. I&I Services Ltd, a group company, distributes Beximco's products: deliveries of BDT 42.93bn in FY2025, BDT 858m of distribution commission and a BDT 1.32bn receivable at Jun-2025 [1 p.24]. The auditor made related-party transactions a key audit matter [1 p.5]. In 9M FY2026 distribution commission rose 61% to BDT 1.03bn [2 p.11]. That line sits in selling and distribution cost, so a higher commission rate is a margin risk we put into the bear case (S&D +0.7pp).

Domestic sales grew 8.8% in FY2025 and the group 13.1% in 9M FY2026; we model +11% in FY2027F

Bangladesh's retail drug market was US$3.37bn in the year to June 2025, growing 12.4%, and local makers supply about 98% of it (IQVIA, quoted in Square Pharma's FY2025 annual report) [17 p.21]. The market is concentrated. A BRAC EPL note reports IQVIA shares of 17.4% for Square, 12.8% for unlisted Incepta and 9.6% for Beximco, ranking it third; the IQVIA period is not stated, so we treat these as indicative [19]. Demand grows with an ageing population, chronic disease and incomes; prices are set or approved by the Directorate General of Drug Administration (DGDA).

Beximco's standalone domestic sales rose 8.8% in FY2025 to BDT 36.97bn and its exports 37% to BDT 4.02bn [1 p.51]. Tablet, capsule and inhaler volume rose 9.6% to 9,289m units while liquids and injectables rose 1.9% and API volume fell 9.7% [1 p.51]. Volume growth of 9.6% against domestic value growth of 8.8% suggests price and mix added little in FY2025 (our estimate; the company does not split price, volume and new products). Management says its brands lead in cardiovascular, respiratory and analgesics, with strength in antihistamines, musculoskeletal, anti-diabetics and insulin, and it launched 30 new generics in FY2024, 12 of them first in Bangladesh [4 p.109]. It does not publish revenue by therapeutic area, so we cannot size each segment.

Growth re-accelerated in FY2026. Group revenue rose 13.1% to BDT 41.43bn in 9M FY2026, with the third quarter at +8.1% [2 p.4]. We model Beximco's domestic sales at +12.5% in FY2026E, +11.0% in FY2027F and fading to +10.0% by FY2029F, in line with the market, so group revenue reaches BDT 75.3bn in FY2029F (10.8% a year, model). The bear case grows domestic sales 3pp slower (share loss to Square and Incepta, DGDA price freezes); the bull case 2.5pp faster (new launches, share gain). On its own, the bear domestic path cuts FY2027F EPS to BDT 22.60 (model).

Exports rose 38% to BDT 4.07bn, 8.3% of revenue; US FDA approvals take us to US$54m by FY2029F

Beximco is Bangladesh's most internationally approved generic maker. Its plants are certified by the US FDA among other regulators [2 p.7]; it had 18 US FDA product approvals by FY2024, launched flecainide and nebivolol tablets in the US and a third oral solid in Canada, won two Australian TGA approvals and registered 31 products in 11 countries that year [s4 p.43, p.109]. The United States took more than 30% of export revenue in FY2024, followed by South Africa, Sri Lanka, Australia, Kenya, Iraq, Myanmar, Singapore and Peru [s4 p.109–110].

What Beximco exports. Metered-dose inhalers were 30% of FY2024 export revenue, and demand for ophthalmic and nasal-spray products drove growth [4 p.29]. These are harder-to-make products where a Bangladeshi cost base competes on regulated-market approvals rather than on price alone. The group sells in more than 60 countries [4 p.29]. Exports began in the US in 2016 from the oral-solid unit approved by the US FDA, Australia's TGA and EU authorities [4 p.34]. The model treats exports as one US$ line, because the filings give no revenue by country; the US share is the key sensitivity, since US generic prices fall as more makers enter.

Exports are also a partial FX hedge. In FY2024 Beximco paid US$104.9m in foreign currency for materials, spares and capital machinery and US$11.5m for foreign loans and fees, against US$28.6m of export receipts [4 p.180]. It is therefore a net importer of dollars by roughly US$88m a year, so a weaker taka hurts more on costs than it helps on exports, as the sensitivity grid in the margins section shows.

Standalone exports rose from US$26.46m in FY2024 to US$33.45m in FY2025 (+26.4% in dollars, +37% in taka) [1 p.51]; consolidated exports were BDT 4.07bn, 8.3% of revenue [1 p.19]. We model export dollars at +15% in FY2026E and +12% a year after, converted at BDT 126.3 per US$ in FY2027F (3% a year weaker taka, our assumption), so exports reach BDT 7.20bn in FY2029F, 9.6% of revenue. The bear case cuts dollar growth to 5% (slower registrations, US pricing pressure on generics); the bull case lifts it to 18%.

The export cash incentive ends with LDC status. The government pays 6% of net FOB value on finished formulations [1 p.55]: BDT 227m in FY2025 and BDT 167m in 9M FY2026, booked in other income [s1 p.21; s2 p.11]. We halve it in FY2027F and remove it from FY2028F; at 5.6% of FY2028F exports it would have been BDT 0.36bn, so that is the yearly loss to other income (model). Losing it a year early (bear) lowers FY2027F EPS to BDT 22.87.

Nuvista and Synovia make 17.4% of revenue but 7% of profit and 7% of value, so we value the group whole

We tested both acquisitions for materiality on their own audited FY2025 statements, which are printed in the annual report. Nuvista Pharma (ex-Organon Bangladesh, hormones, steroids and oral contraceptives) earned revenue of BDT 3.77bn (+8.4%) and profit after tax of BDT 408m in FY2025, 7.7% of group revenue and 5.8% of group profit, with equity of BDT 2.12bn [s1 p.65–66]. Synovia Pharma (ex-Sanofi Bangladesh) earned revenue of BDT 4.74bn (+9.3%) but only BDT 94m of profit (operating margin 5.4%), 9.7% of revenue and 1.3% of profit; its equity is BDT 2.31bn [s1 p.89–90].

Valued on their own numbers, Beximco's 85.2% of Nuvista is worth about BDT 4.0bn at the 11.5x peer P/E, and its 54.6% of Synovia about BDT 1.3bn at book (Synovia's return on equity of about 4% is below any cost of equity). That is BDT 11.8 a share, 6.6% of our base fair value. The sum-of-the-parts test. Together the two make 17.4% of group revenue (7.7% + 9.7%), so they are significant and are analysed here on their own statements. But a separate valuation is only worth doing when a part is at least 15% of fair value and has economics different from the group. On profit they are 7.1% (5.8% + 1.3%), on assets 10.0%, and on value 6.6%. Neither is listed, and both are domestic branded-generic makers like the parent. A sum of the parts would therefore not change the answer, so we value the group on consolidated cash flows and deduct non-controlling interests at book (BDT 4.08bn, mostly the state's 45.4% of Synovia). The main Synovia risk is strategic, not financial: the state is a 45.4% partner, and the Sanofi import brands depend on the supply agreement.

The DSE disclosure for Q1 FY2026 says both subsidiaries improved [5]. We grow each at 10% a year in the base case (FY2025: +8.4% and +9.3%).

Gross margin rose 3.6pp to 49.0% in 9M FY2026 as materials fell to 38.2% of revenue

Materials and bought-in goods are the biggest cost: 40.9% of revenue in FY2025 (BDT 20.11bn of a BDT 26.82bn cost of goods sold); factory overhead was 13.7%, of which depreciation 3.1% [s1 p.19–20]. Bangladesh's industry imports about 90% of its APIs, mostly from India and China [17 p.21]; Beximco does not disclose its import share, so we assume 70% of its materials bill moves with the dollar and API prices. The FY2024 annual report supports that order of size: foreign-currency payments for materials, spares and capital machinery were BDT 11.60bn, against standalone material purchases of BDT 15.86bn [s4 p.180; s1 p.52]. The taka fell from about BDT 86 to BDT 120 per US$ between 2022 and 2025 (our export-implied rate: 111.8 in FY2024, 120.3 in FY2025 [1 p.51]), and gross margin troughed at 44.1% in FY2023.

The margin has since recovered: 45.4% in FY2025 and 49.0% in 9M FY2026, when the materials share fell to 38.2% and revenue grew faster than overhead [s2 p.4, p.10]. Management cites 'the leverage effect on gross margin' from revenue growth [5]. We set FY2026E materials at 38.2% of revenue (so that FY2026E EPS equals the reported BDT 20.17) and then move it each year by import share × (taka change + API change) × (1 − 50% pass-through), less a 0.3pp mix-and-scale gain. With a 3% weaker taka a year that keeps gross margin near 48.6% (model). DGDA limits pass-through: it fixes prices on the essential-drug list and must approve increases on others, and The Business Standard reported a pricing deadlock in July 2026 [16].

Sensitivity. A one-off 10% taka depreciation in FY2027F cuts FY2027F EPS from BDT 23.12 to 22.02; 20% dearer APIs cut it to 20.46; both together to 19.34, -16.4% (model grid). Fair value falls to BDT 152 from 179 for both shocks, because all three legs now use FY2027F or later cash flows.

Opex. Selling, marketing and distribution cost rose from 21.7% of revenue in FY2024 to 22.5% in FY2025 and 23.2% in 9M FY2026 (salaries 3.59bn, distribution commission 1.03bn) [s1 p.21; s2 p.11]; we hold it at 22.8% from FY2027F. Administrative cost is 2.8%. Operating margin rises from 20.0% to 23.0% in FY2027F (model).

Capacity and capex. Fixed assets were BDT 48.7bn at Jun-2025 [1 p.7]; capital work in progress rose from BDT 3.29bn to 5.31bn in 9M FY2026 as capex reached BDT 2.95bn [s2 p.6, p.9]. The company does not publish capacity or utilisation by dosage form or a capex budget, so we assume BDT 4.0bn in FY2026E and 7.5% of revenue in FY2027–28F (FY2025: 6.2%), which keeps depreciation at about 4.3% of opening assets.

LDC graduation on 24-Nov-2026 removes the 6% export incentive and, after the TRIPS transition, cheap patent copies

Bangladesh is scheduled to leave the UN least-developed-country list on 24-Nov-2026. Under the WTO TRIPS waiver, LDCs need not grant or enforce pharmaceutical patents until 2033; a graduating country loses that right after its transition. The Business Standard reported in August 2025 that more than 1,000 drug registrations were pending as companies rushed to register molecules before the waiver ends [15]. Square's annual report says about 20% of locally made drugs are patented elsewhere [17 p.22]; Beximco does not disclose its share, so we use the industry figure as an estimate.

We model two line-item effects. First, the export cash incentive (6% of FOB) halves in FY2027F and ends in FY2028F (other income, see Exports). Second, the bear case adds the patent risk through slower domestic growth (−3pp a year) rather than a separate cliff, because the effect starts after the transition and depends on licensing deals. Graduation also raises import duties Bangladesh faces in some export markets, but most of Beximco's regulated-market exports (US, Australia) are already on MFN terms.

DGDA pricing. DGDA registers products, inspects plants and sets maximum retail prices of essential drugs; other prices also need its approval. A price freeze while the taka weakens is the main way policy hits gross margin; our pass-through assumption of 50% captures it. VAT and tax: revenue is net of VAT; Beximco's listed tax rate is 22.5% and subsidiaries pay 27.5% [2 p.12]; we use a 23.0% group effective rate (9M FY2026: 23.0%).

Operating cash covered profit 1.2x over five years; the 60% dividend is BDT 6.0, a 4.2% yield

Earnings are mostly operating. In FY2025 other income was BDT 609m (royalty 257m, export incentive 227m, interest 80m) against profit from operations of BDT 9.85bn, and finance cost was BDT 992m [s1 p.8, p.21]. Net operating cash flow was BDT 7.22bn, 1.03x profit after tax; over FY2021–25 it averaged 1.20x [s1 p.10; s4 p.110]. In 9M FY2026 operating cash flow jumped to BDT 7.47bn (BDT 16.74 a share) as working capital outflows eased [2 p.6], and the reported full-year figure is BDT 21.33 a share [5]. Our FY2026E reproduces it (BDT 21.33) by setting year-end inventory at 189 days of cost of goods sold, implying a fourth-quarter stock build; from FY2027F we use 180 days.

Working capital is heavy because of inventory: BDT 13.59bn at Jun-2025, 185 days of cost of goods sold, mostly raw and packing materials bought ahead in dollars [s1 p.7, p.15]. Receivables are only 27 days because the related distributor pays quickly. We hold 180 inventory days and 27 receivable days.

Debt is falling. Borrowings, including an ODDO BHF project loan from Germany and leases, fell from BDT 6.03bn at Jun-2024 to 4.97bn at Jun-2025 and 3.16bn at Mar-2026, while cash rose to BDT 4.23bn [s1 p.7; s2 p.3, p.10]. We expect net cash of BDT 3.11bn at Jun-2026 and BDT 13.14bn by FY2029F after paying both delayed dividends in FY2027F (model). CRISL rates the company AAA long term [5].

Dividends. The board recommended 40% for FY2024, 47.5% for FY2025 and 60% for FY2026 (BDT 6.0, 30% of EPS, a 4.2% yield) [s1 p.24; s5]. We assume a 32% payout from FY2027F (BDT 7.40). Payment depends on the AGMs (see Governance).

We forecast EPS of BDT 23.12 in FY2027F and 28.68 in FY2029F, 12.5% a year from FY2026 (reported 20.17)

FY2026E is anchored to the reported results. We do not have the FY2026 statements, only the headline EPS of BDT 20.17, NAV of BDT 139.18 and NOCF of BDT 21.33 a share [5]. Our FY2026E line items take 9M actuals [2 p.4] and a fourth quarter consistent with the reported EPS: revenue BDT 55.38bn (+12.7%), gross margin 48.5%, fourth-quarter EPS BDT 4.61 (reported full year 20.17 less 9M 15.56). Our FY2026E NAV is BDT 139.21.

From FY2027F each line has its own driver (assumptions table below): domestic sales by market growth, exports by dollar growth and the taka, subsidiaries by their own growth, materials by the FX/API formula, opex as a share of revenue, interest from debt and cash balances, a 4.87% WPPF charge and a 23% tax rate. Revenue grows 11.2% in FY2027F; EPS grows 14.6% to BDT 23.12 as lower finance cost and interest income on cash add to operating growth, then 11.0% in FY2028F when the export incentive ends. Our 12.5% EPS growth a year from FY2026 to FY2029F is below the 30% of FY2026 and close to the 11.9% a year of FY2021–26. There is no consensus or management guidance to compare with.

Fair value BDT 99–218: DCF 128, P/E 311, EV/EBITDA 149; 40% of EV is terminal

DCF. We discount free cash flow to the firm for FY2027–29F and a five-year fade (growth to 6.0%, EBIT margin to 21.5%, capex to 6% of revenue) at a WACC of 19.8%. The cost of equity is 20.2%: the 10-year Treasury bond cut-off of 9.268% (25-Oct-2026) [8], plus a beta of 1.46 times a 7.5% equity risk premium. The beta is the Blume-adjusted value of a raw 1.68 from 104 weekly returns against DSEX (correlation 0.66) [6]; the same method gave Square 0.65. Debt is only 3.9% of capital (cost 12.13%, the system lending rate [9]). EV is BDT 54.8bn at Jun-2026, rolled to 58.2bn for October; adding net cash and deducting minorities gives BDT 128.3 a share. Terminal value is 40.1% of EV.

Multiples (F07 method: own history, forward earnings). The P/E leg applies Beximco's own five-year median trailing P/E of 13.5x (June closes 2021–2025) to FY2027F EPS of BDT 23.12: BDT 311. The median includes FY2023, when the stock sat at the DSE floor price; the five-year low was 5.5x in June 2025. The EV/EBITDA leg uses a forward band: enterprise value at the June 2024 and June 2025 closes over the next year's EBITDA was 5.2x and 3.1x. EBITDA cannot be built for earlier years from the filings we hold, so the band has only two points. Its mean of 4.1x on FY2027F EBITDA gives BDT 149. As a check, the large-pharma peers (Square, Renata, Beacon, ACME, Ibn Sina) trade at a median trailing P/E of 11.5x and EV/EBITDA of 8.2x [7]. Weights are DCF 50%, P/E 25%, EV/EBITDA 25% (F07). The base of BDT 179.2 implies 7.8x FY2027F EPS, 1.29x FY2026E NAV and 5.0x FY2027F EBITDA.

Why the legs differ, and what each implies. We ran the DCF backwards to find the discount rate or growth each value needs. The P/E value of BDT 311 needs a WACC of 11.8%, roughly a beta of 0.35 at our risk-free rate and premium, or terminal growth of 16.4% at our WACC. Either is implausible, so the own-history P/E reflects the pre-2024 market, when the stock was priced as a low-risk exporter. The EV/EBITDA value of BDT 149 needs a WACC of 17.9% or growth of 9.6%, close to the DCF. The price of BDT 143.7 needs 18.3%, a little below our 19.8%. The blended base of BDT 179 corresponds to a WACC of 16.0%. Governance risk sits once, in the beta; we apply no further discount.

Scenarios change drivers, not outputs. The bear case (99.2) has domestic growth 3pp lower, export dollars +5%, a 10% taka step and 10% dearer APIs in FY2027F, S&D at 23.5%, no incentive from FY2027F, beta 1.60, g 5.5%, the five-year-low P/E (5.5x) and the low end of the EV/EBITDA band (3.1x). The bull case (218.1) has faster growth, a stable taka, beta 1.25, g 6.5%, the median P/E and the top of the band (5.2x). Probabilities 25/50/25 give BDT 168.9.

Risks: a weaker taka with dearer APIs costs 16% of FY2027F EPS and BDT 27 of fair value

Each risk below names the line it moves and its effect in the model (single-factor runs against the base). Because the multiple legs now use FY2027F earnings, every operating risk moves fair value as well as EPS. Upside risks: a clean AGM ruling and a stable board would lower the stock's volatility (the bull case uses beta 1.25); faster US approvals; LDC deferral keeps the incentive.

• 1-Nov-2026: High Court judgment on condoning the 49th AGM delay [5].
• 19-Nov-2026: record date for the 60% FY2026 dividend [5].
• 24-Nov-2026: scheduled LDC graduation [15].
• FY2026 annual report: full statements (we will update the model, including working capital and segment revenue).
• Q1 FY2027 interim (quarter to Sep-2026): gross margin above 48% and S&D near 23% would confirm the base case.

Note on data. The latest full statements used are the 9M FY2026 interim (to 31-Mar-2026); FY2026 figures are the DSE headline disclosure. The model will be updated when the FY2026 annual report is filed.

FAQ

What is Beximco Pharmaceuticals' fair value?

We estimate BDT 99–218 a share (base 179) from a DCF (50%), P/E (25%) and EV/EBITDA (25%) [10]. The price was BDT 143.7 on 29-Oct-2026 [6].

What did Beximco Pharma earn in FY2026?

Consolidated EPS of BDT 20.17 (FY2025: 15.56), NAV per share of BDT 139.18 and net operating cash flow per share of BDT 21.33, with a 60% cash dividend recommended (DSE, 29-Oct-2026) [5]. The full statements are not yet published.

Why is the FY2025 AGM delayed?

A dispute over regulator-appointed independent directors stopped board meetings from March 2025 to June 2026; the 49th AGM now needs High Court condonation, with judgment due on 1-Nov-2026 [s5, s12].

How big are Nuvista and Synovia?

Together 17% of FY2025 revenue and about 7% of profit; on their own numbers Beximco's stakes are worth about BDT 12 a share [s1 p.65–66, p.89–90].

How does LDC graduation affect Beximco Pharma?

It ends the 6% export cash incentive (BDT 227m in FY2025) and, after the TRIPS transition, the right to copy patented molecules; we remove the incentive by FY2028F and put the patent risk in the bear case [s1 p.55; s15].

Sources

1. Beximco Pharmaceuticals audited financial statements FY2025 (year to 30-Jun-2025), consolidated, standalone and subsidiaries · link · accessed 2026-10-30
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3. Beximco Pharmaceuticals interim statements, H1 to 31-Dec-2025 (2Q FY2026) · link · accessed 2026-10-30
4. Beximco Pharmaceuticals Annual Report 2023-24 (FY2024) · link · accessed 2026-10-30
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7. AnalystBro screener: Bangladesh pharmaceutical stocks, close 29-Oct-2026 · link · accessed 2026-10-30
8. Bangladesh Bank treasury auctions: 10-year bond cut-off yield 9.268%, 25-Oct-2026 · link · accessed 2026-10-30
9. Bangladesh Bank, Scheduled Banks Statistics Apr-Jun 2026, Table-102 weighted average lending rate 12.13% · link · accessed 2026-10-30
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