Coppertech Industries financial analysis: copper rod 84% of FY2025 sales, financial expenses BDT 112m (Oct 2026)

Investment considerations: seven profit years and positive operating cash flow; gross margin of 13.7% and financial expenses of BDT 112.2m in FY2025

Coppertech Industries Ltd. (CTIL) was registered as a private limited company on 16 October 2012, started commercial operation in June 2014, converted into a public limited company on May 31, 2018 and lists on the Dhaka and Chittagong stock exchanges [1 p.127]. The notes state that 'The company manufactures copper pipe, tube, copper billet, copper flat hexagonal and copper rod, copper wire, brass rod and all related items of copper' [1 p.127]. The factory is at Haritola, Shahpur Bazar, Madhabpur, Hobiganj [1 p.6]. Trading in the shares started on 5 August 2019 after the initial public offer [1 p.7].

In FY2025 (the year to 30-Jun-2025) revenue was BDT 1,666.0m, gross profit BDT 227.4m, profit from operation BDT 170.1m, financial expenses BDT 112.2m and profit after tax BDT 46.4m, or EPS of BDT 0.71 [1 p.124]. The FY2025 period is confirmed on the report's own pages: the statement of financial position is headed 'As at 30 June 2025' and the profit or loss statement 'For the year ended 30 June 2025' [1 p.123] [1 p.124]. On 27-Oct-2026 the company posted on DSE FY2026 EPS of BDT 1.00, NAV per share of BDT 14.89 and NOCFPS of BDT 3.54, with a 3% cash dividend recommended [8]. The FY2026 annual report is not in the corpus at 1-Nov-2026.

Business: a single copper-products plant in Hobiganj; copper rod was BDT 1,394.64m of FY2025 sales

The key-milestone pages list incorporation on 16 October 2012, factory operation from 01 June 2014, the initial public offer on 27 February 2019, debut trading on 5 August 2019 and the first AGM on 9 January 2020; they also list 'C.C.R Wire, 2021' as a new product line and 'Bilal Trading Pvt. Ltd.' as the first client [1 p.7] [1 p.8]. The directors' report states that 'Coppertech began manufacturing Copper CCR in 2021 as a medium-scale installed production capacity' and that CCR is made from 'High quality Grade A LME Registered Copper Cathode' cast and hot rolled into rod 'with a purity of atleast 99.95%' [1 p.42]. It adds that Coppertech offers rods in 8, 11, 12 and 16 mm diameters and that 'All wire and cable businesses, including those that produce enameled copper wire, paper-coated flat wire, power cables, distribution cables, house wiring, and telephone cables, employ copper rod (CCR) as their primary raw material' [1 p.42].

The directors' report gives net sales by product. CCR sales were BDT 1,394.64 million in FY2025, printed as 83.71% of total sales, against BDT 1,353.73 million (80.81%) in FY2024 [1 p.42]. Busbar sales were BDT 145.91mn, printed as 8.75% of sales and '12.13% percent decreased compared to last year's sales of BDT 166.06 mn' [1 p.42]. Pipe and tube sales were BDT 65.75mn and BDT 43.32mn, against BDT 76.28 mn and BDT 63.86 mn [1 p.43]. The report prints 'Pipe sales decreased 65.75 percent' and 'tube sales decreased by 32.16 percent' [1 p.43]; computed from the printed amounts, pipe sales changed by -13.8% and tube sales by -32.2% [19]. The four printed product lines add up to BDT 1,649.62m in FY2025 and BDT 1,659.93m in FY2024, which is BDT 16.40m and BDT 15.33m less than revenue on the statement of profit or loss; the report does not itemise the difference [19].

Note 46 on segment reporting states that 'The gross revenue from Copper CCR, Copper Busbar and Copper pipe & Tubes is BDT 1866 million (2025): BDT 1675 million(2024)' and that 'As there is single business and geographic segment within the company operates as such no segment reporting is felt necessary' [1 p.144] [1 p.145]. Note 20 prints gross sales of BDT 1,915,914,964 and net sales of BDT 1,666,019,958 for FY2025 [1 p.139]; the BDT 1866 million in note 46 equals neither. The Schedule XI disclosure prints FY2025 turnover of BDT 1,666,019,957 and 'Turnover in Quantity' of 1,341,609, with no unit printed, and export sales of nil [1 p.149].

The company's own explanation of FY2025 trading is printed in the directors' report: 'The company's primary source of revenue, the CCR business, was able to continue even with a very small profit margin and no appreciable effect on overall operating performance. The low demand for busbar, copper tube, and pipe goods necessitated a concentrated effort to maintain market share in the CCR product line in order to ensure adequate cash flows from operations and sustainability' [1 p.43]. In its Q1 FY2026 results post on DSE (16-Nov-2025) the company wrote: 'The company's turnover has increased noticeably as a result of the import restrictions for finished products. Conversely, the gross margin was reduced to about 9% due to increased material costs' [8]. The post does not name the import restrictions.

Seven-year record: revenue between BDT 485.5m (FY2020) and BDT 1,675.3m (FY2024) and profit in every year FY2019-FY2025

Seven years of audited statements are in the corpus. Revenue was BDT 666.9m in FY2019, BDT 485.5m in FY2020, BDT 577.3m in FY2021, BDT 1,041.7m in FY2022, BDT 951.3m in FY2023, BDT 1,675.3m in FY2024 and BDT 1,666.0m in FY2025 [7 p.6] [6 p.106] [4 p.115] [1 p.124]. Profit after tax for the same years was BDT 48.3m, 21.6m, 64.4m, 112.4m, 39.7m, 58.8m and 46.4m [7 p.6] [6 p.106] [4 p.115] [1 p.124]. The FY2025 five-year table repeats FY2021-FY2025 revenue and profit [1 p.9].

EPS as printed was BDT 0.35 for FY2020 (restated to 0.34 in the FY2021 report), 1.02 for FY2021, 1.78 for FY2022 (diluted 1.72), 0.61 for FY2023, 0.90 for FY2024 and 0.71 for FY2025 [6 p.106] [4 p.115] [1 p.124]. Share capital was BDT 600.0m at 30-Jun-2019, BDT 630.0m from 30-Jun-2020 to 30-Jun-2022 and BDT 655.2m from 30-Jun-2023 [7 p.5] [5 p.110] [4 p.114]; the DSE page lists stock dividends of 5% for 2019 and 4% for 2022 [9]. NAV per share as printed was BDT 12.18 (30-Jun-2020), 12.08 (2021), 13.37 (2022), 13.19 (2023), 13.89 (2024) and 14.32 (2025) [7 p.5] [6 p.105] [4 p.114] [1 p.123]; the DSE page shows a restated 2022 NAV of 12.85 [9].

Some figures are printed differently in different places. The DSE company page shows FY2023 profit of BDT 39.77m; the FY2023 statement prints BDT 39,679,725 [9] [4 p.115]. Equity at 30-Jun-2022 is printed as BDT 842,236,544 in the FY2022 report and BDT 842,236,545 in the FY2023 report [5 p.110] [4 p.114]. Advances, deposits and prepayments at 30-Jun-2023 are printed as BDT 230,530,109 in the FY2023 report and BDT 216,702,485 in the FY2024 comparatives, which show security deposits of BDT 13,827,624 on a separate line [4 p.114] [3 p.111]. The auditor's revenue key audit matter prints FY2025 net revenue of 'Tk. 166,60,19,958'; the statement prints 1,666,019,957 and note 20 prints 1,666,019,958 [1 p.117] [1 p.124] [1 p.139].

Line items: raw materials 95.4% of FY2025 cost of goods sold; short-term interest BDT 75.6m

Revenue. Note 20 prints FY2025 gross sales of BDT 1,915.9m less VAT of BDT 249.9m, giving net sales of BDT 1,666.0m; FY2024 gross sales were BDT 1,918.4m and VAT BDT 243.1m [1 p.139]. VAT equalled 13.0% of gross sales in FY2025 and 12.7% in FY2024 [19]. Revenue grew by 80.5% in FY2022 and 76.1% in FY2024; it fell by 27.2% in FY2020, 8.7% in FY2023 and 0.6% in FY2025 [19]. The directors' report describes FY2025 revenue as 'a decrease of over 0.55% on the prior year' [1 p.43].

Cost of goods sold. FY2025 cost of goods sold was BDT 1,438.6m: raw materials consumption BDT 1,372.0m and manufacturing overhead BDT 154.5m, with work-in-process rising from BDT 133.3m to BDT 175.5m and finished goods from BDT 106.7m to BDT 152.2m [1 p.139]. Raw material purchases were BDT 1,420.2m [1 p.139]. The auditor states that raw material consumption 'is 95.37% of total cost of goods sold' [1 p.118]; the model computes 95.37% [19]. Manufacturing overhead included a gas bill of BDT 45.7m (FY2024: 46.4m), salary and wages of BDT 42.6m (38.4m) and depreciation of BDT 45.5m (48.9m) [1 p.139]. The filings do not print copper tonnes bought or copper prices paid.

Operating expenses. Administrative overhead was BDT 30.8m in FY2025 (FY2024: 31.2m), including salary and allowance of BDT 19.5m, managing director's remuneration of BDT 2,880,000 (2,640,000), board and committee meeting fees of BDT 201,250 (345,000), rent of BDT 2.6m and an audit fee of BDT 460,000 [1 p.140]. Selling and distribution overhead was BDT 26.6m, of which salary and allowance BDT 16.4m and packing BDT 5.1m [1 p.140]. Operating expenses equalled 3.4% of revenue in FY2025 and 3.7% in FY2019 [19].

Financial expenses. Financial expenses were BDT 112.2m in FY2025 against BDT 85.2m in FY2024 [1 p.124]. Note 25 splits them into interest on short-term loans of BDT 75.6m (FY2024: 55.4m), interest on long-term loans of BDT 33.9m (29.0m), lease finance interest of BDT 2.3m (0.6m) and bank charges of BDT 0.45m (0.14m) [1 p.141]. Short-term interest was 67.4% of the FY2025 total [19]. The EPS note states: 'Despite revenue and other expenditures were closely comparable to the previous year, the higher financial expenses this year largely impacted net profitability. As a result, earnings per share has declined' [1 p.141]. Of the seven years FY2019-FY2025, financial expenses were highest in FY2025 [19].

Non-operating income and tax. Non-operating income was BDT 3.3m in FY2025: interest on FDR of BDT 1.6m and scrap sales of BDT 1.7m [1 p.141]. Current tax of BDT 12.8m was computed at 20% on taxable income of BDT 59.9m plus 25% on non-operating income; the minimum tax at 0.60% of gross receipts was BDT 10.0m [1 p.141]. A deferred tax income of BDT 0.98m reduced the charge to BDT 11.8m [1 p.124]. WPPF was provided at BDT 2.9m [1 p.124].

FY2026: nine-month revenue up 17.7% to BDT 1,470.6m; full-year EPS of BDT 1.00 posted on DSE

Nine months to 31-Mar-2026 (un-audited). Revenue was BDT 1,470.6m against BDT 1,250.0m in the same period a year earlier (17.7%) [2 p.2] [19]. Gross profit was BDT 170.4m, a printed gross margin of 11.59% against 13.23% [2 p.2]. Financial expenses were BDT 90.1m (81.5m) and profit after tax BDT 29.3m (29.1m), EPS BDT 0.45 (0.44) [2 p.2]. In the third quarter alone revenue was BDT 658.5m (551.6m) and EPS BDT 0.28 (0.22) [2 p.2]. Operating cash flow for the nine months was BDT 174.5m and short-term borrowings fell by BDT 109.8m in the cash flow statement [2 p.4].

DSE posts give the quarterly EPS: BDT 0.04 for July-September 2025 (2024: 0.02), BDT 0.10 for October-December 2025 (0.21) and BDT 0.28 for January-March 2026 (0.22) [8]. The half-year EPS was posted as BDT 0.15 against 0.23 [8]. The FY2026 figures posted on 27-Oct-2026 were EPS BDT 1.00, NAV per share BDT 14.89 and NOCFPS BDT 3.54, against 0.71, 14.32 and 1.49 for FY2025 [8]. EPS of 1.00 less nine-month EPS of 0.45 gives a derived fourth-quarter EPS of BDT 0.55, against 0.27 for FY2025 [19]. The DSE post does not give revenue or profit amounts; the FY2026 annual report is not in the corpus at 1-Nov-2026.

The 31-Mar-2026 balance sheet (un-audited) shows inventories of BDT 399.0m (30-Jun-2025: 544.9m), trade receivables of BDT 299.5m (275.6m), advances, deposits and prepayments of BDT 342.4m (239.4m), long-term loans of BDT 181.9m (134.6m), current maturity of BDT 20.1m (83.3m) and creditors and accruals of BDT 139.1m (98.9m) [2 p.1]. NAV per share was BDT 14.55 at 31-Mar-2026 [2 p.1].

Ratios: gross margin from 28.2% (FY2019) to 13.7% (FY2025); interest cover 1.52x in FY2025

Margins. Gross margin was 28.2%, 27.0%, 27.4%, 23.2%, 18.0%, 13.0%, 13.7% for FY2019 to FY2025 [19]. The lowest was 13.0% in FY2024 and the highest 28.2% in FY2019 [19]. Net margin ranged from 2.8% to 11.2% across the seven years [19]. The company's five-year table prints FY2025 ratios of 13.65% (gross margin), 10.21% (operating income) and 2.79% (net income) [1 p.9].

Returns. ROE on average equity was 3.0%, 8.8%, 14.0%, 4.7%, 6.6%, 5.0% for FY2020-FY2025, and return on average assets 1.4%, 4.2%, 6.8%, 2.3%, 3.2%, 2.4% [19]. Asset turnover was 0.85x in FY2025 and 0.32x in FY2020 [19]. The five-year table prints ROE of 5.02% and return on assets of 2.36% for FY2025 [1 p.9].

Leverage and cover. Borrowings (short-term, long-term including lease, and current maturity) were BDT 688.4m at 30-Jun-2019 and BDT 882.2m at 30-Jun-2025, or 0.94x and 0.94x equity [19]. Profit from operation covered financial expenses 2.29x, 1.42x, 2.19x, 3.24x, 1.72x, 1.88x, 1.52x times in FY2019-FY2025 [19]. The company prints a 'Time Interest Earned Ratio' of 1.54 and a 'Debt to Equity Ratio' of 0.94 for FY2025 [1 p.9].

Working capital. Year-end receivable days were 60 in FY2025, inventory days on cost of goods sold 138 and payable days 9, a cash conversion cycle of 189 days; the cycle was 353 days in FY2019 and 152 days in FY2024 [19]. The company prints an accounts receivable turnover of 5.90 and 'an average collection period of approximately 61 days' [1 p.33]. Inventories were BDT 544.9m at 30-Jun-2025 against BDT 400.0m a year earlier [1 p.123].

Cash conversion. Operating cash flow was 0.08x, 4.46x, 1.62x, 1.34x, 2.64x, 0.87x, 2.10x profit after tax for FY2019-FY2025; it exceeded profit in 5 of the 7 years [19]. Operating cash flow less the cash spent on property, plant and equipment and capital work in progress was BDT 76.0m in FY2025; after financial expenses paid it was BDT -34.4m [19]. The company's NOCFPS note states: 'While cash payments against advance income tax has decreased this year, cash collections from customers has increased in comparison to the previous year. As a result, the cash flow was positively impacted, and the NOCFPS increased significantly' [1 p.142].

Balance sheet: BDT 882.2m of interest-bearing borrowings at 30-Jun-2025, all receivables printed as under six months

At 30-Jun-2025 total assets were BDT 2,018.8m: property, plant and equipment BDT 768.2m, capital work in progress BDT 89.4m, security deposits BDT 22.2m, inventories BDT 544.9m, trade receivables BDT 275.6m, advances, deposits and prepayments BDT 239.4m and cash BDT 79.0m [1 p.123]. Equity was BDT 938.0m: share capital BDT 655.2m and retained earnings BDT 282.8m [1 p.123]. The balance sheet carries no revaluation reserve [1 p.123], and note 4 measures PPE at cost less accumulated depreciation [1 p.134].

Borrowings. Short-term borrowings of BDT 664.2m at 30-Jun-2025 were Social Islami Bank Limited BDT 480.0m (Bai-Murabaha TR 199.6m, Bai Muazzal WC CMSME 171.7m, letter of credit and TR 108.7m) and Dhaka Bank Limited BDT 184.2m (revolving overdraft for work orders 66.5m, revolving letter of credit 117.7m) [1 p.138]. Long-term borrowings were BDT 217.9m before current maturity: HPSM real estate BDT 25.4m, HPSM machinery BDT 165.5m and lease finance BDT 27.0m (Dhaka Bank 9.5m, Meridian Finance & Investment 17.5m) [1 p.137]. Note 49 prints interest-bearing financial liabilities of BDT 882,164,922 [1 p.148]. The DSE company page prints a 'Short-term loan' of BDT 747.53m and 'Long-term loan' of BDT 134.64m at 30-Jun-2025 [9]; 747.53m equals short-term borrowings plus current maturity on the balance sheet (derived) [1 p.123].

Receivables, advances and cash. Note 8 states that trade receivables 'are unsecured but considered good'; the ageing table puts all BDT 275,611,858 under 'Less than Six Months' [1 p.135]. Note 49.01 states that 'Accounts receivable are related to sale of generic pharmaceuticals products, basic chemical products, animal health products and pesticide products' [1 p.145]; the company's products are copper items [1 p.127]. Advances included advance income tax of BDT 190.2m and advance against local purchase of BDT 30.1m [1 p.135]. Cash of BDT 79.0m included FDRs of BDT 20.6m and dividend accounts of BDT 1.0m [1 p.136].

Other notes. Note 41 states 'There is no contingent liabilities of the Company during the year' [1 p.144]. Note 40 states 'There are no credit facilities available to the Company under any contract (other than credit available in ordinary course of business)' [1 p.144]. Deferred tax liability was BDT 61.7m, on a taxable temporary difference of BDT 308.5m at 20% [1 p.141]. Note 48 states that unclaimed dividends of BDT 1,073,761 for 2018-2019 and 2019-2020 were deposited to the Capital Market Stabilization Fund [1 p.145].

Audit opinion: unmodified, two emphasis-of-matter paragraphs on gratuity and provident funds, six key audit matters

T. Hussain & Co., Chartered Accountants (partner Mohammad Abu Kawsar FCA, ICAB Enrolment No. 1497) signed the FY2025 report on October 28, 2025 [1 p.123]. The opinion paragraph reads in full:

“In our opinion, the accompanying financial statements present fairly, in all material respects (or give a true and fair view of) the financial position of the Company as at June 30, 2025 and (of) its financial performance for the year then ended in accordance with the International Financial Reporting Standards (IFRSs).” [1 p.116]

Basis for opinion: “We conducted our audit in accordance with the International Standards on Auditing (ISAs) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) and Bangladesh Financial Reporting Council (FRC). 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.116]

Emphasis of Matter: “Without qualifying our opinion, we draw attention to the following: - We draw attention to the note number 3.15. Company did not recognize gratuity fund till now. According to Finance Act 2020, Gratuity Fund need to be approved by NBR but company yet not recognized gratuity fund and not took approval from NBR. - We draw attention to Note 3.15 of the financial statements, which describes that the Company has not implemented a provident fund scheme for its eligible employees as required under the provisions of the Bangladesh Labor Act, 2006 and relevant rules. Non-compliance with these statutory requirements may expose the Company to regulatory penalties and employee claims. Our opinion is not modified in respect of this matter.” [1 p.116]

Other Matters: “The financial statements of the Company for the year ended 30 June 2025 were audited by another auditor who expressed an unmodified opinion on those statements on 26 October 2024.” [1 p.116] The FY2024 statements were signed by Kazi Zahir Khan & Co. on October 26, 2024 [3 p.111].

The company's explanation, note 3.15: “b) Provident Fund : Company has not implemented a provident fund scheme for its eligible employees as required under the provisions of section 237 to 327 of the Bangladesh Labor Act, 2006” and “c) Gratuity : ... This fund yet to be recognized by the company and need to be get approval from National Board of Revenue (NBR).” [1 p.132] The DSE posted the emphasis-of-matter paragraph on 5-Mar-2026 [8].

The report lists six key audit matters [1 p.116] [1 p.117] [1 p.118] [1 p.119] [1 p.120]. Their description paragraphs read:

1. Valuation of Property, Plant and Equipment (PPE): “The carrying value of the PPE was Taka as 768,231,811 at June 30, 2025”; “PPE includes the Company’s Non-Current assets, which flow economic benefits to the entities more than one year.”; “PPE is measured at cost less accumulated depreciation. The carrying value of PPE represents significant portion of total assets, which is amounting to Tk. 768,231,811 at the reporting date. In other words, for the Company approximately 38.05% of total assets are represented by PPE.”; “Therefore, it has been considered as a significant area of auditor’s judgment. It is a matter of consideration that the carrying value of PPE may be higher than the recoverable amount and the impairment thereon may not have been recognized.” [1 p.116]

2. Short-term loan ("Loans"): “At reporting date, the position of short term loan remained amounting to Tk. 664,242,068 for the Company. In other words, approximately 61.46% of total liabilities for the Company are represented by Short-Term loans”; “Evidently, the Company is using loans to operate the business and also, to acquire non-current assets. Therefore, it has been considered as key audit area.” The response column ends: “Our audit procedures did not identify any issues with regard to the loans.” [1 p.117]

3. Revenue Recognition: “At year end, the Company reported net revenue of Tk. 166,60,19,958”; “Revenue is recognized when the performance obligation is satisfied by transferring goods or services to a customer, either at a point in time or over time.”; “Goods or services are “transferred” when the customer obtains control of it. Furthermore, revenue is measured at net of trade discounts, markdown adjustment, returns and allowances”; “It is a matter of concern that revenue may be misstated due to recognition of sales transaction before performance obligation being satisfied.” [1 p.117]

4. Valuation of Inventories: “The Company has significant volume of inventory and the Company's financial statement as at 30 June 2025 reflects a total inventory of BDT 544,880,945. It is worth noting that the inventories are measured at the lower of cost and net realizable value, as per the relevant accounting standards.”; “Given the nature of the inventory, which includes bulk quantities such as Raw Material, Store & Spares, Packing Materials, Work in Process, and Finished Goods, the measurement process requires.”; “Inventories are carried at the lower of cost and net realizable value (NRV). As a result, management has applied judgement in determining the appropriate values for inventories which may be slow-moving or obsolete and need to apply impairment provision creating valuation risk.”; “While excess holding of inventories could impact efficient use of working capital, similarly lower level of inventories can result in stock outs or irregular supply to the market.”; “"Furthermore, the Company reported raw material consumption of BDT 137,20,00,118 for the current year, which is 95.37% of total cost of goods sold."” [1 p.118]

5. Measurement of deferred tax liability: “Company reported net deferred tax liability totaling BDT 61,700,646 as at June 30, 2025. Significant judgement is required in relation to deferred tax liability as their liability is dependent on forecast of future profitability over a number of years.” [1 p.119]

6. Going Concern Assessment: “In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in Note 2.04 to the financial statements concerning the Company’s ability to continue as a going concern.”; “According to cash flow analysis, company shows positive operating cash flows as well as positive overall net cash flow even though during the year sales has been decreased marginally.”; “The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.” The response column includes: “We reviewed the debt services to find out whether company facing any trouble to repay debt and found no defaulter exist.” [1 p.120]

The company's explanation, note 2.04: “The financial statements of the Company are prepared on a going concern basis. As per management assessment there are no material uncertainties related to events or conditions which may cast significant doubt upon Company's ability to continue as a going concern.” [1 p.127]

Auditors by year: Shafiq Basak & Co. signed the FY2020 and FY2021 statements (26 October 2020 and 26 October 2021), Kazi Zahir Khan & Co. signed FY2022 (27 October 2022), FY2023 (November 30, 2023) and FY2024 (October 26, 2024), and T. Hussain & Co. signed FY2025 (October 28, 2025) [7 p.5] [6 p.105] [5 p.110] [4 p.114] [3 p.111] [1 p.123]. The audit fee was BDT 460,000 in FY2025 and FY2024 [1 p.140]; the directors' report states that the board recommended T. Hussain & Co.'s re-appointment for 2025-2026 'at a remuneration of BDT 400,000 excluding VAT' [1 p.47].

Governance: a seven-member board, sponsors and directors at 27.57%, and BDT 2.88m paid to the managing director

The FY2025 report lists seven directors: Rashida Abbas (Chairperson), Abbasi Adam Ali (Managing Director), Zulfikar Ali (Director), Shoeb Adam Ali (Director), Mustafa Shoeb (Director), Md. Anamul Haque (Independent Director) and Sultan Mahabubul Haque (Independent Director) [1 p.16]. Annexure-I prints four board meetings in 2024-25 with attendance of 2 (Rashida Abbas), 4 (Abbasi Adam Ali), 1 (Zulfikar Ali), 1 (Shoeb Adam Ali), 3 (Mustafa Shoeb), 4 (Md. Anamul Haque) and 4 (Sultan Mahabubul Haque) [1 p.49]. The directors' report also states 4 board meetings [1 p.46]; note 38 states 'total Eight Board Meetings were held' above a table showing 4 meetings held for each director [1 p.143].

The Audit Committee is chaired by Md. Anamul Haque with Sultan Mahabubul Haque and Mustafa Shoeb as members; it met four times, with attendance of 4, 4 and 3 [1 p.16] [1 p.49]. The Nomination & Remuneration Committee is chaired by Sultan Mahabubul Haque with Md. Anamul Haque (printed 'Mr. Anamul Haque' on the board page) and Mustafa Shoeb; it met twice, with attendance of 1, 2 and 2 [1 p.16] [1 p.49]. Sk. Miraj Ali is Company Secretary and secretary to the committees [1 p.16]. Total board fees paid were BDT 201,250 [1 p.49]; the report does not print the fee paid to each director in Annexure-I, note 36 or note 50 [1 p.49] [1 p.143] [1 p.148].

Director profiles. Rashida Abbas 'worked as a director of Steeltech Industries Ltd.' before establishing CTIL; Abbasi Adam Ali 'was the part of the management Board of Steeltech Industries Limited'; Zulfikar Ali (printed 'Zulfiker Ali' in the profile text) started 'Ezzy Enterprise' in 1984; Shoeb Adam Ali has experience 'in his own organizations Safina Enterprise and other small medium organization' [1 p.17] [1 p.18]. Md. Anamul Haque 'is the Chief Financial Officer of Aamra Networks Limited (ATL) besides overseeing the Group’s financial activities and operations as Group CFO' and joined as Independent Director in March 2024 [1 p.18]. Sultan Mahabubul Haque (printed 'Sultan Mahbubul Haque' in the profile text) is 'the HR Head at Square Textiles Division' and joined as Independent Director in May 2022 [1 p.19]. The profiles do not print family relationships between directors; we searched the profiles, notes and Annexure-II for 'spouse', 'husband', 'wife', 'son' and 'daughter' and found only the Annexure-II line that directors' 'Spouses & Minor Children do not have shareholding' [1 p.50]. We found no former chairperson named on the board page or in the profiles.

Directors listed elsewhere. Note 35.01 lists 'Abul Basher' as a Director, and note 50 lists Abul Basher (Director) and 'Mukit Ahmed, ACMA, FCA' (Independent Director) alongside the seven directors [1 p.143] [1 p.148]. The directors' report refers to the 'death of Dr. Abul Basher, one of Coppertech's directors who held 2.5% shares' [1 p.46]. Annexure-II prints 'Parent/Subsidiary/Associated Companies/Others Related Party: N/A' [1 p.50].

Related parties and pay. Note 35.01 prints one related-party transaction: BDT 2,880,000 to Abbasi Adam Ali, Managing Director, with no outstanding balance printed [1 p.143]. Note 36 prints 'Directors Remuneration' of BDT 2,880,000 (FY2024: 2,640,000) and board meeting attendance fees of BDT 201,250 (345,000); note 35.01 states '(a) no compensation was made to the Managing Director of the company' [1 p.143]. Note 50 prints a salary of BDT 2,880,000 against Abbasi Adam Ali and nil for the other eight names [1 p.148], and note 22 prints 'Managing Directors Remuneration' of BDT 2,880,000 [1 p.140].

Senior management printed in the report: Muhammed Mizanur Rahman, Chief Financial Officer (joined March 2023); Major Mohammad Asif Iqbal (Retd), Chief Operating Officer (joined 2014); Sk. Miraj Ali, Company Secretary; Abdullah Al Faruq, Head of Supply Chain; Md Ashraf Siddiqi, Head of Sales; and Md. Shamsur Rahman, Head of Procurement [1 p.20] [1 p.21]. Annexure-II names Md. Emtiaz Shadi Shohelen as in charge of internal audit and compliance [1 p.50]. Three directors retire by rotation at the 13th AGM: Shoeb Adam Ali, Zulfikar Ali and Mustafa Shoeb [1 p.46]; the AGM agenda also includes 'To appoint an Independent Director' [1 p.15].

Ownership and dividends: 2.15% paid for FY2025, 3% recommended for FY2026, 31 DSE posts in 24 months

Ownership. Note 11 prints sponsor/director holdings of 27.57%, institutions 22.28% and public 50.15% at 30-Jun-2025 [1 p.136]. The DSE page shows 27.57%, 17.50% and 54.93% at 31-Aug-2026 and 27.57%, 17.46% and 54.97% at 30-Sep-2026 [9]. Annexure-II prints 'No Shareholders in this category' for holders of 10% or more [1 p.50].

Dividends. The DSE page lists cash dividends of 7% for 2019, 2.5% for 2020, 5% for 2021, 4% for 2022, 2% for 2023, 4% for 2024 and 2.15% for 2025, and stock dividends of 5% for 2019 and 4% for 2022 [9]. For FY2022 the report describes '4% Cash (excluding Sponsor and Directors) and 4% stock Dividend' [5 p.59]. For FY2026 the board recommended a 3% cash dividend with a record date of 3-Dec-2026 [8]. Cash dividends paid in the cash flow statements summed to BDT 120.9m over FY2019-FY2025 (derived) [19].

FY2024 dividend paid. The FY2024 report states 'The Board of Directors of the Company has recommended 4% Cash Dividend' [3 p.59]. The FY2025 statements show BDT 18,328,128 paid [1 p.125] [1 p.145]. A 4% dividend on all 65,520,000 shares is BDT 26,208,000 (derived); 18,328,128 divided by BDT 0.40 is 45,820,320 shares (derived), which equals 65,520,000 less the 19,699,680 shares implied by note 11's 30-Jun-2024 sponsor/director capital of BDT 196,996,800 (derived) [1 p.136]. The FY2024 report does not print an exclusion for that year. The FY2025 dividend of 2.15% was paid as BDT 14,086,800, which equals 2.15% of BDT 655.2m [2 p.3] [19].

DSE news, 1-Nov-2024 to 31-Oct-2026. The archive holds 31 COPPERTECH posts; none is titled a correction [8]. They cover board-meeting notices, quarterly and annual results, dividend declarations, record-date suspensions, dividend disbursements, the emphasis-of-matter post of 5-Mar-2026 and a credit-rating post of 15-Jul-2026 [8]. The rating post states that ARGUS Credit Rating Services Limited 'has announced the rating of the Company as "A-" for long term and "ST-3" for short term along with Stable outlook' [8]. No post in the 24 months reports a board approval of capital expenditure, a new plant, a rights issue or a borrowing approval [8]. The FY2025 notes print capital work in progress of BDT 89.4m (factory building 22.7m, plant and machinery 62.0m, electric equipment 4.7m) [1 p.134].

Peers: BBS Cables and Eastern Cables reported FY2025 losses; Coppertech reported a profit of BDT 46.4m

Peers are DSE-listed companies with published AnalystBro notes [14] [15]. BBS Cables PLC prints its principal activities as 'manufacturing, trading, selling, distributing all kinds of aluminum cables, copper cables, silicon cables, optical fiber cables, power cables' and other cables and wires [10 p.135]. Eastern Cables Limited prints its products as 'PVC insulated and PVC sheathed single and multi-core tension Domestic Cable with Cu Conductor', 'Power Cables both LT & HT' and 'Different sizes of bare & insulated all Aluminium Conductor (AAC) & Aluminium Conductor Steel Re-inforced (ACSR)' [12 p.14]. Coppertech prints that it manufactures copper pipe, tube, billet, flat hexagonal and rod, copper wire and brass rod [1 p.127]. The three report for the year to 30-Jun-2025.

Audit opinions, from each company's own report: Coppertech's opinion is unmodified with two emphasis-of-matter paragraphs [1 p.116]; BBS Cables' opinion is unmodified with two emphasis-of-matter paragraphs on gratuity and provident funds [11 p.124]; Eastern Cables' report is headed 'Qualified Opinion' [13 p.44]. T. Hussain & Co. audited both Coppertech and BBS Cables for FY2025, and both statements are dated 28 October 2025 [1 p.123] [10 p.131].

FY2025 figures from the peers' own statements: BBS Cables revenue BDT 2,104.8m, gross profit BDT 317.6m, operating loss BDT (310.3)m, 'Finance Cost' BDT 689.4m and loss after tax BDT (856.6)m [10 p.132]; Eastern Cables 'Revenue (Net of VAT)' BDT 300.6m, gross profit BDT 24.8m, operating loss BDT (43.3)m, 'Financial Expenses' BDT 73.0m and loss after tax BDT (116.8)m [12 p.50]. Eastern Cables' equity includes an asset revaluation reserve of BDT 8,798.9m [12 p.49]. Coppertech, BBS Cables and Eastern Cables charged WPPF of BDT 2.9m, nil and nil in FY2025 [1 p.124] [10 p.132] [12 p.50].

Market data: BDT 23.10 on 29-Oct-2026, 23.1x FY2026 EPS posted on DSE, 52-week closes BDT 16.7-29.7

The DSE close on 29-Oct-2026 was BDT 23.10, giving a market capitalisation of BDT 1,513.5m on 65,520,000 shares [18] [9]. On unadjusted DSE trading-day closes from 30-Oct-2025 to 29-Oct-2026 (238 sessions) the low was BDT 16.7 on 13-Nov-2025 and the high BDT 29.7 on 2-Aug-2026, with no ties [18]. The DSE page prints a '52 Weeks' Moving Range' of 16.20 - 30.60, which uses intraday prices [9].

Multiples, stated as facts. On the FY2026 EPS of BDT 1.00 posted on DSE (audited report not in the corpus at 1-Nov-2026) the P/E is 23.1x; on the audited FY2025 EPS of BDT 0.71 it is 32.5x [19]. The DSE page prints 23.1 for 29-Oct-2026 under 'Current P/E Ratio using Basic EPS (Continuing core operations)' in its table headed 'Price Earnings (P/E) Ratio based on latest Un-audited Financial Statements', and 32.54 in its table based on audited statements [9]. Price to NAV is 1.55x on the FY2026 NAV of BDT 14.89 posted on DSE and 1.61x on the audited 30-Jun-2025 NAV of BDT 14.32 [19]. The recommended 3% cash dividend (BDT 0.30 a share) is 1.3% of the 29-Oct-2026 close [19].

Own history. The DSE page prints year-end P/E ratios of 33.54 (2021), 22.25 (2022), 60.79 (2023), 31.00 (2024) and 29.78 (2025) [9]. The FY2025 report's key share information prints a share price of 21.10, a 52-week high of 31.90, a low of 15.40 and a 'Year -end P/E' of 29.71 [1 p.113]; the DSE page prints 29.78 for the same year [9].

What's next: Q1 FY2027 results (12-Nov-2026 Thu or 15-Nov-2026 Sun, inferred), record date 3-Dec-2026, AGM in January 2027 (inferred)

Dates are sourced or inferred from printed precedents. The FY2026 record date of 3-Dec-2026 (a Thursday) is notified [8]. The FY2026 AGM date is not notified: the 27-Oct-2026 post says 'Date, Time and Venue of the AGM: Will be notified later' [8]. The last five AGM notices set Thursdays in January: 13-Jan-2022, 19-Jan-2023, 25-Jan-2024, 9-Jan-2025 and 29-Jan-2026 [6 p.6] [5 p.5] [4 p.15] [3 p.15] [1 p.15]; a Thursday from 7-Jan-2027 to 28-Jan-2027 is inferred (5 years).

The Q1 FY2027 board meeting is not notified at 31-Oct-2026 [8]. The two Q1 board meetings in the DSE archive were held on 13-Nov-2024 and 13-Nov-2025 [8]; 13-Nov-2026 is a Friday; the inferred date is 12-Nov-2026 (Thu) or 15-Nov-2026 (Sun) (inferred, 2 years). The Q2 board meetings were held on 29-Jan-2025 and 29-Jan-2026 [8]; 29-Jan-2027 is a Friday; 28-Jan-2027 (Thu) or 31-Jan-2027 (Sun) is (inferred, 2 years). Bangladesh's LDC graduation date is 24-Nov-2029 [16] [17].

Risks: copper input cost, short-term borrowing cost, a gratuity fund not recognised and a provident fund scheme not implemented

The risks below are each tied to a printed figure. The company's own risk note groups its exposures as credit risk, liquidity risk and market risk [1 p.46]. Its SWOT list prints 'High volatility of LME price of copper', 'Rising cost of inputs' and 'Continuous attrition of skilled manpower' as threats and 'Higher working capital requirement' and 'Limited source for raw materials' as weaknesses [1 p.34].

Key questions: the FY2026 accounts behind EPS of BDT 1.00, the audit paragraphs and the CCR share

The audited figures at 30-Jun-2025 are equity of BDT 938.0m, borrowings of BDT 882.2m (derived) and cash of BDT 79.0m [1 p.123] [19]. The un-audited figures at 31-Mar-2026 are equity of BDT 953.2m and short-term borrowings of BDT 554.4m [2 p.1].

Printed differences: board-meeting count, managing director pay and segment revenue

Where the filings print a figure or fact two ways, both printings are listed below; we have not chosen between them.

FAQ

What does Coppertech Industries make?

Copper pipe, tube, billet, flat hexagonal and rod, copper wire and brass rod at a factory in Hobiganj; continuous cast copper rod (CCR) was BDT 1,394.64m of FY2025 sales [1 p.127] [1 p.42].

What was the FY2025 result?

Revenue BDT 1,666.0m, profit after tax BDT 46.4m, EPS BDT 0.71, NAV per share BDT 14.32 [1 p.123] [1 p.124].

What did the company post for FY2026?

EPS BDT 1.00, NAV per share BDT 14.89, NOCFPS BDT 3.54 and a 3% cash dividend recommendation, posted on DSE on 27-Oct-2026 [8].

What did the auditor say about FY2025?

An unmodified opinion with emphasis-of-matter paragraphs on the gratuity fund and the provident fund, and six key audit matters [1 p.116].

How much does Coppertech borrow?

Short-term borrowings were BDT 664.2m and long-term borrowings BDT 217.9m before current maturity at 30-Jun-2025 [1 p.137] [1 p.138].

Who owns Coppertech?

Sponsors and directors held 27.57%, institutions 17.46% and the public 54.97% at 30-Sep-2026 (DSE) [9].

When is the next AGM?

Not notified at 31-Oct-2026; five years of January Thursday AGMs give a Thursday from 7-Jan-2027 to 28-Jan-2027 (inferred) [8] [1 p.15].

Sources

1. Coppertech Industries Ltd. Annual Report 2025 (audited, year to 30-Jun-2025); page numbers are PDF pages · link · accessed 2026-11-02
2. Coppertech Industries Ltd. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-02
3. Coppertech Industries Ltd. Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-11-02
4. Coppertech Industries Ltd. Annual Report 2023 (year to 30-Jun-2023) · link · accessed 2026-11-02
5. Coppertech Industries Ltd. Annual Report 2022 (year to 30-Jun-2022) · link · accessed 2026-11-02
6. Coppertech Industries Ltd. Annual Report 2021 (year to 30-Jun-2021) · link · accessed 2026-11-02
7. Coppertech Industries Ltd. audited financial statements, year to 30-Jun-2020 (with 30-Jun-2019 comparatives) · link · accessed 2026-11-02
8. DSE news archive, COPPERTECH, all news 1-Nov-2024 to 31-Oct-2026 (31 posts, dated 11-Nov-2024 to 27-Oct-2026) · link · accessed 2026-11-02
9. DSE company page, COPPERTECH (dividend history, shareholding to 30-Sep-2026, P/E table 25-Oct to 1-Nov-2026; read 2-Nov-2026) · link · accessed 2026-11-02
10. BBS Cables PLC Annual Report 2024-2025 (audited, year to 30-Jun-2025); statement of profit or loss page image · link · accessed 2026-11-02
11. BBS Cables PLC Annual Report 2024-2025, independent auditors' report page image · link · accessed 2026-11-02
12. Eastern Cables Limited Annual Report 2024-2025 (audited, year to 30-Jun-2025); statement of profit or loss page image · link · accessed 2026-11-02
13. Eastern Cables Limited Annual Report 2024-2025, independent auditor's report page image · link · accessed 2026-11-02
14. AnalystBro, BBS Cables financial analysis (published note) · link · accessed 2026-11-02
15. AnalystBro, Eastern Cables financial analysis (published note) · link · accessed 2026-11-02
16. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
17. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-02
18. AnalystBro price data (TradingView DSE daily feed, unadjusted): DSE:COPPERTECH daily bars 15-Sep-2025 to 1-Nov-2026 · link · accessed 2026-11-02
19. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-02