Daffodil Computers financial analysis: EPS BDT 0.16, BDT 596m group loans, shares up 5x (Oct 2026)

Investment considerations: margins are improving, but BDT 63.6m of interest leaves EPS at BDT 0.16

Daffodil Computers PLC (DCL) is the listed company of the Daffodil group, whose managing director, Dr. Md. Sabur Khan, also chairs Daffodil International University (DIU) and the Daffodil Group [1 p.17]. It sells computers, laptops, printers, accessories and smart cards, mostly bought from local and foreign suppliers, through DCL and its subsidiary Dolphin Computers; it sells its own customised software; and it consolidates three education and skills units: Daffodil International School (DIS), the Skill Jobs portal and the DIPTI training institute [1 p.112] [1 p.113]. Consolidated revenue was BDT 550.6m in the year to 30 June 2025, and profit after tax BDT 8.1m, or BDT 0.16 a share [1 p.73].

The numbers that matter most to a shareholder are on the balance sheet, not the income statement. Between June 2021 and June 2025 total assets doubled from BDT 796m to BDT 1,613m while equity fell from BDT 672m to BDT 646m [5 p.55] [1 p.71]. The gap was filled by bank loans (BDT 245m at June 2025) and by money from the sponsor family's other companies, booked inside 'other payables': BDT 490.4m owed to a 'Daffodil family Concern' and BDT 105.9m to Daffodil Group Ltd [1 p.109]. The 2021-22 report names the family lender as Creative International [5 p.89]. That money paid for a school campus in Uttara (BDT 442.2m including registration) [5 p.7] and an advance of BDT 285.9m for a laptop assembly plant in the Hi-Tech City at Kaliakoir [1 p.95] [1 p.26]. Interest on this funding is why profit fell 76% in three years while gross profit rose 49% [23].

Business: a computer reseller with a school inside it, financed since 2022 by the sponsor's family companies

DCL has four sources of income. The largest is trading in computer goods. In FY2025 it sold BDT 249.5m of computers and laptops, BDT 40.1m of accessories, BDT 36.0m of other hardware, BDT 23.9m of printers, BDT 22.1m of smart cards, BDT 10.5m of monitors and BDT 31.7m of packaged software, for BDT 416.0m gross and BDT 410.6m after returns and VAT [1 p.112]. Under a third of purchases were imported (BDT 87.9m of BDT 300.0m) and the rest bought locally [1 p.115]; the company also assembles its own 'Daffodil PC', which made up BDT 13.9m of June 2025 stock [1 p.91]. Dolphin Computers, the subsidiary, sold BDT 72.0m of the hardware [1 p.112].

The second is customised software. 'Sales of software' were BDT 69.7m in FY2025 [1 p.112]; the products include a web-based business ERP built on Microsoft SQL Server [1 p.30]. The third is education. Daffodil International School, set up in 2009 [1 p.28], is not a separate company but a project of DCL whose fees (tuition BDT 43.3m, admission BDT 8.1m, re-admission BDT 4.2m and others) came to BDT 64.5m [1 p.113]. The fourth is skills: Skill Jobs (jobs portal, recruitment, training) earned BDT 5.2m and the DIPTI institute BDT 0.6m [1 p.113].

Who are the customers? The company does not disclose revenue by customer type. The notes show government and institutional buyers through tender paperwork: security deposits 'against supply to different Government and Corporate Authorities' and bank guarantees issued for Bangladesh Road Transport Authority (BRTA), the Hi-Tech Park authority, BUET, Bangladesh Bank, Sonali Bank, Cumilla University and others [1 p.94] [1 p.95]. These deposits are small (BDT 0.9m and BDT 1.1m). Group institutions also buy: DIU transactions with DCL were BDT 37.2m in FY2025, against BDT 36.5m settled [1 p.98]. Trade receivables are only BDT 32.9m and receipts from customers were BDT 550.6m in FY2025, almost equal to revenue [1 p.91] [1 p.77], which suggests most sales are cash or short-credit retail and corporate sales rather than long government contracts.

The decade's story has three parts. First, hardware revenue shrank: consolidated revenue fell from BDT 690.1m in FY2018 to BDT 481.4m in FY2021 [7 p.47] [6 p.58], and EPS fell from BDT 2.18 to 0.70. Second, from FY2022 the company bought assets with borrowed money. PPE purchases were BDT 442.4m in FY2022, funded by BDT 219.0m of new bank borrowing and by BDT 130m from Creative International and BDT 80m still owed to the seller, Rupayan Housing Estate [5 p.61] [5 p.89]. Land in the fixed-asset schedule rose to BDT 787.5m [4 p.120]. In FY2023 and FY2024 the company paid BDT 283.8m into the Hi-Tech Park project [3 p.92] [1 p.95]. Third, finance costs arrived. Financial expenses rose from BDT 1.8m in FY2022 to BDT 21.9m, 55.7m and 63.6m in the next three years [3 p.71] [1 p.73].

Revenue mix: hardware is 75% of sales, software has fallen to 13%, the school is 12% and rising

Hardware has been three-quarters of revenue for seven years: 74.9% in FY2019 and 74.6% in FY2025 [23]. After falling 19.8% from FY2019 to FY2021, hardware sales grew in each of the last four years, to BDT 410.6m in FY2025 [7 p.79] [1 p.112]. The directors put FY2025 growth down to 'an increase in hardware product sales and ICT services' while 'rising import costs and currency fluctuations affected our profit margins' [1 p.25]. Laptops and computers (BDT 249.5m) grew 5.6% and smart cards 23.4% [1 p.112].

Software has shrunk every year: from BDT 103.5m (FY2019) to BDT 69.7m (FY2025), and from 17.2% to 12.7% of revenue [23]. The nine-month figures show no turn: customised software sales were BDT 75.4m to March 2026 against BDT 76.6m a year earlier [2 p.20]. (The nine-month line includes software resold inside the hardware note, so it is not directly comparable to the annual 'sales of software' line.) Capitalised development has nearly stopped: BDT 1.5m in FY2025 against BDT 5.4m in FY2020 [1 p.89] [6 p.62].

Education is the only unit whose share is rising. School fees were BDT 37.0m in FY2019, BDT 44.2m in FY2024 and BDT 64.5m in FY2025, when tuition fees jumped from BDT 28.1m to BDT 43.3m [7 p.79] [1 p.113]. The move to the purchased Uttara campus, bought 'as a permanent campus of Daffodil International School' [5 p.7], is the obvious context, though the company does not give student numbers. The nine-month figure (BDT 33.6m, against BDT 34.3m) shows that a large part of FY2025 school income came in the June quarter [2 p.20].

Segment margins: hardware gross margin rose to 23.8%, software fell to 56.9%, and the school out-earned the parent

The company does not report segments under IFRS 8 (it marks the standard 'N/A') [1 p.80], but the revenue and cost-of-sales notes allow a gross margin for hardware, software and Skill Jobs. Hardware gross margin rose from 11.3% in FY2019 to 23.8% in FY2025 [23]. Cost of hardware sold was flat at about BDT 307-313m for four years while sales rose 13.8% from FY2021 [1 p.114] [6 p.91]. The cost note shows what is inside: materials BDT 298.0m, PSI charges and import levies BDT 8.7m, freight BDT 2.1m, import VAT BDT 1.3m [1 p.115]. We cannot tell from the notes whether the margin gain came from price, mix (more own-assembled PCs and smart cards) or from cost classification, and the directors' comment about import costs points the other way [1 p.25].

Software is the high-margin line but a shrinking one: gross margin was 76.5% in FY2019 and 56.9% in FY2025, as the direct cost of software and web hosting rose from BDT 24.3m to BDT 30.0m while sales fell [23]. Software made 60.8% of hardware-plus-software gross profit in FY2019 and 28.9% in FY2025. Skill Jobs has a high gross margin (87.3%) on revenue of only BDT 5.2m. The school has no cost of sales in the consolidated note; its costs sit in administrative expenses, so its margin is visible only at the profit line: BDT 4.0m of profit on BDT 64.5m of fees in FY2025 (6.2%) [1 p.103] [1 p.113].

Line items: operating profit nearly doubled since FY2021, but financial expenses took 86% of it in FY2025

Gross profit. Group gross margin rose from 28.7% in FY2022 to 37.6% in FY2025, the highest since FY2018 [23], because hardware margins rose and school fees (no cost of sales) grew. Gross profit rose from BDT 138.8m to BDT 206.9m.

Operating expenses. Administrative expenses rose from BDT 98.3m (FY2021) to BDT 130.3m (FY2025) [6 p.58] [1 p.73], 23.7% of revenue (24.2% with selling expenses). In the parent's nine-month note, salaries are the largest item (BDT 20.2m), followed by depreciation (BDT 5.3m) and office rent (BDT 4.6m) [2 p.21]. The consolidated increase in FY2025 (BDT 14.8m) came mostly from the school and Skill Jobs, since the parent's own administrative expenses were flat at BDT 52.9m [1 p.74]. Operating profit rose to BDT 73.6m, an operating margin of 13.4% [23].

Financial expenses are the line that decides EPS. They were BDT 63.6m in FY2025, all in the parent [1 p.74]. The loan notes show an IDLC loan of BDT 168.8m (interest BDT 27.5m in the year), Mercantile Bank and Pubali Bank cash-credit lines at 14.5% and Mercantile term loans at 14.5% [1 p.104] [1 p.107]. The family loan also grows: the balance owed to the 'Daffodil family Concern' rose by BDT 23.35m in FY2025 [1 p.98], which is exactly 5% of the opening BDT 467.0m, the rate approved in 2022 [5 p.7]; the filing does not say whether this is accrued interest, and the nine-month addition was BDT 13.4m [2 p.18]. Each 1 percentage point on the BDT 245m of bank borrowing at June 2025 is about BDT 2.5m a year, 30% of FY2025 profit [23].

Tax. The effective tax rate rose to 40.4% in FY2025 because tax is charged on minimum gross receipts and income from software is treated separately in the tax computation [1 p.111]; with profit before tax only BDT 13.7m, a BDT 4.7m current tax charge is large [1 p.73].

The current year. For the nine months to March 2026, revenue fell 4.8% to BDT 377.1m, gross margin held at 35.1%, financial expenses were BDT 32.7m (BDT 33.9m a year earlier) and profit attributable to owners fell 31% to BDT 12.5m, EPS BDT 0.25 [2 p.6]. The March quarter alone made BDT 2.0m. Operating cash flow was negative BDT 37.7m against positive BDT 62.2m a year earlier, as payments to suppliers and others rose to BDT 383.7m [2 p.7]. A year ago the June quarter turned a nine-month profit of BDT 18.1m into a full-year BDT 8.1m [23], so the nine-month figure is not a guide to the year.

Ratios: ROE fell from 16.1% to 1.3%; cash flow is flattered by group loans booked as payables

Over eight years every return ratio has fallen. ROE (profit over NAV) was 16.1% in FY2018, 5.2% in FY2021 and 1.3% in FY2025; net margin fell from 15.8% to 1.5% [23]. NAV per share has barely moved (BDT 13.58 in FY2018, BDT 12.90 in FY2025) because nearly all profit was paid out: payout ran at 55-92% from FY2018 to FY2023, and the FY2024 dividend of BDT 0.50 was 2.4 times EPS [23].

Cash conversion looks very strong and is not what it seems. Operating cash flow was 8.5 times profit in FY2022 and 19.5 times in FY2025 [23]. The cash-flow statement is prepared on the direct method, and money borrowed from group companies is recorded in 'trade and other payables' [1 p.109]. Other payables rose by BDT 122.4m in FY2025 and by BDT 180m in FY2023 [1 p.109] [4 p.101], so part of reported operating cash is group funding. Taking out the FY2025 increase leaves about BDT 36m of operating cash, still above profit [23].

Balance sheet: net debt with group loans is 1.12x equity, and BDT 327m of project advances wait in current assets

Debt and group funding. At June 2025 the group had BDT 245.3m of bank loans, overdrafts and credit, and BDT 596.3m owed to the family concern and Daffodil Group Ltd, against cash of BDT 117.7m and equity of BDT 646.1m [1 p.71] [1 p.109]. Net debt including the group loans was 1.12 times equity, against 0.01 times in June 2021 [23]. By March 2026 bank borrowing had fallen to BDT 199.0m and Daffodil Group Ltd had been repaid BDT 75m (balance BDT 37.7m), while the family-concern balance rose to BDT 503.7m [2 p.5] [2 p.18]. Cash fell to BDT 49.0m. All borrowings are classified as current liabilities [1 p.71].

Receivables and their quality. Trade receivables are not where the risk sits: BDT 32.9m at June 2025, split between DCL (BDT 18.6m), Dolphin (BDT 4.9m), the school (BDT 4.7m) and Skill Jobs (BDT 4.7m), described as 'unsecured but considered good' with no ageing schedule and no provision [1 p.91]. Government exposure shows up instead in advances. BDT 19.8m paid for the BRTA-IS project is the subject of a case the company filed in the High Court Division against the BRTA chairman, 'still pending' [1 p.96]; the same BDT 19,831,258 was on the books at June 2018 [7 p.65]. A further BDT 6.3m is an advance to a Dubai branch [1 p.96], funded by a BDT 6.0m loan from directors [1 p.109].

The Hi-Tech Park advance. BDT 285.9m paid for the 'ICT Assembling plant - Hi-Tech park' has been unchanged since June 2024 and is carried as an advance in current assets, not as property or capital work in progress [1 p.96] [3 p.92]. The directors say construction of the laptop assembly factory and lab is complete, with investment 'exceeding BDT 60 crore', and that DCL will launch its own laptops 'upon receiving NBR approval' [1 p.26]. The BDT 600m figure is about twice the advance in the accounts; the filings do not reconcile the two. Advances, deposits and prepayments together were 30.3% of total assets [23].

Fixed assets and audit. Consolidated PPE of BDT 868.3m is mostly land (BDT 787.5m at cost in the FY2023 schedule) [4 p.120]; the auditor's key audit matter notes that the fixed-asset register is kept manually and 'was not up-to date' [1 p.66], and the accounting-policy note says the cash book, general ledger and fixed-asset register are maintained manually 'due to some technical problem' [1 p.81]. The opinion is unmodified, with emphasis of matter on the provident fund, WPPF (government portion unpaid, no interest provided), unreconciled tax balances in Dolphin, the school and Skill Jobs, and missing Skill Jobs ledgers and bKash balances [1 p.64] [1 p.65]. Subsidiary and project accounts are audited by other auditors [1 p.64].

Related parties: BDT 541m is owed to Daffodil family companies, and BSEC refused both plans to swap it for shares

Related parties are the centre of this company. The FY2025 related-party note lists 17 group entities, from Daffodil International University and Daffodil Software to Daffodil Polytechnic, DIPTI and Daffodil Daycare [1 p.98]. Most are small trading balances. Two are not: the 'Daffodil Family Concern' (opening BDT 467.0m, addition BDT 23.35m, closing BDT 490.35m) and Daffodil Group Ltd (new in FY2025, BDT 105.9m) [1 p.98]. The 2021-22 accounts name the first lender as Creative International (BDT 130m at June 2022) [5 p.89], and the AGM notice for 2022 asked shareholders to approve a BDT 400m loan from Creative International, 'another concern under the same Daffodil family', at 5% for five years [5 p.7]. The company secretary told the Financial Express that the two companies belong to the same business family and share a director [13].

The share-issue proposals. In December 2024 the board proposed issuing 46.7m new shares at BDT 10 to settle the family loans, when the share closed at BDT 63.9; TBS reported that the company said it had 'failed to repay the loans' [12]. The Bangladesh Securities and Exchange Commission rejected that plan by letter dated 7-Aug-2025 (DSE, 11-Aug-2025) [20], as also reported by both the Financial Express in August 2025 and TBS [13] [14]. The Financial Express quoted the BSEC spokesperson as saying common owners would get shares at BDT 10 when the market price was above BDT 50, and that the loan could be settled with one-fifth of the shares at market prices [13]. On 10-Nov-2025 the board tried again: 32.7m shares at BDT 15 for BDT 490.3m, approved at an EGM on 29-Dec-2025 [14] [15]. BSEC declined this by letter dated 21-May-2026, saying it was 'not in a position to accord consent' (DSE disclosure of 1-Jun-2026) [20] [15]. The loan therefore remains a liability.

Board and ownership. The six-member board is chaired by Ms. Shahana Khan; Dr. Md. Sabur Khan is managing director; the other directors are Dr. Mohamed Emran Hossain (chief operating officer of the Daffodil group since 2017), Ms. Samiha Khan (a DIU lecturer and Daffodil Group brand deputy director), and two independent directors, Mr. Md. Bazlul Kabir Bhuiyan and Mr. Md. Munir Hossain [1 p.8] [1 p.19] [1 p.20]. Directors receive no remuneration other than board fees, according to the directors' report [1 p.33], though the parent's nine-month note shows BDT 1.0m of 'directors remuneration' [2 p.21]. Sponsor-directors held 41.40% as of 31-Oct-2024, as reported by TBS [12]; the annual report's distribution schedule shows 11 holders owning 71% of shares and 27 more owning 16% [1 p.102]. Auditors changed from Aziz Halim Khair Choudhury (FY2019) to Shafiq Basak & Co. (FY2021-FY2023) and to PKF Aziz Halim Khair Choudhury (FY2024-FY2025) [7 p.45] [4 p.65] [1 p.31].

Dividends: from 12% in FY2018 to nil in FY2025, after payouts above earnings

DCL paid cash every year from FY2018 to FY2024, at a falling rate: 12% (BDT 1.20 a share) for FY2018, 10% for FY2019, 8% for FY2020, 6% for FY2021 and 5% for each of FY2022, FY2023 and FY2024 [7 p.39] [7 p.91] [6 p.48] [6 p.101] [5 p.107] [4 p.118] [3 p.122]. For FY2025 the board recommended no dividend [1 p.31], and the AGM of 29-Dec-2025 approved the accounts with no dividend [21]. Dividends paid in cash fell from BDT 89.7m (FY2018) to BDT 24.9m (FY2025) [7 p.49] [1 p.77].

Payout ran ahead of earnings: the 5% for FY2024 cost BDT 25.0m against profit of BDT 10.6m [1 p.75] [3 p.71]. That is why retained earnings fell from BDT 196.6m (parent, June 2023) to BDT 158.6m (June 2025) [1 p.76]. With FY2025 profit of BDT 8.1m and BDT 63.6m of financial expenses, the FY2025 nil dividend follows from the numbers rather than from a stated policy change.

Price history: the share rose 5.2x from its November 2025 low while EPS fell; P/B is 11.8x

These are facts about the share price, set against the filings; they are not a view on whether the price is right. At the end of each fiscal year the share closed at BDT 39.4 (June 2018), 62.7 (June 2021), 81.1 (June 2024) and 53.9 (June 2025) [22]. Over that time EPS fell from BDT 2.18 to 0.16 and NAV per share stayed around BDT 13-14 [23]. The fiscal-year-end P/E therefore rose from 18x to 337x and P/B from 2.9x to 4.2x [23].

Over the past year: the share fell to a closing low of BDT 29.9 on 13-Nov-2025, two days after the BDT 15 share-issue plan was announced, then rose to BDT 171.1 on 3-Aug-2026 and closed at BDT 155.8 on 29-Oct-2026 [22]. Nine-month EPS over the same period fell from BDT 0.36 to 0.25 [2 p.6]. DSE queried the company on 12-Mar, 21-Jun and 13-Jul-2026 (trading was halted for the rest of 13-Jul for an unusual price hike); each time the company said there was no undisclosed price-sensitive information, and on 30-Jul-2026 it filed a clarification about a YouTube video claiming PSI had been disclosed [20] [16] [17]. In 2023 the share rose from BDT 65.8 to 102.9 (September 2023) [22]; FY2023 EPS was BDT 0.54 against 0.67 in FY2022 [1 p.25]. At BDT 155.8 the share trades at 11.8x March 2026 NAV and about 3,156x trailing EPS of BDT 0.049 [23].

Size and liquidity. At BDT 155.8 the market value is BDT 7.78bn [23], against BDT 2.69bn at June 2025. In the 13 weeks to 29-Oct-2026 about 11.3m shares traded, roughly 174,000 a day or 0.35% of the 49.9m shares [22]. That is more liquid than in 2022-23, when the share closed at BDT 65.8 for most months from October 2022 to May 2023 and traded fewer than 1,000 shares in several weeks [22]. With sponsors at about 41% [12], the free float is near 29m shares.

Peers: DCL's 37.6% gross margin matches the ISPs, but interest leaves a 1.5% net margin

There is no listed hardware reseller to compare with, so the peer set is the listed IT and internet companies with June year ends, each from its own FY2025 filing. The labels differ: ADN Telecom's figures are its separate (standalone) five-year highlights; BDCOM calls its interest line 'Financial Charges'; Genex uses 'Net revenue' and 'Financial expenses' [8 p.21] [9 p.98] [10 p.142] [11 p.9]. DCL's figures are consolidated [1 p.73]. The business models differ too (ISPs, a contact centre, a reseller with a school), so the table shows how each earns, not like-for-like valuation.

Two things stand out. DCL's gross margin (37.6%) is in the range of the ISPs, helped by school fees with no cost of sales, but its net margin (1.5%) is the lowest with aamra networks (1.3%). And its financial expenses (11.5% of revenue) are second only to Genex (22.6%); Genex, though, still earned a 14.3% net margin. On the 29-Oct-2026 closes, DCL's P/E on FY2025 EPS is 974x against 13x for Genex, 22x for ADN and 31x for BDCOM [23] [22].

What's next: FY2026 results, the December AGM and what happens to the BDT 504m family loan

Disclosed items that will move the lines (direction only, no forecast):

Risks: interest, the unsettled family loan and BDT 305m of stuck advances outweigh trading risks

Each risk below is tied to the line it moves. The scale to keep in mind is a profit before tax of BDT 13.7m in FY2025 [1 p.73].

Key questions: the family loan, the Hi-Tech Park advance and the hardware margin decide shareholder returns

For returns to shareholders, the arithmetic is plain. Operating profit of BDT 73.6m in FY2025 covers financial expenses only 1.16 times [23]; until the group and bank debt shrinks or the Hi-Tech Park asset produces income, almost nothing is left for equity holders. The two ways to shrink the debt that the filings and press show so far are cash repayment (BDT 75m to Daffodil Group Ltd in nine months to March 2026) [2 p.18] and share issuance, which BSEC has not allowed [13] [15].

FAQ

What does Daffodil Computers do?

It sells computers and accessories through DCL and Dolphin Computers, sells customised software, and runs Daffodil International School, Skill Jobs and DIPTI as projects; hardware was 75% of FY2025 revenue [1 p.112].

When does Daffodil Computers' fiscal year end?

30 June; the FY2025 statements cover 1-Jul-2024 to 30-Jun-2025 [1 p.81].

What was Daffodil Computers' EPS for FY2025?

BDT 0.16 (consolidated), against BDT 0.21 in FY2024; nine-month EPS to March 2026 was BDT 0.25 [1 p.73] [2 p.6].

Did Daffodil Computers pay a dividend for FY2025?

No. It paid 5% cash for FY2022, FY2023 and FY2024 [1 p.31] [3 p.122].

How much does Daffodil Computers owe to Daffodil group companies?

BDT 596.3m at June 2025 (BDT 490.35m to a Daffodil family concern and BDT 105.9m to Daffodil Group Ltd) and BDT 541.4m at March 2026 [1 p.109] [2 p.18].

Why did BSEC reject the share issue?

The Financial Express quoted BSEC as saying the BDT 10 issue would let common owners get shares far below market price and dilute public investors [13]; BSEC declined the BDT 15 plan by letter of 21-May-2026 [20].

Sources

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4. Daffodil Computers Limited Annual Report 2022-23 · link · accessed 2026-10-31
5. Daffodil Computers Limited Annual Report 2021-22 · link · accessed 2026-10-31
6. Daffodil Computers Limited Annual Report 2020-21 · link · accessed 2026-10-31
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8. ADN Telecom Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
9. BDCOM Online Ltd. Annual Report 2024-2025 · link · accessed 2026-10-31
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16. The Business Standard, 'DSE serves query to Daffodil Computers following sharp price rise' (23-Jun-2026) · link · accessed 2026-10-31
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18. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
19. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
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