Dominage Steel financial analysis: revenue down 66% since FY2020, Akij takeover, 9M FY26 loss (Oct 2026)

Investment considerations: a shrinking PEB maker with low debt, weak receivables and a new owner

Dominage Steel Building Systems Ltd designs, fabricates and erects pre-engineered steel buildings (PEB): factory sheds, warehouses and commercial structures sold under the DSBSL brand, from two factories at Aukpara, Ashulia (Savar) and Palash, Narsingdi [1 p.14]. It listed on the DSE in December 2020 after raising Tk 300m at the Tk 10 par value [7 p.1] [9]. Its fiscal year ends on 30 June [1 p.14]. Since the IPO the business has shrunk every year but one: revenue fell from Tk 565.3m in FY2020 to Tk 189.6m in FY2025, and net profit from Tk 106.9m in FY2021 to Tk 5.1m [6 p.8] [1 p.11]. In the nine months to March 2026 revenue halved again and the company lost Tk 17.3m [2 p.3].

Two things changed in 2026. First, the sponsor-directors sold 30.78m shares (30.0%) to Akij Resources Limited, Sheikh Jasim Uddin and Faria Hossain; BSEC approved the transfer on 27-Aug-2026, it was completed on 4-Oct-2026 and the old board resigned the same day [8]. Second, the share price rose about six-fold, from Tk 10.7 at the end of June 2025 to Tk 61.8 on 29-Oct-2026, with a high of Tk 89.7 in late July 2026 [17]. At Tk 61.8 the price is 3.64x the March 2026 NAV of Tk 16.97 per share; 9M FY2026 EPS was Tk (0.17) [17] [2 p.2] [2 p.3]. This note sets out what the filings show about the business that Akij is taking over.

Business: a project-based PEB builder running at about 14% of capacity, with one of two factories closed

A pre-engineered building is a steel frame of columns, rafters and purlins designed for a specific site, cut and welded in a factory from steel plate and coil, then shipped and bolted together on site with roof and wall sheeting. Dominage describes its activity as the construction and development of pre-engineered steel building structures, with architectural and consultancy services, and fabrication and erection of steel parts [1 p.14]. Its own cost notes show what a contract involves beyond steel: erection and fabrication, piling, soil tests, decking, sanitary work, tiles, aluminium and glass work, painting and water-proofing all appear as manufacturing expenses [1 p.30]. In practice the company sells a building, not a tonne of steel.

The customers are described only in general terms. The auditor's key audit matter says revenue comes from 'execution of contracts with Government & Non-Government Institutions and other local parties' [1 p.3], and its receivables section speaks of 'a significant large number of individual small customers' in different business segments [1 p.6]. The filings give no split between government and private work, no customer names, no concentration figure and no order book. That is a material gap for a project business: an investor cannot see how much work is contracted for FY2027.

Capacity is stated as 8,010 units (MT/Sft/Rft, a mixed measure) [5 p.33] [1 p.34]. Actual production was 4,021 in FY2022, a utilisation of 50.2% [5 p.33], and 3,030 in FY2023 (37.8%) [4 p.32]. In FY2025 the company produced and sold 1,161 units [1 p.34], about 14.5% of capacity. A team from the Dhaka Stock Exchange visited both factories on 3 and 4 November 2025 and found the Ashulia unit operational and the Palash, Narsingdi unit closed [8]. The company sent DSE a clarification on its factory operations and business model on 16-Nov-2025 [8]; we have not read that letter.

The decline has a timeline. FY2020 was the best year in the series, with revenue of Tk 565.3m and an operating margin of 25.1% [6 p.8]. Revenue slipped to Tk 475.1m in FY2021 and Tk 449.0m in FY2022, then fell 26% in FY2023 and 44% in FY2024 [4 p.9] [1 p.11]. Management's explanation in the FY2025 accounts is 'the ongoing local political issue and global economic crisis, coupled with a slowdown in domestic industrialization and infrastructure development' [1 p.32]. In its November 2022 letter to BSEC the company also said construction materials and machinery had 'almost doubled' in price from its IPO estimates and that higher fuel and electricity costs had reduced demand for pre-fabricated steel buildings [7 p.2].

A second activity sits beside the PEB business: a dredger. The FY2022 auditor reported that Tk 144.83m of the IPO money had been paid as an advance to Arena Construction & Engineering for a dredger under a 16-Jan-2022 agreement, that the prospectus did not include a dredger, and that shareholders approved it later at the AGM [5 p.2]. The dredger was installed in May 2023 and capitalised in PPE [4 p.2] [3 p.3]. The FY2025 auditor inspected its 'current location' [1 p.5]. The revenue note shows a single line, 'Sales' [1 p.30], so the filings do not say whether the dredger earns anything.

Line items: revenue follows project completion; with Tk 35m of depreciation, a 66% revenue fall took the operating margin from 25% to 11%

Revenue is recognised in two steps. The auditor describes it this way: when a contract is signed and the steel components are produced and delivered, 'related portion of revenue is recognized based on point of delivery and rest part of contract consideration is recognized when relevant performance obligations are satisfied' [1 p.3]. Costs build up in 'projects in progress' and move to cost of sales 'on the basis of ratio of project completion stage' [1 p.4]. The raw material line in cost of sales is in fact the transfer out of projects in progress: Tk 108.8m in FY2025 and Tk 119.1m in FY2024 [1 p.23] [1 p.30]. So revenue depends on how far each site has progressed in the year, which makes it lumpy and dependent on management's completion estimates.

Projects in progress are therefore the best available proxy for work under way. They fell from Tk 418.9m at June 2022 to Tk 196.8m at June 2025 [5 p.2] [1 p.23]. In FY2025 the company added only Tk 30.9m of new project cost and transferred Tk 108.8m to cost of sales, against Tk 75.0m added in FY2024 [1 p.23]. The company is running down its stock of work faster than it is adding to it. The non-current portion fell again to Tk 100.7m by March 2026 [2 p.2].

Cost of sales has two parts: materials (the projects-in-progress transfer) and manufacturing expenses. Manufacturing expenses were Tk 48.7m in FY2025, of which Tk 34.8m was depreciation; wages were Tk 7.4m [1 p.30]. Depreciation alone equalled 18% of FY2025 revenue. This is why margins collapse when volume falls: the plant costs the same whether it runs at 50% or 15%. Gross margin went from 29.7% in FY2020 to 16.3% in FY2024, recovered to 20.5% in FY2025, then fell to 12.2% in 9M FY2026 and 7.5% in the March 2026 quarter [1 p.11] [2 p.3].

Steel prices and the taka feed in through materials. The company says it is exposed to currency risk on imported raw materials, machinery and equipment, mostly in US dollars, and does not hedge [1 p.35]. It does not disclose tonnes of steel bought or the price per tonne. The Schedule XI quantity table is of little help: raw material 'quantities' equal the taka value divided by 100 in each of FY2023, FY2024 and FY2025 (Tk 294.4m and 2,943,912; Tk 119.1m and 1,190,587; Tk 108.8m and 1,088,45x), so they carry no price information [4 p.32] [1 p.34]. Revenue per unit sold rose from about Tk 110,000 in FY2022-FY2023 to about Tk 163,000 in FY2024-FY2025 [18], which fits a pass-through of higher steel and dollar costs into contract prices, but the units are mixed and the figure is indicative only. The company's own statement is the November 2022 letter: material and machinery prices had 'almost doubled' against the IPO estimates [7 p.2].

Operating expenses are small and were cut. Administrative expenses fell from Tk 21.9m in FY2024 to Tk 17.3m in FY2025 and marketing from Tk 2.3m to Tk 1.6m [1 p.11], which management calls a 'cost-cutting policy' [1 p.32]. Directors' remuneration is Tk 1.5m in administrative expenses [1 p.30]. Other income was mostly bank interest on the IPO cash: Tk 10.9m in FY2022 and Tk 8.2m in FY2023, falling to Tk 1.5m in FY2025 once the cash was spent [4 p.29] [1 p.11]. That loss of interest income cost FY2025 more than the cost cuts saved.

Financial expenses nearly doubled from Tk 5.9m in FY2023 to Tk 11.6m in FY2025 [4 p.29] [1 p.11], almost all of it interest on bank loans (Tk 11.4m in FY2025) [1 p.31]. The Southeast Bank facilities carry 14.75%, 'revised from time to time' [1 p.26] [1 p.28]. Tax has behaved oddly: the effective rate was 87% in FY2023 and 46% in FY2025 because the company pays the minimum tax on gross receipts when its business income is small or negative [1 p.32]. Each 1% of turnover in minimum tax is a fixed charge that does not fall with profit.

Latest results: 9M FY2026 revenue Tk 75m (-54%) and a Tk 17.3m loss; the FY2026 annual is not yet filed

The FY2026 audited accounts (year to 30-Jun-2026) were not on the DSE by 31-Oct-2026; the FY2025 accounts were approved by the board on 28-Oct-2025 [1 p.14] [8]. The latest filing is the unaudited third-quarter statement to 31-Mar-2026. Revenue for the nine months was Tk 75.2m against Tk 164.6m a year earlier, down 54%. Gross profit fell from Tk 35.2m to Tk 9.2m, operating expenses rose slightly to Tk 13.0m, and the company swung to an operating loss of Tk 3.8m [2 p.3]. The net loss was Tk 17.3m (EPS Tk -0.17); DSE's results notice confirms the sign [8].

The March 2026 quarter alone had revenue of Tk 17.7m, a gross margin of 7.5% and a net loss of Tk 7.65m [2 p.3]. Operating cash flow was better than profit, Tk 62.3m for the nine months, because collections from customers (Tk 94.5m) exceeded revenue as old receivables came in [2 p.5]. Receivables fell from Tk 298.5m to Tk 279.1m [2 p.2]. The cash was used to cut short-term loans by Tk 7.5m and to keep spending on capital work in progress, which rose to Tk 149.7m [2 p.2] [2 p.5].

Receivables: Tk 298m, 575 days of revenue, 63% older than six months and unprovided; the auditor could not verify ageing

Receivables are the biggest quality question. They were stable at Tk 157-175m from FY2020 to FY2023, then rose to Tk 219.9m in FY2024 and Tk 298.5m in FY2025 while revenue stayed near Tk 190m [1 p.10]. On revenue that is 575 days, against 111 days in FY2020 [18]. Cash received from customers in FY2025 was Tk 110.9m, 58.5% of revenue [1 p.37]. The company's ageing note puts Tk 187.4m (62.8%) at more than six months old, up from Tk 110.1m (50.1%) a year earlier [1 p.24]. No allowance for doubtful debts is recorded: the Schedule XI table shows nothing under 'considered doubtful or bad' [1 p.24], and the risk note says receivables are 'subject to insignificant credit risk' [1 p.35].

The auditor did not share that comfort. Emphasis of matter 3 in the FY2025 report says the company 'could not provide proper ageing schedules for Trade Receivables' and that without them 'the ageing analysis & recoverability assessment could not be verified' [1 p.3]. Recoverability of receivables is also a key audit matter, citing 'increasing challenges over the economy' and the risk of customer insolvency [1 p.6]. The opinion was not modified. Tk 187.4m (62.8%) was more than six months old at June 2025 and is carried with no allowance [1 p.24].

Projects in progress and inventory are the other contract-type assets. Inventories of Tk 324.2m at June 2025 consisted of Tk 78.7m of current projects in progress, Tk 149.3m of work in process and Tk 96.2m of finished goods [1 p.23]; with the Tk 118.1m non-current project balance, cost already sunk into unfinished or unsold work was Tk 442.3m, 2.3 years of FY2025 revenue [18]. The company booked no inventory impairment [1 p.23]. The auditors flagged these balances in earlier years: in FY2022 and FY2023 they could not visit the factory at the year end and verified inventory later on surprise visits [5 p.2] [4 p.2]. Work in process rose from 1,171,844 to 1,422,300 in quantity in FY2025 [1 p.35] while sales were flat, so stock built up even as projects ran down.

Debt: borrowings only Tk 78m, but interest cover fell to 1.7x in FY2025 and turned negative in 9M FY2026

Debt is small but no longer covered by cash. Bank borrowings were Tk 78.4m at June 2025: a Tk 63m cash-credit and working-capital limit and a long-term loan from Southeast Bank, Mohakhali, at 14.75%, secured on commercial floor space at Mohakhali, industrial land at Ashulia and Narsingdi, agricultural land at Narsingdi and residential land in Gazipur, with personal guarantees of all directors [1 p.26] [1 p.27] [1 p.28]. Cash fell from Tk 177.8m (June 2023) to Tk 9.5m (June 2025) and Tk 8.3m (March 2026) [1 p.10] [2 p.2]. The company moved from net cash of Tk 104.9m to net debt of Tk 68.9m in two years [18].

Interest cover tells the story better than leverage. Profit from operations covered financial expenses 22x in FY2020, 5.9x in FY2023, 0.6x in FY2024 and 1.7x in FY2025 [18]. Including depreciation, EBITDA covered interest 4.9x in FY2025. In 9M FY2026 profit from operations was negative, so cover was below zero [2 p.3]. With the security package resting on land and the Akij group now in control, refinancing risk depends more on the new owner than on the operating numbers. The DSE company page shows short-term loans of Tk 67.56m and long-term loans of Tk 7.35m at June 2025 [9]. The pledge of the directors' personal guarantees [1 p.27] was given by the old sponsors; the filings do not say whether the bank has asked for new ones.

IPO proceeds: half went to a dredger outside the prospectus; the building and electrical work started only in FY2024-FY2025

The IPO raised Tk 300m: 30m shares at Tk 10, consented by BSEC on 17-Sep-2020 [7 p.1]; the cash arrived in FY2021 [6 p.10]. The plan, as rescheduled at the 15th AGM, was Tk 58.6m for building and other construction, Tk 22.7m for electrical installation, Tk 202.2m for new plant and machinery and Tk 19.6m for IPO expenses, a total of Tk 303.1m including Tk 3.1m more than the issue amount [7 p.1]. By October 2022 the company had used Tk 164.4m: all of the IPO expenses and Tk 144.8m on plant and machinery, nothing on the building or the electrical work, and it asked BSEC for 15 more months, to March 2024 [7 p.1] [7 p.2].

The Tk 144.8m on 'plant and machinery' was the dredger. The FY2022 auditor wrote that 'the utilization of IPO fund did not include purchase of Dredger as disclosed in prospectus, however, it was later approved by the shareholders in annual general meeting', that Tk 144.83m of the Tk 147.69m price was paid before delivery, and that the supplier had asked for six more months [5 p.2]. In FY2023 and FY2024 the auditors again reported that the IPO money was not used within the stipulated time, the second time with an extension sought to December 2024 [4 p.2] [3 p.2]. Capital work in progress then rose from nil at June 2023 to Tk 132.5m at June 2025 (land and land development Tk 75.9m, building Tk 16.3m, plant and machinery Tk 40.3m) and Tk 149.7m at March 2026 [1 p.22] [2 p.2]. The FY2025 auditor says it 'checked and verified the relevant documents of IPO proceeds' for the new projects [1 p.5]. We did not find a completion report on the remaining IPO money in the filings we read.

Two smaller IPO items recur in every audit report since FY2023: US$1,674.83 (Tk 205,711 at June 2025) received in the IPO foreign-currency account on 31-Jan-2023 'that remain untraceable by the company', carried as cash against a liability; the company wrote to the Capital Market Stabilization Fund about it on 10-Feb-2024 [1 p.3] [1 p.28]. The amount is small; the auditor has reported it as unresolved in the FY2025 report [1 p.3]. In September 2025 DSE asked the company about an online television live stream titled, in translation, 'Factory closure: Dominage Steel is another name for IPO fraud in the stock market'; the company replied on 29-Sep-2025 [8]. The title is the broadcaster's; DSE published the query and the reply, not a finding.

Ratios: ROE below 1% for three years on Tk 1.96bn of assets turning over 0.10x; operating cash flow flattered by classification

Returns have been negligible since FY2022. ROE on average equity was 6.8% in FY2021 and 3.2% in FY2022, then 0.3%, 0.2% and 0.3% in FY2023-FY2025 [18]. The reason is the asset base: total assets of about Tk 1.96bn produced revenue of Tk 190m, an asset turnover of 0.10x against 0.34x in FY2020 [18]. NAV per share has barely moved, Tk 17.04 at June 2021 and Tk 17.16 at June 2025 [6 p.7] [1 p.10], because profits were small and mostly paid out.

Reported operating cash flow looks strong against profit (Tk 46.3m against Tk 5.1m in FY2025), but this flatters the business. Payments into non-current projects in progress are classified as investing cash flows: Tk 50.5m in FY2024 and Tk 16.1m in FY2025 [1 p.37]. Counting them as operating costs, FY2024 operating cash flow was about Tk -10.0m and FY2025 about Tk 30.2m [18]. Operating cash flow has also been helped by the run-down of projects in progress, which releases cash once but cannot repeat. The FY2025 tax payable of Tk 36.5m sits against advance tax of Tk 42.5m, and the auditor notes both have 'remained unadjusted from long since' [1 p.2] [1 p.25].

Peers: similar gross margins; Dominage has the least debt, the slowest collection (575 days) and the highest price to book

There are two listed building-products companies with the same June year end and comparable filings: Bangladesh Building Systems PLC (BBS), also a PEB maker, and Nahee Aluminum Composite Panel PLC (NAHEEACP), which makes cladding panels. The table uses each company's FY2025 statements and quotes its labels. Operating profit is each company's own line, before finance cost: Dominage 'Profit from Operation', BBS 'Operating profit', Nahee 'Operating Profit/(Loss) before Financial Expenses & WPPF' [1 p.11] [10 p.13] [11 p.93].

On gross margin the three are within 1.6pp of each other (20.5%, 20.7% and 19.1%). The differences are in scale, collection and leverage. BBS sells three times as much as Dominage but carries Tk 1,135m of borrowings and paid Tk 159.9m of 'Finance Cost', so its operating profit covered interest 0.37x and it lost Tk 96.5m [10 p.12] [10 p.13]. Nahee's operating profit covered its 'Finance Expenses' 5.4x, but a Tk 525.3m non-operating loss produced a Tk 490.5m net loss [11 p.93]. Dominage has the least debt and the slowest collection: receivable days of 575 against 505 at BBS and 241 at Nahee [18]. Its asset turnover, 0.10x, is the lowest of the three. Price to 30-Jun-2025 NAV per share: Dominage 3.60x, Nahee 3.28x and BBS 0.82x [9] [17].

Governance: founders sold 30% to Akij Resources and two individuals; thin related-party notes, recurring audit emphases, token dividends

Until October 2026 the company was controlled by its founders. At June 2025 the chairman Muhammad Shamsul Islam and managing director Mohammad Rafiqul Islam each held 11.74%, and directors Sujit Saha 2.56%, Rakibul Islam 2.08% and Abul Kalam Bhuiyan 2.08% [1 p.26]; sponsors and directors together held 30.20%, institutions 8.74% and the public 61.06% [9]. On 25-Apr-2026 the board decided to sell 30,780,000 shares (30.0%) at a negotiated price off-market; the share purchase agreement was signed on 26-Apr-2026; BSEC approved on 27-Aug-2026 and DSE on 1-Oct-2026; the transfer was executed on 4-Oct-2026 at the closing price of 30-Sep-2026 [8]. Akij Resources Ltd received 26.68m shares (26.0%), and Sheikh Jasim Uddin and Faria Hossain 2.05m each (2.0%) [8]. The new board is Sheikh Jasim Uddin (chairman), Faria Hossain (managing director) and Md. Masum Billah, Md. Sheikh Sadi and Shobrata Kumar Roy as Akij nominees [8]. The Business Standard reports that BSEC imposed a lock-in on the transferred shares; it gives no duration [13].

Related-party disclosures under the old management were thin. The FY2025 note lists only directors' remuneration and board fees: Tk 3.0m for the managing director, Tk 1.58m paid in the year and Tk 2.67m outstanding at June 2025 [1 p.33] [1 p.34]. It states there was 'no transaction resulting in Director's interest with the company' [1 p.33]. The liquidity-risk note nevertheless says that 'in extreme stressed conditions the Company may get support from the related Company in the form of short term financing', without naming one [1 p.35]. Under Akij the related-party picture is likely to change: Akij's deputy CFO told The Daily Star that the group already makes steel rod through Akij Ispat and wants 'synergy' [12]. If Dominage buys steel from or sells buildings to Akij companies, those transactions will need to appear in the IAS 24 note with prices and balances.

The audit record matters. Shiraz Khan Basak & Co. audited FY2021-FY2023 and Khan Wahab Shafique Rahman & Co. FY2024-FY2025 [4 p.2] [1 p.2]. All opinions were unmodified, but every year carried emphasis-of-matter paragraphs. For FY2025 they were: Tk 10.9m of prior-year tax-deduction challans capitalised in PPE additions and no asset tagging; TDS and VDS not properly deducted and tax balances unadjusted; no proper receivable ageing; the untraceable IPO receipt; and 'some item of purchase and payments were made other than banking channel' [1 p.2] [1 p.3].

Dividends have been small and, since FY2021, paid only to non-sponsor shareholders. The DSE record shows 2% cash plus an 8% stock dividend for FY2020, then cash of 5% (FY2021), 2% (FY2022), 0.5% (FY2023), 0.25% (FY2024) and 0.35% (FY2025) [9]. The 8% bonus added 7.6m shares [1 p.32]. The cash amounts in the equity statements (Tk 35.8m for FY2021, Tk 14.3m for FY2022) equal the rate times the 71.6m non-sponsor shares [4 p.10], and the FY2025 declaration says 'Other than Sponsor/Director', Tk 2.51m to general shareholders [8]. On Tk 10 par, the FY2025 dividend was Tk 0.035 a share, a 0.06% yield at Tk 61.8.

Share price: from a Tk 8.2 low in October 2024 to a Tk 89.7 high in July 2026; Tk 61.8 now, against NAV of Tk 16.97

The share price history, as facts. DOMINAGE began trading on 2-Dec-2020 [9]; the first weekly bar in our feed (week of 17-Jan-2021) closed at Tk 28.4 on a basis adjusted for the 8% bonus [17]. The price drifted to Tk 21.8 by October 2022 and stayed there, with almost no volume, until December 2022; it then fell to Tk 16.2 by late February 2023 and closed at that level in most weeks until January 2024 [17]. It reached an intraweek low of Tk 8.2 in the week of 27-Oct-2024 and closed at Tk 9.9 in the week of 20-Apr-2025 [17].

The rise began in July 2025. From Tk 10.7 in the last week of June 2025 the price reached Tk 22.5 by late October 2025, Tk 28.4 in early January 2026 and Tk 60.6 in the week of 19-Apr-2026, before the board's 25-Apr-2026 decision to sell the sponsors' shares was published [17] [8]. DSE queried the company about unusual price rises on 2-Sep-2025, 7-Apr-2026 and 18-May-2026; each time the company said there was no undisclosed price-sensitive information [8]. The Financial Express wrote on 26-Apr-2026 that 'neither the company's operational status nor its financial performance supports such a stock price hike' [14]. The high was Tk 89.7 in the week of 26-Jul-2026; the price fell to Tk 61.7 in mid-August, The Daily Star reported a close of Tk 64.50 (down 1.98%) in its 5-Oct-2026 article [12], and it closed at Tk 61.8 on 29-Oct-2026 [17].

What's next: FY2026 accounts (overdue against last year's date), the first Akij-era quarter, and the factory restart

What happens next depends on the new owner more than on the market. Each item below says which line it would move and in which direction; none is a forecast.

The first item is the most important. The FY2026 accounts will cover a year in which one factory was closed, revenue was running at half the previous year's rate and receivables were Tk 279m at March [2 p.2]; they will also show whether the auditor's view of receivable recovery has changed. The Q1 FY2027 statement will be the first signed by the Akij-nominated board. For the LDC change, the effect on Dominage is indirect: its customers include factory owners, and the export sector's planning horizon for preferential market access now runs to November 2029 [15] [16].

Risks: receivables, an empty pipeline and fixed costs move profit first; steel, rates and related parties next

The risks are concentrated in the balance sheet and in execution. The largest is receivables: Tk 187.4m is more than six months old, equal to 99% of FY2025 revenue, with no provision [1 p.24]. A write-down would hit profit and NAV directly. The second is that new work is not replacing completed work: projects in progress fell by Tk 222m in three years [5 p.2] [1 p.23]. The third is the cost base: with depreciation of about Tk 35m a year [1 p.30], a further fall in revenue turns into losses quickly, as 9M FY2026 showed [2 p.3].

Steel and the taka are a margin risk because Dominage sells fixed-scope buildings; if steel costs rise after a contract is priced, the company absorbs it until the next contract. The company itself said in 2022 that input prices had almost doubled against its plans [7 p.2]. The interest-rate risk is smaller in taka terms because debt is about Tk 60-78m, but at 14.75% [1 p.26] it costs more than the company earned in FY2023-FY2025. Governance risk runs both ways: the old management left recurring audit emphases [1 p.2]; the new owner brings scale and steel supply but also related-party exposure [12]. At Tk 61.8 the market capitalisation is Tk 6.34bn; equity at 31-Mar-2026 was Tk 1.74bn and the trailing 12-month result to March 2026 was a loss of Tk 23.4m [17] [2 p.2] [18].

Key questions: receivables, order book and the factory restart decide what the new owner inherits

At June 2025 the company had equity of Tk 1,761m, PPE of Tk 990m, earned Tk 5.1m and paid Tk 2.5m of dividends; its Southeast Bank loans carry 14.75% [1 p.10] [1 p.11] [1 p.26] [8]. DOMINAGE at Tk 61.8 trades at 3.64x March 2026 NAV [17] [2 p.2]; P/E is not meaningful because trailing earnings are negative. In FY2021, when the company earned Tk 106.9m, the DSE-reported year-end P/E was 22.88x [9].

FAQ

What does Dominage Steel do?

It designs, fabricates and erects pre-engineered steel buildings (factory sheds, warehouses, commercial buildings) from factories at Ashulia and Palash, Narsingdi [1 p.14].

When does Dominage's fiscal year end?

On 30 June. The FY2025 accounts cover 1-Jul-2024 to 30-Jun-2025 [1 p.14].

Who controls Dominage now?

Akij Resources Ltd (26.0%) with Sheikh Jasim Uddin and Faria Hossain (2.0% each) after the 4-Oct-2026 transfer; the old directors resigned [8].

How was the IPO money used?

Of Tk 303.1m allotted, Tk 164.4m was used by October 2022, including Tk 144.8m for a dredger not in the prospectus; no IPO money had been spent on the building or electrical work by then [7 p.1] [5 p.2].

Is Dominage profitable?

It earned Tk 5.1m in FY2025 and lost Tk 17.3m in the nine months to March 2026 [1 p.11] [2 p.3].

What dividend does Dominage pay?

0.35% cash (Tk 0.035 a share) for FY2025, paid to non-sponsor shareholders only [8] [9].

Is a factory closed?

DSE inspectors found the Palash, Narsingdi unit closed and the Ashulia unit operating on 3-4 November 2025 [8].

Sources

1. Dominage Steel Building Systems Ltd, audited financial statements, year to 30-Jun-2025 · link · accessed 2026-10-31
2. Dominage Steel Building Systems Ltd, unaudited third-quarter statements, 1-Jul-2025 to 31-Mar-2026 · link · accessed 2026-10-31
3. Dominage Steel Building Systems Ltd, audited financial statements, year to 30-Jun-2024 · link · accessed 2026-10-31
4. Dominage Steel Building Systems Ltd, audited financial statements, year to 30-Jun-2023 · link · accessed 2026-10-31
5. Dominage Steel Building Systems Ltd, audited financial statements, year to 30-Jun-2022 · link · accessed 2026-10-31
6. Dominage Steel Building Systems Ltd, audited financial statements, year to 30-Jun-2021 · link · accessed 2026-10-31
7. Dominage letter to BSEC, 'Application for 15 (Fifteen) months extension of time regarding IPO fund Utilization' (19-Nov-2022) · link · accessed 2026-10-31
8. Dhaka Stock Exchange, DOMINAGE news archive (Nov-2024 to Oct-2026) · link · accessed 2026-10-31
9. Dhaka Stock Exchange, DOMINAGE company page (dividend history, shareholding, market data, 29-Oct-2026) · link · accessed 2026-10-31
10. Bangladesh Building Systems PLC, audited financial statements, year to 30-Jun-2025 · link · accessed 2026-10-31
11. Nahee Aluminum Composite Panel PLC, Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
12. The Daily Star, 'Akij Resources takes over 30% stake in Dominage Steel' (5-Oct-2026) · link · accessed 2026-10-31
13. The Business Standard, 'Akij Resources, new investors to take over Dominage Steel as DSE approves 30% stake transfer' (4-Oct-2026) · link · accessed 2026-10-31
14. The Financial Express, 'Dominage Steel sponsors to exit amid sharp stock rally' (26-Apr-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:DOMINAGE weekly bars to 29-Oct-2026, adjusted for the 2020 bonus · link · accessed 2026-10-31
18. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31