Doreen Power financial analysis: HFO capacity payments, falling finance cost and BDT 6.3bn of related-party balances (Oct 2026)

Investment considerations: contracted HFO plants and lower finance cost, against BDT 6.3bn of related-party balances

Doreen Power Generations and Systems Limited (DOREENPWR) was set up in 2007 to build gas-fired power plants for state buyers and listed on the Dhaka and Chittagong exchanges on 30-Mar-2016 [1 p.18]. Today it operates only through subsidiaries. Its own three 22 MW gas plants at Tangail, Narsingdi and Feni stopped when their 15-year power purchase agreements (PPAs) with the Bangladesh Power Development Board (BPDB) and the Bangladesh Rural Electrification Board (BREB) expired on 11-Nov-2023, 20-Dec-2023 and 15-Feb-2024 [1 p.18]. All group revenue now comes from three subsidiaries that run heavy fuel oil (HFO) plants for BPDB: Dhaka Northern Power Generations (55 MW, 99.40% owned), Dhaka Southern Power Generations (55 MW, 99.145%) and Chandpur Power Generations (115 MW, 99.90%) [1 p.18].

With the parent owning almost all of each subsidiary, minority holders took only BDT 4.2m of FY2026 profit after tax of BDT 914.5m [1 p.11]. The subsidiaries' PPAs run to 16-Jun-2031, 16-Aug-2031 and 10-Feb-2037 [1 p.19], and the company states that its group companies are exempt from income tax [2 p.61]; current tax was BDT 3.0m in FY2026 [1 p.11]. On the other side, the group carries bank borrowings of BDT 13.0bn, finance expense took 12.9% of revenue in FY2026 [1 p.10] [1 p.11] [15], and BDT 6.33bn sits in current accounts with "subsidiaries and sister concerns" [1 p.10].

FY2026 (year to 30-Jun-2026) is audited and in our corpus. Revenue fell from BDT 15.06bn to BDT 11.70bn, with the notes giving "decrease in demand for electricity from customer" at Dhaka Southern and Chandpur as the reason [1 p.36]. Gross profit fell from BDT 3.20bn to BDT 2.69bn, yet profit to shareholders rose from BDT 579m to BDT 910m: finance expense fell from BDT 1.98bn to BDT 1.50bn, which the notes attribute to lower exchange loss and lower loan balances, and FY2025 had carried a BDT 410m impairment on the Narsingdi plant [1 p.11] [1 p.37]. The board recommended a 15% cash dividend for shareholders other than sponsors and directors [1 p.46] [8].

Business: the gas plants are closed and sold; three HFO subsidiaries under 15-year BPDB contracts remain

Doreen's first business was three 22 MW gas engines on build-own-operate terms: Tangail (commercial operation 12-Nov-2008), Narsingdi (21-Dec-2008) and Feni (16-Feb-2009), contracted with BPDB for Feni and Tangail and with BREB for Narsingdi [6 p.136]. Each PPA paid a reference capacity price for dependable capacity and a reference energy price for net energy output [6 p.136]. Those plants supplied between 126,435 and 161,114 MWh each a year from FY2021 to FY2023 [7 p.45] [6 p.72].

The second business is the one that remains. In 2012-2013 the group formed Dhaka Northern and Dhaka Southern, each with a 15-year PPA with BPDB for 55 MW net, and both began commercial operation in 2016: Dhaka Southern on 17-Jun-2016 and Dhaka Northern on 17-Aug-2016 [1 p.18]. Dhaka Northern's plant is at Singair, Manikganj and Dhaka Southern's at Daulatpur, Nababganj [2 p.182] [2 p.191]. Chandpur Power Generations signed a 15-year PPA with BPDB on 17-Jan-2018 for 115 MW net from an HFO plant at Icholi Ghat, Chandpur, and began commercial operation on 11-Feb-2022 [1 p.18] [2 p.200]. The small minority stakes are held by Rupali Engineers and Traders Ltd in the two Dhaka companies and by Doreen Power House & Technologies Limited (0.10%) in Chandpur [2 p.182] [2 p.191] [2 p.200].

The company applied to renew all three PPAs; BREB first consented to continued operation of Narsingdi on a "No Electricity, No Payment Basis" while terms were negotiated, then sent a cancellation letter on 11-Mar-2025 [2 p.20]. The board wrote the gas plants down to forced-sale value: the chairman's statement gives an impairment of BDT 916.6m in FY2024 for Feni and Tangail and BDT 409.9m in FY2025 for Narsingdi [2 p.20]; the consolidated statement shows impairment of BDT 413.8m in FY2024 after use of the earlier revaluation surplus, and BDT 409.9m in FY2025 [2 p.77]. Feni and Tangail machinery was sold, and on 24-Feb-2026 the board approved a vendor agreement with KPI Trading to sell the Narsingdi plant for BDT 102m, as carried on DSE on 25-Feb-2026 [8]. The notes are not consistent on Narsingdi: one says the company "has already sold all the non-current assets of three Power Plants excluding land" [1 p.19], another that Narsingdi machinery "will be sold soon" [1 p.30]. The remaining assets held for sale, mainly the Tangail and Feni land, were BDT 216.5m at June 2026, and the notes say a sale "is expected by December 2026" [1 p.30]. The company does not plan to extend the BREB land lease at Narsingdi [1 p.22].

The third step is legal. On 07-Jun-2026 the board approved a scheme to amalgamate the three subsidiaries into the listed parent, paying cash to the subsidiaries' minority shareholders and issuing no shares [1 p.18] [8]. The High Court Division admitted the scheme on 18-Aug-2026 (Company Matter No. 973 of 2026) and directed meetings of members and creditors; the scheme also needs BSEC approval and the court's sanction [1 p.19] [8]. The parent had 17 permanent employees at June 2026 against 52 a year earlier [1 p.45].

Dispatch: the HFO fleet ran at 33% of capacity in FY2025 and Chandpur earns over half the revenue

For an HFO plant on a BPDB contract, volume depends on dispatch: BPDB calls the plant when it needs it. Group net output was 1,268,221 MWh in FY2022 and 1,305,445 MWh in FY2023, then 719,334 MWh in FY2024 and 641,114 MWh in FY2025 [7 p.45] [6 p.72] [2 p.74] [15]. Part of the fall is the gas plants closing, but the HFO plants also ran less: their combined output fell from 893,764 MWh in FY2023 to 521,648 MWh in FY2024 before recovering to 641,114 MWh in FY2025 [15]. The FY2025 directors' report describes the HFO plants as "available to generate and supply to the extent required as per the Power Purchase Agreement" [2 p.74].

Measured against installed capacity (MW x 8,760 hours, the figure the directors' report prints), the FY2025 plant factors were 28.2% at Dhaka Northern, 24.1% at Dhaka Southern and 38.6% at Chandpur [2 p.74] [15]. In FY2022 the two Dhaka plants ran at 61.8% and 63.9% [7 p.45] [15]. The FY2026 plant data will be in the full FY2026 annual report, which is not yet in our corpus; the audited statements say only that Dhaka Southern and Chandpur sold less because of lower demand [1 p.36].

Revenue per kWh has risen. At Dhaka Northern it rose from BDT 11.40 in FY2021 to BDT 24.95 in FY2025, and at Dhaka Southern from BDT 11.35 to BDT 26.23 [15]. The FY2025 directors' report links the FY2025 revenue gain to higher demand from BPDB and the rise in cost of sales to "increase in furnace oil consumption as well as furnace oil price" [2 p.20]. The company does not split revenue into capacity and energy in the notes we read, so the capacity share of revenue is a gap in this note.

Line items: revenue BDT 11.70bn in FY2026; finance expense BDT 1.50bn, down BDT 1.30bn from FY2023

Revenue. Group revenue was BDT 4.75bn in FY2020, rose to BDT 18.43bn in FY2023, Chandpur's first full year of operation, and was BDT 11.70bn in FY2026 [2 p.77] [2 p.21] [1 p.11]. In FY2026 Dhaka Northern held its revenue at BDT 3,369m (FY2025: 3,393m), while Dhaka Southern fell 24.1% to BDT 2,316m and Chandpur fell 30.3% to BDT 6,012m [1 p.36] [15]. Every BDT 1bn of revenue lost at Chandpur in FY2026 came with BDT 0.94bn less cost of sales [1 p.36] [15].

Cost of sales and gross margin. Cost of sales is mostly HFO, lubricants and plant operation, and has run at 72-79% of revenue in each year from FY2018 to FY2026 [7 p.17] [2 p.21] [1 p.11]. The group gross margin was 23.0% in FY2026 against 21.2% in FY2025 and a nine-year range of 20.6% to 27.9% [15]. By plant, Chandpur's margin rose from 18.1% to 23.3% while the two Dhaka plants' margins fell from 24.7% to 21.9% and from 26.3% to 23.9% [1 p.36] [15]. Depreciation in the cash-flow reconciliation rose from BDT 952m to BDT 1,309m [1 p.40]; the notes we read do not explain the increase.

General and administrative expenses were BDT 267m in FY2026 against BDT 228m, and the notes say the subsidiaries' G&A "increased significantly due to recognition of newly approved Gratuity Fund provision during the year" [1 p.11] [1 p.37]. That is the item behind the FY2025 audit qualification [2 p.122]. The parent's own G&A fell from BDT 58.4m to BDT 26.1m, and its salaries and allowances from BDT 24.4m to BDT 14.4m [1 p.15] [1 p.36].

Finance expense rose from BDT 344m in FY2021 to BDT 2,805m in FY2023, then eased to BDT 2,179m, BDT 1,979m and BDT 1,504m [2 p.21] [1 p.11]. In January 2025 the company attributed higher subsidiary finance cost to "increase of interest rate on bank loans as well as increased exchange loss for devaluation of BDT against US Dollar" [8]. For FY2026 the notes give two reasons at Dhaka Southern and Chandpur: "decrease in foreign exchange loss for stabilization of exchange rate" and "decrease in interest on loan for decrease in outstanding loan amount" [1 p.37]. Chandpur alone carried BDT 880m of the three plants' BDT 1,504m finance expense in FY2026 [1 p.37]. Finance expense was 15.2% of revenue in FY2023 and 12.9% in FY2026; the owners' margin was 3.5% and 7.8% in the same years [15].

Other lines. Non-operating income was a loss of BDT 1.8m in FY2026, mostly the BDT 7.6m loss on selling Narsingdi assets [1 p.37]. There was no impairment in FY2026, after BDT 413.8m in FY2024 and BDT 409.9m in FY2025 [1 p.11] [2 p.77]. Excluding those impairments, owners' profit would have been BDT 741m in FY2024 and BDT 988m in FY2025 [15]. Income tax is small because the group's companies are exempt from corporate income tax [2 p.61]; the parent's own exemption ended on 15-Feb-2024 [1 p.32], and it has had no revenue since. Minority interest took 0.5% of profit [1 p.11].

FY2026 results: EPS BDT 5.03 on 22% less revenue, every quarter profitable

FY2026 profit to shareholders was BDT 910.3m (EPS BDT 5.03), against BDT 578.5m (BDT 3.19) [1 p.11] [1 p.39]. The board approved the statements on 08-Oct-2026 and DSE carried the results on 11-Oct-2026 with NAV per share of BDT 57.12 and operating cash flow of BDT 18.96 a share [1 p.19] [8]. Every quarter was profitable. Discrete EPS was BDT 1.81, 1.24 and 1.11 in the first three quarters as reported [5 p.3] [4 p.3] [3 p.3], and the fourth quarter, derived as the year less nine months, was BDT 0.86 [15].

The quarterly pattern repeats across both years. The first quarter (July-September) carries the most revenue: BDT 4,928m in Q1 FY2026 against BDT 2,039m to 2,491m in each later quarter [15]. Gross margin moves the other way, from 17.5% in Q1 FY2026 to 34.0% in Q3 and 16.1% in Q4 [15]. Finance expense fell in every quarter of FY2026 against the same quarter of FY2025 [15]. The fourth quarter of FY2025 included the BDT 409.9m Narsingdi impairment, and its profit was BDT 26.9m [2 p.76] [15].

Ratios: ROE fell from 15-21% (FY2019-22) to 9% as finance cost rose; margins held

Nine years of ratios show two regimes. From FY2018 to FY2022, with the gas plants running and finance cost at 5-8% of revenue, ROE on owners' equity ran at 14.5% to 21.4% and owners kept 11-18% of revenue [15]. From FY2023 to FY2026, with Chandpur debt and higher rates, ROE was 7.3%, 3.6%, 6.3% and 9.2%, and the owners' margin 3.5% to 7.8% [15]. Operating margins were in a similar range in both periods: 18.5%-25.0% in FY2018-FY2022 and 18.7%-22.0% in FY2023-FY2026 [15].

Coverage tells the same story: operating profit covered finance expense 4.4x in FY2021, 1.23x in FY2023 and 1.61x in FY2026 [15]. On EBITDA (gross operating profit plus depreciation), net debt was 3.4x EBITDA in FY2026 against 3.5x in FY2025 [15]. Total liabilities fell from 2.33x owners' equity in FY2022 to 1.40x in FY2026 [15]. Return on average total assets was 3.6% in FY2026 against 5.7-6.6% in FY2019-FY2022 [15].

Balance sheet: BDT 13.0bn of bank debt, receivables at 169 days, and an unmodified FY2026 audit after a qualified FY2025

Debt. Bank borrowings were BDT 13.02bn at June 2026: long-term loans of BDT 4.22bn, a current portion of BDT 1.07bn and short-term loans of BDT 7.73bn [1 p.10] [1 p.32] [1 p.34]. Chandpur holds BDT 3.20bn of the long-term loans and BDT 4.03bn of the short-term loans [1 p.32] [1 p.34]. Borrowings peaked at BDT 19.1bn in June 2022 [7 p.95] [15]. Short-term loans were BDT 9.24bn at March 2026 and BDT 7.73bn at June 2026 [3 p.2] [1 p.10]. The parent has given corporate guarantees to banks for its subsidiaries totalling BDT 15,640m: BDT 3,970m for Dhaka Northern, BDT 4,570m for Dhaka Southern and BDT 7,100m for Chandpur, including BDT 5,000m to Dhaka Bank [1 p.43]. Cash was BDT 152.7m at June 2026 [1 p.10].

Receivables. Trade and other receivables were BDT 5.42bn at June 2026, 169 days of revenue, down from BDT 6.49bn (157 days) a year earlier and from 227 days at June 2022 [1 p.10] [15]. Customers paid BDT 12.82bn in FY2026, 109.6% of revenue [1 p.13] [15]. The auditor puts the BPDB and BREB part at BDT 5,405m [1 p.5]. The parent did not charge BPDB and BREB the late-payment interest its PPAs allow "considering the strategic reasons for last 15 years"; in FY2025 it invoiced that interest, and the FY2026 notes show it as a contingent asset, not recognised [1 p.28] [1 p.44]. The parent still owes Titas Gas and Bakhrabad Gas BDT 613.6m of gas bills, all past due over 91 days [1 p.33].

Cash flow. Operating cash flow was BDT 3,258m, 3,628m, 2,133m and 3,435m in FY2023-FY2026, between 3.6x and 10.9x profit after tax with non-cash depreciation of BDT 952m in FY2025 and BDT 1,309m in FY2026 [2 p.21] [1 p.13] [1 p.40] [15]. In FY2026 the group spent BDT 601m on plant, repaid BDT 629m of long-term loans and BDT 429m of short-term loans, paid BDT 61m of dividends, and paid BDT 1,975m to subsidiaries and sister concerns [1 p.13]. Over FY2023-FY2026 that related-party line took BDT 4.51bn of cash, against BDT 3.48bn of long-term loan repayments [15].

Audit. The FY2026 auditor, Hoda Vasi Chowdhury & Co, gave an unmodified opinion on the consolidated statements, with an emphasis of matter that the subsidiaries "decided not to make any further provision for Workers Profit Participation Fund (WPPF)" pending a government decision on the power producers' exemption request [1 p.2]. Its key audit matters include the carrying value of plant (BDT 11,085m, about 44% of assets), assets held for sale, revenue, recoverability of the BDT 5,405m BPDB/BREB receivable, the current accounts with subsidiaries and sister concerns, and the amalgamation scheme [1 p.3] [1 p.4] [1 p.5] [1 p.6]. For the current accounts it wrote: "Our testing did not identify any major issues" [1 p.6]. A year earlier the same firm gave a "Qualified Opinion" because the subsidiaries "did not establish Gratuity Fund or Compensatory benefits", and added a "Material Uncertainty Related to Going Concern" on the parent after its BDT 476.16m loss [2 p.122] [2 p.124]. The FY2024 statements were audited by ACNABIN [6 p.127], and DSE carried a "Qualified Opinion" and "Emphasis of Matter" notice for FY2024 [8].

Related parties: BDT 6.3bn owed by group companies, BDT 3.1bn of it by Doreen Power House & Technologies

The largest related-party item is the "Current A/C (Receivable) with subsidiaries and sister concerns". At group level it was BDT 6,328.4m at June 2026, after eliminating BDT 4,607.6m of balances between the parent and its subsidiaries [1 p.29]. A year earlier it was BDT 4,342.0m, and at June 2023 BDT 2,059.3m [1 p.10] [6 p.127]. At June 2026 it equalled 60.8% of total equity and 48.6% of bank borrowings [15].

The parent's part is named. At June 2026 the parent was owed BDT 3,095.6m by Doreen Power House & Technologies Ltd, a sister concern, up from BDT 2,318.0m after a net BDT 777.6m in the year; BDT 129.6m by Manikgonj Power Generations Limited; and BDT 0.4m by its parent Asian-Entech Power Corporation Ltd [1 p.44]. It owed BDT 11.6m to Banco Energy Generation Ltd and BDT 4,607.6m in total to its three subsidiaries [1 p.34] [1 p.44]. The FY2026 directors' interest table lists Doreen Power House & Tech. Ltd. among the entities in which the managing director, Tahzeeb Alam Siddique, the chairman, Anjabeen Alam Siddique, and director Md. Abul Hasnat have interests; the same table lists Banco Energy Generation Ltd. among the interests of Md. Abul Hasnat and Anjabeen Alam Siddique [1 p.45]. The remaining BDT 3.10bn of the group figure sits in the subsidiaries' current accounts with sister concerns; the counterparties at subsidiary level are not itemised in the FY2026 consolidated notes.

On terms, the notes say the board, at its meeting of 05-Jul-2025, decided to give or take temporary loans "up to Tk.300 crore" (BDT 3,000m) through these current accounts for "emergency business need", with interest charged or paid on outstanding balances at the prevailing rate [1 p.29]. The auditor describes the accounts as maintained "to obtain or provide temporary loan up to Tk. 3,000 million with prevailing bank interest rate" [1 p.6]. The FY2026 consolidated statement shows non-operating income of BDT -1.8m and no separate line for interest on these balances [1 p.11] [1 p.37]. The parent's receivable from Doreen Power House & Technologies alone was BDT 3,095.6m at June 2026 [1 p.44].

Peers: of the four compared, Doreen collects fastest and loses least to minorities; its related-party balance is second-largest

The peer table uses the nine months to 31-Mar-2026 for all four listed IPPs, the latest period each has filed on the same basis (consolidated, un-audited), from each company's own statements [3 p.2] [3 p.3] [9 p.2] [9 p.3] [10 p.2] [10 p.3] [11 p.2] [11 p.3]. Labels differ and are quoted in the workbook. Finance cost is gross for Doreen ("Financial expense") and BPPL ("Financial Expenses") but net for Summit ("Net finance income/(cost)") and UPGDCL, whose "Net Finance income/(cost)" was a cost of BDT 985m (printed in brackets). Receivables exclude related-party balances, which are shown on their own line.

Of the four, Doreen had the third-largest revenue (BDT 9.21bn) and a gross margin of 24.9%, against 32.7% at BPPL, 24.4% at Summit and 41.4% at UPGDCL [15]. It kept 8.2% of revenue for owners, against 5.6% at BPPL and 6.7% at Summit, where minorities took 48% and 59% of profit after tax, against 0.5% at Doreen [15]. Trade receivables were 214 days of nine-month revenue at Doreen, the shortest of the four (BPPL 268, Summit 317, UPGDCL 242) [15]. Related-party receivables were 64% of nine-month revenue at Doreen and 43% at UPGDCL, against under 1% at BPPL and Summit [15].

Governance: a 63.5% sponsor that waives its dividend, a merger in court, and no expansion approved in 24 months

Asian Entech Power Corporation Ltd owns 63.538% of Doreen; the managing director Tahzeeb Alam Siddique holds 2.117% and other named sponsors and directors small stakes, and other shareholders hold 33.392% [1 p.30]. The chairman, Anjabeen Alam Siddique, was nominated by Asian Entech [2 p.15]. The FY2026 notes list two independent directors, Advocate Mohammad Mashiur Rahman and Masuda Sultana, whose listed interests are the three subsidiaries [1 p.45]. Key management remuneration was nil in FY2026 against BDT 0.6m paid to the managing director in FY2025 [1 p.44] [2 p.76].

Dividends. Doreen paid stock dividends every year from FY2016 to FY2022 (12% in FY2022), which took the share count to 181.1m [1 p.30]. Since FY2023 it has paid cash only, and since at least FY2025 only to general shareholders: the sponsors and directors, holding 120.64m shares, waive their entitlement [2 p.78] [8]. The FY2026 dividend of 15% (BDT 1.50 a share) costs BDT 90.72m, 10.0% of FY2026 profit to shareholders [1 p.46] [15]. Paid on all 181.1m shares, the same rate would cost BDT 271.7m [15]. The parent itself has no revenue and lost BDT 34.1m in FY2026; its cash was BDT 6.1m at June 2026 [1 p.15] [1 p.17], and the going-concern note says it expects to fund itself from subsidiary dividends and short-term loans from them [1 p.19].

The 24-month sweep of DSE news (Nov-2024 to Oct-2026) shows no board approval of new plant, capacity expansion or capital raising; the capital decisions were asset sales at the closed gas plants and the merger [8]. Capital spending on existing plant was BDT 831m in FY2025 and BDT 601m in FY2026 [1 p.13]. CRISL lowered its long-term rating from A+ (Dec-2024) to A (Dec-2025) [8].

What's next: record date 12-Nov-2026, AGM 24-Dec-2026, the merger hearings, then PPA ends in 2031 and 2037

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

Dhaka Northern and Dhaka Southern earned BDT 5.69bn of FY2026 revenue between them [1 p.36], and both contracts end in 2031 [1 p.19]; Chandpur, which carries most of the debt, runs to 2037. The gas plants' expiries were followed by the cancellation of the Narsingdi PPA and write-downs of the plants to forced-sale value [2 p.20]. The UN General Assembly adopted Bangladesh's three-year deferral of LDC graduation to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [12] [13]; we found no clause in Doreen's filings that ties its tariffs, tax exemption or loans to LDC status. The FY2025 AGM (30-Dec-2025) and the FY2025 dividend have passed; DSE carried the dividend disbursement notice on 22-Jan-2026 [8].

Risks: related-party balances, dispatch, rates and the 2031 PPA ends

Each risk below is tied to the line it moves and to a figure in the filings. The size test is FY2026 profit to shareholders of BDT 910m [1 p.11].

Two of these have a dated history in the filings. Finance expense was 15.2% of revenue in FY2023, when the owners' margin was 3.5% [15], and the company states it has not entered into derivative instruments to hedge currency or interest-rate risk [1 p.43]. On the related-party balances, the FY2026 auditor reviewed the counterparties' financial capability and reported no issues [1 p.6], but the balances grew in each year from June 2023 to June 2026 [15].

Key questions: the group-company balances, dispatch and the merger

DOREENPWR closed at BDT 32.0 on 29-Oct-2026 [14]. On the FY2026 audited figures that is 6.4x EPS of BDT 5.03 and 0.56x NAV per share of BDT 57.12 [1 p.11] [15]. At 30-Jun-2026 the DSE price was BDT 30.30 [1 p.30], 6.0x FY2026 EPS; the company's own table gives June-end P/E ratios of 8.02x (FY2021), 7.44x (FY2022), 17.16x (FY2023), 14.20x (FY2024) and 7.29x (FY2025) [2 p.21]. The BDT 1.50 dividend is 4.7% of the price for general shareholders. Market capitalisation is BDT 5.80bn and the 52-week intraday range BDT 24.5-36.5 [14]. These are facts about the price, not a view on it.

FAQ

What does Doreen Power own?

Three almost wholly owned HFO plants selling to BPDB: Dhaka Northern (55 MW), Dhaka Southern (55 MW) and Chandpur (115 MW). Its own three 22 MW gas plants stopped when their PPAs ended in 2023-2024 [1 p.18].

What were Doreen Power's FY2026 results?

Revenue BDT 11.70bn (-22.3%), profit to shareholders BDT 910m, EPS BDT 5.03 and NAV per share BDT 57.12 [1 p.10] [1 p.11].

Who gets the FY2026 dividend?

Only general shareholders: 15% cash (BDT 1.50 a share), BDT 90.72m in total; sponsors and directors holding 120.64m shares are excluded [1 p.46] [8].

When do the PPAs end?

16-Jun-2031 (Dhaka Southern), 16-Aug-2031 (Dhaka Northern) and 10-Feb-2037 (Chandpur) [1 p.19].

What is the BDT 6.3bn current account?

Temporary loans to subsidiaries and sister concerns, net of balances inside the group; the parent's largest is BDT 3.10bn owed by Doreen Power House & Technologies Ltd [1 p.29] [1 p.44].

What is the merger?

The three subsidiaries are to be amalgamated into the listed company for cash paid to their minorities; the High Court admitted the scheme on 18-Aug-2026 [1 p.18] [1 p.19].

Which results does this note use?

Annual reports FY2018-FY2025, the audited FY2026 statements, the FY2026 quarterly statements and DSE news; the full FY2026 annual report with plant data is not yet in our corpus.

Sources

1. Doreen Power Generations and Systems Ltd, audited consolidated and separate financial statements, year to 30-Jun-2026 (Hoda Vasi Chowdhury & Co) · link · accessed 2026-10-31
2. Doreen Power Generations and Systems Ltd, Annual Report 2025 (year to 30-Jun-2025), incl. subsidiary statements · link · accessed 2026-10-31
3. Doreen Power un-audited consolidated statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
4. Doreen Power un-audited consolidated statements, half year to 31-Dec-2025 · link · accessed 2026-10-31
5. Doreen Power un-audited consolidated statements, quarter to 30-Sep-2025 · link · accessed 2026-10-31
6. Doreen Power Generations and Systems Ltd, Annual Report 2024 (year to 30-Jun-2024) · link · accessed 2026-10-31
7. Doreen Power Generations and Systems Ltd, Annual Report 2022 (year to 30-Jun-2022, five-year data FY2018-22) · link · accessed 2026-10-31
8. Dhaka Stock Exchange news archive for DOREENPWR, Nov-2024 to Oct-2026 (results, dividends, merger, asset sales, ratings) · link · accessed 2026-10-31
9. Baraka Patenga Power Ltd un-audited consolidated statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
10. Summit Power Ltd un-audited interim condensed statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
11. United Power Generation & Distribution Co. un-audited statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
12. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
13. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
14. AnalystBro price data (TradingView feed): DSE:DOREENPWR daily bars to 29-Oct-2026 · link · accessed 2026-10-31
15. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31