Eastern Housing financial analysis: land plots and bank interest drive profit, no debt (Oct 2026)

Investment considerations: debt-free, funded by customers, but 87% land and 6.9 years of stock

Eastern Housing Limited (EHL) buys raw land around Dhaka, fills and develops it, and sells residential plots on instalments; it also builds apartments, shops and offices, some on land shared with landowners [1 p.101]. It was incorporated in 1964, listed on the Dhaka Stock Exchange in 1994 and on the Chittagong Stock Exchange in 1996, and its fiscal year ends on 30 June [1 p.101] [1 p.97]. The company says it is the only real-estate developer listed on the two exchanges [1 p.28].

Three facts define the investment case. First, EHL is a land business more than a builder: plots were 87% of FY2025 revenue of BDT 3,031m, and Jahurul Islam City (JIC) at Aftabnagar alone brought in BDT 2,398m [1 p.115] [1 p.121]. Second, buyers pay in instalments over two to six years and EHL books revenue only when a plot is registered or a flat handed over, so it holds BDT 14.2bn of customer money against BDT 13.3bn of land and buildings [1 p.107] [1 p.97]. Third, it has repaid all bank debt and parks the surplus in fixed deposits; interest income of BDT 442m was 41% of FY2025 profit before tax [1 p.98] [14].

Business and story: from apartments on bank loans to land plots funded by buyers

EHL's model is simple to describe. It buys agricultural or low-lying land in blocks on the edge of Dhaka, consolidates title, pays for mutation and registration, fills and develops it with roads and drainage, and sells plots to individuals. In FY2025 it spent BDT 950m on land, BDT 188m on registration, legal and stamp costs and BDT 57m on mutation and deed collection [1 p.115]. Buyers sign an allotment and pay instalments for two to six years; EHL books the money as 'Advance received against allotment' and moves it to revenue only when the plot is registered to the buyer [1 p.107]. Apartments work the same way, with revenue booked at handover [1 p.107].

The company's projects are dominated by Jahurul Islam City at Aftabnagar, east of Rampura, where EHL is expanding into phases 2 and 3 and buying land [1 p.28]. Other revenue in FY2025 came from Eastern Nabarun Residences (BDT 383m), Pallabi Phase II (BDT 122m), Banasree and Dakshin Banasree (BDT 63m) and the Savar project (BDT 43m) [1 p.115]. A larger, slower land project, Mayakanan Lake City near Aminbazar and Baliarpur in Savar, covers 1,220 bigha; the company said in 2023 that the gazetted Detailed Area Plan (DAP 2022-2035) shows 72 bigha of it as residential land use, with 180 bigha developed and 354 bigha partly developed [3 p.26].

The last decade has three chapters. Up to FY2019, apartments were the larger business: BDT 2,057m of FY2019's BDT 3,581m revenue, financed partly with BDT 1.2bn of bank loans and overdraft [6 p.103] [6 p.79]. In FY2020 EHL repaid BDT 1,157m of loans out of BDT 2,146m of operating cash flow, and from FY2021 it began to build fixed deposits [4 p.82] [4 p.79]. Since then apartments have shrunk to BDT 0.4bn a year while land sales grew every year from FY2020 to FY2025, reaching BDT 2,628m [1 p.121] [14]. Interest on the cash pile became the second profit engine: finance income rose from BDT 6m in FY2020 to BDT 442m in FY2025 [4 p.80] [1 p.98].

Revenue: land registrations at one project drive 87% of sales; apartments depend on a few handovers

Revenue recognition drives the reported numbers. Under IFRS 15, EHL treats a land sale as made only when the allotted plot is registered and an apartment sale only at handover [1 p.107]. The auditor named revenue recognition, inventory valuation and customer advances as its three key audit matters for FY2025 [1 p.94] [1 p.95]. For an investor this has two consequences: revenue in any year depends on how many buyers finish their instalments and come to register, not on how many plots were sold that year; and the balance sheet holds years of sales that have been paid for but not yet recognised. The company notes that buyers face no statutory deadline to register [1 p.107].

Land. Land sales fell slightly from BDT 1,564m in FY2018 to 1,483m in FY2020, then rose each year to BDT 2,628m in FY2025 [6 p.103] [4 p.104] [1 p.121]. The FY2025 figure was up 10% [1 p.59]. Almost all of it is JIC: BDT 2,398m against 2,026m in FY2024 [1 p.115]. In 9M FY2026, land revenue fell to BDT 1,625m from 1,751m, and in the March quarter alone to BDT 437m from 683m [2 p.7].

Apartments and commercial space. This line swings with handovers of individual buildings. FY2022 included BDT 1,055m from Eastern Irfan Centre and FY2023 BDT 557m from Eastern Suraiya Center and 178m from Eastern Balaka [3 p.111]. With few completions, apartment sales fell to BDT 361m in FY2024 and 402m in FY2025 [1 p.121]. Management said apartment sales slowed because construction costs and financing constraints hurt middle-class affordability [1 p.28]. In 9M FY2026 apartment revenue doubled to BDT 483m (BDT 334m in the March quarter), which kept total revenue up 6% [2 p.7] [14].

Product margins. EHL reports revenue, assets and liabilities by segment but not cost or profit by segment, so land and apartment margins cannot be separated from the filings [1 p.121]. What can be seen is that company gross margin was highest when land was the biggest share: 36.3% in FY2025 and 34.9% in FY2023, against 31.0% in FY2018 when apartments were 54% of sales [14]. In 9M FY2026, with a higher apartment share, gross margin still rose to 41.4% [2 p.2] [14]; one quarter does not establish a trend.

Line items: land cost sets gross margin, a fixed BDT 430m overhead sets operating leverage, deposit rates set the rest

Cost of sales flows through three stages: land consumed, materials consumed and direct site costs go into work in progress; completed work moves to finished stock; and cost of sales is the finished stock released on registration or handover [1 p.115]. In FY2025, BDT 1,121m of land, BDT 481m of materials and BDT 261m of direct cost entered work in progress, BDT 3,348m moved to finished stock, and BDT 1,930m was expensed [1 p.115]. BDT 263m of finished floor space at Lokman Husain Centre on Kemal Ataturk Avenue was moved to investment property [1 p.109].

Land cost is the largest and most volatile input. Purchases of undeveloped land (with registration and mutation) were BDT 911m in FY2022, 870m in FY2023, 1,619m in FY2024 and 1,195m in FY2025 [3 p.111] [1 p.115]. Registration, legal and stamp costs alone were BDT 188m in FY2025, 16% of the land bill [1 p.115]. Material cost fell from BDT 490m in FY2024 to 243m in FY2025 as apartment construction slowed [1 p.116]. Sand filling and development work rose to BDT 143m from 126m [1 p.116].

Administrative and selling expenses have been flat at BDT 422-437m a year since FY2022 [3 p.94] [1 p.98]. Salaries and allowances were BDT 220m of FY2025's BDT 437m, depreciation BDT 67m and warranty expense BDT 36m [1 p.116]. Selling and marketing was only BDT 8m, which fits a business that sells plots in established projects [1 p.116]. Headcount fell from 594 in FY2021 to 527 in FY2025 [1 p.55]. Because the cost base is fixed, operating margin moves with revenue: it was 19.3% in FY2024, when revenue fell 11%, and 22.4% in FY2025 [14].

Finance income has become the swing line below operating profit. It rose from BDT 53m in FY2021 to 141m, 263m, 299m and 442m in FY2022-FY2025 [4 p.80] [3 p.94] [1 p.98]. The yield on average short-term investments rose from 6.6% in FY2024 to 10.2% in FY2025 as bank deposit rates rose [14]; FY2025 finance expense was nil [1 p.117]. On FY2025 figures, each 1pp of deposit yield on the average BDT 4.3bn of deposits moved finance income by about BDT 43m, or about BDT 0.32 of EPS after the 5% WPPF and the 27.5% effective tax rate [14]. That makes bank deposit rates, and the health of the banks holding the money, a direct earnings driver (see balance sheet).

Tax. Real-estate developers in Bangladesh pay tax at registration at prescribed rates per square metre or a percentage of the land value, with the final charge the higher of that, 22.5% of profit, or 1% of gross receipts [1 p.107]. In FY2025 BDT 204m of the BDT 295m current tax was paid at registration and BDT 84m deducted at source on interest [1 p.117]. The effective rate was 27.5% [14]. Workers' profit participation takes 5% of profit before it [1 p.106].

Inventory and land bank: BDT 13.9bn of stock, 6.9 years of sales, plus revalued land of BDT 4.7bn

Inventories were BDT 13,289m at June 2025, 55% of total assets [1 p.95] [1 p.97]. They comprised undeveloped land of BDT 2,472m, work in progress of BDT 5,089m, finished goods of BDT 5,612m and construction materials of BDT 116m [1 p.110]. By March 2026 inventories had risen to BDT 13,914m, with work in progress up to BDT 5,758m and undeveloped land to BDT 2,614m [2 p.6]. Inventory is held at the lower of average cost and net realisable value [1 p.106]; the auditor tested this on a sample but wrote that it was 'not necessary since in context of the country land prices always increased very sharply and geometrically' [1 p.95]. Investors may prefer to treat that as an assumption, not evidence.

Years of inventory. At FY2025 cost of sales, the stock equals 6.9 years of sales; it was 5.8 years in FY2022 and 7.6 in FY2024, and 8.4 years on 9M FY2026 cost annualised [14]. Finished goods, the part that needs only registration or handover, rose to 42% of inventory in June 2025 from 29% in June 2022 [14]. A long cycle is normal for a land developer that must assemble title plot by plot, but it means a large part of equity is tied up in land that earns nothing until it is registered.

Land held outside inventory. Property, plant and equipment of BDT 4,662m is mostly land carried at revaluation; the revaluation reserve of BDT 3,874m has been carried since FY2021, when BDT 502m was added through other comprehensive income [1 p.113] [4 p.80]. The reserve is 46% of June 2025 equity [14], so roughly half of the BDT 90 NAV per share is a land valuation rather than retained profit. In the segment note, BDT 4,096m of PPE sits in the land segment [1 p.121]. EHL also paid BDT 603m in advances for land purchases at March 2026, up from 409m at June 2025 [2 p.6].

Customer advances: BDT 14bn of buyers' money funds the land, but collections have slowed since FY2023

Customer advances are EHL's main source of funds. 'Advance received against allotment' was BDT 14,214m at June 2025: BDT 12,515m from plot buyers and BDT 1,699m from flat and commercial-space buyers [1 p.113]. The auditor noted it was 59% of total equity and liabilities [1 p.95]. The balance grew from BDT 11,361m in June 2018 to a peak of 14,859m in June 2023, and has since edged down to 13,957m at March 2026 [6 p.79] [3 p.93] [2 p.1].

Why it matters. While advances exceed inventory, buyers rather than banks are financing the land bank; the ratio rose from 0.79x in 2018 to 1.16x in 2023 and was 1.00x at March 2026 [14]. The sector red flag is advances falling while inventory rises, which is what happened between June 2025 and March 2026: advances fell BDT 257m while inventory rose BDT 625m [2 p.1]. A falling advance balance means revenue recognised is running ahead of new money collected, which can flatter reported profit for a while.

Reconciliation. In FY2025, cash received from customers and others was BDT 2,836m against revenue of BDT 3,031m; the gap of about BDT 195m is close to the BDT 212m fall in advances [1 p.100] [1 p.97] [14]. Collections have weakened: BDT 4,182m in FY2022 and 4,078m in FY2023, then 2,370m in FY2024 and 2,836m in FY2025; in 9M FY2026 they were BDT 1,864m against 2,120m a year earlier [3 p.96] [1 p.100] [2 p.4]. Cancellations and refunds are not disclosed separately.

Receivables are small because buyers pay before registration: trade receivables were BDT 14m at June 2025 and interest receivable on deposits BDT 122m [1 p.110]. Credit risk sits instead in the bank deposits (next section).

Debt and cash: no borrowings since FY2022 and BDT 4.0bn of net cash, spread across eight institutions and a treasury bond

Debt and interest. EHL had BDT 1,419m of bank loans and overdraft in June 2018 and paid interest equal to 8.5% of revenue in FY2017 [6 p.79] [5 p.39]. It repaid most of it in FY2020 (BDT 1,157m) and the last overdraft in FY2022, then repaid the interest-free BDT 202.5m sponsors' loan in FY2023 [4 p.82] [3 p.96]. It has had no borrowings since; its own capital-management note shows net debt of minus BDT 136m on cash alone and a gearing ratio of -2% [1 p.119]. The only remaining interest cost is BDT 4.7m on building leases, booked in admin [1 p.116].

Where the cash sits. Short-term investments were BDT 4,551m at June 2025, in fixed deposits at BRAC Bank (BDT 1,687m), City Bank (1,552m), Southeast Bank (776m), Eastern Bank (436m) and Shahjalal Islami Bank (100m) [1 p.110]. By March 2026 the total had fallen to BDT 3,777m and was spread wider: BRAC 1,086m, Prime 700m, Mutual Trust 500m, IDLC Finance 400m, City 335m, Eastern 300m, Bank Asia 100m, IPDC Finance 100m and a BDT 256m treasury bond; the Southeast Bank deposit was gone [2 p.6]. Two of the counterparties are finance companies rather than banks. Cash balances are also spread across many banks, including smaller sums at Union Bank and Standard Bank [1 p.111].

The Bangladesh Bank deposit. BDT 350m was collected from EHL by the 2006-08 caretaker government. EHL won a writ in the High Court in 2013 and Bangladesh Bank's appeal was dismissed in 2017, but a review petition was allowed in November 2018 and the case was renumbered Civil Appeal 382 of 2019; the company says the hearing will be held soon [1 p.111]. The amount is carried as a current asset at full value [1 p.97]; we exclude it from net cash.

Net cash. Deposits and cash less borrowings went from minus BDT 1,437m in June 2018 to plus BDT 5,159m in June 2023, BDT 4,688m in June 2025 and BDT 3,972m in March 2026, or BDT 42.6 a share [14]. The fall since June 2025 matches the negative operating cash flow and the BDT 233m dividend [2 p.4].

Cash flow: land buying took 9M FY2026 operating cash flow to minus BDT 875m

Operating cash flow depends on two things: instalments collected and land bought. It was strong from FY2020 to FY2023 (BDT 1.05-2.15bn a year) when collections ran at BDT 3.3-4.2bn and land purchases were under BDT 1bn [4 p.82] [3 p.96] [3 p.111]. It turned to minus BDT 972m in FY2024 when collections fell to BDT 2,370m and land purchases rose to BDT 1,619m; it recovered to BDT 271m in FY2025, which management attributed to higher collections, finance income and lower land payments [1 p.100] [1 p.60].

In 9M FY2026 it was minus BDT 875m (NOCFPS minus BDT 9.38), against plus BDT 143m a year earlier; payments to suppliers and for land rose to BDT 2,530m from 1,767m and the company's stated reason is that 'payment for investment in land inventory has significantly increased' [2 p.4] [2 p.8]. The gap was funded by drawing BDT 775m out of fixed deposits [2 p.4]. Interest received (BDT 403m in 9M) sits in investing cash flow, so operating cash flow understates the cash the business generates while it holds deposits [2 p.4].

Cash conversion. Operating cash flow over net profit averaged well above 1x from FY2017 to FY2023 but was -1.73x in FY2024 and 0.35x in FY2025 [14]. Adding interest received and deducting capex, the cash available covered the dividend 3.6x in FY2025 and was negative in FY2024 and 9M FY2026 [14].

Ratios: margins up, ROE 10%, revenue still below FY2019

Returns. ROE rose from 5.8% in FY2018 to 9.5% in FY2023 and 9.5% in FY2025, with a dip to 7.4% in FY2024 [14]. The nine-year range is narrow (5-10%) because equity grows with retained profit and carries a BDT 3.9bn land revaluation; ROA is about 3% because the balance sheet is mostly inventory financed by advances [14]. Asset turnover is low at 0.125x [14].

Growth. Revenue in FY2025 (BDT 3,031m) was below FY2019 (BDT 3,581m), so the profit growth came from margin, lower interest and finance income, not volume [14]. Net margin rose from 9.6% in FY2019 to 25.5% in FY2025 [14].

Efficiency and leverage. Inventory years and advance cover are discussed above. Customer advances fell to 1.59x equity in March 2026 from about 2x in 2018-2023 [14]. Equity was 36% of total assets in March 2026 [14].

Latest results: FY2026 EPS fell to BDT 6.66 after a near-zero fourth quarter

9M FY2026 (July 2025 to March 2026). Revenue rose 6.0% to BDT 2,109m, gross profit 11.6% to BDT 874m and operating profit 15.0% to BDT 551m; finance income was flat at BDT 347m; profit rose 11.0% to BDT 621m and EPS to BDT 6.65 from 5.99 [2 p.2] [14]. The mix shifted: apartments were 22.9% of revenue against 12.0% [2 p.7] [14]. Administrative and selling expenses rose 5.8% [2 p.2].

The March quarter was weaker in land (BDT 437m against 683m) but apartments added BDT 334m; quarter EPS was BDT 1.94 against 1.83 [2 p.2] [2 p.7]. Q1 FY2026 EPS was BDT 2.16 as announced to DSE [7]. NAV per share reached BDT 94.15 at March 2026 after the BDT 233m FY2025 dividend [2 p.1] [2 p.3].

FY2026 (DSE-announced, T1). The board met on 5-Oct-2026 and declared a 20% cash dividend (BDT 2.00 a share), record date 29-Oct-2026, AGM 22-Dec-2026 [7]. DSE published EPS of Tk. 6.66, NAV per share of Tk. 94.15 and NOCFPS of Tk. (7.43) for the year ended 30-Jun-2026, against Tk. 8.27, 89.99 and 2.90 [8]. EPS fell 19%. Set against 9M EPS of BDT 6.65, the full year implies a Q4 EPS of about BDT 0.01, against BDT 2.28 in Q4 FY2025 (8.27 less 5.99) [2 p.2] [14]. The June 2026 NAV per share equals the March 2026 figure, which fits a near-zero Q4 profit. NOCFPS of minus 7.43 means operating cash outflow of about BDT 694m for the year, against minus BDT 875m at nine months [8] [2 p.4]. The FY2026 annual report is not yet in our corpus; the Q4 split (land registrations, finance income, tax) will be filled in when it is filed.

Market and regulation: housing need, RAJUK approvals and DAP floor-area limits shape the pipeline

Demand drivers, as the company describes them. EHL's managing director cites a national housing need of 250,000-400,000 new homes a year, driven by urbanisation, population growth and migration, with Dhaka and Chattogram the main demand centres, especially for mid-market apartments near transit routes [1 p.27]. The chairman points to metro rail and expressways, easier home loans and incentives for first-time buyers as support, and to material prices, scarce land in prime areas and compliance costs as constraints [1 p.26]. The directors' report says the urban population is projected to reach 50% by 2030 [1 p.59]. These are management's statements; we did not find independent data in the filings to test them.

RAJUK and the Detailed Area Plan. The company says its land projects need RAJUK (the Dhaka development authority) approval of layout plans [1 p.28]. It has primary clearance for JIC phases 2 and 3 and has submitted revised layouts for JIC phase 1 and Pallabi phase 2 for approval [1 p.28]. The DAP limits floor area ratio (FAR); management says that, with high material prices, the FAR restriction makes it 'very much cautious' about new apartment projects, though it took on four in FY2025 (two at Aftabnagar under construction, one at Aftabnagar and one at Dhanmondi in the pipeline) [1 p.28]. The DAP's zoning matters for the land bank too: at Mayakanan Lake City in Savar, 72 of 1,220 bigha are shown as residential land use [3 p.26]. Management adds that land scarcity in and around Dhaka is pushing it towards more apartment projects [1 p.28].

Interest rates cut both ways. Higher deposit rates lifted EHL's finance income (yield 10.2% in FY2025) [14], while 'rising financing costs' hurt buyers' affordability according to management [1 p.27]. EHL has no loans, so rate moves reach it through buyers and through its deposits, not through interest expense.

LDC graduation. On 29-Oct-2026 in New York (30-Oct in Dhaka) the UN General Assembly adopted the move of Bangladesh's graduation from least-developed country status from 24-Nov-2026 to 24-Nov-2029 [11] [12]. EHL does not export or borrow abroad and has no foreign-currency exposure [1 p.119], so the direct effect is small; the indirect channel is household incomes and remittances, which drive housing demand.

Peers: no listed developer exists; against listed property owners EHL is the only net lender

There is no listed like-for-like developer. EHL states it is the only real-estate company listed on the DSE and CSE [1 p.28], and the AnalystBro screener classifies no other Bangladesh stock as real-estate development [13]. The closest listed property-owning companies under the same sector format are the hotel owners Unique Hotel & Resorts (UNIQUEHRL) and The Peninsula Chittagong (PENINSULA), which also report on a June year and filed nine-month statements to 31-Mar-2026. They are not developers; the comparison shows balance-sheet structure and funding, not business economics. Each figure is taken from the peer's own statement with its own label.

On these figures EHL has the highest operating margin (26.1% against 23.1% and 12.5%) and is the only one of the three with net finance income rather than net finance cost: plus 16.4% of revenue, against minus 32.7% at UNIQUEHRL and minus 12.8% at PENINSULA, gaps of 49.1pp and 29.2pp [14]. Its equity is a lower share of assets (36%) because customer advances, not loans or equity, fund the inventory [14]. All three trade below published NAV per share: EHL at 0.81x, UNIQUEHRL at 0.41x and PENINSULA at 0.61x [13] [14]. These are facts about prices, not a view on them.

Governance and dividends: a sponsor-held company with small related-party flows; FY2026 dividend cut to BDT 2.00

Ownership. Sponsors and associates held 50.67% at June 2025 (11 holders), financial institutions 12.22%, other institutions 12.53% and general shareholders 24.58% across 13,289 holders; eight holders owned 60.81% [1 p.112]. The sponsor group is the Islam family's group: the chairman is Manzurul Islam, and directors are nominated by group companies including River View Limited and Islam Brothers Properties Limited [1 p.26] [1 p.61].

Related parties. The disclosed related-party transactions are small: BDT 5.5m a year of office rent paid to Islam Brothers Properties (a common board member) and BDT 0.6m of cement bought from LafargeHolcim Bangladesh, with BDT 0.25m payable at June 2025 [1 p.120]. In 9M FY2026 they were BDT 3.3m and 1.9m [2 p.8]. Key management pay rose to BDT 62.5m from 46.9m [1 p.119]. Unlike many sponsor-controlled companies, EHL shows no loans or advances to group companies in its related-party note [1 p.120].

Board and audit. Eight board meetings were held in FY2025; two independent directors were appointed in November and December 2024 after the previous independent director's second term ended [1 p.61]. The FY2025 auditor, Artisan, gave an unmodified opinion with three key audit matters and no emphasis of matter [1 p.94] [1 p.95]. Auditors have changed over time: A. Qasem & Co. for FY2019, Mahfel Huq & Co. for FY2021 and FY2023, and Artisan for FY2025 [6 p.78] [4 p.79] [3 p.93] [1 p.96]. The company reports a long-term credit rating of 'AAA+' and short-term ST-1 without naming the agency in the annual report [1 p.61]. DSE announced that National Credit Ratings Limited assigned an initial entity rating of AAA (long term) and ST-1 (short term), stable outlook, based on the June 2025 accounts [7].

Dividends. EHL has paid cash every year in the record: BDT 2.20 (FY2017), 2.50, 2.00, 1.50, 1.50, 2.00, 2.50, 1.90 and 2.50 (FY2025), and has declared BDT 2.00 for FY2026 [5 p.39] [1 p.55] [7]. Because profit grew faster than dividends, payout fell from 94% in FY2017 to 30% in FY2025 [14]. The FY2026 dividend is 20% lower per share than FY2025, with EPS down 19% to BDT 6.66 and NOCFPS minus 7.43; FY2026 payout was 30% [8] [7] [14]. There has been no bonus issue since FY2016 [5 p.39].

News in the 24 months to October 2026 from DSE announcements: quarterly results, the FY2025 dividend (record date 5-Oct-2025, AGM 30-Oct-2025), the FY2026 board meeting (5-Oct-2026) and dividend, spot-market trading ahead of each record date [7]. We did not use press reports for any company event.

What's next: the FY2026 annual report on 22 December and the Q1 FY2027 cash flow

Risks: one project, slow registrations, land disputes and where the deposits sit

The biggest operating risk is concentration: one project and one product (plots) produce most of the revenue, and the timing depends on buyers completing payments and registering [1 p.115] [1 p.107]. The biggest financial risk is not debt but the credit quality of the institutions holding BDT 3.8bn of deposits [2 p.6].

Key questions: collections, registrations and deposit income decide shareholder returns

At BDT 76.3 the shares trade at 11.5x FY2026 EPS of BDT 6.66, 9.2x FY2025 EPS, 0.81x June 2026 NAV of BDT 94.15 (both FY2026 figures DSE-announced) and a 2.6% yield on the FY2026 dividend; net cash at March 2026 was 56% of the share price [13] [8] [14]. These are facts about the price, not a view on it.

FAQ

What does Eastern Housing do?

It buys and develops land around Dhaka and sells residential plots, and builds apartments and commercial space [1 p.101].

When does EHL's fiscal year end?

30 June [1 p.97].

How does EHL recognise revenue?

Land when the plot is registered to the buyer, apartments at handover; instalments before that are held as customer advances [1 p.107].

Does EHL have debt?

No bank borrowings since FY2022; it held BDT 3.78bn of deposits and a treasury bond at March 2026 [3 p.93] [2 p.6].

How much of profit is interest income?

Finance income was BDT 442m, 41% of FY2025 profit before tax [1 p.98] [14].

What dividend did EHL declare for FY2026?

20% cash (BDT 2.00 a share), record date 29-Oct-2026, AGM 22-Dec-2026 [7].

What were FY2026 results?

DSE-announced EPS BDT 6.66 (FY2025: 8.27), NAV per share 94.15 and NOCFPS minus 7.43 [8].

Which results does this report use?

Annual reports FY2017-FY2025, the Q3 FY2026 statements and the DSE-announced FY2026 figures; the FY2026 annual report is not yet in our corpus and the model will be updated when it is filed.

Sources

1. Eastern Housing Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
2. Eastern Housing Limited unaudited financial statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
3. Eastern Housing Limited Annual Report 2023 (year to 30-Jun-2023) · link · accessed 2026-10-31
4. Eastern Housing Limited Annual Report 2021 (year to 30-Jun-2021) · link · accessed 2026-10-31
5. Eastern Housing Limited Annual Report 2020 (five-year summary FY2016-FY2020) · link · accessed 2026-10-31
6. Eastern Housing Limited Annual Report 2019 (year to 30-Jun-2019) · link · accessed 2026-10-31
7. Dhaka Stock Exchange announcements for EHL via the AnalystBro events feed (FY2026 dividend declaration 6-Oct-2026, record date 29-Oct-2026, AGM 22-Dec-2026; board meetings; Q1-Q3 results) · link · accessed 2026-10-31
8. Dhaka Stock Exchange news, EHL FY2026 results: EPS Tk. 6.66, NAV per share Tk. 94.15, NOCFPS Tk. (7.43) for the year ended 30-Jun-2026 (vs 8.27, 89.99, 2.90) · link · accessed 2026-10-31
9. Unique Hotel & Resorts PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
10. The Peninsula Chittagong PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
12. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
13. AnalystBro price data (TradingView feed): DSE:EHL, UNIQUEHRL, PENINSULA daily bars to 28-Oct-2026 · link · accessed 2026-10-31
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31