Energypac Power Generation financial analysis: BDT 1,463.3m FY2025 finance costs and a BDT 1,449.0m nine-month loss (Oct 2026)

Investment considerations: FY2025 operating profit of BDT 406.9m against net finance costs of BDT 1,463.3m

Energypac Power Generation PLC was incorporated on 15 July 1995, converted to a public limited company on 27 December 2011 and listed on the DSE and CSE on 19 January 2021 [1 p.85]. The notes describe a wide business: generators, power-plant services, a CNG refuelling station, JAC automobiles and machinery, cylinder manufacturing and LPG [1 p.85]. The revenue note groups this into four segments: Liquefied Petroleum Gas (LPG), the Power & Energy Division (PED), the Building Material Division (BMD) and the Motor Vehicle Division (MVD) [1 p.101]. The statements are the company's own (separate) accounts; the company transferred its controlling holding in Energypac Power Venture Limited to Sonargaon Leather & Rexin Cloth Industries Ltd. effective 15 June 2023 [1 p.94].

On the FY2025 statements, revenue was BDT 3,085.4m (+10.1%), gross profit BDT 1,133.1m and profit from operating activities BDT 406.9m [1 p.82]. Net finance costs were BDT 1,463.3m, so profit before tax was a loss of BDT 1,015.9m and the loss after tax BDT 1,046.7m, EPS BDT -5.50 [1 p.82]. FY2024 was also a loss year, with EPS of BDT -5.18 [1 p.82]. Before that, the company accounts printed profits: EPS BDT 2.88 in FY2020, 1.61 in FY2021, 1.13 in FY2022 and 0.75 in FY2023 [5 p.83] [3 p.91]. In the nine months to March 2026 the loss after tax was BDT 1,449.0m and EPS BDT -7.62 [6 p.2].

On the balance sheet, interest-bearing debt (term loans, short-term bank loans and overdrafts) was BDT 13,998.2m at June 2025 and BDT 15,412.2m at March 2026, against equity of BDT 6,248.0m and BDT 4,794.2m [1 p.81] [6 p.1] [14]. Other receivables, nearly all intercompany current accounts, were BDT 2,382.7m at June 2025, 10.2% of total assets [1 p.95] [14]. Trade receivables were BDT 2,587.1m, 306 days of FY2025 revenue on the year-end balance [1 p.81] [14]. Equity includes a revaluation reserve on land of BDT 2,224.3m; NAV per share at March 2026 was BDT 25.21 with it and BDT 13.51 without it [6 p.1] [6 p.21].

The share closed at BDT 15.2 on 29 October 2026 [9]. That is 0.60x the March 2026 NAV per share with revaluation and 1.13x without it; the market capitalisation was BDT 2,890.5m [14]. With losses in FY2024, FY2025 and the nine months to March 2026, the P/E ratio is not meaningful; the DSE page shows the P/E as 'n/a' [7]. The derived trailing four-quarter EPS is BDT -12.03: an implied April-June 2025 quarter of BDT -4.41 (FY2025 EPS less nine-month EPS) plus BDT -7.62 for July 2025 to March 2026 [14].

Business model: LPG was 63.5% of FY2025 revenue, with generators, JAC vehicles and steel buildings beside it

How the company earns revenue. The FY2025 auditor's revenue key audit matter lists 'sale of liquefied petroleum gas (LPG), supplying building materials, hire purchase and cash sales of motor vehicles, providing sales and installation services for power and energy equipment and operating of CNG refuelling station' [1 p.77]. The LPG business runs under the G-Gas name: the annual report says G-Gas started commercial operation of an LPG import, storage and bottling plant at Chunkuri, Dacope, Khulna in 2017, with storage capacity of 5,600 MT at the mother plant and 1,200 MT at a satellite plant, and a cylinder plant using ROKTEC (Turkey) technology [1 p.50]. The LPG segment also includes the Malibagh Polwel G-Gas CNG station, whose revenue was BDT 186,614,324 in FY2025 and BDT 181,458,882 in FY2024 [1 p.105].

The other three segments. PED supplies 'base load and standby gas, diesel generators', rental, turnkey solutions, operation and maintenance of power plants, spares and service [1 p.105]; the company is sole distributor of Perkins engines and trades FG Wilson gensets [1 p.51]. MVD imports and markets JAC automobiles, construction machinery, spare parts and service [1 p.105]; JAC vehicles are assembled at a plant in Gazipur [1 p.50]. BMD builds pre-engineered and Steelpac light buildings [1 p.105]. Stated capacities are 300 generators, 1,200 vehicles, 370,000 LPG cylinders and 5,241,000 cylinder fillings a year [1 p.114].

How much of the capacity was used. In FY2025 the company assembled 35 generators (12%) against 26 (9%) in FY2024, and 56 pick-up vans (5%) against 109 (9%); it produced no LPG cylinders in either year and filled 1,107,968 cylinders (21.14%) against 1,204,257 (22.98%) [1 p.114]. The inventory movement table shows 13,737,261 kg of LPG sold or issued in FY2025 against 15,372,690 kg in FY2024 [1 p.114]. LPG segment revenue excluding the CNG station, divided by those kilograms, gives a derived BDT 129.0 per kg in FY2025 against BDT 98.9 in FY2024 [14]. The derivation assumes all kilograms issued were sold; the note does not split sales from other issues. In the nine months to March 2026 the company filled 873,858 cylinders (16.67%) and assembled 4 generators and 6 pick-up vans [6 p.40].

What changed in the last six years. Revenue on the company accounts was BDT 8,125.3m in FY2020, BDT 9,172.7m in FY2022 and BDT 2,802.9m in FY2024, the lowest of the six years [5 p.83] [3 p.91] [1 p.82]. All four segments fell between FY2022 and FY2024: LPG from BDT 5,230.7m to BDT 1,701.6m, MVD from BDT 1,836.9m to BDT 411.7m, PED from BDT 1,302.4m to BDT 477.0m and BMD from BDT 802.6m to BDT 212.5m [3 p.111] [1 p.101]. The directors' report for FY2024 printed a 48.49% fall in total revenue [2 p.36]. The group structure also changed: the FY2023 consolidated accounts still included Energypac Power Venture Ltd., Energypac Power Venture Ctg. Ltd. and EPV Thakurgaon Ltd., with consolidated revenue of BDT 8,008.4m against company revenue of BDT 5,441.4m [3 p.111]. From FY2024 the company reports only its own accounts [1 p.81].

Investments in former power subsidiaries. Note 7 shows BDT 398.2m of investment in non-listed companies: 142,000 shares of EPVL (BDT 38.3m), 1,000,000 shares of EPVCL (BDT 29.1m) and an 'Advance against equity to EPV Chittagong Ltd.' of BDT 330,820,014 [1 p.94]. The same note says EPGPLC transferred 1,112,000 EPVL shares to Sonargaon Leather & Rexin Cloth Industries Ltd. (SLRCIL) for Tk. 310,000,000 in FY2022-23, and that the remaining equity advance to EPVL of Tk. 147.2 crore was reclassified to other receivables under a tri-party agreement [1 p.94] [1 p.95].

Line items: gross margin of 36.7% in FY2025 and net finance costs at 47.4% of revenue

Revenue. FY2025 revenue rose 10.1% to BDT 3,085.4m [1 p.82]. LPG rose from BDT 1,701.6m to BDT 1,959.0m, PED from BDT 477.0m to BDT 586.0m and BMD from BDT 212.5m to BDT 326.1m, while MVD fell from BDT 411.7m to BDT 214.4m [1 p.101]. LPG kilograms sold or issued fell 10.6% in the same year, so the LPG revenue increase came with a higher derived revenue per kg [1 p.114] [14]. The filings do not give a price table for LPG; the FY2025 revenue key audit matter refers to an 'evolving business practice, price and tariff model' [1 p.77].

Cost of revenues and gross margin by segment. The company gross margin was 28.3% in FY2020, 27.8% in FY2021, 25.1% in FY2022, 33.4% in FY2023, 35.7% in FY2024 and 36.7% in FY2025 [14]. By segment in FY2025: LPG 27.5%, PED 62.0%, BMD 38.5% and MVD 49.2% [1 p.106] [14]. LPG gross margin fell from 32.0% in FY2024 to 27.5%, while PED rose from 44.5% to 62.0% [14]. Note 25 labels the LPG cost line 'Liquefied Natural Gas (LPG)' as printed [1 p.101]. The segment table after allocated expenses shows profit before unallocated costs of BDT 356.6m for LPG, BDT 243.8m for PED, BDT 91.0m for BMD and BDT 14.3m for MVD [1 p.106].

Operating expenses. Administrative expenses were BDT 490.0m in FY2025 against BDT 536.3m, of which personnel expenses BDT 359.3m against BDT 401.5m; distribution expenses were BDT 236.3m against BDT 290.5m, of which depreciation BDT 207.8m and delivery expense BDT 4.6m against BDT 40.7m [1 p.101]. Administrative plus distribution expenses were 23.5% of revenue in FY2025, 29.5% in FY2024 and 14.6% in FY2020 [14]. Employees paid Tk 36,000 or more fell from 597 to 540 [1 p.115].

Finance costs. Note 29 nets 'Other interest income' of BDT 88.9m against bank interest expense of BDT 1,552.2m, giving net finance costs of BDT 1,463.3m in FY2025 against BDT 1,162.0m in FY2024; the note says service charge on hire sales is netted off with bank interest [1 p.101]. Net finance costs were 8.1% of revenue in FY2020, 7.6% in FY2022, 41.5% in FY2024 and 47.4% in FY2025, the highest of the six years [14]. Net finance costs over the average of year-end interest-bearing debt give a derived 5.2% for FY2023, 9.1% for FY2024 and 10.9% for FY2025 [14]. Interest payable inside other payables rose from BDT 52.0m to BDT 291.4m during FY2025 [1 p.99]. The company's own DSE statements name 'a huge finance charge than last year and hike in interest rates' as the reason for lower EPS in Q1 FY2025 and Q1 FY2026 [8].

Other income and tax. Non-operating income was BDT 39.4m in FY2025 against BDT 21.1m [1 p.82]. There was no WPPF provision in FY2024 or FY2025, when profit before tax was negative [1 p.82]. Income tax was a charge of BDT 30.8m on a loss (current tax BDT 20.8m, deferred tax BDT 10.0m); the key audit matter on tax says section 163 of the Income Tax Act 2023 'requires the company to pay minimum tax as paid through import tax or withholding tax which is not refundable' [1 p.82] [1 p.77]. Assessments for AY 2023-24 and AY 2024-25 are pending [1 p.77].

FY2026 so far: nine-month loss of BDT 1,449.0m and finance costs of BDT 1,453.7m

Nine months to March 2026. Revenue was BDT 1,772.1m against BDT 2,382.1m (-25.6%), gross profit BDT 472.3m against BDT 849.8m, and profit from operating activities BDT 2.2m against BDT 361.8m [6 p.2]. Finance costs were BDT 1,453.7m against BDT 750.5m; inside them, bank interest expense was BDT 1,528.5m against BDT 817.3m [6 p.2] [6 p.25]. Non-operating income fell to BDT 24.4m from BDT 172.3m; the prior-year figure included BDT 78.6m of wastage and scrap sales, a BDT 28.9m foreign exchange gain and a BDT 37.8m gain on investment in shares and asset [6 p.25]. The loss after tax was BDT 1,449.0m against BDT 207.9m [6 p.2].

By segment, nine-month revenue fell in all four: LPG to BDT 1,197.2m (-14.9%), PED to BDT 304.3m (-38.0%), BMD to BDT 228.6m (-23.2%) and MVD to BDT 42.0m (-77.5%) [6 p.24] [14]. Gross margin was 18.6% for LPG, 42.3% for PED, 45.7% for BMD and 40.4% for MVD [14]. After allocated expenses, LPG and MVD showed segment losses of BDT 46.1m and BDT 32.7m, and PED and BMD segment profits of BDT 48.4m and BDT 81.4m [6 p.30].

The January-March 2026 quarter on its own. Revenue was BDT 756.3m against BDT 659.1m, gross profit BDT 395.2m against BDT 202.7m, and the quarter's distribution expenses line was a credit of BDT 18.2m against a charge of BDT 50.2m [6 p.2]. Profit from operating activities was BDT 310.4m, finance costs BDT 480.1m and the loss after tax BDT 169.9m, EPS BDT -0.89 [6 p.2]. The filings read do not explain the credit in distribution expenses.

EPS and NAV per share, figure by figure. Quarterly EPS for FY2025 was BDT -1.85 (Q1), 0.87 (Q2) and -0.11 (Q3), nine months -1.09, full year -5.50, so the implied April-June 2025 quarter was BDT -4.41 (derived) [8] [1 p.82] [14]. For FY2026 it was BDT -3.08 (Q1), -3.64 (Q2) and -0.89 (Q3), nine months -7.62 [8] [6 p.2]. NAV per share with revaluation was BDT 37.45 (June 2024), 35.54 (September 2024), 37.19 (December 2024), 37.13 (March 2025), 32.86 (June 2025), 29.86 (September 2025), 26.05 (December 2025) and 25.21 (March 2026) [8]. Without revaluation the same dates show BDT 25.55, 23.64, 25.49, 25.44, 21.16, 18.16, 14.35 and 13.51 [8]. NOCFPS was BDT 0.22, 0.57 and 0.09 for the three FY2025 interim periods and BDT 0.48, 1.44 and 0.12 for FY2026 [8].

Balance-sheet changes in the nine months. The term loan non-current portion rose from BDT 10,579.7m to BDT 14,613.1m and the current portion fell from BDT 2,338.2m to BDT 488.5m; short-term bank loans fell from BDT 467.3m to BDT 51.4m and overdrafts from BDT 613.0m to BDT 259.2m [6 p.1]. Interest payable, BDT 291.4m at June 2025, was nil at March 2026 [6 p.22]. The cash flow statement shows BDT 2,183.7m received from term loans and BDT 1,453.7m of interest paid [6 p.4]. The company told the DSE on 23 November 2025 that it had 'newly secured a 10-year restructured financing facility from Bangladesh Bank including a 2-year grace period'; on 29 January 2026 that it 'has now secured a 10-year restructured financing facility from Bangladesh Bank, including a 2-year moratorium period'; and on 26 April 2026 it referred to 'the recently completed loan rescheduling process with Bangladesh Bank' [8]. These are the company's statements. Note 2.08 in the March 2026 accounts reads that the company 'applied for restructuring of all loan facilities' and that 'management expects a favourable outcome' [6 p.6]. The two texts differ; both are stated here. A BDT 330.0m plot of land at Tejgaon was moved from property, plant and equipment to assets held for sale [6 p.15] [6 p.19].

Ratios: ROE of -15.7% in FY2025, 306 receivable days and debt at 3.21x equity in March 2026

Returns. ROE on average equity was 2.6% in FY2022, 1.8% in FY2023, -12.8% in FY2024 and -15.7% in FY2025 [14]. The five-year table in the FY2025 report prints ROE of 3.77%, 2.64%, 1.75%, -13.82% and -16.75% for FY2021 to FY2025 on its own definition [1 p.43]. Return on average total assets was -4.5% in FY2025 [14].

Efficiency. Revenue over average total assets fell from 0.38x in FY2022 to 0.11x in FY2024 and was 0.13x in FY2025 [14]. Year-end trade receivables were 119 days of revenue in FY2022, 168 in FY2023, 290 in FY2024 and 306 in FY2025 [14]. Inventory days on cost of sales were 131, 60, 118 and 87 [14]. Note 8 says management 'believes that the amounts are collectible in full' and no additional provision was made [1 p.95].

Leverage and coverage. Interest-bearing debt was BDT 11,752.6m in June 2022, BDT 12,601.4m in June 2023, BDT 12,878.4m in June 2024, BDT 13,998.2m in June 2025 and BDT 15,412.2m in March 2026 [14]. Debt over equity was 1.45x, 1.53x, 1.81x, 2.24x and 3.21x on the same dates; excluding the revaluation reserve from equity it was 3.48x in June 2025 and 6.00x in March 2026 [14]. Operating profit covered net finance costs 1.69x in FY2020, 1.34x in FY2023, 0.15x in FY2024 and 0.28x in FY2025 [14]. Equity was 34.5% of total assets in June 2021 and 26.7% in June 2025, the lowest of the five June year-ends, and 20.9% in March 2026 [14].

Cash conversion and payout. Net cash from operating activities was BDT 755.2m in FY2024 and BDT 676.0m in FY2025, against interest paid of BDT 1,110.0m and BDT 1,171.9m, which the company shows under financing activities [1 p.84]. Operating cash flow less capital spending and interest paid was a derived BDT -433.5m in FY2024 and BDT -892.8m in FY2025 [14]. In the nine months to March 2026 operating cash flow was BDT 23.1m and interest paid BDT 1,453.7m [6 p.4]. Cash dividends were 10% for FY2021 and FY2022, 5% for FY2023, none for FY2024 and 2% for FY2025 (general shareholders only) [7] [8]. The FY2025 dividend came to BDT 17,445,702 on 87,228,511 general shares [8] [1 p.33].

Balance sheet and audit: BDT 15,412.2m of debt, BDT 2,382.7m of intercompany receivables and a going-concern paragraph

Lenders. Term loans at June 2025 came from thirteen banks and finance companies; adding the non-current and current portions, Bank Asia Ltd. was the largest term lender at BDT 2,876.4m, followed by Mercantile Bank Ltd. at BDT 2,713.0m and Eastern Bank Ltd. at BDT 1,615.5m (derived sums) [1 p.99]. Overdrafts were with Dhaka, Jamuna, Mercantile, NRBC and Trust banks [1 p.99]. Annexure C lists the security: for Bank Asia, a registered mortgage of 18.145 acres of project land and building at Chunkuri, Dakop, Khulna, a mortgage of 84 decimal of land at Vogra, Gazipur, and a corporate guarantee of Energypac Engineering Limited [6 p.48]. The DSE page shows short-term loans of BDT 2,805.42m and long-term loans of BDT 10,579.73m 'as on June 30, 2025' [7]; the balance sheet shows BDT 10,579.7m as the term loan non-current portion [1 p.81].

Cash and security deposits. Cash and cash equivalents were BDT 67.2m at June 2025 and BDT 37.4m at March 2026; net of overdrafts the cash-flow statement figure was BDT -545.8m and BDT -221.9m [1 p.84] [6 p.19]. Security deposits from customers and dealers were BDT 1,627.4m; note 19 says they 'mainly represents advances received from dealers and customers against supply of cylinders' and are returned when cylinders come back, which the company does not expect 'in foreseeable future' [1 p.99]. Contingent liabilities from bank guarantees were BDT 3,961,951 and letters of credit outstanding BDT 389,105,288 [1 p.114].

Related parties. Note 39 lists fourteen parties with 'Common Directorship'. The largest balance is BDT 1,552,598,600 receivable from Sonargaon Leather and Rexin Cloth Industries Ltd. 'against share disposal of EPVL', down from BDT 1,582,098,600 after a BDT 29,500,000 adjustment [1 p.108]. Loan receivables include BDT 490,022,956 from Energypac Power Venture Limited, BDT 187,095,175 from EPV Chittagong Ltd., BDT 92,262,990 from Energypac Engineering Ltd and BDT 91,579,472 from Energypac Infrastructure Development Ltd [1 p.108]. Trade receivables from eleven related parties total BDT 464,994,430 (derived sum) and were unchanged during FY2025 [1 p.108] [14]. Note 9.01 says EPGPLC 'has charged interest @12% on outstanding balance of intercompany current account' and that the balances are 'payable on demand' [1 p.95]. Two figures differ slightly between notes: Energypac Electronics Ltd shows BDT 6,477,485 in note 9.01 and BDT 6,477,484 in note 39 [1 p.95] [1 p.108].

Related-party land sale. On 23 November 2025 the company told the DSE that the board had recommended, for shareholder approval, the sale of 16.50 decimal (10 Katha) of land at 430, Energy Point, Tejgaon New I/A, Dhaka, 'in favor of Energypac Fashion Limited' [8]. Energypac Fashion Ltd is listed in note 39 as a common-directorship party [1 p.108]. The March 2026 accounts carry the land at BDT 330,000,000 under non-current assets held for sale [6 p.19]. The AGM was held on 15 December 2025 (passed); the filings read do not show the vote outcome or a sale price [7] [6 p.19].

Audit opinion, quoted from the page image. M M Rahman & Co. (Syed Mahmud Ahmad FCA, Senior Partner, dated 16/11/2025) headed its report 'TO THE SHAREHOLDERS OF ENEGYPAC POWER GENERATION PLC.' [1 p.75] [1 p.80]. The opinion paragraph reads: 'In our opinion, the accompanying financial statements give true and fair view of the financial position of the Company as at June 30, 2025, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs), the Companies Act 1994, the Securities and Exchange rules, 2020 and other applicable laws and regulations.' [1 p.75]. The basis paragraph reads: 'We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.' [1 p.75]. There is no other-matter paragraph in the report [1 p.75] [1 p.76] [1 p.78] [1 p.80].

Emphasis of Matter, items 1 to 3, word for word: '1. We draw attention to Note no. 9.01 and 39, during the year, there was no movement in the principal balances of the Loan receivables due from related parties. EPGPLC has not received any repayment against these outstanding balances. It has also been noted that there is no movement in the Trade Receivable balances with some of the related parties during FY2023–FY2025. The balances have remained unchanged from the previous year and no provision for bad debts have been charged in the financial statements for the year ended June 30, 2025' / '2. We draw attention to Note no. 9.01, Energypac Power Generation PLC has engaged in related party transactions involving loans given and received. However, loans were given without formal contract and we also did not receive any balance confirmation from the following party: Chartered Life Insurance PLC Tk 10,303,999. But no new loans were received or given during the year.' / '3. We draw attention to Note no. 7 of the financial statements, investment as share money deposit is made to Energypac Power Venture Chittagong Ltd. (EPVCL) amounting to Tk. 33.08 crore. EPVCL has not issued any shares against the said amount and has remained unadjusted for an extended period. The investment is yet to generate any return as of the reporting date.' [1 p.75]. Note 39 shows an 'Addition' of BDT 1,104,000 to the Chartered Life Insurance Company Ltd. loan receivable in FY2025, alongside the auditor's statement that no new loans were given [1 p.108] [1 p.75].

Emphasis of Matter, items 4 to 6, word for word: '4. As per BSEC Directive No. BSEC/CMRRCD/2021-386/03 dated 14 January 2021 and BSEC (Capital Market Stabilization Fund) Rules, 2021, annual or final dividends are required to be paid to entitled shareholders within 30 days of approval, and any unpaid or unclaimed dividend remaining outstanding for more than three (3) years must be transferred to the Capital Market Stabilization Fund (CMSF). During our audit, we observed that the company has a dividend payable balance of Tk. 48,679,342 as disclosed in Note 22.01, of which Tk. 19,429,613 relating to the FY 2020-21 has not yet been transferred to CMSF, although more than three years have elapsed. In addition, it was observed that the balances maintained in the designated bank accounts for dividend settlement were not sufficient to cover the total dividend payable reported as at the reporting date.' / '5. During our audit, we observed that the audit of the Energypac Power Generation Ltd. Employees Provident Fund was conducted up to FY 2020-21. No audit has been conducted from FY 2021-22 to FY 2024-25.' / '6. The company has a non-funded Gratuity Fund (GF) by the amount of Tk 11.72 crore, but it should be maintained by a separate Trustee Board and the fund should be separate from the company account. Provision against GF should be on the basis of Actuary Valuation Report, but the company has made provision based on actual liability as at reporting date.' The section ends: 'Our opinion is not modified in respect of the matters mentioned above.' [1 p.75].

Material uncertainty, word for word: 'We draw attention to Note: 2.08 in the financial statements, which discloses issues related to the Company’s ability to continue as a going concern and mitigating factors. Our opinion is not modified in respect of these matters.' [1 p.76]. Note 2.08 itself states that 'As per management's assessment there are no materials uncertainties related to events or conditions which may cast significant doubt upon the Company's ability to continue as a going concern' [1 p.86]. The DSE posted the FY2024 and FY2025 emphasis-of-matter and going-concern notices on 17 December 2024 and 22 December 2025 [8]. For FY2024 the directors' report says the company received 'an unmodified audit report' [2 p.36].

Key audit matters. The auditor lists five: recognition and valuation of property, plant and equipment; existence and valuation of inventory; revenue recognition; income tax position; and loans and borrowings [1 p.76] [1 p.77] [1 p.78]. Each risk paragraph and the auditor's response are reproduced word for word in the exhibit below. The loans key audit matter states that 'a considerable portion of these funds has been directed towards financing the company’s working capital requirements' [1 p.78].

Governance: 54.14% sponsors, a director absent from all FY2025 meetings, and dividends to general shareholders only

Ownership. Sponsors and directors held 54.14% at 30 September 2026, institutions 16.04%, foreign investors 0.00% and the public 29.82%; at 30 June 2025 the split was 54.13%, 17.59%, 0.00% and 28.28% [7]. The company told the DSE on 18 November 2025 that sponsors held 10,29,34,705 of 19,01,63,216 shares [8]. Paid-up capital is BDT 1,901.63m and authorised capital BDT 5,000.00m; the market category is B [7].

Board and committees, every row as printed. The corporate-information page lists under 'BOARD OF DIRECTORS': Md. Rabiul Alam, Chairman; Humayun Rashid, Managing Director & CEO; Enamul Haque Chowdhury, Director; Md. Nurul Aktar, Director; Rezwanul Kabir, Director; Golam Mohammad, Director (Representative of EEL); Mikail Shipar, Independent Director; Shahid Hossain, Independent Director; Chief Financial Officer, Md. Aminur Rahman Khan; Company Secretary, Md. Alauddin Shibly, FCS, ITP [1 p.12]. 'AUDIT COMMITTEE': Shahid Hossain, Independent Director, Chairman; Rezwanul Kabir, Director, Member; Golam Mohammad, Director (Representative of EEL), Member [1 p.12]. 'NOMINATION AND REMUNERATION COMMITTEE': Shahid Hossain, Independent Director, Chairman; Mikail Shipar, Independent Director, Member; Golam Mohammad, Director (Representative of EEL), Member; Enamul Haque Khandker, GM & CHCO, HR, Admin QMS and HSE Advisor [1 p.12]. 'EXECUTIVE COMMITTEE': Md. Aminur Rahman Khan, Chief Financial Officer; Alomay Biswas, GM & CBO, BMD; Enamul Haque Khandker, GM & CHCO, HR, Admin QMS HSE Advisor; Mohammad Masum Parvez, GM & CBO, PED; Mir Mahmud Ali, In-charge, Internal Audit [1 p.12]. The management-team pages add Md. Mahabubul Islam Khan, Chief Business Officer, Head of LPG Division [1 p.23].

Attendance. Four board meetings were held in FY2025. Md. Rabiul Alam, Humayun Rashid, Enamul Haque Chowdhury, Shahid Hossain and Mikail Shipar attended 4; Md. Nurul Aktar and Rezwanul Kabir attended 3; Md. Golam Mohammad, Director (Representative of EEL), attended 0 [1 p.115]. The audit committee met four times: Md. Shahid Hossain attended 4 (100%), Mr. Rezwanul Kabir 3 (75%) and Mr. Golam Mohammad 0 (0%) [1 p.70]. Directors were paid BDT 15,000 per board meeting [1 p.115]. Auditors changed from Hoda Vasi Chowdhury & Co (FY2021) to ACNABIN (FY2023) to M M Rahman & Co. (FY2024 and FY2025) [5 p.83] [3 p.91] [2 p.79] [1 p.80].

Dividends and the sponsors' waiver. On 24 November 2024 the company told the DSE that the board had accepted an application for 'withdrawal and revocation of Dividend Right of the Sponsors & Directors (equivalent to BDT 147,741,578.00)' subject to regulators' approval [8]. The FY2025 statement of changes in equity shows 'Dividend forgone & adjustment' of BDT 142,029,270 [1 p.83]. The two figures differ by BDT 5,712,308 and the filings read do not reconcile them. Dividend payables fell from BDT 190,708,612 to BDT 48,679,342 during FY2025 [1 p.81]. At March 2026 unclaimed dividends were BDT 19,429,613 for FY2020-21, BDT 23,490,604 for FY2021-22, BDT 5,759,125 for FY2022-23 and BDT 457,264 for FY2024-25 [6 p.22]. The FY2025 dividend was disbursed, per the DSE post of 22 January 2026 [8].

Credit rating and reported figures that differ between sources. BDRAL rated the company 'BBB-' long term and 'ST-4' short term with a Developing outlook (DSE post 29 December 2024), and 'BBB' and 'ST-4' with a Developing outlook (DSE post 16 March 2026) [8]. The FY2024 directors' report says: 'We have achieved "AA" for Long Term Loan and ST-4 for Short Term Loan' [2 p.36]. The DSE page prints EPS of BDT 2.03 (2021), 0.38 (2022) and -2.36 (2023) [7], while the company accounts print 1.61, 1.13 and 0.75 [5 p.83] [3 p.91]; the FY2023 consolidated EPS was BDT (2.36) and the FY2022 consolidated EPS, as restated, BDT 0.51 [3 p.89]. The FY2024 directors' report prints PED revenue of BDT 477,746,656, while note 24 prints BDT 477,043,746 [2 p.36] [1 p.101].

DSE news, 24 months. The sweep of the DSE archive from 1 November 2024 to 1 November 2026 returned 46 posts; none is a correction [8]. They cover board-meeting notices, quarterly results, dividend declarations, trading suspensions around dividend entitlement dates, two emphasis-of-matter and going-concern notices, two credit ratings, the sponsors' dividend waiver, the land-sale proposal, and a query response of 31 August 2025 that there was 'no undisclosed price sensitive information' behind an unusual price rise [8]. No board approval of new capital spending or a new plant appears in the sweep [8]. Note 43.02 states an earlier board intention, at the 87th board meeting on 11 November 2021, to purchase 330 decimal of land at Nandigram, Bogura for an LPG satellite station [1 p.114].

Peers: finance cost at 47.4% of revenue against 2.1% and 3.4% in FY2025

Peer set. The F25 sector format groups EPGL with DSE-listed CNG and LPG companies; of these, Intraco Refueling Station (INTRACO) and Kay & Que (KAY&QUE) are compared here; INTRACO has a published AnalystBro note. The comparison below uses each company's own FY2025 accounts, the year to 30 June 2025: INTRACO on a consolidated basis and EPGL and KAY&QUE on a company basis [10 p.12] [11 p.67] [1 p.82]. Revenue labels as printed are 'Revenues' (EPGL) and 'Sales Revenue' (INTRACO and KAY&QUE). The finance-cost labels are 'Finance costs' (EPGL, net of BDT 88.9m of other interest income) and 'Financial Expenses' (INTRACO and KAY&QUE, shown as printed with no netting disclosed on the pages read). WPPF was nil for EPGL, BDT 6.0m for INTRACO and BDT 3.5m for KAY&QUE [10 p.12] [11 p.67].

Results in the set. EPGL had the highest revenue (BDT 3,085.4m against BDT 1,355.4m and BDT 388.2m) and the highest gross margin (36.7% against 14.9% and 27.5%) of the three [14]. Finance cost was 47.4% of revenue at EPGL against 2.1% at INTRACO and 3.4% at KAY&QUE, and debt over equity was 2.24x against 0.31x and 0.15x [14]. INTRACO's debt here is long-term borrowings, the current portion and a BDT 373.5m convertible bond; KAY&QUE's is its short-term bank loan, excluding BDT 223.2m of 'Associates/Others Loan' [10 p.11] [11 p.66]. EPGL was the only one of the three with a loss after tax [14].

INTRACO audit, read from its own filing first and quoted from the page images. Ahsan Manzur & Co. headed its opinion 'Qualified Opinion'. The basis paragraph reads: 'IFRS 16 – Leases requires lessees to recognize Right-of-Use Assets and corresponding Lease Liabilities for all material lease arrangements. The Company has not yet accounted for its lease arrangements relating to the corporate offices and stations in accordance with the requirements of IFRS 16.' [10 p.2]. The emphasis of matters read: 'We draw attention to Note # 8.01 as Advances for AIT in the consolidated financial statements, an amount of Tk. 86,979,657 carried over since 2023. This amount was not settled against income tax liabilities.' / 'We draw attention to Note # 20.00 - Workers’ Profit Participation Fund to the financial statements, which includes an amount of Tk. 38,593,703 carried forward from prior year. The Company has not remitted this amount within the timeframe prescribed under Section 234 of the Labor Act, 2006.' / 'We draw attention to note # 39.00 regarding the Fixed Asset Register. While the register has been prepared, verified, and formally adopted, the physical tagging of a minor remaining portion of assets is still in progress and is expected to be completed shortly.' [10 p.2] [10 p.3]. The other-matter paragraph reads: 'The financial statements of two subsidiaries, namely Absar & Elias Enterprises Ltd. and Intraco Automobiles Ltd. (disclosed in 2.01), were also audited by Ahsan Manzur & Co., Chartered Accountants, and expressed a modified opinion and highlighted the existence of a material uncertainty as of 30 June 2025.' [10 p.7]. INTRACO's key audit matters are not reproduced in this note.

KAY&QUE audit, read from its own filing first and quoted from the page images. Pinaki & Company headed its opinion 'Qualified Opinion'. The four basis paragraphs read: 'We refer to Schedule A & Schedule A (IT), where the Company has reported Tk. 546,068,221 as Property, Plant & Equipment. We were unable to verify the figure due to absence of appropriate fixed asset management system, which is non-compliance of IAS-16: Property, Plant & Equipment.' / 'As disclosed in Note # 8.03 to the Financial Statements, the Company has shown an amount of Tk. 4,667,559 as Deposit against VAT for which documentation observed inadequate & as such could not be verified.' / 'As disclosed in Note # 14.00 to the Financial Statements, the Company has shown an amount of Tk. 19,137,698 as Creditor for Expenses for which documentation observed inadequate & as such could not be verified.' / 'As disclosed in Note # 16.00 to the Financial Statements, the Company has shown an amount of Tk. 7,558,428 as liabilities for WPWF which includes prior year amount of Tk. 4,049,918 that has not been paid by the company to the fund. As per Labor Act, 2006 section 242 (1) the total amount shall be distributed in equal proportion to all workers. Also, that, as per section 240(3) The company shall pay interest on the amount of the Participation Fund which is used for its business at the rate of two and a half percent above the bank rate or 7.5% (seventy five percent) of the rate at which dividend is declared on its ordinary shares, whichever is higher.' [11 p.62] [11 p.63].

KAY&QUE emphasis of matter, word for word: 'We would like to draw attention to Note # 12.00 to the financial statements, which outlines that Kay & Que (Bangladesh) Limited merged with Multi Sourcing Ltd. from a Scheme of Arrangement for Demerger and Merger involving Kay & Que (Bangladesh) Limited and Multi Sourcing Ltd. by The High Court Division of the Supreme Court of Bangladesh approved the scheme on 04 December 2022 providing for the (i) demerger of Multi Sourcing Ltd. into Kay & Que (Bangladesh) Limited Under this scheme, Kay & Que (Bangladesh) Limited acquired the Multi Sourcing Ltd. in exchange for its equity shares. The Certified Copies of the court order were received by the Companies on 04 December 2022 and filed with the Registrar of Joint Stock Companies and Firms (RJSC) on 31 July 2023. The Court ordered that the Scheme of Arrangement for Demerger and Merger shall form part of the judgement and order. The court directed that all regulatory bodies including RJSC shall give effect of this Scheme of Arrangement for Demerger and Merger without any further act, deed, petition or order whatsoever. The Merger Appointed Date was 01 Jan 2018; however, its effects are reflected in the financial statements as of July 31,2023 with restatement of the previous year's figures as an adjusting event. In reference to the Note # 12.05 of the financial statements, we draw attention that the ownership of the assets and liabilities incorporated in merger and post-merger effects and business license of Multi Sourcing Ltd. has been transferred to Kay & Que (Bangladesh) Limited through the court order, but the administrative processes of transfer of such Assets and Liabilities and business license with regulatory bodies, are still in progress of being updated and some of the assets like current account with banks and accounts receivable remain untransferable.' / 'As disclosed in Note # 16.00 to the Financial Statements, the company has shown an amount of Tk. 3,200,680 as Unclaimed Dividend as on 30 June 2025. The designated bank account for dividend has shown a balance of Tk. 1,138 as at 30 June 2025. Hence, there is a shortfall of Tk. 3,199,542 in the dividend bank account. This is a non-compliance of the section 28 (1) of Dhaka Stock Exchange (Listing) Regulations, 2015.' / 'As per directive no BSEC/CMRRCD/2O21-386/03 dated 14 January 2021 of any dividend remain unpaid or unclaimed or unsettled including accrued interest (after adjustment of bank charge, if any) thereon for a period of 3 (three) years from the date of declaration or approval or record date, as the case may be, shall be transferred to Capital Market Stabilization Fund (CMSF). But the Company has not transferred Unclaimed Dividend of Tk. 2,477,856 which is unpaid for more than 3 years.' The section ends: 'Our opinion is not modified in respect to these matters.' [11 p.63]. KAY&QUE's key audit matters are not reproduced in this note. EPGL's FY2025 opinion was unmodified, with emphasis of matter and a going-concern material uncertainty [1 p.75] [1 p.76].

What's next: the FY2026 accounts on 8 November 2026, then Q1 FY2027 and the AGM

The FY2026 accounts are not overdue against precedent: the board meets on 8 November 2026. Earlier annual-accounts board meetings were 28 October 2020 (81st meeting), 26 October 2021 (86th meeting), 21 November 2024 and 13 November 2025 [4 p.23] [5 p.30] [8]; the FY2022 and FY2023 board dates were not found in the pages read. The inferred quarterly and AGM ranges in the table rest on two years of board and AGM dates and are labelled as inferred [8]. Past items whose outcome is not in the filings: the AGM of 15 December 2025 (passed), which had the Tejgaon land sale to Energypac Fashion Limited before it, outcome unknown [8] [7]. LDC graduation is a country-level date [12] [13].

Where each risk sits in the accounts. Net finance costs sit between operating profit and profit before tax and were larger than operating profit in FY2024, FY2025 and the nine months to March 2026 [1 p.82] [6 p.2]. Related-party receivables sit in other receivables and trade receivables; the auditor reported no principal repayments and no bad-debt provision on them [1 p.75]. The going-concern basis is note 2.08 [1 p.86]. LPG revenue depends on cylinder fillings, which used 21.14% of capacity in FY2025 [1 p.114]. Unremitted CMSF dividends and the unfunded gratuity fund are in dividend payables and other payables [1 p.75] [1 p.99].

Key questions: FY2026 results, the audit, the loan terms and the related-party balances

In summary, the filings describe a four-segment company whose gross margin rose to 36.7% in FY2025 while net finance costs reached BDT 1,463.3m; losses after tax were BDT 984.3m in FY2024, BDT 1,046.7m in FY2025 and BDT 1,449.0m in the first nine months of FY2026 [1 p.82] [6 p.2]. Debt was BDT 15,412.2m at March 2026 and equity BDT 4,794.2m [6 p.1] [14]. The auditor's FY2025 report is unmodified with a going-concern material uncertainty [1 p.76]. The FY2026 audited accounts go to the board on 8 November 2026 [8].

FAQ

What does Energypac Power Generation do?

It sells LPG under the G-Gas name, runs a CNG station, sells and services generators, imports and assembles JAC vehicles and builds steel structures, reported as four segments [1 p.50] [1 p.105].

When does Energypac's financial year end?

On 30 June [1 p.86].

What was Energypac's EPS for FY2025?

BDT -5.50, against BDT -5.18 in FY2024 [1 p.82].

Has Energypac published FY2026 results?

Not as of 1-Nov-2026. The board meets on 8-Nov-2026 to consider the FY2026 audited accounts [8]. Nine-month EPS to March 2026 was BDT -7.62 [6 p.2].

What did the auditor say about FY2025?

M M Rahman & Co. gave an unmodified opinion with six emphasis-of-matter items and a material uncertainty related to going concern [1 p.75] [1 p.76].

How much debt does Energypac have?

BDT 15,412.2m of term loans, short-term bank loans and overdrafts at 31 March 2026 (derived from the balance sheet) [6 p.1] [14].

What dividend did Energypac pay for FY2025?

2% cash to general shareholders only, BDT 17,445,702 in total [8].

What is Energypac's NAV per share?

BDT 25.21 with revaluation and BDT 13.51 without, at 31 March 2026 [6 p.1].

When is Bangladesh's LDC graduation?

24-Nov-2029 [12] [13].

Sources

1. Energypac Power Generation PLC Annual Report 2024-2025, incl. audited financial statements and independent auditor's report (M M Rahman & Co.), year to 30-Jun-2025 · link · accessed 2026-11-01
2. Energypac Power Generation PLC Annual Report 2023-2024 (directors' report and audited financial statements), year to 30-Jun-2024 · link · accessed 2026-11-01
3. Energypac Power Generation PLC Annual Report 2022-2023 (separate and consolidated audited financial statements, ACNABIN), year to 30-Jun-2023 · link · accessed 2026-11-01
4. Energypac Power Generation Limited Annual Report 2020 (directors' report), year to 30-Jun-2020 · link · accessed 2026-11-01
5. Energypac Power Generation Limited Annual Report 2021 (audited financial statements, Hoda Vasi Chowdhury & Co), year to 30-Jun-2021 · link · accessed 2026-11-01
6. Energypac Power Generation PLC un-audited financial statements, quarter and nine months to 31-Mar-2026 · link · accessed 2026-11-01
7. Dhaka Stock Exchange, EPGL company page (shareholding Jun-2025, Aug-2026, Sep-2026; dividends; category; loan status), accessed 1-Nov-2026 · link · accessed 2026-11-01
8. Dhaka Stock Exchange news archive for EPGL, 1-Nov-2024 to 1-Nov-2026 (criteria=3), accessed 1-Nov-2026 · link · accessed 2026-11-01
9. Dhaka Stock Exchange day-end archive for EPGL (trading-day closes), 1-Oct-2025 to 1-Nov-2026, accessed 1-Nov-2026 · link · accessed 2026-11-01
10. Intraco Refueling Station PLC & its subsidiaries, audited consolidated financial statements and auditor's report (Ahsan Manzur & Co.), year to 30-Jun-2025 · link · accessed 2026-11-01
11. Kay & Que (Bangladesh) Limited Annual Report 2024-2025, audited financial statements and auditors' report (Pinaki & Company), year to 30-Jun-2025 · link · accessed 2026-11-01
12. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
13. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01