FAR Chemical & Textile financial analysis: 9M FY26 loss BDT 499m, gross margin -12.4% (Oct 2026)

Investment considerations: a spinner with 86.89% utilisation in FY2025, then a BDT 499m nine-month loss

FAR Chemical & Textile Ind. PLC (DSE: FARCHEM) was listed in 2014 as FAR Chemical Industries Limited, an exporter of textile dyeing and finishing chemicals from Cumilla EPZ [1 p.12]. The filings now describe a different business. The FY2025 notes say the principal activities 'were' to make and export chemicals, and that the 'present business activity of the company is to carry on textile spinning for 100% export-oriented dyeing/textile industries' [1 p.12]. The FY2025 quantity schedule shows one product, spinning yarn, with 9,581,280 kg sold for BDT 3,593.9m [1 p.35]. The company merged with S.F. Textile Industries Ltd, another spinning mill, on 31-Oct-2023 [1 p.12]. We therefore read FARCHEM with the yarn-spinning lens (format F10) rather than the chemicals format (F19) its ticker suggests; F19's own rule adds the spinning block once spinning passes 40% of revenue, and here it is 100%.

The record since the merger is short and has turned sharply. FY2025 sales grew 18.6% to BDT 3,593.9m and the company earned BDT 13.8m after tax, EPS BDT 0.09 [1 p.10]. In the nine months to March 2026 sales were BDT 1,986.1m, 21.0% lower than a year earlier, cost of goods sold exceeded sales, and the net loss was BDT 499.0m, EPS BDT -3.26 [5 p.2]. On 29-Oct-2026 the board reported FY2026 EPS of BDT -3.33, NAV per share of BDT 29.19 and NOCFPS of BDT -2.50, and recommended a 0.10% cash dividend [7]. The audited FY2026 statements behind those figures are not yet in our filings corpus, so this note uses them only as announced.

Business: the chemical plant stopped in 2020-21; since the October 2023 merger the reported business is cotton yarn

From chemicals to yarn. FAR Chemical was incorporated in 2007, became a public company in 2012 and raised BDT 120m in its 2014 public offer [1 p.12]. Its products went to textile and garment factories: the FY2021 directors' report lists anti-foaming agents, fixing agents and other chemical products [4 p.17]. Turnover fell every year from BDT 1,436.6m in FY2017 to BDT 591.7m in FY2021 [4 p.29]. The chairman's FY2021 statement attributed the FY2021 decline to the COVID-19 pandemic and to selling inventories 'at a comparatively low price' [4 p.15], and the directors' report added the plant 'shifting plan' [4 p.18].

At the AGM of 22-Dec-2020 shareholders approved moving the chemical plant from Cumilla EPZ to the company's own land at Rupganj, Narayanganj, and the board was building a second unit there for spinning; chemical production 'is ceased' while the move took place [4 p.28]. The FY2023 notes say the spinning unit 'started commercial production from November 2022' and that the chemical unit was not in operation at June 2023 [3 p.13]; the FY2023 auditor refers to 'running the Spinning unit from October 2022' [3 p.3]. FY2022 turnover was BDT 34.9m [3 p.10].

The merger. The company changed its name to FAR Chemical & Textile Ind. PLC on 5-Mar-2023 and amalgamated with S.F. Textile Industries Ltd on 31-Oct-2023, with consent from the BSEC dated 01-Oct-2023 and a High Court order [2 p.15]. As part of the scheme, BDT 1,454.0m of FAR Chemical's paid-up capital was transferred to a capital reserve and 80,399,525 new shares were allotted to S.F. Textile's shareholders, leaving 153,097,333 shares [2 p.28]. The FY2024 and FY2025 notes give one effect of the merger on sales in their own words: 'Export revenue has been increased during the year due to amalgamation with S.F Textile Industries Ltd.' [1 p.20]. DSE posted a notice on 20-Sep-2026 approving the name change to 'FAR Chemical & Textile Ind. PLC' with effect from 21-Sep-2026 [7].

What the company sells. All sales are 'Revenue from Export' [1 p.29]. The auditor describes them as 'sales of goods to export customers' [1 p.3], and the notes say the yarn goes to '100% export-oriented dyeing/textile industries' [1 p.12]; the company calls itself 'a deemed export oriented company' [1 p.20], and its receivables are secured by export LCs [1 p.22]. Export earnings for FY2025 were US$ 26,588,186 [1 p.36]. The raw material is imported cotton: BDT 3,056.3m of cotton purchases in FY2025, all imported [1 p.36]. The company reports a single segment [1 p.18] and does not name customers or yarn counts in the pages we read.

The chemical unit. The FY2024 auditor wrote that 'The operation of Chemical unit of FAR Chemical & Textile Ind. PLC is not yet started. No impairment made on the chemical unit refer to IAS 36 for shifting of factory facilities from CEPZ to Rupgonj own premises.' [2 p.3]. That paragraph does not appear in the FY2025 report, whose emphasis of matter covers only the provident fund, gratuity fund and WPPF [1 p.2]. The nine-month FY2026 notes describe the spinning unit as 'adjacent to its Chemical Unit which is under construction' [5 p.10]. Capital work in progress was BDT 158.8m at June 2023 and nil at June 2024 and June 2025 [2 p.11] [1 p.9]. The filings we read do not give a date for chemical production to restart.

Line items: FY2025 growth came from volume; FY2026 cost of goods sold exceeded sales by BDT 247m

Sales. FY2025 sales of BDT 3,593.9m were 18.6% above FY2024 [1 p.10]. Volume rose 21.8% to 9.58m kg and sales per kg fell 2.6% from BDT 385.1 to BDT 375.1 [1 p.35] [13], so all of the value growth came from volume. FY2024 sales of BDT 3,029.4m were 38.6% above the restated FY2023 figure of BDT 2,186.1m [2 p.12]; both years include S.F. Textile only from the merger date onward or on a restated basis, so the FY2024 rise mixes merger and volume. In FY2026 the trend reversed: nine-month sales were BDT 1,986.1m against BDT 2,838.6m, and each quarter was below the same quarter a year earlier (Q1 BDT 611m against BDT 1115m, Q2 BDT 754m against BDT 1,056m, Q3 BDT 621m against BDT 667m) [6 p.2] [5 p.2] [13]. The interim statements we read do not give volumes or prices.

Cost of goods sold. In FY2025 cost of goods sold was BDT 3,308.7m, 92.1% of sales [1 p.10]. The largest part was cotton: BDT 3,320.8m of raw materials consumed [1 p.29]. Measured per kg of yarn produced, cotton cost BDT 274.7 in FY2025 against BDT 264.3 in FY2024, while cotton bought per kg consumed was almost flat (BDT 236.8 against BDT 238.4) [13]. The yarn-to-cotton ratio moved: 14.02m kg of cotton went into 12.09m kg of yarn in FY2025, against 9.49m kg into 8.56m kg in FY2024 [1 p.35] [2 p.37]. Our derived spread (sales per kg sold less cotton per kg produced) was BDT 100.4 in FY2025 against BDT 120.8 in FY2024 [13].

Manufacturing overhead was BDT 565.0m in FY2025 [1 p.29]. Its two largest lines were the electricity bill, BDT 346.2m (BDT 340.5m in FY2024), and factory salaries and wages, BDT 174.8m (BDT 133.8m) [1 p.30]. Electricity per kg produced fell from BDT 39.8 to BDT 28.6 as output rose 41.3% [13]. Depreciation in cost of production was BDT 214.8m [1 p.29]; the company uses the reducing-balance method at 2.5% to 20% [1 p.15]. Each 1% of FY2025 sales price equalled BDT 35.9m, 2.6 times FY2025 profit after tax of BDT 13.8m [13].

The swing in FY2026 is in this line. Cost of goods sold was BDT 2,232.6m against sales of BDT 1,986.1m in the nine months, a gross loss of BDT 246.5m [5 p.2]. Q1 still had a gross profit of BDT 85.4m; Q2 had a gross loss of BDT 198.2m and Q3 a gross loss of BDT 133.6m [6 p.2] [5 p.2] [13]. The interim notes we read give no breakdown of cost of goods sold and no explanation for the loss.

Operating expenses were BDT 40.1m in FY2025, 1.1% of sales, of which warehouse, distribution and selling BDT 18.1m and administration BDT 22.1m [1 p.30]. Directors' remuneration and meeting fees were BDT 696,000 for the year [1 p.34].

Financial expenses. Interest on UPAS, EDF and trust-receipt loans plus bank charges came to BDT 200.2m in FY2025, against BDT 157.3m in FY2024 and BDT 79.5m in restated FY2023 [1 p.31] [2 p.12]. In the nine months to March 2026 they were BDT 194.2m, 9.8% of sales [5 p.2] [13]. Interest income sits in other income (BDT 3.7m in FY2025) [1 p.31], so the printed figure is before interest income.

Other lines. Other income was BDT 4.5m in FY2025 (wastage sales and interest) [1 p.31]. The company equity-accounts a 4.01% holding in M.L. Dyeing Ltd: a profit share of BDT 1.5m in FY2025 and a loss share of BDT 9.1m in the nine months to March 2026, when M.L. Dyeing's own loss was BDT 226.5m [1 p.31] [5 p.15]. Tax is charged on the higher of 15% of taxable operating income and tax deducted at source on exports [1 p.32]; in the nine months the company booked BDT 15.0m of tax on a pre-tax loss of BDT 483.9m [5 p.16]. As a 100% export-oriented company it has not set up a WPPF [1 p.18], so no WPPF charge appears.

Ratios: gross margin 7.9% in FY2025, lowest of three spinners; finance cost 82% of operating income

Margins. The as-filed series has three regimes. As a chemical exporter FAR Chemical earned gross margins of 21.8% (FY2017), 21.6% (FY2018) and 19.5% (FY2019) and net margins of 17.6-20.4% [4 p.29] [13]. Gross margin fell to 11.9% in FY2020 and was negative from FY2021 to FY2023 while the plant moved and spinning started, reaching -219.3% in FY2022 on turnover of BDT 34.9m [3 p.10] [13]. As a merged spinner it earned 8.0% in FY2024 and 7.9% in FY2025, then -12.4% in the nine months to March 2026 [13]. Across FY2017-FY2025 the highest gross margin was FY2017's 21.8% and the lowest FY2022's -219.3%.

Returns. ROE on average equity was 10.1% in FY2018 and has been below 3% in every year since FY2020: 2.4% (FY2020), -1.1%, -3.0%, -9.7% (FY2023), 0.8% (FY2024) and 0.3% (FY2025) [13]. The FY2024 figure averages the pre-merger June 2023 equity with the post-merger June 2024 equity, so it understates the denominator. On the announced FY2026 EPS of BDT -3.33 and opening NAV of BDT 32.52, the FY2026 return on opening equity is about -10.2% (derived) [7] [1 p.33].

Coverage and leverage. Operating income covered financial expenses 1.29 times in FY2024 and 1.22 times in FY2025; in the nine months to March 2026 operating income was negative [13]. Borrowings were 0.42 times equity at June 2024, 0.50 times at June 2025 and 0.76 times at March 2026, with short-term borrowings 89.0% of the total at March 2026 [13].

Efficiency. Receivable days on annualised sales were 158 at June 2024, 99 at June 2025 and 201 at March 2026; inventory days on annualised cost of goods sold were 138, 176 and 176 [13]. Trade payables fell from BDT 580.4m to BDT 194.6m in FY2025 and are printed as nil at December 2025 and March 2026 [1 p.9] [6 p.1] [5 p.1], so the cash conversion cycle widened from 220 days to 377 days [13].

Peers on the same basis. Matin Spinning Mills (company statements) and Malek Spinning Mills (consolidated, including fabric subsidiaries) also report years to 30-Jun-2025. In FY2025 FARCHEM's gross margin of 7.9% was the lowest of the three (Matin 15.0%, Malek 11.7%) and its finance cost took 81.7% of gross profit less operating expenses, against 39.6% at Matin and 33.6% at Malek [1 p.10] [8 p.152] [9 p.43] [13]. Net margins were 0.4%, 5.2% and 6.3%. Both peers charge WPPF (BDT 28.9m and BDT 26.6m); FARCHEM has no WPPF charge.

Peer audit opinions, read before the comparison. Matin's auditor, A. Qasem & Co., wrote that the statements 'give a true and fair view' and listed the valuation of property, plant and equipment, including a revaluation surplus of BDT 1,318,723,001, as a key audit matter [8 p.146]. Malek's auditor, Zoha Zaman Kabir Rashid & Co., gave a 'true and fair view' opinion with three emphasis-of-matter paragraphs: no revaluation since 04-Jul-2012, IFRS 16 not applied, and a Tk. 68 crore gap between VAT-return sales and LC sales at subsidiary Salek Textile, adding 'Our report is not qualified in this respect' [9 p.38].

Earnings quality: FY2025 profit of BDT 13.8m came with BDT 393m of operating cash outflow

Earnings quality. FY2025 profit after tax of BDT 13.8m rested on a pre-tax profit of BDT 53.1m, of which other income was BDT 4.5m, the M.L. Dyeing share BDT 1.5m and the foreign-exchange gain BDT 2.2m [1 p.10] [1 p.31]. Tax took 74.1% of pre-tax profit, because the charge is the higher of 15% of taxable operating income and tax deducted at source on exports, BDT 39.4m in FY2025 [1 p.32] [13]. Operating cash flow was negative in FY2025 while profit was positive: CFO was BDT -393.2m, or -28.6 times profit after tax [1 p.12] [13]. In FY2025 the stock of finished goods rose by BDT 786.1m, which lowered cost of goods sold by the same amount [1 p.29]; the year's gross profit of BDT 285.2m was smaller than that stock build.

Returns to shareholders. Across FY2020-FY2025 the company paid cash dividends of 1% of par for FY2020, FY2021 and FY2024 and none for FY2022, FY2023 and FY2025 [4 p.29] [3 p.11] [2 p.13] [7]. The FY2026 recommendation is 0.10% of par, BDT 0.01 a share, about BDT 1.5m in total on 153.1m shares [7] [13]. Capital spending has been small since the spinning unit was built: fixed-asset additions were BDT 196.4m in FY2024 and BDT 45.0m in FY2025 [1 p.21], and the DSE archive for the last 24 months holds no board approval of new capacity [7]. The cash flow statements show operating outflows of BDT 393.2m (FY2025) and BDT 834.7m (nine months) and net short-term bank loan receipts of BDT 454.4m and BDT 877.1m [1 p.12] [5 p.4].

F10 questions the filings answer and those they do not. Answered: utilisation (86.89% in FY2025), realisation per kg (BDT 375.1), cotton cost per kg consumed (BDT 236.8), electricity cost (BDT 346.2m), auditor emphasis of matter, debt mix (89.0% short-term at March 2026) and dividend record [1 p.35] [13]. Not answered in the pages we read: spindle count, yarn counts, customer names and the share of sales to related or sister concerns, cotton cover in months, and whether energy comes from the grid or captive gas beyond the line 'Electricity Bill' [1 p.30].

Balance sheet and cash: BDT 835m operating cash outflow in nine months, funded by short-term bank debt

Balance sheet. Total assets were BDT 8,063.6m at March 2026, of which property, plant and equipment BDT 4,848.8m, inventories BDT 1,435.9m and trade receivables BDT 1,455.0m [5 p.1]. Equity was BDT 4,479.8m (NAV BDT 29.26 a share) after the nine-month loss [5 p.1]. Equity includes a capital reserve of BDT 2,226.9m created from paid-up capital in the merger [1 p.26].

Borrowings. At June 2025 short-term borrowings were BDT 2,140.0m: EDF/UPAS BDT 1,436.5m, IBP loans BDT 475.9m and unsecured short-term borrowings BDT 227.6m [1 p.27]. Long-term loans (HPSM) were BDT 344.8m including BDT 120.0m due within a year [1 p.26]. At March 2026 short-term borrowings were BDT 3,017.2m and total borrowings BDT 3,389.6m, against cash of BDT 170.5m [5 p.1] [13]. The December 2025 and March 2026 statements print the same short-term borrowings (BDT 3,017,171,619) and the same cash (BDT 170,505,867) [6 p.1] [5 p.1]; we report them as printed.

Cash flow. Operating cash flow was BDT 27.7m in FY2024, BDT -393.2m in FY2025 and BDT -834.7m in the nine months to March 2026 [1 p.12] [5 p.4]. In FY2025 inventory rose by BDT 546.1m and trade payables fell by BDT 385.7m, while receivables released BDT 335.4m [1 p.33]. In the nine months to March 2026 receivables absorbed BDT 481.3m and the payables balance of BDT 194.6m went to nil [5 p.17]. Net short-term bank borrowing was BDT 454.4m in FY2025 and BDT 877.1m in the nine months [1 p.12] [5 p.4]. Investing outflows were small: BDT 38.3m in FY2025, BDT 105.9m in the nine months.

Inventory. Finished goods were BDT 1,496.7m (4.51m kg) at June 2025, against BDT 710.6m (2.01m kg) a year earlier [1 p.35]. Production of 12.09m kg exceeded sales of 9.58m kg [1 p.35]. Total inventories were BDT 1,435.9m at March 2026 [5 p.1]. The FY2024 auditor wrote: 'We didn't observe the physical counting of inventories at period end date. The inventory's amount is verified and counted by internal management.' [2 p.4].

Where the cash sits. Cash at bank of BDT 205.5m at June 2025 was held with Al-Arafah Islami Bank, Social Islami Bank, SBAC Bank, Islami Bank Bangladesh, Shahjalal Islami Bank, NRB and DBBL accounts, including fixed deposits of BDT 83.3m [1 p.25].

Related parties. The related-party note names one party: Sharp Industries PLC, loan, outstanding BDT 41,636,964 at June 2025 [1 p.34]. The unsecured short-term borrowings note lists Sharp Industries PLC BDT 41,636,964, MN Industries Ltd BDT 84,900,000, Rezwana Rahman Rini BDT 88,600,000 and Rajon Industries Ltd BDT 12,500,000, a total of BDT 227,636,964, unchanged from June 2024 [1 p.27]. Directors sit as representatives of FAR Pharmaceuticals Ltd, Sharp Industries Ltd (two directors) and Sadman Industries Ltd [1 p.34]. The note on directors' interests says there was no transaction resulting in directors' interest with the company [1 p.36].

Audit opinions, quoted from the page images. FY2025 (M. Z. Islam & Co., dated 28-Oct-2025): 'In our opinion, the accompanying financial statements of the Company present fairly in all material respects the financial position as at June 30, 2025', with one emphasis of matter: 'the company has not yet established the contributory Provident Fund, Gratuity Fund and WPPF.' [1 p.2]. FY2024 (same firm): the same 'present fairly' opinion with three emphasis-of-matter paragraphs on the merger and the chemical unit, the inventory count and employee funds [2 p.3] [2 p.4]. FY2023 (Kazi Zahir Khan & Co.): 'give a true and fair view', with emphasis of matter that the chemical unit 'was suspended (no impairment made on the chemical unit refer to IAS 36)', that the company does 'not comply with the applicability of deferred Tax', and on employee funds [3 p.3]. Key audit matters for FY2025 were revenue, inventory valuation, property, plant and equipment, trade receivables and long-term loans [1 p.3] [1 p.4] [1 p.5]. We did not find a contingent-liability note with amounts in the FY2025 pages we read.

Governance: sponsors hold 32.63%; dividends 0-1% since FY2020; no capex approvals on DSE in 24 months

Ownership. At June 2025 sponsors and directors held 32.63% (49.96m shares), other shareholders 36.56% and general shareholders 30.81% [1 p.26]. Board (FY2025 remuneration note): chairman Abid Mustafizur Rahman; managing director Akik Habibuzzaman, representing FAR Pharmaceuticals Ltd; directors Fatin Kader Fardin (Sharp Industries Ltd), Faiaz Kader (Sharp Industries Ltd) and Jahadha Khondoker (Sadman Industries Ltd); independent directors Sayed Md. Tajon Islam, Rafiza Alam Lucky and Afroza Nilufa Yeasmin [1 p.34]. The managing director is paid BDT 50,000 a month [1 p.34].

Dividends. FAR Chemical paid 10% stock dividends for FY2017-FY2019 and 1% cash for FY2020 and FY2021 [4 p.29]. The FY2023 and FY2024 statements of changes in equity show no dividend paid in those years [3 p.11] [2 p.13]. The company paid a 1% cash dividend for FY2024 (BDT 15.3m) [1 p.26], and DSE moved the shares from 'Z' to 'B' category from 23-Jan-2025 on its disbursement [7]. The board recommended no dividend for FY2025 and 0.10% cash for FY2026 [7]. The printed FY2024 dividend of BDT 0.10 a share on EPS of BDT 0.20 is a payout of 50% (derived).

DSE disclosures, November 2024 to October 2026. We read every FARCHEM item in the DSE news archive for the period (31 items, 7-Nov-2024 to 29-Oct-2026) [7]. They are results, board-meeting notices, record-date and spot-market notices, the emphasis-of-matter notices for FY2024 and FY2025, the category change, the name-change approval and a credit rating: on 16-Jun-2026 Emerging Credit Rating Limited assigned a surveillance rating of 'BBB-' long term and 'ST-4' short term with a stable outlook [7]. The archive for the period holds no board approval of capital expenditure, expansion, a share issue or a loan from sponsors [7].

Capital actions in the merger. The FY2024 scheme cut paid-up capital from BDT 2,180.9m to BDT 727.0m before issuing BDT 804.0m of new shares to S.F. Textile's shareholders [2 p.28]. NAV per share went from BDT 13.18 (restated June 2023) to BDT 32.53 (June 2024) [2 p.11], a change that reflects the lower share count as well as the added net assets.

What's next: dividend record date 19-Nov-2026 and Q1 FY2027 results due mid-November (inferred)

Already announced (in the text, not the table): FY2026 EPS BDT -3.33, NAV per share BDT 29.19 and NOCFPS BDT -2.50, from the board meeting of 28-Oct-2026 [7]. The audited FY2026 statements and auditor's report are not yet in our filings corpus. Last year the FY2025 report was dated the same day as the board meeting (28-Oct-2025) [1 p.8].

LDC graduation. The UN General Assembly adopted Bangladesh's move from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct in Dhaka) [10] [11].

Risks by line item: cotton, short-term debt, working capital and stock

Each risk below is tied to the line it moves and to the evidence in the filings. Size is given against FY2025 figures where useful.

Sensitivity, from FY2025 history only: each 1% of sales price was BDT 35.9m, each 1% of cotton cost BDT 33.2m and each 1% of electricity cost BDT 3.5m, against FY2025 profit before tax of BDT 53.1m [1 p.10] [1 p.29] [1 p.30] [13].

Key questions: the FY2026 audited report decides how much of the loss is stock, price or volume

Multiples as facts. At BDT 16.1 on 29-Oct-2026 the market value is BDT 2.46bn, 0.55 times the announced June 2026 NAV of BDT 29.19, and the recommended FY2026 dividend is 0.06% of the price [12] [7] [13]. With FY2026 EPS announced at BDT -3.33, there is no P/E. These are facts about the price, not a view on it.

FAQ

What does FAR Chemical & Textile make now?

Cotton yarn. Its FY2025 sales note lists only spinning yarn, 9.58m kg sold for BDT 3,593.9m [1 p.35]; the chemical unit was 'not yet started' at June 2024 [2 p.3].

Why did FARCHEM's revenue jump in FY2024?

The company says export revenue increased 'due to amalgamation with S.F Textile Industries Ltd.', completed on 31-Oct-2023 [1 p.20].

What were FARCHEM's FY2026 results?

The board reported EPS of BDT -3.33, NAV per share of BDT 29.19 and NOCFPS of BDT -2.50 on 29-Oct-2026 [7]; the nine-month loss to March 2026 was BDT 499.0m [5 p.2].

Does FARCHEM pay a dividend?

The board recommended 0.10% cash (BDT 0.01 a share) for FY2026, record date 19-Nov-2026; there was no dividend for FY2025 and 1% cash for FY2024 [7].

How much does FARCHEM owe?

Total borrowings were BDT 3,389.6m at 31-Mar-2026, of which short-term BDT 3,017.2m; cash was BDT 170.5m [5 p.1].

Is FARCHEM's audit opinion qualified?

No. The FY2025 opinion says the statements 'present fairly in all material respects', with an emphasis of matter on the provident fund, gratuity fund and WPPF [1 p.2].

Sources

1. FAR Chemical & Textile Ind. PLC, auditor's report and audited financial statements, year to 30-Jun-2025 · link · accessed 2026-10-31
2. FAR Chemical & Textile Ind. PLC, auditor's report and audited financial statements, year to 30-Jun-2024 · link · accessed 2026-10-31
3. FAR Chemical Industries Limited, auditor's report and financial statements, year to 30-Jun-2023 (pre-merger) · link · accessed 2026-10-31
4. FAR Chemical Industries Limited, Annual Report 2020-2021 (five-year data FY2017-FY2021) · link · accessed 2026-10-31
5. FAR Chemical & Textile Ind. PLC, unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
6. FAR Chemical & Textile Ind. PLC, unaudited financial statements, six months to 31-Dec-2025 · link · accessed 2026-10-31
7. Dhaka Stock Exchange news archive for FARCHEM, Nov-2024 to Oct-2026 (company disclosures) · link · accessed 2026-10-31
8. Matin Spinning Mills PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-10-31
9. Malek Spinning Mills PLC Annual Report 2024-25 (year to 30-Jun-2025, consolidated) · link · accessed 2026-10-31
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' · link · accessed 2026-10-31
11. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' · link · accessed 2026-10-31
12. AnalystBro price data (TradingView feed): DSE:FARCHEM daily bars to 29-Oct-2026 · link · accessed 2026-10-31
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31