Far East Knitting & Dyeing financial analysis: FY2026 loss of BDT 146m on a 7.8% gross margin (Oct 2026)

Investment considerations: BDT 10.9bn of revenue in FY2025, a BDT 146m loss in FY2026 and bank debt doubled to BDT 1.46bn

Far East Knitting & Dyeing Industries PLC (FEKDIL) makes knit garments for export; its registered office and factory are at Chandara, Kaliakoir, in Gazipur [1 p.6]. It knits its own fabric, dyes it and sews it into tank tops, T-shirts, leisure wear and bottoms; all of its revenue is labelled "Sales Revenue (Export)" [2 p.11] [2 p.49]. The company was incorporated on April 19, 1994 and listed in 2014 [1 p.6] [1 p.7]. The managing director, Asif Moyeen, held 94,595,511 shares at June 2025, which is 43.2% of the 218,744,171 shares outstanding [1 p.34] [15]. This note uses the knit-composite format (F12) and covers FY2017 to FY2026 from the company's own filings.

Four facts from the filings. First, the last two years went in opposite directions. Revenue rose 44% in FY2025 to BDT 10,895.2m on a 37% rise in pieces sold, then fell 11.7% in FY2026 to BDT 9,615.7m [1 p.66] [2 p.11] [15]. Second, other income was large relative to profit in FY2025: other income of BDT 209.1m was 40.4% of FY2025 profit before tax, and BDT 177.6m of it was cash incentive [1 p.103] [15]. Third, FY2026 was a loss year, the only one in the ten-year series: net loss BDT 146.2m and EPS BDT -0.67 [2 p.11] [2 p.53]. Fourth, the balance sheet moved from net cash to net debt. Bank borrowings were BDT 717.6m at June 2025 and BDT 1,462.0m at June 2026, against cash and FDRs of BDT 348.6m [2 p.4] [2 p.10] [15].

The company kept paying cash dividends through this. It paid BDT 306.2m in FY2025 (the 14% for FY2024) and BDT 262.5m in FY2026 (the 12% for FY2025), and the board recommended 6% for FY2026 on 14-Oct-2026 [1 p.68] [2 p.13] [10]. On 1-Nov-2026 the shares closed at BDT 19.6, which is 1.02x the June 2026 NAV of BDT 19.27 [14] [2 p.10]. Because FY2026 EPS is negative there is no meaningful P/E on the latest year; the multiples are set out as facts in the share price section.

Business and capacity: 41.44m pieces of sewing and 8,449 tons of dyeing a year since FY2025; sewing at 79% in FY2026

How the company makes money. FEKDIL buys yarn, dyes and chemicals and accessories, knits and dyes fabric in its own plant, and sews garments that it ships to overseas buyers. In FY2026 it consumed 7,339,947 kg of yarn costing BDT 3,147.8m and bought BDT 1,670.7m of accessories and stores [2 p.49] [2 p.50]. It sells finished garments, priced in US dollars; the directors list Europe, South Asia and the Middle East as its "key markets" [1 p.22]. The filings we read name no buyers and give no split of revenue by country or by FOB and CMT terms. The cost notes show the company buying its own yarn and fabric, which is how an FOB exporter books cost [2 p.49].

Capacity on the filing's own basis. The capacity note gives each section an installed capacity per day and per year. For sewing it gives two figures: 150,000 pieces a day for a "Basic T-Shirt" and 140,000 pieces a day for "variety product", and it measures utilisation against the variety-product figure of 41,440,000 pieces a year [2 p.55] [2 p.56]. Knitting and dyeing are measured in tons: 23.03 tons a day (6,817 tons a year) of knitting and 28.54 tons a day (8,449 tons a year) of dyeing [2 p.55]. The company also buys some knitting and dyeing from outside: 383.99 tons of knitting and 175.10 tons of dyeing in FY2026 [2 p.56].

The capacity step-up. Until FY2024 the same note gave 100,000 pieces a day of variety sewing (29.6m a year), 20.60 tons a day of knitting and 15.91 tons a day of dyeing [4 p.103] [6 p.90]. From FY2025 the figures are 140,000 pieces, 23.03 tons and 28.54 tons a day [1 p.106]. Plant and machinery for garments rose by BDT 174.3m in FY2025 and the company installed a 902 KW rooftop solar system [1 p.108] [1 p.21]. Employees went from 6,271 at June 2024 to 8,704 at June 2025 and 8,307 at June 2026 [4 p.103] [1 p.106] [2 p.55].

What the utilisation figures show. Sewing utilisation was 90% in FY2022 and has stayed between 79% and 82% since, including the two years after capacity rose by 40% [6 p.90] [2 p.55]. Knitting went the other way: 73-78% from FY2022 to FY2024, then 96% and 92% [4 p.103] [1 p.106] [2 p.55]. Dyeing utilisation fell from 94% to 77% because the capacity base nearly doubled while output rose by 46% [4 p.103] [1 p.106] [15]. In FY2021 the company reported 93% dyeing and 74% knitting utilisation [7 p.85].

Ten-year record: revenue up from BDT 3.3bn to BDT 9.6bn, gross margin down from 20% to 7.8%

The ten-year record. Revenue was BDT 3,275.3m in FY2017 and BDT 3,747.3m in FY2020, the Covid year, then rose to BDT 6,607.4m in FY2022, was flat in FY2023, and reached BDT 7,560.2m in FY2024 and BDT 10,895.2m in FY2025 [7 p.22] [1 p.27]. Gross profit did not keep pace. It was BDT 665.9m in FY2017 on a third of FY2025's revenue, and BDT 987.5m in FY2025 [7 p.22] [1 p.27]. Gross margin therefore fell from 20.3% to 9.1% over those years, and to 7.8% in FY2026 [15].

Net profit held up better than gross profit because of other income. Net profit was BDT 349.5m in FY2017, fell to BDT 70.0m in FY2020, and was BDT 345.4m to BDT 374.6m in FY2023-FY2025 [7 p.22] [1 p.27]. FY2026 turned to a net loss of BDT 146.2m [2 p.11]. Share count changed through bonus issues of 15% for 2017, 10% for 2018, 5% for 2019 and 2% for 2020, and has been 218,744,171 since [11] [1 p.104]. EPS as printed in each year's report was BDT 1.88 for FY2017 and BDT 1.71 for FY2025 [7 p.22] [1 p.27].

FY2021 appears twice. The FY2021 annual report printed operating profit of BDT 192.3m, net profit of BDT 172.9m and EPS of BDT 0.79 [7 p.22]. The five-year tables in the FY2024 and FY2025 reports show BDT 121.6m, BDT 162.0m and BDT 0.74 for the same year, without a note in the pages we read [4 p.25] [1 p.27]. The DSE company page still shows the original BDT 0.79 and BDT 172.91m [11]. We use the later figures in the model and flag the difference.

Pieces and price: 33.4m pieces at BDT 326 each in FY2025, 32.3m at BDT 298 in FY2026

Pieces and taka per piece. The revenue note gives quantities by product. FY2025 sales were 33,445,564 pieces for BDT 10,895.2m; FY2026 sales were 32,250,805 pieces for BDT 9,615.7m [2 p.49]. FY2024 sales were 24,396,998 pieces and FY2023 sales 24,443,711 pieces [1 p.99] [5 p.96]. Dividing revenue by pieces gives BDT 270 a piece in FY2023, BDT 310 in FY2024, BDT 326 in FY2025 and BDT 298 in FY2026 [15]. These are our derivations; the filings do not give a dollar price per piece or the exchange rate used, so the taka figure mixes the dollar price, the product mix and the exchange rate.

FY2025 and FY2026 in units. FY2025's 44% revenue rise came from a 37% rise in pieces and a 5% rise in revenue per piece [15]. In FY2026 pieces fell 4% and revenue per piece fell 8% [15]. Within FY2026, tank tops rose to 6,843,398 pieces from 4,044,573, while leisure wear fell to 9,120,090 from 11,305,997 and 'others' to 2,171,851 from 3,344,599 [2 p.49]. Leisure wear brought BDT 348 a piece in FY2026 and tank tops BDT 225, so the shift toward tank tops lowered the average [2 p.49] [15].

Markets and buyers. The directors' report says the company exported "to key markets in Europe, South Asia and the Middle East" [1 p.22]. It does not give a split by country, the share of the US or the EU, or the largest buyers, so the F12 buyer and region tests cannot be run from the filings read. The FY2025 report says that Bangladesh "is set to graduate from LDC status by 2026" and that this "may result in the loss of preferential trade benefits like duty-free access to the EU under the Everything but Arms (EBA) initiative" [1 p.24]. On 29-Oct-2026 the UN General Assembly adopted a move of the graduation date from 24-Nov-2026 to 24-Nov-2029 [12] [13]. The filings give no estimate of the effect on the company.

Line items: gross profit down BDT 241m, other income down BDT 181m, finance cost up BDT 84m

Raw materials. Raw materials consumed were BDT 6,548.0m in FY2025 (60.1% of revenue) and BDT 5,514.3m in FY2026 (57.3%) [1 p.100] [2 p.49] [15]. Yarn is the largest item. The company consumed 9,747,207 kg of yarn costing BDT 3,832.8m in FY2025 and 7,339,947 kg costing BDT 3,147.8m in FY2026, or BDT 393 and BDT 429 a kg [1 p.100] [2 p.50] [15]. Dyes and chemicals consumed rose from BDT 836.6m to BDT 865.4m while yarn volume fell 25% [1 p.100] [2 p.50]. Some yarn comes from the associate, Far East Spinning Industries PLC: 1,848,831 kg at BDT 393.30 a kg in FY2025 and 1,714,234 kg at BDT 391.65 in FY2026 [1 p.105] [2 p.55].

Labour. We group the factory lines for salary and wages, overtime, festival bonus, attendance and conduct bonus and daily lunch, plus administrative salaries. They came to BDT 1647m in FY2024, BDT 2492m in FY2025 and BDT 2777m in FY2026, or 21.8%, 22.9% and 28.9% of revenue [1 p.101] [2 p.50] [2 p.51] [15]. Factory salary and wages alone rose 47% in FY2025 and 16% in FY2026, while overtime fell from BDT 328.2m to BDT 256.9m [2 p.50] [15]. Per employee at the year-end headcount, these lines were BDT 23.9 thousand a month in FY2025 and BDT 27.9 thousand in FY2026 [15]. The FY2026 note states that all 8,307 employees were paid "Tk.12,500 or more per month"; the FY2025 note said "Tk.12,000 or more" [2 p.55] [1 p.106]. Gratuity expense in administration was BDT 124.6m in FY2026 [2 p.51].

Energy. Gas, generator fuel and electricity in factory overhead were BDT 403m in FY2024, BDT 449m in FY2025 and BDT 284m in FY2026 [1 p.101] [2 p.50] [15]. The fall in FY2026 came from generator fuel, which dropped from BDT 239.3m to BDT 44.4m, while the gas bill rose from BDT 141.4m to BDT 170.2m [2 p.50]. The filings do not explain the shift.

Office and administrative expenses. These rose from BDT 584.7m to BDT 711.3m in FY2026 [2 p.51]. The largest move was "Bank charges & commission of LC", BDT 209.6m against BDT 100.4m; the FY2026 statements say that "Short realization, previously presented separately, has now been reclassified under Bank Charges and Commission" [2 p.51] [2 p.52]. In the FY2025 report the two items were BDT 45.0m and BDT 55.4m [1 p.101] [1 p.102]. The revenue note also shows BDT 167.2m of "short realization" in the FY2026 sales reconciliation [2 p.49]. Depreciation in administration rose to BDT 60.2m from BDT 45.7m [2 p.51].

Other income. Cash incentive on exports was BDT 213.8m in FY2024, BDT 177.6m in FY2025 and BDT 22.1m in FY2026; other income in total was BDT 223.6m, BDT 209.1m and BDT 27.8m [1 p.103] [2 p.52]. The FY2026 notes add that the company "applied for a cash incentive amounting to BDT 63,806,364.43", which "is subject to approval and disbursement by the relevant authority" [2 p.56]. Interest on FDRs fell from BDT 14.5m to BDT 4.4m as FDRs were drawn from BDT 102.8m to BDT 20.5m [2 p.52] [2 p.10].

Finance cost. Interest rose from BDT 64.7m in FY2024 to BDT 94.6m in FY2025 and BDT 178.3m in FY2026; the short-term loan line went from BDT 60.4m to BDT 113.6m and the long-term line from BDT 33.3m to BDT 64.2m in the last year [1 p.103] [2 p.52]. Profit from operation covered finance cost 4.3 times in FY2025 and 0.20 times in FY2026 [15].

Tax. Current tax is the higher of tax on income and a minimum tax on gross receipts. In FY2025 it was BDT 146.4m, set by tax deducted at source of BDT 126.0m plus BDT 20.4m of short provision for two earlier assessment years [1 p.103]. In FY2026, with a pre-tax loss, current tax was still BDT 51.6m, the minimum tax on gross receipts [2 p.52]. The associate contributed BDT 5.6m in FY2025 and BDT 21.6m in FY2026 [1 p.104] [2 p.53].

FY2026 by quarter: EPS BDT -0.91 in July-September, BDT 0.32 implied for April-June

The FY2026 loss came early in the year. First-quarter EPS was BDT -0.91 against BDT 0.38 a year earlier; the second quarter was BDT 0.005 and the third BDT -0.08 [10]. The company gave the same reason each time, a "decrease in sales and other income" [10]. Nine-month revenue was BDT 6,654.1m against BDT 8,085.9m, down 17.7%, and the nine-month net loss BDT 216.7m [3 p.2] [15].

The fourth quarter, by subtraction, was profitable. Full-year EPS of BDT -0.67 less nine-month EPS of BDT -0.99 gives BDT 0.32 for April-June 2026 [2 p.11] [3 p.2] [15]. Two lines turned in the quarter: the associate moved from a nine-month loss of BDT 25.7m to a full-year profit of BDT 21.6m, and current tax went from BDT 78.1m for nine months to BDT 51.6m for the year [3 p.2] [2 p.11]. Fourth-quarter revenue, by the same subtraction, was BDT 2962m [15].

Ratios: ROE 8.1%-8.1% in FY2023-FY2025, -3.3% in FY2026; inventory days up to 84

Returns. ROE on average equity was between 1.7% and 7.1% in FY2018-FY2021, between 5.5% and 8.1% in FY2022-FY2025, and -3.3% in FY2026 [15]. The highest year was FY2023 at 8.1% [15]. Equity includes a revaluation surplus of BDT 638.2m at June 2026; NAV per share without it was BDT 16.35 [2 p.10] [15].

Cash conversion. Operating cash flow exceeded net profit in FY2020-FY2022, FY2024 and FY2025, and was below it in FY2017-FY2019 and FY2023 [15]. FY2024 operating cash flow of BDT 1,390.8m was 3.9 times net profit, and the cash-flow reconciliation shows a BDT 1,046.0m reduction in receivables that year [1 p.104] [15]. FY2026 was BDT -744.3m against a loss of BDT 146.2m [2 p.14].

Payout. Cash dividends were 135% of printed EPS for FY2021, 96% for FY2022, 63% for FY2023, 85% for FY2024 and 70% for FY2025 [15]. For FY2026 the 6% dividend is BDT 131.2m against a net loss [10] [15].

Balance sheet: net debt of BDT 1113m at June 2026 against net cash of BDT 6m a year earlier

Borrowings. The auditor sets out total borrowings of BDT 1,461,994,072 at June 2026, up from BDT 717,592,819, "an increase of BDT 744,401,253" [2 p.4]. The split is BDT 530.2m of long-term loan, BDT 192.5m current portion and BDT 739.3m short-term [2 p.10]. Cash fell to BDT 328.1m and FDRs to BDT 20.5m, so net debt was BDT 1113m against net cash of BDT 6m a year earlier [2 p.10] [15]. Bank debt to equity went from 0.15x to 0.35x [15]. The FY2026 statements re-present the June 2025 loans as BDT 154.3m long-term and BDT 476.9m short-term, against BDT 114.9m and BDT 516.3m in the FY2025 report; the total is the same [2 p.10] [1 p.65].

Working capital. Inventories rose from BDT 1,212.9m to BDT 2,029.9m, which the auditor describes as an increase of 67% [2 p.3]. Raw material stocks rose from BDT 967.3m to BDT 1,631.1m, with yarn at BDT 742.8m and fabrics at BDT 555.9m, and finished goods from BDT 245.6m to BDT 398.9m [2 p.49]. Receivables rose to BDT 1,534.2m; accepted bills payable rose to BDT 1,292.5m and accounts payable to BDT 570.7m [2 p.10]. Advances, deposits and prepayments rose to BDT 398.9m from BDT 187.5m [2 p.10]. The current ratio fell to 1.38x from 1.89x [15].

Investing. In FY2026 the company spent BDT 513.6m on property, plant and equipment, about the same as FY2025's BDT 518.4m, and paid BDT 60.0m as "Advance Share Money Deposit to Far East Spinning Industries PLC" [2 p.14]. Property, plant and equipment rose to BDT 3,259.2m; the auditor gives this as an increase of BDT 315,457,323 [2 p.2] [2 p.10].

Contingent liabilities and audit. The FY2025 notes stated that the company had "no contingent liabilities that require disclosure" [1 p.107]. The FY2026 notes state that "contingent liabilities amounting to BDT 825,671,324 exist as of the reporting date" and do not break them down [2 p.56]. M M Rahman & Co. audited FY2026 and gave the opinion that the statements "give a true and fair view of the financial position of the Company as at June 30, 2026"; an "Other Matter" paragraph notes that Ahsan Manzur & Co. audited the prior year and that its report "was unmodified" [2 p.2] [2 p.6]. The key audit matters were property, plant and equipment, inventories, loans, revenue, deferred tax, related parties and legal matters [2 p.2] [2 p.3] [2 p.4] [2 p.5] [2 p.6].

Associate and related parties: 36.29% of Far East Spinning, a BDT 60m top-up, and BDT 35.3m of directors' pay

Far East Spinning Industries PLC. The company held 35,000,000 shares (34.66%) at June 2025 and 41,000,000 shares (36.29%) of 112,975,000 at June 2026, at a cost of BDT 410.0m [1 p.105] [2 p.55]. On 14-Oct-2025 the board "approved the further investment of Tk. 6.00 crore" in the associate "for the purpose of establishing a Second Unit Spinning Factory at Habiganj" [10]. The share of the associate's result was BDT -19.1m in FY2024, BDT 5.6m in FY2025 and BDT 21.6m in FY2026, the last on the associate's net profit of BDT 59.5m [1 p.66] [2 p.53]. Yarn bought from the associate was 1,714,234 kg in FY2026 [2 p.55].

Directors and their families. The FY2025 related-party note lists a lease with director Sadia Moyeen at BDT 295,000 a month (BDT 3.54m a year); remuneration of BDT 18.0m and house rent of BDT 2.4m to managing director Asif Moyeen; and salaries of BDT 3.6m to director Zayed Moyeen and BDT 3.0m to director Omar Moyeen [1 p.105]. Directors' remuneration was BDT 35.28m in FY2025 and FY2026, paid to Asif Moyeen (BDT 18.0m), Mohammad Bin Quasem (BDT 10.2m) and M.K.M Mohiuddin (BDT 7.08m) [2 p.55]. The FY2026 notes describe the leases with Syed Mazharul Haq and Sadia Moyeen and the house rent for the managing director as short-term, 12-month agreements [2 p.52].

Peers, FY2025: net margin 3.4% against 0.6% and 0.5% at Apex and Esquire

We compare FEKDIL with the two other listed knit composites on the year to 30-Jun-2025, the latest year with audited statements for all three in the corpus. Each figure comes from the company's own statements: FEKDIL's FY2025 report, Apex Spinning & Knitting Mills' FY2025 report and Esquire Knit Composite's consolidated FY2025 statements [1 p.66] [8 p.44] [9 p.155]. Apex reports capacity utilisation of 83.37% for FY2025 [8 p.5].

Within these three, FEKDIL had the highest net margin (3.4%, against 0.6% and 0.5%), the highest ROE on closing equity (8.0%) and the lowest finance cost as a share of revenue (0.9%) [15]. Esquire had the highest gross margin, 14.1%, and Apex the lowest bank loans to equity, 0.03x [15]. FEKDIL's FY2025 profit included BDT 209.1m of other income, BDT 177.6m of it cash incentive; Apex's 'Finance & Other Income' was BDT 14.7m [1 p.103] [8 p.66]. FEKDIL's FY2026 loss is not in this comparison, because the peers' FY2026 annual statements were not in the corpus when we read it.

Multiples as facts, 1-Nov-2026 prices. FEKDIL traded at 11.5x FY2025 EPS and 0.92x June 2025 book, Apex at 115x and 5.00x, and Esquire at 43x and 0.29x [14] [15]. Revaluation surplus was BDT 693.9m of FEKDIL's June 2025 equity and BDT 3,739.3m of Esquire's; Apex shows none [1 p.65] [9 p.154] [8 p.43].

Governance and dividends: sponsors hold 67.2%, two independent directors, cash dividend 6% for FY2026

Ownership. The DSE page gives sponsors and directors 67.19% at 30-Jun-2025, 67.20% at 31-Aug-2026 and 67.20% at 30-Sep-2026; institutions 4.04%, 5.74% and 6.21%; foreign holders 0.00%; and the public 28.77%, 27.06% and 26.59% [11]. At June 2025 the directors held: Asif Moyeen 94,595,511 shares, M.K.M. Mohiuddin 15,835,889, Farha Lazina 15,314,062, Sadia Moyeen 5,695,827, Omar Moyeen 5,278,629, Mohammad Bin Quasem 5,063,125 and Zayed Moyeen 4,374,884 [1 p.34]. Asif Moyeen is the only holder of 10% or more [1 p.34].

Board. The board has nine members: Farha Lazina (chairperson), Asif Moyeen (managing director), Mohammad Bin Quasem, M.K.M. Mohiuddin, Sadia Moyeen, Omar Moyeen, Zayed Moyeen and two independent directors, Zahir Ahmed and Jasmin Akter, FCS [1 p.6]. Nine board meetings were held in FY2025; attendance ranged from five (Zayed Moyeen, Jasmin Akter) to nine [1 p.105]. BSEC cancelled the re-appointment of independent director Mohammad Nazrul Islam on 27-Feb-2024; the board appointed Zahir Ahmed on 21-Apr-2024 and BSEC approved him on 19-Sep-2024 [1 p.29]. The report says Jasmin Akter was appointed "on September 25, 2025" and approved by BSEC "on November 06, 2024"; the dates are as printed [1 p.29]. The audit committee is Zahir Ahmed, Sadia Moyeen and Jasmin Akter [1 p.6].

Auditors. Ahsan Manzur & Co. signed the FY2025 accounts on 14-Oct-2025 and M M Rahman & Co. the FY2026 accounts on 14-Oct-2026 [1 p.64] [2 p.9]. M M Rahman & Co. was also the corporate governance compliance auditor named in the FY2025 report [1 p.28].

Dividends as the DSE records them. The DSE page lists cash dividends of "12% 2025, 14% 2024, 10% 2022, 10% 2021, 3% 2020, 5% 2019, 5% 2016, 5% 2015, 5% 2014" and stock dividends of "2% 2020, 5% 2019, 10% 2018, 15% 2017, 10% 2016, 10% 2015, 15% 2014" [11]. The cash list omits 2023, while the DSE's own P/E table on the same page shows a dividend of 10.00% for 2023 [11]. The FY2024 statement of changes in equity shows a cash dividend of BDT 218,744,171 paid in that year, which is BDT 1.00 on each of the 218,744,171 shares [1 p.68]. For FY2026 the board recommended 6% cash (BDT 0.60 a share), with record date 12-Nov-2026 [10]. The dividend policy says the company "shall pay off the dividend to its shareholders within 30 (thirty) days of approval" [1 p.43].

Board decisions in the 24-month DSE sweep. A disclosure posted on 5-Feb-2025 reported board approval of an 11-month lease of 318 decimals of land at Kaliakoir at BDT 200,000 a month from 3-Feb-2025 for "expansion of garments business including manufacturing, printing, dyeing and knitting" [10]. On 22-Apr-2025 it announced approval to buy that land, "318.50 Decimals with 3 Storied Building (total 78000 sft.)", for BDT 200,000,000, from Munazzama Mustari Tania, Md. Rahbar Wahed Khan and Md. Rafsani Wahed Khan [10]. The purchase was on the agenda of the 14-Dec-2025 AGM [1 p.5]. The FY2025 property schedule shows BDT 38.1m added to land [1 p.108]; the FY2026 pages we read do not show whether the purchase was completed. On 14-Oct-2025 the board approved the BDT 60m associate investment covered above, and the company changed its name to PLC from 12-May-2025 [10].

Share price: BDT 19.6 on 1-Nov-2026, 1.02x June 2026 NAV, after a DSE query in July 2026

The shares closed at BDT 19.6 on 1-Nov-2026 and at BDT 19.6 on 30-Jun-2026 [14]. The DSE page gives a 52-week range of BDT 13.10 to BDT 27.90 [11]. In our daily data the lowest close in the 52 weeks was BDT 13.6 in February 2026 and the highest BDT 27.6 on 27-Jul-2026 [14]. The DSE page shows market capitalisation of BDT 4,243.6m and free-float market capitalisation of BDT 1,392.0m, and BDT 14.4m traded on 1-Nov-2026 [11].

On 9-Jul-2026 the DSE queried the company about a "recent unusual price hike and increase in volume of shares"; the company replied that there was "no undisclosed price sensitive information" [10]. The closing price was BDT 16.7 on 25-Jun-2026 and BDT 24.2 on 9-Jul-2026 [14].

Multiples as facts. At BDT 19.6 the shares were 1.02x the June 2026 NAV of BDT 19.27 and 1.20x NAV without revaluation surplus; the FY2026 dividend is a cash yield of 3.1% [2 p.10] [15]. FY2026 EPS is negative. On 1-Nov-2026 the DSE page printed a current P/E of 11.46 under the heading "based on latest audited financial statements" [11]. The same page prints year-end P/E ratios of 17.84 (2021), 17.84 (2022), 12.16 (2023), 11.28 (2024) and 9.17 (2025), and dividend yields of 7.09%, 5.38%, 5.21%, 7.57% and 7.64% [11].

What's next: record date 12-Nov-2026, Q1 FY2027 results, AGM 23-Dec-2026

Two dates are notified by the company. The others are inferred from earlier board-meeting dates and labelled; as of 31-Oct-2026 no board meeting date for the first quarter of FY2027 had been posted in the DSE news [10].

What each item moves. The Q1 FY2027 statements will show whether other income recovers, which depends on cash incentive, and the interest cost on BDT 1,462m of borrowings [2 p.4] [2 p.52]. The pending BDT 63.8m incentive application would add to other income if approved; the note gives no date [2 p.56]. The record date and AGM settle the BDT 131.2m dividend [10] [15].

Already announced, and therefore not in the table: FY2026 EPS of BDT -0.67, NAV of BDT 19.27 and NOCFPS of BDT -3.40, and the 6% dividend, all on 15-Oct-2026 [10]. Past items: the 14-Dec-2025 AGM vote on the land purchase (passed), outcome unknown from the filings read [1 p.5]; the 14-Oct-2025 associate investment, which the FY2026 cash flow shows as paid [2 p.14]. The chairperson wrote that a Zero Liquid Discharge wastewater system was planned for FY2026; we found no board approval, budget or date for it in the DSE news [1 p.14] [10].

Risks: gross margin, cash incentive and finance cost moved FY2026 profit the most

Each risk below is tied to the line it moves, with history for scale. The sensitivities are arithmetic on FY2025 or FY2026 figures, not forecasts.

Gross margin is the largest line. Each percentage point of FY2026 revenue is BDT 96.2m, more than the year's profit from operation of BDT 35.3m [2 p.11] [15]. Cash incentive income fell by BDT 155.5m between FY2025 and FY2026, about a quarter of the BDT 632m fall in profit before tax [1 p.103] [2 p.52] [15]. Finance cost is set by the borrowings: BDT 178.3m in FY2026 [2 p.52]. The minimum-tax rule produced a BDT 51.6m tax charge in a loss year [2 p.52]. The BDT 825.7m of contingent liabilities is 20% of June 2026 equity; the note does not say what they are [2 p.56] [15].

Key questions: gross margin, cash incentive, inventories and contingent liabilities

In one line: the filings describe an integrated knit exporter that grew to BDT 10.9bn of sales in FY2025, added capacity, and then made a loss in FY2026 on a lower gross margin, lower cash incentive and higher interest, with borrowings doubled [1 p.66] [2 p.11] [2 p.4].

FAQ

What does Far East Knitting & Dyeing make?

Knit garments for export, including tank tops, T-shirts, leisure wear and bottoms, from its own knitting, dyeing and sewing plant in Kaliakoir, Gazipur [2 p.49] [1 p.6].

When does the financial year end?

On 30 June. FY2026 ended on 30-Jun-2026 [2 p.10].

What was FEKDIL's EPS for FY2026?

BDT -0.67, a net loss of BDT 146.2m, against BDT 1.71 for FY2025 [2 p.11].

What dividend did the company declare for FY2026?

6% cash, BDT 0.60 a share; record date 12-Nov-2026 and AGM 23-Dec-2026 [10].

Why did FEKDIL make a loss in FY2026?

The company gives "Decrease in Sales and Other Income"; the statements also show finance cost rising to BDT 178.3m and gross margin at 7.8% [2 p.53] [2 p.11] [15].

How much does FEKDIL owe banks?

BDT 1,462.0m of loans at 30-Jun-2026, against BDT 717.6m a year earlier [2 p.4].

How many garments can the company make?

The company gives 41,440,000 pieces a year of sewing capacity on its 'variety product' basis; it produced 32,834,783 pieces in FY2026, 79% [2 p.55].

Who owns the company?

Sponsors and directors held 67.20% at 30-Sep-2026; managing director Asif Moyeen held 94,595,511 shares at June 2025 [11] [1 p.34].

Sources

1. Far East Knitting & Dyeing Industries PLC Annual Report 2024-2025 (year to 30-Jun-2025; PDF page numbers) · link · accessed 2026-11-01
2. Far East Knitting and Dyeing Industries PLC auditor's report and audited financial statements, year to 30-Jun-2026 (scanned; read from page images) · link · accessed 2026-11-01
3. Far East Knitting and Dyeing Industries PLC un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
4. Far East Knitting & Dyeing Industries Limited Annual Report 2023-2024 · link · accessed 2026-11-01
5. Far East Knitting & Dyeing Industries Limited Annual Report 2022-2023 · link · accessed 2026-11-01
6. Far East Knitting & Dyeing Industries Limited Annual Report 2021-2022 · link · accessed 2026-11-01
7. Far East Knitting & Dyeing Industries Limited Annual Report 2020-2021 (five-year data FY2017-FY2021) · link · accessed 2026-11-01
8. Apex Spinning & Knitting Mills Limited Annual Report 2024-2025 (peer) · link · accessed 2026-11-01
9. Esquire Knit Composite PLC Annual Report 2024-25, consolidated statements (peer) · link · accessed 2026-11-01
10. Dhaka Stock Exchange news archive for FEKDIL, 31-Oct-2024 to 31-Oct-2026 (results, dividends, board decisions, query response, credit ratings) · link · accessed 2026-11-01
11. Dhaka Stock Exchange company page for FEKDIL (shareholding to 30-Sep-2026, dividend history, market data), accessed 1-Nov-2026 · 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 price data (TradingView feed): DSE:FEKDIL daily bars Aug-2025 to 1-Nov-2026; DSE:APEXSPINN and DSE:ESQUIRENIT closes 1-Nov-2026 · link · accessed 2026-11-01
15. AnalystBro history and ratio model for FEKDIL (model.xlsx, the workbook below) · link · accessed 2026-11-01