Heidelberg Materials Bangladesh financial analysis: three loss quarters as clinker and fees squeeze a 10% margin (Oct 2026)

A debt-free grinder with a global parent, but it buys all its clinker and has lost money for three quarters

What it is. Heidelberg Materials Bangladesh (HMB) grinds imported clinker into cement at three plants (Kanchpur near Dhaka, Chattogram and Mukterpur in Munshiganj) with 3,510 kt of installed capacity [1 p.102] and sells it as ScanCement and RubyCement [1 p.12]. It owns no kiln and no limestone, so cost of sales is almost entirely bought-in materials: clinker alone was 55.7% of cost of goods sold in 2025 [1 p.120]. The German parent owns 60.67% through two holding companies [1 p.80].

Where it stands. 2025 revenue was Tk 14,515m (-1.5%) on 1,842 kt sold (+1.4%), so realisation fell 2.9% to Tk 7,880 a tonne; net profit halved to Tk 201m (EPS Tk 3.55) [1 p.99] [2 p.11] [1 p.120]. The decline continued in 2026: a loss of Tk 49.5m in Q1 [4 p.3] and Tk 61.3m in Q2, Tk 110.8m for the half (EPS -Tk 1.96) against a Tk 223.0m profit a year earlier [3 p.3]. Gross margin fell to 6.6% in H1 2026 from 12.1% in H1 2025. Q4 2025 was already a Tk 31.8m loss (full year less nine months) [5 p.3]. The shares closed at Tk 197.1 on 29-Oct-2026 [7], against NAV per share of Tk 70.86 at 30-Jun-2026 [8].

What drives shareholder returns. HMB's earnings are a thin spread between a price set in a crowded market and a cost set in US dollars by clinker, freight and the taka. Over 2020-2025 gross profit moved between Tk 486 and Tk 963 a tonne [19]: each Tk 100 a tonne on 1,842 kt is Tk 184m of gross profit, close to the whole of 2025 net profit. Cash conversion is uneven because the business runs on supplier credit (payables Tk 4,536m, 128 days of cost of sales) and swings in that credit, not profit, decide the year's cash: operating cash flow was Tk 2,049m in 2024 and -Tk 2m in 2025 [6 p.18] [1 p.18]. Capital allocation is simple: no acquisitions since the 2019 Emirates purchase, low capex and a cash dividend of about 31% of profit.

• Is the 2026 loss a clinker-price event or a lasting price war? Signpost: Q3 2026 gross margin (board met 29-Oct-2026; filing not yet in our corpus) and the Q4 trend.
• Will the group pass lower clinker costs through? Signpost: clinker Tk per tonne in note 25.03 of the 2026 annual report against 2025's Tk 6,825.
• Do volumes recover with public works? Signpost: ADP spending and ECNEC approvals, and HMB's tonnes against the 1,842 kt of 2025.
• Will the final 2026 dividend be paid from a loss year? Signpost: the board meeting on the 2026 accounts (around April 2027).
• Does the parent keep its fee terms? Signpost: related-party note 43 and the fee rates in note 19.03.

Three grinding plants with 3,510 kt of capacity ran at 52.5% in 2025

History. The group entered Bangladesh in 1998 with a floating terminal at Chattogram, built ScanCement International near Dhaka in 1999-2000 and bought the Chattogram clinker grinder (CCCGCL) in 2000-2003; the two merged as HeidelbergCement Bangladesh in 2004 [1 p.13]. Grinding units were added at Kanchpur (0.45 mt, 2008-2012; 0.472 mt, end-2019) and Chattogram (0.75 mt, 2012) [1 p.12]. It bought Emirates Cement Bangladesh and Emirates Power in 2019 and amalgamated them in 2021, adding the 660 kt Mukterpur plant; Meghna Energy was bought in 2020 and amalgamated in 2021 [1 p.13] [1 p.102]. The company took the Heidelberg Materials name in 2024 [1 p.13].

Plants and sales. Total production capacity is 3,510 kt a year [1 p.102]. In 2025 HMB produced 1,843 kt and sold 1,842 kt [1 p.33], a utilisation of 52.5%. Kanchpur is the biggest seller (Tk 7,079m), Chattogram grew 17% to Tk 5,359m, and Mukterpur fell 26% to Tk 2,077m [1 p.119]. Exports were negligible (Tk 0.7m). Sales are close to cash: receivables were Tk 234m at year-end [1 p.98].

Brands and products. ScanCement and RubyCement are sold as Portland Composite Cement (PCC, pioneered by HMB in 2004), Ordinary Portland Cement and, since 2023, a multi-purpose blast-furnace/composite cement [1 p.12]. In 2025 it launched PCC Max and evoBuild under Scan and PCC Max and Sulphate Resistant Cement under Ruby [1 p.12]. Management says its marketing in 2025 aimed to 'justify price premium' and that it ran its 'largest-ever retail branding program' [1 p.56]; advertising and promotion rose from Tk 131m to Tk 218m [1 p.121]. The data do not show a premium being earned: realisation fell 2.9% in 2025 while volume rose 1.4%.

Blended cement. HMB used 1,059 kt of clinker for 1,843 kt of cement in 2025, a clinker factor of 57.5% (59.7% in 2024); the rest is slag (323 kt), fly ash (230 kt), gypsum and limestone [1 p.120]. Lowering the clinker share is HMB's main cost lever, and the chairman cites 'clinker factor optimization' [1 p.32].

86 mt of capacity for 40 mt of demand: the market sets the price, not HMB

Demand. The Bangladesh Cement Manufacturers Association (BCMA), as reported by The Daily Star, counted 39.75 mt of cement demand in 2025 against 86.02 mt of capacity at 41 plants [9]. The Financial Express reported a rebound of about 5% in 2025 after three weak years [10]. On those figures HMB's 1,842 kt is about 4.6% of the market. Demand rests on public works (the Annual Development Programme), private housing and real-estate; HMB's chairman expects 'gradual stabilization' as 'public infrastructure activity strengthens' [1 p.32]. ECNEC approved 12 projects totalling Tk 1.69 trillion in September 2026, including a metro line [14].

Competition and price discipline. The large local grinders (Shah Cement, Bashundhara, Seven Rings, Premier, Crown and others) and LafargeHolcim, the one integrated producer, compete for a market half the size of installed capacity. The Daily Star has reported that the largest firms hold most of the market and squeeze small producers [17]; we have no audited company-level share table (gap). With that much spare capacity, nobody can hold price when costs fall and nobody can raise it quickly when they rise. HMB's managing director put the 2025 revenue decline down to 'lower average selling prices per bag amid intense competition' [1 p.33]. In 2025 realisation fell Tk 237 a tonne while clinker cost rose Tk 116 a tonne of clinker [19].

How HMB compares with LafargeHolcim. On 2025 own filings, HMB's gross margin was 10.5% against 30.2% at LafargeHolcim, whose kiln and Indian quarry cover about 70% of its clinker and whose aggregates business added profit [18 p.61] [18 p.73]. LafargeHolcim's parent fees were higher as a share of revenue (3.51% against 2.49%), so the gap is about owning the clinker, not about fees. Premier and Crown, the other listed peers, report on June years and are not comparable line by line here.

Clinker is 56% of cost of sales, bought in dollars, mostly from the group

Cost of sales. 2025 cost of goods sold was Tk 12,984m: raw and packing materials Tk 10,767m and manufacturing overheads Tk 2,226m [1 p.119]. Within materials, clinker cost Tk 7,228m (1,059 kt at Tk 6,825 a tonne, up from Tk 6,709), slag Tk 1,105m, fly ash Tk 775m, gypsum and limestone Tk 861m and packing Tk 799m [1 p.120]. Raw materials imported at CIF were Tk 7,962m [1 p.125], so roughly three-fifths of cost of sales is priced in foreign currency.

Clinker prices and freight. Imported clinker prices rose in 2026: LafargeHolcim's chief executive told The Daily Star that clinker had risen from about US$43 to US$53 a tonne [11], and The Business Standard reported freight and input shocks across building materials [12]. HMB's H1 2026 gross margin of 6.6% (12.1% a year earlier) [3 p.3] is consistent with that, but HMB does not disclose a 2026 clinker price; the per-tonne figure will be in the 2026 annual report.

BDT/USD. HMB pays for clinker, slag and fly ash in dollars through letters of credit; confirmed irrevocable LCs were Tk 12,017m at 31-Dec-2025 [1 p.119]. A weaker taka raises cost straight away and price only if competitors follow. On 2025 figures, each 1% on the Tk 7,962m of imported raw materials is about Tk 80m, 21% of 2025 profit before tax [19].

Energy. Power cost was Tk 941m in 2025 (Tk 511 a tonne produced, Tk 502 in 2024) [1 p.120]. The government raised power tariffs by 16.68% from June 2026 [13]; on the 2025 bill each 10% is about Tk 94m. Grinders use less energy than integrated plants, so power matters less to HMB than clinker.

Parent fees of Tk 361m were 1.8 times 2025 profit; the group now supplies 88% of clinker

Fee terms. The old technical know-how agreements were replaced from 1-Jan-2022 by a General Services Agreement with Heidelberg Materials Asia and a Master License Agreement with Heidelberg Materials AG: a licence fee of 0.99% of net sales less the cost of clinker (0.92% in 2024), a service fee of 1.8% of net sales and a brand licence fee of 0.19% of net sales [1 p.117]. In 2025 the charges were Tk 261m (technical service), Tk 72m (group licence) and Tk 28m (brand) [1 p.121]. Because most of the fee is a share of sales, it is paid whether or not HMB earns a profit.

Clinker from the group. HM Trading Global (APAC) Pte. Ltd., a group company, sold HMB Tk 6,282m of clinker in 2025 against Tk 3,809m in 2024, plus slag (Tk 890m), limestone (Tk 247m) and gypsum (Tk 247m) [1 p.125]. That is 87.5% of 2025 clinker purchases (48.8% in 2024) [19]. The note says the trades are 'on an arms length basis' and shareholders approved them at the AGM of 16-Jun-2025 [1 p.126]. The group's buying power can help, but it also means the price HMB pays for its biggest input is set inside the group, and minority shareholders see only the totals.

Group restructuring. The pattern over ten years is consolidation under the parent: the Emirates and Meghna Energy amalgamations (2021), the new fee agreements (2022), the name change (2024) and centralised clinker trading (2025) [1 p.13] [1 p.117]. Unpaid technical-service fees fell from Tk 890m to Tk 527m in 2025 as HMB paid down the backlog [1 p.125]. The parent holds 60.67% [1 p.80].

Line items: price and clinker set gross profit; tax and fees take what is left

Revenue. Revenue rose from Tk 10,521m in 2020 to a peak of Tk 17,956m in 2023 and fell to Tk 14,515m in 2025 [6 p.18] [1 p.18]. Volume explains the 2021 jump (the Emirates plant) and the 2024 drop (-17%, as demand fell during the political transition); price explains 2022-2023, when realisation rose from Tk 6,594 (2021) to Tk 8,218 a tonne (2023) as the taka weakened and costs were passed on [19]. In 2025 a 1.4% volume gain was more than offset by a 2.9% price fall.

Cost of sales. Gross margin was 25.9% in 2016 and has not exceeded 12.4% since 2019 [19]. The step down came in 2018-2019 (16.3%, then 9.7%); 2022 (6.4%) was the year the taka fell sharply against the dollar, when HMB paid more for dollar clinker before it could raise prices. Gross profit per tonne recovered to Tk 946-963 in 2023-2024 and fell back to Tk 831 in 2025.

Operating expenses. Selling and distribution rose 31% to Tk 561m in 2025, led by advertising (Tk 153m from Tk 69m) for the product launches, and staff and distribution cost [1 p.121]. Administrative expenses were Tk 633m, of which Tk 361m was group fees; the rest (staff, rent, depreciation, IT) fell slightly, in line with the 'significant reduction in fixed costs' the MD describes [1 p.33]. In H1 2026 selling costs were Tk 255m and administration Tk 303m, both below H1 2025 [3 p.3].

Finance items. HMB earns more interest than it pays. Interest on fixed deposits was Tk 181m in 2025 (Tk 333m in 2024) and interest and bank charges Tk 111m (Tk 270m), for net finance income of Tk 69m [1 p.121]. Interest income fell because cash fell from Tk 2,979m to Tk 1,310m when HMB repaid its Tk 1,190m short-term loan [1 p.98]. In H1 2026 net finance income was Tk 29m [3 p.3].

Tax. The corporate rate is 20% as a listed company, but the Finance Ordinance 2025-26 sets a minimum tax of the higher of 1% of gross receipts, tax deducted at source and import-stage tax, or 20% of taxable income [1 p.122]. On Tk 14.5bn of sales the 1% floor is about Tk 145m, close to all of 2025's taxable profit, so the 2025 tax charge was Tk 184m on Tk 385m of profit (47.8%) [1 p.99]. In H1 2026 HMB booked Tk 37.8m of tax on a Tk 73.0m pre-tax loss [3 p.3]. As long as margins stay thin, the minimum tax, not the 20% rate, sets the tax line.

Three loss-making quarters in a row: gross margin 6.3% in Q2 2026

Revenue fell 11.1% in H1 2026 to Tk 6,839m and gross profit fell 51% to Tk 455m [3 p.3]. The Business Standard reported that management blamed 'a lower profit margin per tonne' and a slowdown in sales volume [15]; The Financial Express cited soaring raw-material costs, weak demand and competition [16]. Operating cash flow was -Tk 50m for the half (-Tk 573m in H1 2025) and inventories rose to Tk 2,553m from Tk 1,995m [3 p.2] [3 p.5].

The Q3 2026 accounts were considered by the board on 29-Oct-2026 [8] but were not yet in our filings corpus when this note was written; the analysis uses filings to 30-Jun-2026.

Ten-year ratios: ROE has averaged 6.7% since 2017; the best years still earned under 16%

Returns. ROE on average equity was 15.6% in 2017 and 15.4% in 2018, negative in 2019, 2020 and 2022, and 12.3-12.8% in 2021, 2023 and 2024 before 4.8% in 2025 [19]. The 2017-2025 average is 6.7% and the median 11.7%. ROCE (EBIT on average capital employed) peaked at 20.0% in 2023 because capital employed is small: the plant is old and supplier credit funds the working capital.

Growth. Revenue grew at 3.6% a year from 2016 to 2025 (Tk 10.6bn to Tk 14.5bn), almost all of it from the 2021 Emirates merger and 2022-2023 price rises; net profit fell from Tk 1,508m to Tk 201m [6 p.18] [1 p.18].

Efficiency. Receivables are about 6 days, inventory 56 days and payables 128 days of cost of sales (2025), so working capital is negative (-Tk 566m) [19] [1 p.18]. Asset turnover was 1.6x in 2025, against 1.0x in 2016 when HMB held more cash.

Leverage and cash conversion. HMB moved from Tk 3.7bn of net cash in 2016 to net debt of Tk 2.0bn after the 2019 Emirates purchase, and back to net cash of Tk 1.8bn in 2024 and Tk 1.3bn in 2025 [6 p.18] [1 p.18]. Operating cash flow was more than twice profit in 2021, 2023 and 2024 as supplier credit grew, and about nil in 2025 when it shrank [19].

Earnings quality. Reported profit is close to cash profit: depreciation (Tk 397m in the factory, Tk 50m in selling and administration, including amortisation) is roughly matched by capex (Tk 306m in 2025), there is no capitalised interest, and the only large provisions are for slow-moving spares (Tk 138m charged in 2025, Tk 32m in 2024) [1 p.120] [1 p.121]. The spares charge cut 2025 gross profit by about 1 percentage point of revenue and is the one item an investor may treat as partly non-recurring. Other operating items are small (a Tk 1.5m net expense). The quality issue is not accounting but timing: cash flow follows supplier credit, which rose in 2023-2024 and was paid down in 2025.

Capital allocation. Since the 2019 Emirates purchase, which turned net cash into Tk 2.0bn of net debt [6 p.18] [1 p.18], HMB has spent little: capex of Tk 268-306m a year [1 p.123] against depreciation and amortisation of about Tk 450m, no acquisitions and no share issues. Surplus cash has gone to repaying debt and to dividends. With grinding capacity half used, the main use of new money would be working capital and marketing rather than plants.

No bank debt, Tk 1.1bn of cash, and Tk 5.1bn owed to suppliers

At 30-Jun-2026 HMB had Tk 1,098m of cash and no borrowings, against trade and other payables of Tk 5,102m [3 p.2]. Equity was Tk 4,004m (NAV Tk 70.86 a share) after the Tk 62m final dividend for 2025 and the H1 loss. The banks holding the cash are not named in the statements we read (gap). Non-current liabilities are small: a Tk 123m quasi-equity loan, a Tk 13m ADP loan, Tk 3m of blocked supplier credit, a Tk 146m jetty-dismantling provision and lease liabilities [3 p.2].

Commitments and contingencies. Open letters of credit were Tk 12,017m (Tk 14,234m in 2024) and bank guarantees Tk 204m [1 p.119]. Several income-tax assessments are under appeal; management considers its provisions adequate [1 p.119]. The auditor, Hoda Vasi Chowdhury & Co, listed revenue recognition and receivables, inventories and property, plant and equipment as key audit matters [1 p.92]; we found no emphasis of matter on the pages read.

Dividends cut from Tk 30 in 2016 to Tk 1.10 for 2025

HMB paid out more than its earnings in 2016-2017 (Tk 30 and Tk 15 a share), nothing for 2019, and about 31% of EPS in each profitable year since 2021: Tk 2.60 (2021), Tk 2.50 (2023 and 2024) and Tk 1.10 for 2025 [6 p.18] [1 p.18] [1 p.85]. It paid Tk 1.00 for loss-making 2022 and Tk 2.00 for 2020, from retained earnings. Cash paid as dividends was Tk 141m in each of 2024 and 2025 [1 p.123]. The record date for the 2025 dividend was 20-May-2026 and the AGM 18-Jun-2026 [8]. There have been no bonus shares or rights issues; the share count has stayed at 56.5m.

Market multiples as facts. At Tk 197.1 the market value is Tk 11.1bn. Trailing EPS to June 2026 is -Tk 2.36 (2025 EPS 3.55 less H1 2025 3.95 plus H1 2026 -1.96), so there is no meaningful P/E; the price is 2.8 times June 2026 NAV and the 2025 dividend is 0.6% of the price. At year-ends since 2016 the P/B ranged from 2.1x (2020) to 5.6x (2016) and the dividend yield from 0% to 5.4% [19]. We draw no conclusion from these numbers about the share price.

Controlled by the parent: 60.67% of shares, six of nine board seats

Heidelberg Materials Netherlands Holding B.V. owns 39.81% and Heidelberg Materials Asia Holding GmbH 20.86% [1 p.80]. The chairman (Roberto Callieri), managing director (Ong Kian Hock Terence) and the CFO are parent nominees; Investment Corporation of Bangladesh has a nominee director and there are two independent directors [1 p.80]. Directors hold no shares personally. The company secretary resigned effective 1-May-2026 and the head of internal audit effective 1-Apr-2026 [1 p.80]; the Q2 2026 accounts were signed by an acting company secretary [3 p.2]. Directors received Tk 0.4m in meeting fees; managers and officers Tk 332m [1 p.125].

Related-party approval. Because group purchases exceed the regulatory threshold, shareholders approved the related-party transactions at the 2025 AGM [1 p.126]. Minority shareholders vote on the total, not on the clinker price per tonne. DSE news, last 24 months: quarterly results and board meetings, the 2025 dividend (record date 20-May-2026) and the AGM of 18-Jun-2026 [8]; we found no rights issue, bond, sponsor sale or regulatory action.

What will move the lines next: clinker, power tariffs, public works and the tax floor

Capex and capacity. No new plant is planned: capital expenditure authorised and committed was Tk 5m and authorised but not contracted Tk 34m at end-2025 [1 p.119]. Growth therefore depends on filling the 1.7 mt of idle grinding capacity. Policy. Power tariffs rose from June 2026 [13]; the minimum tax applies from FY2025-26 [1 p.122]. Demand. ECNEC approvals [14] and a recovering construction market [10] support volume; HMB's own outlook is 'gradual stabilization' [1 p.32]. Prices. Every producer faced higher clinker and power costs in 2026, which is the condition under which cement prices have risen in the past (2022-2023: realisation +25%), but the 2026 interims show no such rise yet.

Risks: price and clinker matter most; each Tk 100 a tonne moves profit by more than Tk 100m

The two lines that matter are realisation and clinker cost, and both are outside HMB's control: one is set by a market with 46% utilisation [9], the other in US dollars, mostly through a group company [1 p.125]. The fixed take of the parent and of the tax office (Tk 361m of fees and a tax floor of about Tk 145m, both tied to sales) [1 p.121] [1 p.122] means a small margin squeeze turns into a loss quickly, as in 2019, 2020, 2022 and H1 2026. The balance sheet softens this: there is no bank debt, and the dividend has always been small enough to pay from retained earnings.

• Q3 2026 results (board met 29-Oct-2026): gross margin against 6.3% in Q2 2026.
• Cement bag prices from dealers and press reports, Nov-2026 to Mar-2027.
• Clinker CFR price and freight (press reports quoting producers).
• Taka/US dollar rate and LC margins.
• ADP spending and ECNEC approvals each month.
• 2026 annual report (~Apr-2027): clinker Tk per tonne, group share of clinker, fees, dividend.

FAQ

Why did Heidelberg Materials Bangladesh make a loss in 2026?

Gross margin fell from 12.1% to 6.6% in H1 2026 as imported clinker and power costs rose while competition kept prices down; revenue fell 11%. The half-year loss was Tk 110.8m (EPS -Tk 1.96).

Does Heidelberg Materials Bangladesh make its own clinker?

No. It grinds imported clinker at Kanchpur, Chattogram and Mukterpur (3,510 kt capacity). In 2025 it used 1,059 kt of clinker costing Tk 6,825 a tonne, 87.5% bought from a group company.

How much does HMB pay its parent?

Tk 361m in 2025: a 1.8% service fee, a 0.99% licence fee on sales less clinker and a 0.19% brand fee, equal to 2.5% of revenue and 1.8 times net profit.

What dividend did HMB pay for 2025?

Tk 1.10 a share (11% cash), about 31% of EPS of Tk 3.55; record date 20-May-2026.

Does HMB have debt?

No bank borrowings at 31-Dec-2025 or 30-Jun-2026; cash was Tk 1,098m at June 2026.

Sources

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