Hwa Well Textiles financial analysis: no bank debt, BDT 1.28bn cash and investments, FY2026 EPS BDT 3.71 (Oct 2026)

Investment considerations: BDT 203.6m profit after tax in FY2025, 47.6% of pre-tax profit from FX gain and others income, no bank debt

Hwa Well Textiles (BD) PLC describes itself as "a 100% export-oriented, backward-linkage textile manufacturer specializing in a wide range of knitted fabrics", with fleece in polyester, cotton, micro, CD, CVC, melange and bonded Sherpa forms, plus single jersey, mesh and rib [1 p.24]. The nine-month notes to 31-Mar-2026 describe the business as producing and selling "knitted, dyed and finished" fabrics [2 p.6]. The company was incorporated on 8-May-2002, became a public company on 30-Dec-2011, and listed on the Dhaka and Chittagong stock exchanges after a 2014 IPO [1 p.24]. It has 56,000,000 shares of BDT 10 [1 p.106]. We use the knit sector format (F12).

Five figures from the filings summarise FY2019-FY2025. Revenue was BDT 1,361.8m in FY2019, BDT 2,015.1m in FY2023 and BDT 1,507.4m in FY2025 [8 p.68] [4 p.75] [1 p.85]. Gross margin ranged from 10.9% (FY2024) to 16.1% (FY2023) over FY2019-FY2025 [40]. Foreign-exchange gain and others income together equalled 38.9% of profit before tax in FY2023, 67.8% in FY2024 and 47.6% in FY2025 [40]. No balance sheet from FY2019 to FY2025 shows a bank-loan line, and the DSE company page lists short-term and long-term loans of 0 [1 p.84] [36]. Operating cash flow was BDT -155.0m in FY2024 and BDT -42.5m in FY2025 [1 p.87].

The FY2026 audited annual report is not in the AnalystBro filings corpus at 1-Nov-2026. The board met on 26-Oct-2026 on the FY2026 accounts, and the company posted EPS of BDT 3.71, NAV per share of BDT 41.89 and NOCFPS of BDT 0.09 for FY2026 on the DSE on 27-Oct-2026, with a 20% cash dividend [35]. FY2026 figures in this note are those DSE figures and the un-audited nine-month statements to 31-Mar-2026, each labelled [2 p.3].

Business: knit-fabric revenue of BDT 1,226m-2,015m a year over FY2019-FY2025; BDT 1,507m in FY2025

The company's revenue note prints a single line, "Sales", of BDT 1,507,424,492 for FY2025 [1 p.111]. Revenue from sale of goods is recognised "when the buyer's bank provide assurance by giving acceptance letter on the delivery of goods", per the accounting policy [1 p.92]. The directors describe the company as a winter-season products maker "operating under deemed-export arrangements", and state that quarterly revenue "may naturally vary due to the seasonal ordering patterns of its international buyers" [1 p.27]. The registered office is at Alamin Icon Center, Pragati Sarani, Dhaka [1 p.24]; the security deposits note lists Mymensingh PBS-2 for electricity and Titas Gas for gas [1 p.102].

Seven years of statements show revenue in a band between BDT 1,226.0m (FY2020) and BDT 2,015.1m (FY2023) [6 p.70] [4 p.75]. Revenue rose 39.9% in FY2022 and fell 23.0% in FY2024 [40]. Profit after tax peaked at BDT 332.5m in FY2023 and was BDT 203.6m in FY2025 [4 p.75] [1 p.85]. The company's management discussion attributes the FY2020-FY2023 rise to "strong post-pandemic order recovery" and lists, for FY2024-FY2025, "Global inflation reducing consumer demand in key export markets", "Fashion preference shifts", "Geo-political disruptions" and a "Persistent volumetric order crisis" [1 p.49]. Note 44.16 states that FY2025 revenue declined "mainly weak buyer quotations due to U.S. tariff impacts, political unrest, and a dollar shortage in the banking sector" [1 p.118]. These are the company's statements.

Net margin exceeded operating margin in every year FY2019-FY2025 [40]. In FY2025 net margin was 13.5% and operating margin 9.5%; in FY2024 the two were 11.5% and 5.1% [40]. Foreign-exchange gain and others income sit below profit from operation on the face of the statement [1 p.85].

Revenue: USD 12.65m of exports in FY2025 against USD 14.29m in FY2024; capacity 14,682,000 kg

The revenue note does not split revenue by product, customer or country [1 p.111]. The Companies Act disclosure in note 44.5 prints the value of export: USD 12,650,989 for FY2025 and USD 14,291,727 for FY2024 [1 p.117]. Dividing the taka revenue by these dollar figures gives BDT 119.2 per USD for FY2025 and BDT 108.6 for FY2024; this is a derivation, not a printed rate [40]. Dollar exports fell 11.5% and taka revenue fell 2.9% [40].

Note 44.6 prints "Licensed Capacity (Kg)" with an annual production capacity of 14,682,000 kg for FY2025 and FY2024 [1 p.118]; the FY2023 and FY2022 reports print the same 14,682,000 kg [4 p.107] [5 p.102]. We searched the FY2022-FY2025 notes, directors' reports and annexures for a production or sales quantity; none prints one, so utilisation and price per kg are not computed. The management discussion uses the words "stable production capacity utilization" for FY2025 without a figure [1 p.49]. Annexure-C prints inventory quantities at 30-Jun-2025: 619,465 of yarn in store, 206,319 of work-in-process and 142,818 of finished goods, under the heading "Kg/Pcs" [1 p.123].

Employees numbered 343 at 30-Jun-2025, 317 at 30-Jun-2024, 340 at 30-Jun-2023 and 322 at 30-Jun-2022 [1 p.118] [3 p.115] [4 p.107] [5 p.102]. Note 44.7 states that wages follow SRO no. 85-Ain/2024 of the Ministry of Labour and Employment, gazetted 4-Apr-2024 [1 p.118]. Revenue per employee was BDT 4.39m in FY2025 [40].

Imports on a CIF basis in FY2025 were BDT 867.0m: yarn BDT 605.6m, dyes and chemicals BDT 175.4m and machinery BDT 86.0m, against BDT 329.9m in FY2024 [1 p.117]. Payments in foreign currency were USD 5.57m, of which yarn USD 3.47m [1 p.117]. Raw materials used were BDT 1,012.6m in FY2025 [1 p.111]; note 44.5 prints raw material consumption of BDT 1,004.9m, 89% of raw material available [1 p.117].

Cost lines: gross margin 14.4% in FY2025 and 10.9% in FY2024; FY2024 gratuity charge BDT 65.5m in cost of goods sold and BDT 24.5m in administrative expenses

Cost of goods sold was BDT 1,289.9m in FY2025, 85.6% of revenue [1 p.111] [40]. Raw materials used were BDT 1,012.6m and manufacturing overhead BDT 351.9m; closing raw materials, work-in-process and finished goods rose to BDT 119.8m, BDT 39.9m and BDT 40.6m, from BDT 24.0m, BDT 2.7m and BDT 3.3m [1 p.111]. Within overhead, the utility bill was BDT 133.7m (BDT 106.5m in FY2024), factory wages, festival bonus and overtime BDT 121.1m (BDT 97.0m), and depreciation BDT 50.5m (BDT 45.3m) [1 p.111] [40].

On FY2024 margins, the directors state that "the Board approved the establishment of an Employees' Gratuity Fund (GF) in the previous year, 2023-2024. Consequently, a provision of Tk. 9.00 crore was recorded last year, which contributed to lower Gross Profit and Net Profit margins in 2023-2024" [1 p.29]. The notes print the charge as BDT 65.5m in manufacturing overhead and BDT 24.5m in administrative expenses in FY2024, BDT 90.0m in all, and BDT 11.8m and BDT 4.1m in FY2025 [1 p.111] [1 p.112]. The BDT 90.0m payable at 30-Jun-2024 was transferred through the bank on 10-Apr-2025 [1 p.108]. Adding back the gratuity charge gives profit from operation of BDT 169.3m for FY2024 and BDT 158.7m for FY2025; this is a derivation [40].

Administrative expenses were BDT 55.5m in FY2025 against BDT 74.0m in FY2024 [1 p.112]. The managing director's remuneration was BDT 4.51m (BDT 2.70m in FY2024) and the director's remuneration BDT 3.71m (BDT 2.43m) [1 p.112]. Distribution expenses were BDT 19.1m, of which promotional expenses BDT 10.8m and carriage outward BDT 6.8m [1 p.111].

Below operating profit: FX gain and others income were 47.6% of FY2025 pre-tax profit and 67.8% of FY2024's

Below profit from operation the statement prints a foreign-exchange line, others income and financial expenses [1 p.85]. The foreign-exchange gain was BDT 43.7m in FY2025, of which BDT 19.1m realised and BDT 24.6m unrealised; in FY2024 it was BDT 105.0m, of which BDT 94.4m unrealised [1 p.112]. Note 33.2 shows that BDT 23.4m of the FY2025 unrealised gain arose on foreign-currency bank balances of BDT 585.4m at 30-Jun-2025 [1 p.112].

Others income was BDT 70.6m in FY2025: interest from fixed deposits BDT 38.5m, interest on Treasury bill BDT 10.6m, unrealised gain on securities BDT 13.9m, bank interest BDT 3.1m, office rent BDT 1.8m, realised gain on securities BDT 1.5m and dividend income BDT 1.2m [1 p.113]. In FY2024 the unrealised line was a loss of BDT 15.3m and others income totalled BDT 33.3m [1 p.113]. The directors attribute the BDT 0.45 rise in FY2025 EPS "primarily" to "increase in other income" [1 p.27].

Financial expenses were BDT 5.0m in FY2025: other charges on export documents BDT 4.1m, bank charges and excise duty BDT 0.8m, and commission on export proceeds BDT 0.1m; the note has no interest line [1 p.113]. Workers' profit participation fund took 5% of profit before WPPF, BDT 12.0m [1 p.85] [1 p.108].

Income tax was BDT 36.5m, 15.2% of profit before tax, in FY2025 and 12.4% in FY2024 [40]. Note 36.01 applies a 15% rate to business income of BDT 177.7m, 20% to FDR, SND and rent income, 5% to Treasury-bill interest and 15% to realised securities gains, and prints a BDT 4.7m adjustment for earlier years in the FY2024 column [1 p.113] [1 p.114]. The tax-assessment table shows assessed tax above the provision for income years 2018-2019, 2019-2020, 2021-2022 and 2022-2023, and below it for 2020-2021 [1 p.119].

FY2026: EPS BDT 3.71 and NAV BDT 41.89 posted on 27-Oct-2026; nine-month revenue BDT 1,167.2m

The un-audited nine months to 31-Mar-2026 show revenue of BDT 1,167.2m against BDT 1,246.8m a year earlier, gross profit of BDT 169.2m and profit after tax of BDT 153.7m against BDT 170.3m [2 p.3]. Third-quarter revenue (January-March 2026) was BDT 264.4m against BDT 419.2m [2 p.3]. Others income in the nine months was BDT 80.4m (BDT 51.0m) and the foreign-exchange gain BDT 9.8m (BDT 40.1m) [2 p.3]. Nine-month operating cash flow was BDT 198.1m, against BDT 89.0m a year earlier [2 p.5].

The DSE posts give each figure for FY2026 against FY2025: EPS BDT 3.71 against BDT 3.64; NAV per share BDT 41.89 against BDT 40.16; NOCFPS BDT 0.09 against BDT (0.76) [35]. Quarterly EPS posted for FY2026 was BDT 1.10 (July-September 2025), BDT 0.81 (October-December 2025) and BDT 0.83 (January-March 2026) [35]. Full-year EPS less nine-month EPS gives a fourth-quarter EPS of BDT 0.97 for FY2026 and BDT 0.60 for FY2025; full-year NOCFPS less nine-month NOCFPS gives BDT -3.45 for the FY2026 fourth quarter; all three are derivations [40]. NAV per share posted was BDT 41.27 at 30-Sep-2025, BDT 40.08 (with revaluation) at 31-Dec-2025 and BDT 40.92 at 31-Mar-2026 [35].

The 24-month DSE news sweep (1-Nov-2024 to 1-Nov-2026) holds 24 posts and no correction of any posted figure [35]. The FY2026 revenue, cost notes, balance sheet, cash flow detail, auditor's report and related-party note are not in the corpus at 1-Nov-2026.

Ratios: ROE 9.2% in FY2025 on average equity; closing receivable days 61 and inventory days 57

Return on average equity was 9.2% in FY2025, against 16.5% in FY2023 and 8.4% in FY2024 [40]. The annual report prints its own ROE of 9.05% for FY2025, 8.28% for FY2024 and 15.70% for FY2023 [1 p.10]; the model uses average equity, the report's basis is not stated. Excluding the revaluation surplus of BDT 298.5m from equity, ROE was 10.7% in FY2025 [40].

Closing receivable days were 5.5 at June 2023, 81.2 at June 2024 and 60.9 at June 2025; closing inventory days were 4.1, 12.4 and 56.9 [40]. Trade receivables at 31-Mar-2026 were BDT 25.6m against BDT 251.3m at 30-Jun-2025 [2 p.2]. The auditor states that the company "operates with a 90-day credit term" [1 p.80].

Dividend per share was 54.9% of EPS in FY2025 and 42.1% in FY2023 [40]. Operating cash flow was 2.65x profit after tax in FY2023, -0.87x in FY2024 and -0.21x in FY2025 [40]. Asset turnover was 0.57x in FY2025 [40].

Balance sheet: no bank debt; BDT 1,280.7m of cash and investments, BDT 584.9m of it in two US-dollar accounts, at 30-Jun-2025

At 30-Jun-2025 total assets were BDT 2,625.1m and equity BDT 2,249.1m; liabilities were BDT 58.8m of deferred tax and BDT 317.2m of current liabilities [1 p.84]. At 31-Mar-2026 total assets were BDT 2,579.1m and equity BDT 2,291.5m [2 p.2]. Credit facilities are available but not availed, per note 44.2 [1 p.117]; the credit rating report printed in the annual report lists bank loan limits of BDT 950.00m at Southeast Bank PLC and BDT 370.58m at Bank Asia PLC [1 p.68].

Cash and cash equivalents of BDT 868.2m at 30-Jun-2025 comprise BDT 631.9m in bank accounts, a Bangladesh Bank Treasury bill of BDT 53.5m and three-month FDRs of BDT 182.0m, plus BDT 0.8m in hand [1 p.106]. The bank accounts include two US-dollar accounts holding BDT 406.0m at Southeast Bank and BDT 178.9m at Bank Asia [1 p.106]; note 33.2 prints their balances as USD 3,355,392 and USD 1,473,672 [1 p.112]. Investments of BDT 412.5m are FDRs of BDT 204.2m at Southeast Bank, BDT 94.2m at Bank Asia and BDT 5.7m at NCC Bank, and listed shares of BDT 108.4m [1 p.104] [1 p.106].

Some FDRs are pledged. Four Southeast Bank FDRs (BDT 12.8m) are under lien against a bank guarantee to Titas Gas; at Bank Asia five FDRs (BDT 48.2m) secure "composite credit facilities" and four (BDT 46.0m) secure a bank guarantee to Titas Gas [1 p.105] [40]. The amounts are summed from the FDR lists by number.

Trade receivables at 30-Jun-2025 were BDT 257.4m gross, plus BDT 1.5m of unrealised exchange gain, less a BDT 7.5m provision for irrecoverable debts, giving BDT 251.3m [1 p.103]. The ageing table puts BDT 13.1m above 180 days, BDT 45.8m at 120-180 days and BDT 198.5m up to 120 days [1 p.103]. BDT 209.6m was realised between 1-Jul-2025 and 26-Oct-2025 [1 p.118]. Inventories rose to BDT 200.9m from BDT 46.8m, with yarn at BDT 104.7m [1 p.102].

Property, plant and equipment additions were BDT 155.3m in FY2025, including BDT 53.7m transferred from capital work-in-progress for a mezzanine floor of about 55,000 square feet in the finishing section, available for use from 1-Oct-2024 [1 p.102]. Land and buildings are carried at revalued amounts, per the basis-of-measurement note [2 p.6].

The FY2024 operating outflow came with a BDT 301.1m rise in trade receivables and a BDT 99.4m fall in advance collection from customers, per the reconciliation in note 40; in FY2025 the reconciliation prints a BDT 154.1m rise in inventory, a BDT 82.7m fall in payables and BDT 74.2m of gratuity paid, against a BDT 95.3m fall in receivables [1 p.115]. Over FY2019-FY2025 operating cash flow less capital spending and dividends paid added up to BDT 441.6m [40].

Audit: an unmodified FY2025 opinion with five key audit matters; nine printed inconsistencies across the statements and DSE posts

S. F. Ahmed & Co., Chartered Accountants, audited FY2025; the engagement partner is Md. Enamul Haque Choudhury, FCA, and the report is dated 27-Oct-2025 [1 p.83]. The opinion paragraph reads, from the page image: "In our opinion, the accompanying financial statements give true and fair view in all material respects of the financial position of the Company as at 30 June 2025 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs)." [1 p.79]

The Basis for Opinion paragraph reads in full: "We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' 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) together with the ethical requirements that are relevant to our audit of the financial statements in Bangladesh, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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.79] The report on pages 79-83 has no emphasis-of-matter paragraph and no other-matter paragraph; its "Other Information" section is the standard wording [1 p.82].

The board proposed Marhk & Co. as statutory auditor for the year to 30-Jun-2026 at a fee of BDT 500,000, stating that S. F. Ahmed & Company retire after a continuous three-year term [1 p.60]. The 23rd AGM on 11-Dec-2025 voted on the appointment (passed), outcome unknown; the FY2026 auditor's report is not in the corpus at 1-Nov-2026 [1 p.4] [36].

Reading the statements across years turns up the following inconsistencies, each stated as printed:

Governance: sponsors and directors 50.83%; MD salary BDT 4.51m; note 43 prints no related-party trade

Sponsors and directors held 50.83% at 30-Jun-2025 [1 p.30] and at 30-Sep-2026; institutions held 7.99%, foreign holders 0.05% and the public 41.13% at 30-Sep-2026 [36]. The annual report lists five directors' holdings: Su, Chin-Jung 12,950,000 shares (23.13%), Obaidur Rahman Jaigirdar 6,981,800 (12.47%), Wu, Shen-Chung 3,570,000 (6.38%), Ivan Jaigirdar 3,000,000 (5.36%) and Su, Wei-Han 1,962,700 (3.50%), 28,464,500 shares in all; the chief financial officer holds 600,000 (1.07%) [1 p.30]. The report states that no parent, subsidiary or associated company holds shares [1 p.30].

The audit committee held six meetings in FY2025; the committee report does not print attendance by member [1 p.56] [1 p.57]. The NRC report states three meetings with all members present; the attendance chart on page 13 shows different figures, as listed in the inconsistencies table [1 p.58] [1 p.13]. Two independent directors who had served on the NRC retired on 31-May-2024, and a female independent director was appointed after BSEC consent, which the company notified on 20-Oct-2024 [1 p.53] [1 p.18]. Obaidur Rahman Jaigirdar and Ivan Jaigirdar were proposed for re-appointment by rotation at the 23rd AGM [1 p.60].

Note 43 states: "The company had no related party transaction during the year 2024-2025 and there is no related party outstanding or balance other than Directors Remuneration, Managerial Salary and Post-employment benefits" [1 p.116]. Annexure-K prints total management remuneration and managers' salary of BDT 35,335,166 [1 p.134].

The FY2025 dividend of 20% equals BDT 112.0m on 56,000,000 shares, the amount in the statement of changes in equity [1 p.86] [1 p.110]. The dividend policy permits cash and stock dividends and bars dividends from the revaluation reserve [1 p.63]. The company states that IPO proceeds were fully used by October 2015 [1 p.27].

Peers: BDT 5.0m of finance cost against BDT 94.6m at FEKDIL and BDT 695.2m at ESQUIRENIT in FY2025

The two nearest DSE companies with published AnalystBro notes are Far East Knitting And Dyeing Industries PLC (FEKDIL) and Esquire Knit Composite PLC (ESQUIRENIT). FEKDIL's notes describe "a readymade composite knit garments industrial unit" doing "knitting, dyeing, designing, manufacturing & marketing of readymade garments" [33 p.70]. ESQUIRENIT's notes state that it "produces different types of Knit garments through its six units" [34 p.158]. Both sell garments; Hwa Well sells fabric. The three are not like-for-like, so the table below is context and the margins are not ranked.

Each peer's FY2025 audit opinion was read from its own filing. Ahsan Manzur & Co. wrote for FEKDIL: "In our opinion, the accompanying financial statements give true and fair view, in all material respects, of the financial position of the Company as at June 30, 2025, and 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 Security and Exchange Rules, 1987 and other applicable law and regulations." [33 p.59] Pinaki & Company wrote for ESQUIRENIT: "In our opinion, the accompanying financial statements of the Company give a true and fair view of the financial position of the Company as at 30 June 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 1987, and other applicable laws and regulations." [34 p.148] Neither report prints an emphasis-of-matter paragraph [33 p.63] [34 p.152].

The company's own peer comparison in its management discussion uses Shepherd Industries, Matin Spinning and Queen South Textiles; it prints Queen South figures for 2023-2024 next to 2024-2025 figures for the others [1 p.50].

Share price: BDT 45.7 on 29-Oct-2026; 12.3x FY2026 EPS and 1.09x NAV

The close on 29-Oct-2026 was BDT 45.7 [39] [36]. Over 30-Oct-2025 to 29-Oct-2026 the lowest DSE daily close was BDT 38.2 on 16-Nov-2025 and the highest BDT 51.4 on 3-Aug-2026, with no ties at either level [39]. The DSE company page prints a 52-week moving range of BDT 35.60-52.50 [36]; the daily bars show an intraday low of BDT 35.6 on 16-Nov-2025 and an intraday high of BDT 52.5 on 29-Jul-2026 [39]. At BDT 45.7 the market value of 56.0m shares was BDT 2,559.2m; the price was 12.3x FY2026 EPS of BDT 3.71 and 1.09x NAV per share of BDT 41.89, and the FY2026 dividend of BDT 2.00 was 4.4% of the price [40] [35]. Emerging Credit Rating Limited assigned "A+" long term and "ST-2" short term with a stable outlook, posted on 24-May-2026 [35].

What's next: record date 25-Nov-2026, AGM 23-Dec-2026; Q1 FY2027 board 12-14 Nov 2026 (inferred)

Two dates are notified by the company: the record date of 25-Nov-2026 and the 24th AGM of 23-Dec-2026, both in the DSE post of 27-Oct-2026 [35]. No board date for the first quarter of FY2027 is notified on the DSE at 1-Nov-2026 [35]. Inferred rows use every board approval date printed in the corpus and on the DSE, and give the number of years each range rests on. The nine-month statements to 31-Mar-2020 (cover misprinted as a first quarter) print a board approval date of 25-Jun-2020; we exclude it from the Q3 range as a Covid-period outlier [11 p.32]. The statements to 30-Sep-2024 print approval on 28-Oct-2024; the DSE post gives the Q1 board meeting as 13-Nov-2024; the range uses the DSE date [30] [35].

Already announced, and therefore not in the table: FY2026 EPS of BDT 3.71, NAV per share of BDT 41.89, NOCFPS of BDT 0.09 and the 20% cash dividend, posted on 27-Oct-2026 [35]. The 23rd AGM of 11-Dec-2025 voted on the FY2025 accounts, the 20% dividend, the statutory auditor and the re-appointment of two directors (passed), outcome unknown from the filings read; the FY2025 dividend was reported as disbursed on 18-Jan-2026 [1 p.4] [35]. On LDC graduation, the UN General Assembly adopted on 29-Oct-2026 the move of Bangladesh's graduation date from 24-Nov-2026 to 24-Nov-2029 [37] [38].

Not in the corpus at 1-Nov-2026: the FY2026 annual report with its revenue and cost notes, export value, year-end balance sheet, auditor's report and related-party note, and the Q1 FY2027 statements.

Risks: BDT 114.3m of FY2025 pre-tax profit from FX gain and others income; BDT 584.9m in two US-dollar accounts

Each risk row names the line it sits on and the FY2025 figure printed for that line. The rows carry no estimates.

In FY2025 the company's profit before tax was BDT 240.1m, of which foreign-exchange gain was BDT 43.7m and others income BDT 70.6m [1 p.85]. Bank balances at Southeast Bank PLC and Bank Asia PLC held the two US-dollar accounts and most FDRs at 30-Jun-2025 [1 p.104] [1 p.106].

Key questions: FY2026 revenue, the non-operating share of profit, cash flow and the FY2026 auditor

The filings describe a knit-fabric exporter with no bank borrowings, BDT 1,280.7m of cash and investments at 30-Jun-2025, revenue of BDT 1,507.4m in FY2025, and FY2026 EPS of BDT 3.71 as posted on the DSE [1 p.84] [1 p.85] [35].

FAQ

What does Hwa Well Textiles make?

Knitted fabrics, mainly fleece in several fibres plus single jersey, mesh and rib, sold for export [1 p.24].

When does Hwa Well Textiles' financial year end?

On 30 June. FY2025 ended on 30-Jun-2025 [1 p.84].

What was Hwa Well Textiles' EPS for FY2026?

BDT 3.71, posted on the DSE on 27-Oct-2026, against BDT 3.64 for FY2025 [35].

What dividend did Hwa Well Textiles declare for FY2026?

20% cash, BDT 2.00 a share; record date 25-Nov-2026 and AGM 23-Dec-2026 [35].

Does Hwa Well Textiles have bank debt?

No borrowing line appears on the balance sheet at 30-Jun-2025 or 31-Mar-2026, and the DSE page lists loans of 0 [1 p.84] [2 p.2] [36].

How much cash and investments does Hwa Well Textiles hold?

BDT 868.2m of cash and equivalents and BDT 412.5m of investments at 30-Jun-2025; BDT 952.3m and BDT 465.7m at 31-Mar-2026 [1 p.84] [2 p.2].

Who audits Hwa Well Textiles?

S. F. Ahmed & Co. audited FY2025 with an unmodified opinion and five key audit matters; the board proposed Marhk & Co. for FY2026 [1 p.79] [1 p.60].

Who owns Hwa Well Textiles?

Sponsors and directors held 50.83%, institutions 7.99%, foreign holders 0.05% and the public 41.13% at 30-Sep-2026 [36].

Sources

1. Hwa Well Textiles (BD) PLC Annual Report 2024-2025 (year to 30-Jun-2025; company statements, no subsidiary) · link · accessed 2026-11-01
2. Hwa Well Textiles (BD) PLC un-audited financial statements for 1-Jul-2025 to 31-Mar-2026 · link · accessed 2026-11-01
3. Hwa Well Textiles (BD) PLC Annual Report 2023-2024 · link · accessed 2026-11-01
4. Hwa Well Textiles (BD) PLC Annual Report 2022-2023 · link · accessed 2026-11-01
5. Hwa Well Textiles (BD) Limited Annual Report 2021-2022 · link · accessed 2026-11-01
6. Hwa Well Textiles (BD) Limited Annual Report 2020-2021 · link · accessed 2026-11-01
7. Hwa Well Textiles (BD) Limited Annual Report 2019-2020 · link · accessed 2026-11-01
8. Hwa Well Textiles (BD) Limited Annual Report 2018-2019 · link · accessed 2026-11-01
9. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2021 (board approval date) · link · accessed 2026-11-01
10. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2022 (board approval date) · link · accessed 2026-11-01
11. Hwa Well Textiles (BD) Limited un-audited nine-month statements to 31-Mar-2020 (cover misprinted; board approval date) · link · accessed 2026-11-01
12. Hwa Well Textiles (BD) PLC un-audited statements to 30-Sep-2025 (board approval date) · link · accessed 2026-11-01
13. Hwa Well Textiles (BD) PLC un-audited statements to 31-Dec-2025 (board approval date) · link · accessed 2026-11-01
14. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2017 (board approval date) · link · accessed 2026-11-01
15. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2018 (board approval date) · link · accessed 2026-11-01
16. Hwa Well Textiles (BD) Limited un-audited statements to 31-Dec-2017 (board approval date) · link · accessed 2026-11-01
17. Hwa Well Textiles (BD) Limited un-audited statements to 31-Dec-2018 (board approval date) · link · accessed 2026-11-01
18. Hwa Well Textiles (BD) Limited un-audited statements to 31-Dec-2019 (board approval date) · link · accessed 2026-11-01
19. Hwa Well Textiles (BD) Limited un-audited statements to 31-Dec-2020 (board approval date) · link · accessed 2026-11-01
20. Hwa Well Textiles (BD) Limited un-audited statements to 31-Dec-2021 (board approval date) · link · accessed 2026-11-01
21. Hwa Well Textiles (BD) PLC un-audited statements to 31-Dec-2022 (board approval date) · link · accessed 2026-11-01
22. Hwa Well Textiles (BD) Limited un-audited statements to 31-Mar-2018 (board approval date) · link · accessed 2026-11-01
23. Hwa Well Textiles (BD) Limited un-audited statements to 31-Mar-2019 (board approval date) · link · accessed 2026-11-01
24. Hwa Well Textiles (BD) Limited un-audited statements to 31-Mar-2021 (board approval date) · link · accessed 2026-11-01
25. Hwa Well Textiles (BD) Limited un-audited statements to 31-Mar-2022 (board approval date) · link · accessed 2026-11-01
26. Hwa Well Textiles (BD) PLC un-audited statements to 31-Mar-2023 (board approval date) · link · accessed 2026-11-01
27. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2016 (board approval date) · link · accessed 2026-11-01
28. Hwa Well Textiles (BD) Limited un-audited statements to 30-Sep-2019 (board approval date) · link · accessed 2026-11-01
29. Hwa Well Textiles (BD) PLC un-audited statements to 30-Sep-2023 (board approval date) · link · accessed 2026-11-01
30. Hwa Well Textiles (BD) PLC un-audited statements to 30-Sep-2024 (printed approval date) · link · accessed 2026-11-01
31. Hwa Well Textiles (BD) PLC un-audited statements to 31-Dec-2023 (board approval date) · link · accessed 2026-11-01
32. Hwa Well Textiles (BD) PLC un-audited statements to 31-Mar-2024 (board approval date) · link · accessed 2026-11-01
33. Far East Knitting And Dyeing Industries PLC Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
34. Esquire Knit Composite PLC Annual Report 2024-25 (year to 30-Jun-2025; consolidated) · link · accessed 2026-11-01
35. Dhaka Stock Exchange news archive for HWAWELLTEX, 1-Nov-2024 to 1-Nov-2026 (24 items: results, dividends, board meetings, credit ratings, record dates; no corrections) · link · accessed 2026-11-01
36. Dhaka Stock Exchange company page for HWAWELLTEX (shareholding to 30-Sep-2026, dividend history, loan status, 52-week moving range), accessed 1-Nov-2026 · link · accessed 2026-11-01
37. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
38. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
39. AnalystBro price data (TradingView feed of DSE daily bars): DSE:HWAWELLTEX to 29-Oct-2026 · link · accessed 2026-11-01
40. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01