Index Agro Industries financial analysis: record gross margin, rising interest bill, FY2026 EPS BDT 4.10 (Oct 2026)

Investment considerations: steady profit, a record gross margin, and an interest bill that rose 56% in FY2025

Index Agro Industries Ltd. was incorporated in September 2000 as a private company and became a public limited company in March 2015 [1 p.14]. Its principal activities, in the words of the notes, are "manufacturing and marketing of poultry feed, fish feed and producing (DOC)", day-old chicks [1 p.14]. The feed mill and registered office are at Kathali, Valuka, on the Dhaka-Mymensingh road; day-old chicks and hatching eggs come from farms at Gazipur, at Mithapukur in Rangpur and at Sherpur in Bogura [1 p.14]. The company reports two operating segments under IFRS 8, Feed and Poultry & Hatchery [1 p.21]. It listed on the DSE in April 2021, trades in category A and has 49,616,331 shares of BDT 10 after the 5% stock dividend for FY2025 [7].

Revenue has moved in a narrow band. It was BDT 4,325m in FY2018 and BDT 4,410m in FY2025, with a low of BDT 3,673m in FY2021 [4 p.58] [1 p.11]. Profit after tax stayed between BDT 232.6m (FY2021) and BDT 275.7m (FY2019) in every year from FY2018 to FY2025, and net margin stayed between 5.8% and 6.5% [4 p.58] [2 p.8] [1 p.11] [14]. What changed inside that band is the split between gross profit and interest. Gross margin rose from 13.8% in FY2022 to 20.4% in FY2025, while financial expenses rose from BDT 143.3m to BDT 366.4m over the same years [14].

The FY2026 year is lower. The board's 28-Oct-2026 meeting reported EPS of BDT 4.10 against BDT 5.26 restated for FY2025, NAV per share of BDT 83.92 and NOCFPS of BDT 13.16 [8]. On 49.62m shares that EPS implies profit of about BDT 203m (derived) [14]. The audited FY2026 statements are not yet in our corpus, so the FY2026 line items, segment split and auditor's opinion are not known; this note uses the nine-month accounts to March 2026 and the DSE announcement for the full year.

Business: a Valuka feed mill and three poultry farms, with feed at about three quarters of revenue

How the company makes money. The feed segment buys maize and other raw materials, mills them at Valuka and sells poultry and fish feed through enlisted dealers [1 p.14] [1 p.26]. The notes describe receivables as "unpaid bills receivables from enlisted dealers" and say the amount "is lying with various enlisted/authorized dealers of the company" [1 p.18] [1 p.26]. The poultry & hatchery segment imports parent stock, rears it in temperature- and humidity-controlled farms, and sells day-old chicks and hatching eggs [1 p.17]. Inventories consist of "maize, hatching eggs, poultry feed, store & spare parts and packing materials" [1 p.18]. The company made no exports in FY2025 [1 p.39].

Capacity and use. The FY2025 notes give an annual capacity of 114,000 tonnes of feed and 30.00 million day-old chicks; actual production was 89,587 tonnes and 29.46 million [1 p.38]. On those figures feed utilisation was 78.6% in FY2025 against 85.6% in FY2024, and DOC utilisation was 98.2% against 76.0% [2 p.36] [2 p.35] [14]. Feed tonnes sold were 87,259 in FY2023, 89,967 in FY2024 and 86,171 in FY2025 [3 p.34] [2 p.35] [1 p.37].

Parent stock is a capital item. The company carries imported parent birds as a non-current asset, "Parent Stocks", at cost less amortisation over a seven-month laying period, because "in Bangladesh there is no market of laying parent stock" [1 p.17]. The balance was BDT 730.1m at June 2025, after BDT 140.1m of purchases and BDT 128.8m of amortisation in the year [1 p.24]. Amortisation sits in factory overhead, so it moves the poultry segment's cost of goods sold [1 p.32]. The FY2025 purchase schedule names suppliers including Nahar Agro Grand Parents and Hubbard SAS [1 p.24].

Associate and investments. Index Agro owns 24.39% of X-Ceramics Limited, bought for BDT 96.6m, and books its share of profit, BDT 15.0m in FY2025 [1 p.25]. The auditor's emphasis of matter notes that X-Ceramics' financial statements "have not yet been audited" [1 p.3]. X-Ceramics did not declare a dividend for FY2025 [1 p.25].

Line items: feed margin up on lower feed raw material cost per tonne, interest on working capital up 68%

Revenue. Group revenue grew 2.2% in FY2024 and 3.0% in FY2025 [14]. The two segments moved in opposite directions in FY2025: feed revenue fell from BDT 3,373.7m to BDT 3,231.4m, and poultry & hatchery revenue rose from BDT 907.5m to BDT 1,178.8m [2 p.8] [1 p.11]. Feed tonnes sold fell 4.2% (derived) [2 p.35] [1 p.37] [14]. Dividing feed revenue by printed tonnes gives BDT 35,250 a tonne in FY2023 and BDT 37,500 in both FY2024 and FY2025 (derived). Poultry revenue per printed piece is BDT 32.55 in both FY2024 and FY2025 (derived) [14]. The notes do not explain how the printed quantities are measured.

For the nine months to March 2026 revenue was BDT 2,824.7m, down 9.7%, and the third quarter alone fell from BDT 1,175.0m to BDT 959.0m [6 p.3]. The company's DSE notices give its reasons: for the first quarter, "decreases of revenue, increases of financial expenses and increased of Tax"; for the second, "increase of raw material prices and cost of goods sold" [8]. The nine-month accounts do not split revenue by segment.

Cost of goods sold. Raw materials were BDT 2,991.8m of the BDT 3,512.2m cost of production in FY2025, or 85% (derived) [1 p.32]. Feed raw material cost per tonne produced was BDT 25,145 in FY2023, BDT 26,561 in FY2024 and BDT 25,799 in FY2025 (derived) [14]. With revenue per tonne flat and raw material per tonne lower, feed gross margin rose from 17.6% to 21.0% [14]. Factory overhead rose from BDT 353.0m to BDT 435.5m, of which amortisation of parent stock rose from BDT 81.7m to BDT 128.8m [1 p.32]. In FY2024, 32% of raw material consumption by value was imported [2 p.36]. Poultry & hatchery gross margin was 18.2% in FY2024 and 18.7% in FY2025 [14].

Sensitivity from history. Each 1pp of gross margin on FY2025 revenue of BDT 4,410.2m equalled BDT 44.1m of gross profit, about 17% of that year's profit after tax (derived) [14]. Each BDT 1,000 a tonne change in feed raw material cost on the 89,587 tonnes produced in FY2025 equalled BDT 89.6m (derived) [1 p.37] [14].

Operating expenses. Administrative and selling expenses together were BDT 165.1m in FY2025 against BDT 177.5m in FY2024 [1 p.11]. Selling and distribution fell from BDT 105.2m to BDT 91.7m, mainly through transportation (BDT 27.2m to BDT 14.5m) [1 p.33]. The selling note also carries DOC mortality compensation of BDT 1.5m and depot load-unload expense of BDT 15.5m [1 p.33]. Key management personnel received no short-term or other benefits, according to the related-party note [1 p.36].

Financial expenses. FY2025 financial expenses were BDT 366.4m: BDT 52.2m interest on term loans, BDT 308.1m interest on working capital and BDT 6.0m bank charges [1 p.34]. Working-capital interest rose from BDT 183.9m in FY2024 [1 p.34]. Short-term loans were BDT 2,283.9m at June 2024 and BDT 2,375.8m at June 2025, a rise of 4.0% in the balance against 67.5% in working-capital interest (derived) [1 p.30]. Interest payable at June 2025 was BDT 78.6m, up from BDT 62.3m [1 p.30]. In the nine months to March 2026 financial expenses were BDT 247.8m against BDT 271.9m a year earlier [6 p.3].

FX loss. Realized foreign exchange losses fell from BDT 83.1m in FY2023 to BDT 56.4m in FY2024, BDT 29.3m in FY2025 and BDT 1.6m in the nine months to March 2026 [2 p.8] [1 p.11] [6 p.3]. These sit below operating profit with financial expenses.

Tax and WPPF. The corporate rate used was 20%; FY2025 current tax was BDT 68.2m and deferred tax a charge of BDT 14.2m, an average effective rate of 25.08% [1 p.35]. The minimum tax of 1% of gross receipts, BDT 44.2m, was below the computed tax [1 p.35]. Tax took 24.0% of profit before tax in FY2025 against 14.4% in FY2024 [14]. WPPF is charged at 5% of profit before tax [1 p.20].

FY2026: EPS BDT 4.10, nine-month revenue down 9.7% and a lower June quarter

FY2026 so far. Nine-month profit after tax was BDT 143.8m against BDT 157.0m, and nine-month EPS BDT 2.90 against BDT 3.17 [6 p.3]. Gross margin held at 19.2% against 19.3% [14]. Financial expenses took 8.8% of revenue against 8.7%, and the FX loss fell to BDT 1.6m [14]. The share of profit from X-Ceramics fell from BDT 13.6m to BDT 7.5m [6 p.3].

Full year. The DSE notice of 29-Oct-2026 gives FY2026 EPS of BDT 4.10, NAV per share of BDT 83.92 and NOCFPS of BDT 13.16, against BDT 5.26, BDT 82.01 and BDT 9.77 for FY2025 [8]. The FY2025 comparatives are restated: the audited FY2025 statements printed EPS of BDT 5.52, NAV of BDT 85.74 and NOCFPS of BDT 10.26 on 47.25m shares [1 p.11] [1 p.35]. Multiplying by 49.62m shares gives FY2026 profit of about BDT 203.4m and operating cash flow of about BDT 653.0m; subtracting the nine-month profit leaves about BDT 59.6m for April-June 2026, against about BDT 103.9m for April-June 2025 (all derived) [14].

Restatement. The Q3 FY2026 statement of changes in equity adds a line, "Adjustment for Advance Income Tax & Tax Provision", of BDT 11,890,997 to equity at 1 July 2024, and restates June 2025 equity to BDT 4,063.6m and NAV per share to BDT 81.90; the DSE notice of 29-Oct-2026 gives the FY2025 comparative as BDT 82.01, a gap the notice does not explain [6 p.4] [8] [6 p.2]. The FY2025 auditor's basis for qualification cites excess balances of BDT 17,368,754 in advance income tax and BDT 5,477,757 in provision for income tax [1 p.2]; the difference between those two is BDT 11,890,997 (derived).

Ratios: flat net margin of 5.8-6.5%, interest cover at an eight-year low of 2.0x

Growth. Revenue grew at about 0.3% a year between FY2018 and FY2025 (derived compound rate), and profit after tax at about -0.2% a year [14]. The highest annual revenue growth in the series was 13.1% in FY2022 and the lowest -9.3% in FY2021 [14].

Margins. Gross margin ranged from 13.8% (FY2018 and FY2022) to 20.4% (FY2025) over FY2018-FY2025; its median was 15.3% [14]. Operating margin ranged from 9.1% to 16.6% [14]. Net margin ranged only from 5.8% to 6.5%, while finance cost and tax also rose over the same years [14].

Returns. ROE on closing equity was 6.4% in FY2025 and 8.4% in FY2021 (derived) [14]. Equity rose by BDT 465.2m in FY2023 through a land revaluation surplus booked in other comprehensive income, from a revaluation by Mahfel Huq & Co. as of 1-Jun-2023 [2 p.8] [1 p.16]. Excluding the revaluation reserve, loans were 0.76x equity at June 2025 [14].

Efficiency. Inventory days on cost of sales were 192 at June 2021 and between 249 and 298 at the four June dates from 2022 to 2025; on nine-month cost annualised, March 2026 was 318 days (derived) [14]. Receivable days were 55-77 at June dates and 81 at March 2026 [14]. Payables are small, about 4-6 days, against short-term loans of BDT 1.9-2.6bn at the same dates [14]. Revenue was 0.61x total assets in FY2025 against 0.73x in FY2021 [14].

Leverage and cover. Loans peaked at BDT 3,083.7m in June 2023 and were BDT 2,453.2m at March 2026 [14]. Operating profit covered finance cost 4.0x in FY2018 and 2.0x in FY2025, the lowest of the series [14].

Cash conversion and payout. Operating cash flow was negative in FY2021-FY2023, by BDT 795.2m, BDT 68.5m and BDT 58.1m, then BDT 697.8m and BDT 485.0m [5 p.10] [2 p.10] [1 p.13]. Operating cash flow over profit was 2.69x in FY2024 and 1.86x in FY2025 [14]. After PPE, parent-stock purchases and financial expenses paid, the residual was BDT 97.9m in FY2024, BDT -39.6m in FY2025 and BDT 386.4m in the nine months to March 2026 (derived) [14]. Dividends paid were 34.7% of FY2025 profit [14].

Capital allocation. Purchases of property, plant and equipment were BDT 178.9m in FY2023 and BDT 158.0m in FY2024, then BDT 40.8m in FY2025 and BDT 10.2m in the nine months to March 2026 [2 p.10] [1 p.13] [6 p.5]. Parent-stock purchases, the recurring cost of the hatchery flock, were BDT 287.7m in FY2022, BDT 249.1m in FY2023, BDT 186.8m in FY2024 and BDT 140.1m in FY2025 [5 p.10] [2 p.10] [1 p.13]. Long-term investments fell from BDT 772.1m at June 2022 to BDT 297.6m at June 2025 as savings certificates and fixed deposits were encashed, and rose to BDT 383.3m at March 2026 after BDT 78.2m went into fixed deposits [5 p.7] [1 p.10] [6 p.2] [6 p.5]. Net short-term loan repayments were BDT 184.2m in the nine months to March 2026 [6 p.5].

Balance sheet: BDT 2.4bn of short-term bank loans against BDT 2.8bn of stock, and a qualified audit on tax balances

Borrowing structure. At June 2025 the company owed BDT 2,375.8m in short-term loans to Midland Bank, Islami Bank Bangladesh, Trust Bank, Standard Chartered and Prime Bank, plus BDT 87.5m to related companies, and BDT 333.3m on a Trust Bank term loan [1 p.30] [1 p.29]. The bank loans are secured on "project land, buildings, machinery, stock, demand promissory note & personal guarantee of all directors" [1 p.30]. Bank Asia's BDT 596.9m balance at June 2024 was nil at June 2025 [1 p.30].

Related-party loans. The related-company loans at June 2025 were BDT 16,000,000 from Monalisa Ceramics Ltd. and BDT 71,500,000 from Kanchan Purbachal Power Generation Ltd., both described as "Common Director" and "Short term borrowing"; there were none at June 2024 [1 p.30] [1 p.36]. The Monalisa line shows additions of BDT 45,000,000 and adjustments of BDT 29,000,000 in the year [1 p.36]. The note gives no interest rate or terms for these loans; it states "There is no terms and condition as no transaction has been occurre" under its paragraph 18 disclosures [1 p.36].

Receivables and advances. Trade receivables were BDT 928.6m at June 2025, "secured by debtors' personal security and considered good" [1 p.26]. A provision for doubtful debt of BDT 9.0m sits in provision for expenses [1 p.30]. The auditor wrote: "We are yet to receive confirmation for complete receivable amount. The management maintains expected credit loss provision based on management policy which need to be updated" [1 p.3]. Advances to suppliers and others rose from BDT 644.8m to BDT 787.0m [1 p.27].

WPPF. WPPF payable was BDT 107.5m at June 2025. The notes say that "Due to constrant of cash flow in the poultry sector over the past few years, the Company was unable to transfer the entire provisioned amount", that BDT 20.5m was transferred on 23 and 26 October 2025, and that management will transfer the rest "within-the next couple of years" [1 p.31].

Audit opinion. Khan Wahab Shafique Rahman & Co., which replaced G. Kibria & Co. as auditor for FY2025, gave a qualified opinion [1 p.2] [2 p.7]. The basis reads: "The company has a balance of Tk 17,368,754 and Tk. 5,477,757 excess respectively in advance income tax and provision for income tax than presented in the financial statements which can be adjusted in the later years" [1 p.2]. The three emphasis-of-matter items are the unaudited X-Ceramics profit share of BDT 14,959,274, the BDT 107,502,255 WPPF balance, and the incomplete receivable confirmations [1 p.3]. For FY2024 the DSE reported emphasis-of-matter paragraphs only [8]. The notes state the going-concern basis and that "The current credit facilities and resources of the company provides sufficient fund" [1 p.16].

Governance: 57.77% sponsors, split dividends in FY2023-FY2024, and no capex decision in 24 months of DSE news

Ownership. Sponsors and directors held 57.77% at June 2025, August 2026 and September 2026; institutions held 21.58%, 23.18% and 23.11% and the public 20.65%, 19.05% and 19.12% [7]. There is no foreign holding [7]. At June 2025, 27,300,000 shares (57.77%) were held by sponsors and 11,700,000 by pre-IPO individuals, out of 39,000,000 pre-IPO shares; 8,253,649 shares were issued in the IPO [1 p.29].

Dividends. The DSE lists cash dividends of 25% for 2021, 10% for 2022, 20% for 2023, 25% for 2024 and 12% plus a 5% stock dividend for 2025 [7]. For FY2024 the DSE notice of 2-Dec-2024 reads: "The Board unanimously recommended cash dividend @25% (Twenty five percent) to the General Public Shareholders and 15% (Fifteen percent) to the Directors and Sponsor Shareholders of the respective paid up capital"; its continuation describes the same split as "25% ... to the post IPO Shareholders (General Public Shareholders) and 15% ... to the Pre-IPO and Sponsor Shareholders" [8]. The FY2025 statement of changes in equity books BDT 90,834,123 for the FY2024 dividend [1 p.12]. That equals 25% on 19,953,649 shares (the 8,253,649 IPO shares plus 11,700,000 pre-IPO individual shares) and 15% on the 27,300,000 sponsor shares (derived from note 13) [1 p.29], which fits the first DSE wording rather than the continuation. The FY2023 dividend was booked at BDT 16,507,298 [1 p.12], which equals 20% on the 8,253,649 IPO shares (derived). For FY2025 the Q3 FY2026 accounts book a cash dividend of BDT 56,704,379 and a stock dividend of BDT 23,626,820 [6 p.4]. For FY2026 the board recommended 12.50% cash; the DSE notice gives no share count or shareholder-group split [8]. At BDT 1.25 a share on 49.62m shares that is about BDT 62.0m, 30% of the implied FY2026 profit (derived) [14].

News over 24 months. The DSE archive from 1-Nov-2024 to 31-Oct-2026 shows quarterly results, dividend declarations, record-date suspensions, two CRAB ratings (A2 / ST-3, stable, on 1-Jan-2025 and 23-Dec-2025), the FY2024 emphasis-of-matter notice and the FY2025 qualified-opinion notice [8]. It contains no board decision on capex, a new plant, BMRE, expansion, a right issue or a merger [8]. The FY2025 notes report no capital work in progress [1 p.18].

Peers: the highest gross and net margin of the three listed feed makers, and the highest financial expenses relative to loans of the three compared

Peers. Aman Feed PLC and National Feed Mill Limited are two DSE-listed feed makers with June year ends whose FY2025 statements we opened [9 p.8] [9 p.9] [10 p.61] [10 p.62]. Aman Feed's revenue, printed as "Sales", was BDT 9,619.3m; National Feed Mill's, printed as "Turnover", was BDT 141.4m [9 p.9] [10 p.62]. Of the three compared, Index Agro had the highest gross margin (20.4% against 10.8% and 18.1%) and the highest net margin (5.9%) [14]. Its financial expenses were 13.5% of closing loans against 5.7% at Aman Feed and 3.8% at National Feed Mill as printed [14]. National Feed Mill's auditor states its financial expenses are understated by BDT 19.59m [10 p.55]; adding that gives about 6.8% of loans (derived), still below Index Agro's [14]. Aman Feed also charged BDT 166.6m of bad debt expense [9 p.9], and National Feed Mill's FY2025 auditor gave a qualified opinion [10 p.55].

Multiples as facts. At BDT 65.0 on 29-Oct-2026, Index Agro traded at 15.9x FY2026 EPS and 0.77x June-2026 NAV per share [13] [8]. On FY2025 figures it was 12.4x profit and 0.80x book, against 1.04x and 1.16x book for Aman Feed and National Feed Mill [14]. The DSE's year-end P/E for Index Agro was 19.28x for 2021, 20.05x for 2022, 19.85x for 2023, 11.72x for 2024 and 11.30x for 2025 [7].

What's next: the FY2026 audit, the record date and AGM, and the Q1 FY2027 accounts

Which lines these move. The FY2026 annual report will give the audited June quarter behind the implied BDT 60m profit, the segment split, the year-end loan balances and the auditor's opinion on the tax balances already restated in the Q3 accounts [6 p.4]. Bank lending rates move financial expenses: working-capital interest was BDT 308.1m in FY2025 on short-term loans of about BDT 2.3-2.4bn [1 p.34] [1 p.30]. Maize and imported raw-material prices and the taka rate move cost of goods sold; 32% of FY2024 raw material consumption was imported [2 p.36]. LDC graduation concerns export preferences; the company had no exports in FY2025 [1 p.39]. The 24-month DSE sweep shows no approved capex or capacity project to add to this list [8].

Key questions: the audit, the June quarter and the interest bill

In short, the filings show a feed and day-old-chick producer with eight years of BDT 232.6-275.7m profits, a gross margin that reached 20.4% in FY2025, and an interest bill that rose faster than gross profit [4 p.58] [1 p.11] [14]. FY2026 EPS fell to BDT 4.10 while operating cash flow rose, and the Q3 FY2026 accounts restate 1-Jul-2024 equity by BDT 11,890,997, the net of the two balances named in the FY2025 qualification [8] [6 p.4] [1 p.2]. The audited FY2026 report is the next filing that tests these numbers.

FAQ

What does Index Agro Industries make?

Poultry feed and fish feed at Valuka, Mymensingh, and day-old chicks and hatching eggs at farms in Gazipur, Rangpur and Bogura [1 p.14].

When does Index Agro's financial year end?

On 30 June [1 p.15] [7].

What was Index Agro's EPS for FY2026?

BDT 4.10 as announced on the DSE on 29-Oct-2026, against a restated BDT 5.26 for FY2025 [8]. The FY2026 annual report is not yet in our corpus.

What dividend did Index Agro recommend for FY2026?

12.50% cash. Record date 18-Nov-2026; AGM 28-Dec-2026 on a digital platform [8].

Was Index Agro's FY2025 audit opinion qualified?

Yes. Khan Wahab Shafique Rahman & Co. qualified it over excess balances in advance income tax and provision for income tax, and added three emphasis-of-matter paragraphs [1 p.2] [1 p.3].

How much does Index Agro borrow?

BDT 2,709.1m at June 2025, mostly short-term bank loans, and BDT 2,453.2m at March 2026 [1 p.10] [6 p.2] [14].

Who are Index Agro's listed peers?

The peers compared in this note are Aman Feed PLC and National Feed Mill Limited, two DSE-listed feed makers [9 p.9] [10 p.62].

Does LDC graduation affect Index Agro?

Graduation was moved to 24-Nov-2029 on 29-Oct-2026 [11] [12]; the company made no exports in FY2025 [1 p.39].

Sources

1. Index Agro Industries Ltd. audit report and audited financial statements, year to 30-Jun-2025 (Khan Wahab Shafique Rahman & Co.) · link · accessed 2026-11-01
2. Index Agro Industries Ltd. audited financial statements, year to 30-Jun-2024 (G. Kibria & Co.) · link · accessed 2026-11-01
3. Index Agro Industries Ltd. audited financial statements, year to 30-Jun-2023 (G. Kibria & Co.) · link · accessed 2026-11-01
4. Index Agro Industries Ltd. Annual Report 2022 (five-year table FY2018-FY2022) · link · accessed 2026-11-01
5. Index Agro Industries Ltd. audited financial statements, year to 30-Jun-2022 · link · accessed 2026-11-01
6. Index Agro Industries Ltd. un-audited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
7. Dhaka Stock Exchange, Index Agro Industries company page (shareholding, dividend history, year-end P/E, loan status), accessed 1-Nov-2026 · link · accessed 2026-11-01
8. Dhaka Stock Exchange news archive for INDEXAGRO, 1-Nov-2024 to 31-Oct-2026 (criteria=3), accessed 1-Nov-2026 · link · accessed 2026-11-01
9. Aman Feed PLC audited financial statements, year to 30-Jun-2025 · link · accessed 2026-11-01
10. National Feed Mill Limited Annual Report 2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
13. AnalystBro price data (TradingView feed): DSE:INDEXAGRO, DSE:AMANFEED, DSE:NFML bars to 29-Oct-2026 · link · accessed 2026-11-01
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01